Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT, AND EQUIPMENT

Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information system hardware, capitalized corporate office lease space and other leasehold improvements. The estimated remaining useful lives of our property, plant, and equipment ranges from 1 to 29 years. Land is not depreciated.

	December 31,
	2024		2023
	(in millions)
Power generation and structures	$	22,783	$	17,297
Land	603		572
Office and other equipment	160		159
Total	23,546		18,028
Less accumulated depreciation	(8,020)		(6,657)
Net of accumulated depreciation	15,526		11,371
Finance lease right-of-use assets (net of accumulated amortization)	153		160
Nuclear fuel (net of accumulated amortization of $409 million and $120 million)	1,434		379
Construction work in progress	1,060		522
Property, plant, and equipment — net	$	18,173	$	12,432

Depreciation expenses totaled $1.670 billion, $1.344 billion, and $1.388 billion for the years ended December 31, 2024, 2023, and 2022, respectively.

Retirement of Generation Facilities

The following are all of our facilities that have either been retired, or that have announced retirement dates. Operation results for plants with defined retirement dates are included in our Asset Closure segment at the beginning of the calendar year the retirement is expected to occur.

Facility	Location	ISO/RTO	Fuel Type	Net Generation Capacity (MW)	Announced Retirement Date (a)	Segment
Baldwin	Baldwin, IL	MISO	Coal	1,185	By the end of 2027	East
Coleto Creek	Goliad, TX	ERCOT	Coal	650	By the end of 2027 (b)	Texas
Kincaid	Kincaid, IL	PJM	Coal	1,108	By the end of 2027	East
Miami Fort	North Bend, OH	PJM	Coal	1,020	By the end of 2027	East
Newton	Newton, IL	MISO	Coal	615	By the end of 2027	East
Edwards	Bartonville, IL	MISO	Coal	585	Retired January 1, 2023	Asset Closure
Joppa	Joppa, IL	MISO	Coal	802	Retired September 1, 2022	Asset Closure
Joppa	Joppa, IL	MISO	Natural Gas	221	Retired September 1, 2022	Asset Closure
Zimmer	Moscow, OH	PJM	Coal	1,300	Retired June 1, 2022	Asset Closure
Total				7,486

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(a)Generation facilities may retire earlier than expected dates disclosed if economic or other conditions dictate.

(b)Following the retirement of Coleto Creek as a coal-fueled plant, the Company intends to repower it as a gas-fueled plant.

Impairment of Long-Lived Assets

In the first quarter of 2023, we recognized an impairment loss of $49 million related to our Kincaid generation facility in Illinois as a result of a significant decrease in the projected operating margins of the facility, primarily driven by a decrease in projected power prices. The impairment is reported in our East segment and includes write-downs of property, plant, and equipment of $45 million, write-downs of inventory of $2 million, and write-downs of operating lease right-of-use assets of $2 million.

In the fourth quarter of 2022, we recognized an impairment loss of $74 million related to our Miami Fort generation facility in Ohio as a result of a significant decrease in the projected operating margins of the facility, reflecting an increase in projected coal costs along with a decrease in projected power prices. The impairment is reported in our East segment and includes write-downs of property, plant, and equipment of $71 million and write-downs of inventory of $3 million.

In determining the fair value of the impaired asset groups in 2023 and 2022, we utilized the income approach described in ASC 820, Fair Value Measurement.