Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Costs

The following table provides information related to our lease costs (dollars in thousands):

	Year Ended December 31,
	2024		2023		2022
Operating Lease Cost - Purchased Power & Energy Storage Lease Contracts	$	147,313	$	126,655	$	104,001
Operating Lease Cost - Land, Property, and Other Equipment	20,120		19,235		18,061
Total Operating Lease Cost	167,433		145,890		122,062
Variable Lease Cost (a)	144,108		135,007		122,040
Short-term Lease Cost	20,653		21,530		9,928
Total Lease Cost	$	332,194	$	302,427	$	254,030

The following tables provide other additional information related to operating lease liabilities (dollars in thousands):

	Year Ended December 31,
	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows:	$	143,950		$	123,472		$	118,463
Right-of-use operating lease assets obtained in exchange for operating lease liabilities:	393,702		(a)	602,301		(b)	16,990

	December 31, 2024		December 31, 2023
Weighted average remaining lease term	11 years		10 years
Weighted average discount rate (c)	4.90	%	4.53	%

(a)Primarily relates to the three new energy storage operating lease agreements that commenced in 2024.

(b)Primarily relates to the two purchased power operating lease agreements that were modified in January 2023.

(c)Most of our lease agreements do not contain an implicit rate that is readily determinable. For these agreements we use our incremental borrowing rate to measure the present value of lease liabilities. We determine our incremental borrowing rate at lease commencement based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We use the implicit rate when it is readily determinable.

Schedule of Maturities of Operating Lease Labilities

The following table provides information related to the maturity of our operating lease liabilities (dollars in thousands):

	December 31, 2024
Year	Purchased Power & Energy Storage Lease Contracts		Land, Property & Equipment Leases		Total
2025	$	158,363	$	16,834	$	175,197
2026	172,087		14,830		186,917
2027	198,007		12,249		210,256
2028	201,804		9,591		211,395
2029	205,741		7,465		213,206
Thereafter	1,140,971		61,855		1,202,826
Total lease commitments	2,076,973		122,824		2,199,797
Less imputed interest	536,948		41,605		578,553
Total lease liabilities	$	1,540,025	$	81,219	$	1,621,244