DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes of Outstanding Derivative Contracts

The volumes of the Utility’s outstanding derivatives were as follows:

		Contract Volume at
Underlying Product	Instruments	March 31, 2024	December 31, 2023
Natural Gas (1) (MMBtus (2))	Forwards, Futures and Swaps	210,862,229	196,063,296
	Options	31,407,500	30,695,000
Electricity (MWh)	Forwards, Futures and Swaps	8,392,963	9,169,967
	Options	646,800	92,400
	Congestion Revenue Rights (3)	162,810,719	170,465,674

(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.

(2) Million British Thermal Units.

(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.

Offsetting Liabilities

As of March 31, 2024, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	156	$	(6)	$	5	$	155
Other noncurrent assets – other	254		—		—		254
Current liabilities – other	(126)		6		2		(118)
Noncurrent liabilities – other	(166)		—		—		(166)
Total commodity risk	$	118	$	—	$	7	$	125

As of December 31, 2023, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	134	$	(8)	$	50	$	176
Other noncurrent assets – other	280		—		—		280
Current liabilities – other	(172)		8		46		(118)
Noncurrent liabilities – other	(160)		—		—		(160)
Total commodity risk	$	82	$	—	$	96	$	178

Offsetting Assets

As of March 31, 2024, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	156	$	(6)	$	5	$	155
Other noncurrent assets – other	254		—		—		254
Current liabilities – other	(126)		6		2		(118)
Noncurrent liabilities – other	(166)		—		—		(166)
Total commodity risk	$	118	$	—	$	7	$	125

As of December 31, 2023, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	134	$	(8)	$	50	$	176
Other noncurrent assets – other	280		—		—		280
Current liabilities – other	(172)		8		46		(118)
Noncurrent liabilities – other	(160)		—		—		(160)
Total commodity risk	$	82	$	—	$	96	$	178