DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026	December 31, 2025
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	204,557,995	232,825,834
	Options	34,175,000	48,215,000
Electricity (MWh)	Forwards, futures, and swaps	6,903,828	7,196,942
	Options	2,678,000	1,650,800
	Congestion Revenue Rights (3)	83,584,734	93,712,644

(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, 2026, 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	$	152	$	(28)	$	19	$	143
Noncurrent assets – other	156		(2)		—		154
Current liabilities – other	(103)		28		11		(64)
Noncurrent liabilities – other	(99)		2		—		(97)
Total commodity risk	$	106	$	—	$	30	$	136

As of December 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	$	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

Offsetting Assets

As of March 31, 2026, 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	$	152	$	(28)	$	19	$	143
Noncurrent assets – other	156		(2)		—		154
Current liabilities – other	(103)		28		11		(64)
Noncurrent liabilities – other	(99)		2		—		(97)
Total commodity risk	$	106	$	—	$	30	$	136

As of December 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	$	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