Risk Management and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

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	June 30,	December 31,
	Measure	2023	2022
Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	56	52

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 June 30, 2023
Not designated as hedging contracts(1):
Commodity assets	$	57	$	—	$	6	$	5	$	68
Commodity liabilities	(6)		—		(36)		(17)		(59)
Total	51		—		(30)		(12)		9
Total derivatives	51		—		(30)		(12)		9
Cash collateral receivable (payable)	—		—		—		—		—
Total derivatives - net basis	$	51	$	—	$	(30)	$	(12)	$	9
As of December 31, 2022
Not designated as hedging contracts(1):
Commodity assets	$	279	$	27	$	9	$	3	$	318
Commodity liabilities	(22)		(7)		(14)		(5)		(48)
Total	257		20		(5)		(2)		270
Total derivatives	257		20		(5)		(2)		270
Cash collateral payable(2)	(73)		(5)		—		—		(78)
Total derivatives - net basis	$	184	$	15	$	(5)	$	(2)	$	192

(1)PacifiCorp's commodity derivatives are generally included in rates. As of June 30, 2023, a regulatory liability of $9 million was recorded related to the net derivative asset of $9 million. As of December 31, 2022, a regulatory liability of $270 million was recorded related to the net derivative asset of $270 million.

(2)As of December 31, 2022, PacifiCorp had an additional $12 million cash collateral payable that was not required to be netted against total derivatives.

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 (liabilities) assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory (liabilities) assets, as well as amounts reclassified to earnings (in millions):

	Three-Month Periods				Six-Month Periods
	Ended June 30,				Ended June 30,
	2023		2022		2023		2022
Beginning balance	$	(109)	$	(195)	$	(270)	$	(53)
Changes in fair value recognized in regulatory (liabilities) assets	102		(49)		92		(217)
Net losses reclassified to operating revenue	(2)		(8)		(8)		(11)
Net gains reclassified to energy costs	—		29		177		58
Ending balance	$	(9)	$	(223)	$	(9)	$	(223)

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	June 30,	December 31,
	Measure	2023	2022
Electricity purchases, net	Megawatt hours	2	2
Natural gas purchases	Decatherms	145	127

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 June, 30 2023
Not designated as hedging contracts(1) -
Total derivatives - commodity liabilities	$	—	$	(104)	$	(22)	$	(126)
As of December 31, 2022
Not designated as hedging contracts(1):
Commodity assets	$	23	$	—	$	—	$	23
Commodity liabilities	—		(51)		(24)		(75)
Total derivatives - net basis	$	23	$	(51)	$	(24)	$	(52)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of June 30, 2023 a regulatory asset of $126 million was recorded related to the net derivative liability of $126 million. As of December 31, 2022 a regulatory asset of $52 million was recorded related to the net derivative liability of $52 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	June 30,	December 31,
	Measure	2023	2022
Electricity purchases	Megawatt hours	2	2
Natural gas purchases	Decatherms	127	109

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):

	Other				Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of June, 30 2023
Not designated as hedging contracts(1) -
Total derivatives - commodity liabilities	$	—	$	(31)	$	(5)	$	(36)
As of December 31, 2022
Not designated as hedging contracts(1):
Commodity assets	$	8	$	—	$	—	$	8
Commodity liabilities	—		(14)		(7)		(21)
Total derivatives - net basis	$	8	$	(14)	$	(7)	$	(13)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of June 30, 2023 a net regulatory asset of $36 million was recorded related to the net derivative liability of $36 million. As of December 31, 2022 a net regulatory asset of $13 million was recorded related to the net derivative liability of $13 million.