Property, Plant, and Equipment

9 Months Ended

Sep. 30, 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.

	September 30, 2025		December 31, 2024
	(in millions)
Power generation and structures and office and other equipment	$	22,510	$	22,943
Land	614		603
Construction work in progress (a)	1,969		1,060
Finance lease right-of-use assets	186		186
Nuclear fuel	2,054		1,843
Property, plant and equipment — gross	27,333		26,635
Less accumulated depreciation	(8,918)		(8,020)
Less finance lease right-of-use assets accumulated amortization	(39)		(33)
Less accumulated amortization on nuclear fuel	(651)		(409)
Property, plant and equipment — net	$	17,725	$	18,173

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(a)During the three and nine months ended September 30, 2025, we recognized impairments of $5 million and $73 million, respectively, related to development projects we have no plans to complete.

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 September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
		(in millions)
Power generation and structures and office and other equipment	Depreciation and amortization	$	417	$	419	$	1,393	$	1,173
Finance lease right-of-use assets	Depreciation and amortization	2		2		6		6
Nuclear fuel	Fuel, purchased power costs, and delivery fees	129		123		366		269
Total property, plant, and equipment expense		$	548	$	544	$	1,765	$	1,448

Retirement of Generation Facilities

Below are our operating facilities that have an announced retirement date. Operating results for generation facilities with defined retirement dates are included in our Asset Closure segment in the calendar year following the year in which the retirement occurs or 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	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 middle of 2028	East
Newton	Newton, IL	MISO	Coal	615	By the end of 2027	East
Total				4,578

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(a)Expected retirement dates may change if economic or other conditions dictate.

The Company intends to repower Coleto Creek and Miami Fort as gas-fueled facilities upon their retirements as coal-fueled facilities. We are currently evaluating the feasibility of converting the other coal-fueled facilities with expected retirement dates in 2027 to gas-fueled facilities.