Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2025

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 systems hardware, capitalized corporate office lease space, and other leasehold improvements. Land and construction work in progress are not depreciated.

	March 31, 2025		December 31, 2024
	(in millions)
Power generation and structures	$	22,303	$	22,783
Office and other equipment	172		160
Land	603		603
Construction work in progress	1,394		1,060
Finance lease right-of-use assets	186		186
Nuclear fuel	2,032		1,843
Property, plant and equipment — gross	26,690		26,635
Less accumulated depreciation	(8,415)		(8,020)
Less finance lease right-of-use assets accumulated amortization	(35)		(33)
Less accumulated amortization on nuclear fuel	(524)		(409)
Property, plant and equipment — net	$	17,716	$	18,173

Depreciation and amortization of property, plant, and equipment (including the classification in the condensed consolidated statements of operations) consisted of the following:

Property, Plant, and Equipment	Condensed Consolidated Statements of Operations	Three Months Ended March 31,
		2025		2024
		(in millions)
Power generation and structures and office and other equipment	Depreciation and amortization	$	479	$	365
Finance lease right-of-use assets	Depreciation and amortization	2		2
Nuclear fuel	Fuel, purchased power costs, and delivery fees	111		49
Total property, plant, and equipment expense		$	592	$	416

Retirement of Generation Facilities

Below are our facilities that are retired or have an announced retirement date. Operating results for generation facilities with defined retirement dates are included in our Asset Closure segment at the beginning of the calendar year the retirement is expected to occur. The Moss Landing 300 facility was transferred to the Asset Closure segment during the first quarter of 2025 as we do not plan to return the asset to operations. See Note 1 for additional information.

Facility	Location	ISO/RTO	Fuel Type	Net Capacity (MW)	Expected or Actual Retirement Date (a)	Segment
Baldwin	Baldwin, IL	MISO	Coal	1,185	By the end of 2027	East
Coleto Creek (b)	Goliad, TX	ERCOT	Coal	650	By the end of 2027	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
Total				5,163

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

(b)The Company intends to repower Coleto Creek as a gas-fueled facility upon its retirement as a coal-fueled facility.