DERIVATIVES (Tables)

9 Months Ended

Sep. 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	September 30, 2025	December 31, 2024
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	274,903,478	179,257,247
	Options	76,780,000	37,717,500
Electricity (MWh)	Forwards, futures, and swaps	7,698,933	8,576,078
	Options	1,036,400	1,663,200
	Congestion Revenue Rights (3)	101,477,325	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 September 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	$	154	$	(22)	$	3	$	135
Noncurrent assets – other	195		—		—		195
Current liabilities – other	(145)		22		—		(123)
Noncurrent liabilities – other	(128)		—		—		(128)
Total commodity risk	$	76	$	—	$	3	$	79

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 September 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	$	154	$	(22)	$	3	$	135
Noncurrent assets – other	195		—		—		195
Current liabilities – other	(145)		22		—		(123)
Noncurrent liabilities – other	(128)		—		—		(128)
Total commodity risk	$	76	$	—	$	3	$	79

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