Government Assistance

6 Months Ended

Jun. 30, 2025

Government Assistance [Abstract]

Government Assistance

GOVERNMENT ASSISTANCE

Inflation Reduction Act of 2022 (IRA)

In August 2022, the U.S. enacted the IRA, which introduced various energy tax credits. Among these, it acknowledged the importance of existing carbon-free nuclear power by establishing a nuclear Production Tax Credit under section 45U (nuclear PTC), a solar PTC, and a new stand-alone battery storage investment tax credit. The nuclear PTC provides a federal tax credit of up to $15 per MWh, subject to phase out as power prices increase above $25 per MWh, to existing nuclear facilities from 2024 through 2032 subject to an annual inflation adjustment. The Company accounts for transferable ITCs and PTCs we expect to receive by analogy to the grant model within International Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance.

Sales of Transferable PTCs

During 2025, we sold $290 million transferable nuclear production tax credits (PTCs) recognized from qualifying 2024 nuclear generation, of which $200 million was sold in January 2025 and $90 million was sold in May and June 2025. Cash proceeds of $191 million were received during the six months ended June 30, 2025, and the remaining $86 million are recorded as a PTC receivable in other current assets in the June 30, 2025 condensed consolidated balance sheets, and were received in July 2025.