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Debt
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Debt Disclosure DEBT
Long-term debt is as follows:
$ in millions
Interest Rate
Maturity
December 31, 2025
December 31, 2024
AES Ohio debt
First Mortgage Bonds
3.95%
2049
$
425.0 
$
425.0 
First Mortgage Bonds
3.20%
2040
140.0 
140.0 
First Mortgage Bonds
5.70%
2033
107.5 
107.5 
First Mortgage Bonds
5.19%
2033
100.0 
100.0 
First Mortgage Bonds
4.55%
2030
375.0 
— 
First Mortgage Bonds
5.49%
2028
92.5 
92.5 
Tax-exempt First Mortgage Bonds (a)
4.25%
2027
100.0 
100.0 
Tax-exempt First Mortgage Bonds (b)
4.00%
2027
40.0 
40.0 
U.S. Government note
4.20%
2061
16.4 
16.6 
Unamortized deferred financing costs
(9.1)
(6.6)
Unamortized debt discounts
(2.5)
(2.1)
Total long-term debt at AES Ohio
1,384.8 
1,012.9 
Senior unsecured notes
4.125%
2025
— 
415.0 
Senior unsecured notes
4.35%
2029
400.0 
400.0 
Note to DPL Capital Trust II (c)
8.125%
2031
15.6 
15.6 
Unamortized deferred financing costs
(1.7)
(2.9)
Unamortized debt discounts
(0.4)
(0.6)
Total long-term debt
1,798.3 
1,840.0 
Less: current portion
(0.2)
(414.4)
Long-term debt, net of current portion
$
1,798.1 
$
1,425.6 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.
(c)    Note payable to related party. See Note 11. Related Party Transactions for more information.

Revolving Credit Agreements
AES Ohio entered into the third amendment and restatement of its $350 million revolving Credit Agreement on March 25, 2025 with a syndicate of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness; (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on March 25, 2030, and bears interest at variable rates as described in the agreement. It includes an uncommitted $150.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility at any time prior to March 25, 2029, subject to approval by the lenders. The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. At December 31, 2025 and 2024, the AES Ohio Credit Agreement had outstanding borrowings of $0.0 million and $140.0 million, respectively.
Debt Maturities
At December 31, 2025, maturities of long-term debt are summarized as follows:
Due during the years ending December 31,
$ in millions
2026
$
0.2 
2027
140.2 
2028
92.7 
2029
400.2 
2030
375.2 
Thereafter
803.5 
1,812.0 
Unamortized debt discounts
(2.9)
Deferred financing costs, net
(10.8)
Total long-term debt
$
1,798.3 

Significant Transactions
In August 2025, AES Ohio issued $375 million aggregate principal amount of first mortgage bonds, 4.55% Series, due August 2030 (the “2030 AES Ohio Bonds”), pursuant to rule 144A and Regulation S under the Securities Act. The net proceeds from this offering were used to repay the $150.0 million 364-day term loan agreement, outstanding borrowings on the Credit Agreement, and for general corporate purposes.

Pursuant to a registration rights agreement dated August 19, 2025, AES Ohio agreed to register the 2030 AES Ohio Bonds under the Securities Act by filing an exchange offer registration statement on Form S-4 with the SEC on December 5, 2025 in respect of its obligations under such registration rights agreement, and this registration statement was declared effective on December 12, 2025. The exchange offer closed on January 21, 2026.

Term Loan Agreement
In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement, which was fully drawn at closing with the proceeds being used for general corporate purposes. In August 2025, a portion of the net proceeds from the 2030 AES Ohio Bonds were used to repay the $150.0 million 364-day term loan agreement in full.

DPL's Senior Unsecured Notes
On April 4, 2025, DPL issued a Notice of Full Redemption to the Trustee (“U.S. Bank”), with respect to the 4.125% Senior unsecured notes due July 1, 2025 (“2025 DPL Notes”). DPL notified the Trustee that it was calling the $415.0 million outstanding of the 2025 DPL Notes. The redemption date was May 4, 2025. These notes were redeemed at par plus accrued interest, with no make-whole premium using cash on hand from DPL's sale of a minority interest in AES Ohio. See Note 9. Equity - Agreement to Sell Minority Interest in AES Ohio for more information.

Debt Covenants and Restrictions
The AES Ohio Credit Agreement and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, each contain one financial covenant, respectively. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt by total capitalization. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of December 31, 2025 AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting distributions to its parent. As of December 31, 2025, AES Ohio was in compliance with all debt covenants, including the financial covenants described above.

Substantially all property, plant and equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.