DERIVATIVES (Tables)

12 Months Ended

Dec. 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	December 31, 2025	December 31, 2024
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	232,825,834	179,257,247
	Options	48,215,000	37,717,500
Electricity (MWh)	Forwards, futures, and swaps	7,196,942	8,576,078
	Options	1,650,800	1,663,200
	Congestion Revenue Rights (3)	93,712,644	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 December 31, 2025, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Total Derivative Balance
Current assets – other	$	165	$	(46)	$	119
Noncurrent assets – other	170		(6)		164
Current liabilities – other	(169)		46		(123)
Noncurrent liabilities – other	(106)		6		(100)
Total commodity risk	$	60	$	—	$	60

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

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Total Derivative Balance
Current assets – other	$	186	$	(16)	$	170
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 December 31, 2025, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Total Derivative Balance
Current assets – other	$	165	$	(46)	$	119
Noncurrent assets – other	170		(6)		164
Current liabilities – other	(169)		46		(123)
Noncurrent liabilities – other	(106)		6		(100)
Total commodity risk	$	60	$	—	$	60

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

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Total Derivative Balance
Current assets – other	$	186	$	(16)	$	170
Noncurrent assets – other	233		—		233
Current liabilities – other	(152)		16		(136)
Noncurrent liabilities – other	(167)		—		(167)
Total commodity risk	$	100	$	—	$	100