DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025	December 31, 2024
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	176,395,613	179,257,247
	Options	38,770,000	37,717,500
Electricity (MWh)	Forwards, futures, and swaps	8,509,874	8,576,078
	Options	2,463,200	1,663,200
	Congestion Revenue Rights (3)	116,765,301	123,040,895

(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, 2025, 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	$	172	$	(12)	$	3	$	163
Noncurrent assets – other	253		—		—		253
Current liabilities – other	(125)		12		—		(113)
Noncurrent liabilities – other	(156)		—		—		(156)
Total commodity risk	$	144	$	—	$	3	$	147

As of December 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	$	186	$	(16)	$	—	$	170
Other noncurrent assets – other	233		—		—		233
Current liabilities – other	(152)		16		—		(136)
Noncurrent liabilities – other	(167)		—		—		(167)
Total commodity risk	$	100	$	—	$	—	$	100

Offsetting Assets

As of March 31, 2025, 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	$	172	$	(12)	$	3	$	163
Noncurrent assets – other	253		—		—		253
Current liabilities – other	(125)		12		—		(113)
Noncurrent liabilities – other	(156)		—		—		(156)
Total commodity risk	$	144	$	—	$	3	$	147

As of December 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	$	186	$	(16)	$	—	$	170
Other noncurrent assets – other	233		—		—		233
Current liabilities – other	(152)		16		—		(136)
Noncurrent liabilities – other	(167)		—		—		(167)
Total commodity risk	$	100	$	—	$	—	$	100