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Fair Value of Financial Instruments - Derivative Fair Value Measurements (Details) $ in Millions | Jun. 30, 2025 USD ($) $ / MWh $ / MMBTU certificate $ / MWd | Dec. 31, 2024 USD ($) certificate $ / MWh $ / MWd
--- | --- | ---
Liabilities |  |
Derivative liabilities |  | $ 3,177
Commodity contracts |  |
Assets |  |
Derivative assets | $ 4,074 | 4,365
Liabilities |  |
Derivative liabilities | 2,960 | 3,197
Interest rate contracts |  |
Assets |  |
Derivative assets |  | 9
Liabilities |  |
Derivative liabilities | 7 | 3
Level 3 |  |
Assets |  |
Derivative assets | 310 | 195
Liabilities |  |
Derivative liabilities | 486 | 359
Level 3 | Renewable Energy Certificates | Fair Value, Recurring |  |
Assets |  |
Derivative assets | 18 | 30
Liabilities |  |
Derivative liabilities | $ 38 | $ 14
Level 3 | Renewable Energy Certificates | Low | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | certificate | 2 | 2
Level 3 | Renewable Energy Certificates | High | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | certificate | 380 | 375
Level 3 | Renewable Energy Certificates | Weighted Average | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | certificate | 15 | 15
Level 3 | Power Options | Low | Valuation Technique Option Model | Volatilities | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 0.24 |
Level 3 | Power Options | High | Valuation Technique Option Model | Volatilities | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 7.74 |
Level 3 | Power Options | Weighted Average | Valuation Technique Option Model | Volatilities | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 1.26 |
Level 3 | Commodity contracts | Natural Gas Contracts |  |
Assets |  |
Derivative assets | $ 32 | $ 56
Liabilities |  |
Derivative liabilities | $ 9 | $ 15
Level 3 | Commodity contracts | Natural Gas Contracts | Low | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 1 | 2
Level 3 | Commodity contracts | Natural Gas Contracts | High | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 18 | 27
Level 3 | Commodity contracts | Natural Gas Contracts | Weighted Average | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 4 | 4
Level 3 | Commodity contracts | Power Contracts |  |
Assets |  |
Derivative assets | $ 128 | $ 57
Liabilities |  |
Derivative liabilities | $ 66 | $ 86
Level 3 | Commodity contracts | Power Contracts | Low | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWh | 2 | 0
Level 3 | Commodity contracts | Power Contracts | High | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWh | 123 | 109
Level 3 | Commodity contracts | Power Contracts | Weighted Average | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWh | 36 | 39
Level 3 | Commodity contracts | FTRs |  |
Assets |  |
Derivative assets | $ 24 | $ 18
Liabilities |  |
Derivative liabilities | $ 12 | $ 28
Level 3 | Commodity contracts | FTRs | Low | Valuation Technique, Discounted Cash Flow | Auction Prices ($ per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | (36,281) | (50)
Level 3 | Commodity contracts | FTRs | High | Valuation Technique, Discounted Cash Flow | Auction Prices ($ per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 3,011 | 16,180
Level 3 | Commodity contracts | FTRs | Weighted Average | Valuation Technique, Discounted Cash Flow | Auction Prices ($ per MWh) |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | 0 | 0
Level 3 | Capacity Contracts | Capacity Contracts | Fair Value, Recurring |  |
Assets |  |
Derivative assets | $ 27 | $ 34
Liabilities |  |
Derivative liabilities | $ 9 | $ 13
Level 3 | Capacity Contracts | Capacity Contracts | Low | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWd | 16 | 16
Level 3 | Capacity Contracts | Capacity Contracts | High | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWd | 524 | 510
Level 3 | Capacity Contracts | Capacity Contracts | Weighted Average | Valuation Technique, Discounted Cash Flow | Forward Market Price (perMMBtu) or (per MWh) | Fair Value, Recurring |  |
Fair Value Inputs / Range |  |
Derivative asset/liability, measurement input | $ / MWd | 218 | 220
Level 3 | Power Options | Power Options |  |
Assets |  |
Derivative assets | $ 81 |
Liabilities |  |
Derivative liabilities | 95 |
Level 3 | Interest rate contracts |  |
Assets |  |
Derivative assets |  | $ 0
Liabilities |  |
Derivative liabilities | $ 0 | $ 0
Level 3 | Interest rate contracts | Low | Valuation Technique, Discounted Cash Flow | Collateral Prepayment Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0200 | 0.0200
Level 3 | Interest rate contracts | Low | Valuation Technique, Discounted Cash Flow | Credit Loss Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0630 | 0.0600
Level 3 | Interest rate contracts | High | Valuation Technique, Discounted Cash Flow | Collateral Prepayment Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0300 | 0.0300
Level 3 | Interest rate contracts | High | Valuation Technique, Discounted Cash Flow | Credit Loss Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.6000 | 0.6000
Level 3 | Interest rate contracts | Weighted Average | Valuation Technique, Discounted Cash Flow | Collateral Prepayment Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0262 | 0.0283
Level 3 | Interest rate contracts | Weighted Average | Valuation Technique, Discounted Cash Flow | Credit Loss Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.1653 | 0.1422
Level 3 | Interest rate contracts | Consumer Financing Program |  |
Assets |  |
Derivative assets | $ 0 | $ 0
Liabilities |  |
Derivative liabilities | $ 257 | $ 203
Level 3 | Interest rate contracts | Consumer Financing Program | Low | Valuation Technique, Discounted Cash Flow | Collateral Default Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0075 | 0.0052
Level 3 | Interest rate contracts | Consumer Financing Program | High | Valuation Technique, Discounted Cash Flow | Collateral Default Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.4978 | 0.7680
Level 3 | Interest rate contracts | Consumer Financing Program | Weighted Average | Valuation Technique, Discounted Cash Flow | Collateral Default Rates |  |
Fair Value Inputs / Range |  |
Derivative liability, measurement input | 0.0847 | 0.1171

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