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Risk Management, Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives | The net notional volumes of commodity derivatives were:
|  | June 30, 2025 (a) |  | December 31, 2024 (a)
Power (MWh) |  | (54,076,474) |  |  | (38,615,192) |
Natural gas (MMBtu) |  | 119,609,740 |  |  | 32,405,460 |
Emission allowances (tons) |  | — |  |  | 100,000 |
__________________ (a)The volumes may be different than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed. Open interest rate derivatives mature in 2026 and 2029. The net notional volumes of open interest rate derivatives were:
|  | June 30, 2025 |  | December 31, 2024
Interest rate (in millions) |  | $ | 990 |  |  | $ | 290 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Balance Sheets Presentation. The fair value of derivative instruments presented within assets and liabilities on the Consolidated Balance Sheets were:
|  | June 30, 2025 |  | December 31, 2024
|  | Assets |  | Liabilities |  | Assets |  | Liabilities
Commodity contracts |  | $ | 78 |  |  | $ | 30 |  |  | $ | 65 |  |  | $ | — |
Interest rate contracts |  | 2 |  |  | 2 |  |  | 1 |  |  | — |
Total current derivative instruments |  | 80 |  |  | 32 |  |  | 66 |  |  | — |
Commodity contracts |  | — |  |  | 51 |  |  | 4 |  |  | 7 |
Interest rate contracts |  | — |  |  | 11 |  |  | 1 |  |  | — |
Total non-current derivative instruments |  | $ | — |  |  | $ | 62 |  |  | $ | 5 |  |  | $ | 7 |
Schedule of Effect of Netting, Offsetting Assets | The net amounts of “Derivative instruments” presented as assets and liabilities on the Consolidated Balance Sheets considering the effect of permitted netting and where cash collateral is pledged in accordance with the underlying agreement were:
|  | Gross Derivative Instruments |  | Eligible for Offset |  |  |  | Net Derivative Instruments |  | Collateral (Posted) Received |  | Net Amounts
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 469 |  |  | $ | (381) |  |  |  |  | $ | 88 |  |  | $ | (8) |  |  | $ | 80 |
Liabilities |  | 552 |  |  | (381) |  |  |  |  | 171 |  |  | (77) |  |  | 94 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 227 |  |  | $ | (154) |  |  |  |  | $ | 73 |  |  | $ | (2) |  |  | $ | 71 |
Liabilities |  | 173 |  |  | (154) |  |  |  |  | 19 |  |  | (12) |  |  | 7 |
Schedule of Effect of Netting, Offsetting Liabilities | The net amounts of “Derivative instruments” presented as assets and liabilities on the Consolidated Balance Sheets considering the effect of permitted netting and where cash collateral is pledged in accordance with the underlying agreement were:
|  | Gross Derivative Instruments |  | Eligible for Offset |  |  |  | Net Derivative Instruments |  | Collateral (Posted) Received |  | Net Amounts
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 469 |  |  | $ | (381) |  |  |  |  | $ | 88 |  |  | $ | (8) |  |  | $ | 80 |
Liabilities |  | 552 |  |  | (381) |  |  |  |  | 171 |  |  | (77) |  |  | 94 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 227 |  |  | $ | (154) |  |  |  |  | $ | 73 |  |  | $ | (2) |  |  | $ | 71 |
Liabilities |  | 173 |  |  | (154) |  |  |  |  | 19 |  |  | (12) |  |  | 7 |
Schedule of Derivative Instruments, Gain (Loss) | The location and pre-tax effect of “Derivative instruments” presented on the Consolidated Statements of Operations for the periods were:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |
Realized gain (loss) on commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Energy revenues (a) |  | $ | 43 |  |  | $ | 38 |  |  | $ | 16 |  |  | $ | 196 |  |  |  |  |  |
Fuel and energy purchases (a) |  | (5) |  |  | (8) |  |  | 19 |  |  | (7) |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues (b) |  | 176 |  |  | 76 |  |  | (65) |  |  | (32) |  |  |  |  |  |
Energy expenses (b) |  | (84) |  |  | 15 |  |  | (25) |  |  | (12) |  |  |  |  |  |
Realized and unrealized gain (loss) on interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other finance charges |  | — |  |  | 1 |  |  | (13) |  |  | 9 |  |  |  |  |  |
__________________ (a)Does not include those derivative instruments that settle through physical delivery. (b)Presented as “Unrealized gain (loss) on derivative instruments” on the Consolidated Statements of Operations.

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