DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2024	December 31, 2023
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	234,343,041	196,063,296
	Options	67,147,500	30,695,000
Electricity (MWh)	Forwards, futures, and swaps	8,728,780	9,169,967
	Options	1,386,000	92,400
	Congestion Revenue Rights (3)	132,840,444	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 September 30, 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	$	143	$	(16)	$	8	$	135
Other noncurrent assets – other	213		—		—		213
Current liabilities – other	(125)		16		1		(108)
Noncurrent liabilities – other	(167)		—		—		(167)
Total commodity risk	$	64	$	—	$	9	$	73

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 September 30, 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	$	143	$	(16)	$	8	$	135
Other noncurrent assets – other	213		—		—		213
Current liabilities – other	(125)		16		1		(108)
Noncurrent liabilities – other	(167)		—		—		(167)
Total commodity risk	$	64	$	—	$	9	$	73

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