Risk Management, Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

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 open commodity derivatives were:

	Successor
	December 31, 2024 (a)	December 31, 2023 (a)
Power (MWh)	(38,615,192)	(27,557,871)
Natural gas (MMBtu)	32,405,460	8,314,060
Emission allowances (tons)	100,000	500,000

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(a)The volumes may be less than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed.

Open interest rate derivatives are related to the TLB-1 indebtedness and mature in 2026. The net notional volumes of open interest rate derivatives were:

	Successor
	December 31, 2024		December 31, 2023
Interest rate (in millions)	$	290	$	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:

	Successor
	December 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	65	$	—	$	88	$	32
Interest rate contracts	1		—		1		—
Total current derivative instruments	66		—		89		32
Commodity contracts	4		7		6		5
Interest rate contracts	1		—		—		6
Total non-current derivative instruments	$	5	$	7	$	6	$	11

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
December 31, 2024 (Successor)
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7
December 31, 2023 (Successor)
Assets	$	295	$	(198)	$	97	$	(2)	$	95
Liabilities	300		(198)		102		(59)		43

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
December 31, 2024 (Successor)
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7
December 31, 2023 (Successor)
Assets	$	295	$	(198)	$	97	$	(2)	$	95
Liabilities	300		(198)		102		(59)		43

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:

	Successor				Predecessor
	Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023		Year Ended December 31, 2022
Realized gain (loss) on commodity contracts
Energy revenues (a)	$	317	$	360	$	644	$	(613)
Fuel and energy purchases (a)	(35)		(91)		(34)		127
Unrealized gain (loss) on commodity contracts
Operating revenues (b)	42		55		60		677
Energy expenses (b)	20		(3)		(123)		(52)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges	9		(4)		—		30

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(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.