DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2025	December 31, 2024
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	293,476,836	179,257,247
	Options	53,165,000	37,717,500
Electricity (MWh)	Forwards, futures, and swaps	8,729,140	8,576,078
	Options	1,878,000	1,663,200
	Congestion Revenue Rights (3)	103,445,748	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 June 30, 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	$	162	$	(11)	$	12	$	163
Noncurrent assets – other	223		—		—		223
Current liabilities – other	(105)		11		—		(94)
Noncurrent liabilities – other	(104)		—		—		(104)
Total commodity risk	$	176	$	—	$	12	$	188

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 June 30, 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	$	162	$	(11)	$	12	$	163
Noncurrent assets – other	223		—		—		223
Current liabilities – other	(105)		11		—		(94)
Noncurrent liabilities – other	(104)		—		—		(104)
Total commodity risk	$	176	$	—	$	12	$	188

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