Details of TEC’s short-term borrowings are presented in the following table:



	March 31, 2022								December 31, 2021
			Borrowings		Borrowings		Letters				Borrowings		Borrowings		Letters
	Credit		Outstanding -		Outstanding -		of Credit		Credit		Outstanding -		Outstanding -		of Credit
(millions)	Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding		Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding
5-year facility (2)	$	800	$	0	$	313	$	1	$	800	$	0	$	245	$	1
1-year term facility (3)		500		500		0		0		500		500		0		0
Total	$	1,300	$	500	$	313	$	1	$	1,300	$	500	$	245	$	1

(1)

Borrowings outstanding are reported as notes payable.

(2)

This 5-year facility matures on December 17, 2026. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable.

(3)

On December 17, 2021, TEC entered into a 1-year term facility that matures on December 16, 2022.

At March 31, 2022, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at March 31, 2022 and December 31, 2021 was 1.04% and 0.58%, respectively.