Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following assets:

(millions)	Estimated Useful Lives	December 31, 2024			December 31, 2023
Electric generation	10-60 years	$	6,574		$	6,732
Electric transmission	10-75 years		1,245			1,182
Electric distribution	10-60 years		3,920			3,609
General plant and other	4-60 years		1,081			997
Total cost			12,820			12,520
Less accumulated depreciation			(3,348	)		(3,443	)
Construction work in progress			1,631			1,151
Total property, plant and equipment, net		$	11,103		$	10,228

Summary of Assets and Liabilities of PGS in TEC's Consolidated Balance Sheets

he following table presents the assets and liabilities of PGS in TEC’s Consolidated Balance Sheet as of December 31, 2022:

	December 31,
(millions)	2022
Property, plant and equipment
Utility plant	$	2,938
Accumulated depreciation		(687	)
Total property, plant and equipment, net		2,251
Current assets
Cash and cash equivalents		4
Receivables, less allowance for credit losses of $1 at December 31, 2022		62
Due from affiliates		4
Inventories, at average cost
Materials and supplies		5
Regulatory assets		9
Prepayments and other current assets		4
Total current assets		88
Other assets
Regulatory assets		53
Deferred charges and other assets		79
Total other assets		132
Total assets	$	2,471
Capitalization
Common stock	$	871
Retained earnings		121
Total capital		992
Long-term debt		564
Total capital		1,556
Current liabilities
Notes payable		166
Accounts payable		78
Due to affiliates		27

Customer deposits		30
Regulatory liabilities		11
Accrued interest		4
Accrued taxes		5
Other		4
Total current liabilities		325
Other liabilities
Deferred income taxes		238
Regulatory liabilities		277
Deferred credits and other liabilities		75
Total other liabilities		590
Total liabilities and capital	$	2,471