Risk Management and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2022	2021
Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	60	53

PAC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Derivative
	Contracts -				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts(1):
Commodity assets	$	165	$	37	$	6	$	(1)	$	207
Commodity liabilities	(3)		—		(9)		—		(12)
Total	162		37		(3)		(1)		195
Total derivatives	162		37		(3)		(1)		195
Cash collateral payable	(17)		—		—		—		(17)
Total derivatives - net basis	$	145	$	37	$	(3)	$	(1)	$	178
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	81	$	21	$	2	$	—	$	104
Commodity liabilities	(5)		(1)		(38)		(7)		(51)
Total	76		20		(36)		(7)		53
Total derivatives	76		20		(36)		(7)		53
Cash collateral receivable	—		—		5		—		5
Total derivatives - net basis	$	76	$	20	$	(31)	$	(7)	$	58

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2022 a regulatory liability of $195 million was recorded related to the net derivative asset of $195 million. As of December 31, 2021 a regulatory liability of $53 million was recorded related to the net derivative asset of $53 million.

Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets, as well as amounts reclassified to earnings (in millions):

	Three-Month Periods
	Ended March 31,
	2022		2021
Beginning balance	$	(53)	$	17
Changes in fair value recognized in regulatory assets	(168)		(17)
Net losses reclassified to operating revenue	(3)		—
Net gains reclassified to energy costs	29		—
Ending balance	$	(195)	$	—

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2022	2021
Electricity purchases, net	Megawatt hours	1	2
Natural gas purchases	Decatherms	105	106

NPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts (1):
Commodity liabilities	$	—	$	(88)	$	(80)	$	(168)
Total derivative - net basis	$	—	$	(88)	$	(80)	$	(168)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	4	$	—	$	—	$	4
Commodity liabilities	—		(55)		(62)		(117)
Total derivative - net basis	$	4	$	(55)	$	(62)	$	(113)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a regulatory asset of $168 million was recorded related to the net derivative liability of $168 million. As of December 31, 2021 a regulatory asset of $113 million was recorded related to the net derivative liability of $113 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2022	2021
Electricity purchases	Megawatt hours	3	1
Natural gas purchases	Decatherms	138	119

SPPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts (1):
Commodity assets	$	1	$	—	$	—	$	1
Commodity liabilities	—		(28)		(25)		(53)
Total derivative - net basis	$	1	$	(28)	$	(25)	$	(52)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	2	$	—	$	—	$	2
Commodity liabilities	—		(16)		(19)		(35)
Total derivative - net basis	$	2	$	(16)	$	(19)	$	(33)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a net regulatory asset of $52 million was recorded related to the net derivative liability of $52 million. As of December 31, 2021 a net regulatory asset of $33 million was recorded related to the net derivative liability of $33 million.