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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Regulated assets:
Utility generation, transmission and distribution systems
5-80 years
$96,195 $92,759 
Interstate natural gas pipeline assets
3-80 years
19,226 18,328 
115,421 111,087 
Accumulated depreciation and amortization(36,365)(34,599)
Regulated assets, net79,056 76,488 
Nonregulated assets:
Independent power plants
2-50 years
8,484 8,545 
Cove Point LNG facility
40 years
3,423 3,412 
Other assets
2-30 years
2,874 2,693 
14,781 14,650 
Accumulated depreciation and amortization(3,856)(3,452)
Nonregulated assets, net10,925 11,198 
89,981 87,686 
Construction work-in-progress9,267 5,357 
Property, plant and equipment, net$99,248 $93,043 

Construction work-in-progress includes $8.6 billion and $4.9 billion as of December 31, 2023 and 2022, respectively, related to the construction of regulated assets.
PAC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Utility Plant:
Generation
15 - 59 years
$13,904 $13,726 
Transmission
60 - 90 years
8,216 8,051 
Distribution
20 - 75 years
9,060 8,477 
Intangible plant(1) and other
5 - 75 years
2,833 2,755 
Utility plant in-service34,013 33,009 
Accumulated depreciation and amortization(11,725)(11,093)
Utility plant in-service, net22,288 21,916 
Nonregulated, net of accumulated depreciation and amortization
14 - 95 years
18 18 
22,306 21,934 
Construction work-in-progress4,745 2,496 
Property, plant and equipment, net$27,051 $24,430 

(1)Computer software costs included in intangible plant are initially assigned a depreciable life of 5 to 10 years.

The average depreciation and amortization rate applied to depreciable property, plant and equipment was 3.4%, 3.5% and 3.5% for the years ended December 31, 2023, 2022 and 2021, respectively.

Unallocated Acquisition Adjustments

PacifiCorp has unallocated acquisition adjustments that represent the excess of costs of the acquired interests in property, plant and equipment purchased from the entity that first dedicated the assets to utility service over their net book value in those assets. These unallocated acquisition adjustments included in other property, plant and equipment had an original cost of $156 million as of December 31, 2023 and 2022, and accumulated depreciation of $145 million and $144 million as of December 31, 2023 and 2022, respectively.
MEC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Utility plant:
Generation
20-62 years
$18,129 $18,582 
Transmission
55-80 years
2,834 2,662 
Electric distribution
15-80 years
5,288 4,931 
Natural gas distribution
30-75 years
2,294 2,144 
Utility plant in-service28,545 28,319 
Accumulated depreciation and amortization(7,841)(8,024)
Utility plant in-service, net20,704 20,295 
Nonregulated property, net of accumulated depreciation and amortization
20-50 years
6 6 
20,710 20,301 
Construction work-in-progress1,260 790 
Property, plant and equipment, net$21,970 $21,091 

Nonregulated property, net consists primarily of land not recoverable for regulated utility purposes.

The average depreciation and amortization rates applied to depreciable utility plant for the years ended December 31 were as follows:
202320222021
Electric3.3 %3.2 %3.3 %
Natural gas2.8 %2.9 %2.8 %
Under a revenue sharing arrangement in Iowa, MidAmerican Energy accrues throughout the year a regulatory liability based on the extent to which its anticipated annual equity return exceeds specified thresholds, with an equal amount recorded in depreciation and amortization expense. The annual regulatory liability accrual reduces utility plant upon final determination of the amount. For the years ended December 31, 2023, 2022 and 2021, $29 million, $296 million, and $115 million, respectively, is reflected in depreciation and amortization expense on the Statements of Operations.
MidAmerican Funding, LLC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Refer to Note 3 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's property, plant and equipment, net, MidAmerican Funding had nonregulated property gross of $1 million and $1 million as of December 31, 2023 and 2022, respectively.
NPC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Utility plant:
Generation
30 - 55 years
$4,476 $3,977 
Transmission
45 - 70 years
1,590 1,562 
Distribution
20 - 65 years
4,451 4,134 
General and intangible plant
5 - 65 years
906 871 
 
11,423 10,544 
Accumulated depreciation and amortization(3,856)(3,624)
Utility plant, net7,567 6,920 
Nonregulated, net of accumulated depreciation and amortization
45 years
1 1 
7,568 6,921 
Construction work-in-progress1,090 485 
Property, plant and equipment, net$8,658 $7,406 

Almost all of Nevada Power's plant is subject to the ratemaking jurisdiction of the PUCN and the FERC. Nevada Power's depreciation and amortization expense, as authorized by the PUCN, stated as a percentage of the depreciable property balances as of December 31, 2023, 2022 and 2021 was 3.1%, 3.1%, and 3.2%, respectively. Nevada Power is required to file a utility plant depreciation study every six years as a companion filing with the triennial general rate review filings. The most recent study was filed in 2023.

Construction work-in-progress is primarily related to the construction of regulated assets.
SPPC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Utility plant:
Electric generation
25 - 70 years
$1,313 $1,298 
Electric transmission
50 - 76 years
1,023 993 
Electric distribution
20 - 76 years
2,074 1,983 
Electric general and intangible plant
5 - 65 years
247 219 
Natural gas distribution
35 - 70 years
537 455 
Natural gas general and intangible plant
5 - 65 years
17 15 
Common general
5 - 65 years
376 380 
Utility plant5,587 5,343 
Accumulated depreciation and amortization(2,091)(1,992)
Utility plant, net3,496 3,351 
Construction work-in-progress326 236 
Property, plant and equipment, net$3,822 $3,587 

All of Sierra Pacific's plant is subject to the ratemaking jurisdiction of the PUCN and the FERC. Sierra Pacific's depreciation and amortization expense, as authorized by the PUCN, stated as a percentage of the depreciable property balances as of December 31, 2023, 2022 and 2021 was 3.3%, 3.0% and 3.1%, respectively. Sierra Pacific is required to file a utility plant depreciation study every six years as a companion filing with the triennial general rate review filings. The most recent study was filed in 2022.

Construction work-in-progress is primarily related to the construction of regulated assets.
EEGH  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Utility Plant:
Interstate natural gas transmission and storage assets
23 - 49 years
$9,318 $8,922 
Intangible plant
5 - 18 years
117 113 
Utility plant in-service9,435 9,035 
Accumulated depreciation and amortization(3,201)(3,039)
Utility plant in-service, net6,234 5,996 
Nonutility Plant:
LNG facility40 years4,533 4,547 
Accumulated depreciation and amortization(655)(542)
Nonutility plant, net3,878 4,005 
10,112 10,001 
Construction work- in-progress231 201 
Property, plant and equipment, net$10,343 $10,202 

Construction work-in-progress includes $223 million and $181 million as of December 31, 2023 and 2022, respectively, related to the construction of utility plant.

Assignment of Shale Development Rights

In June 2023, Eastern Gas Transmission and Storage, Inc. ("EGTS") conveyed development rights to a natural gas producer for approximately 6,500 acres of Utica Shale and Point Pleasant Formation underneath one of its natural gas storage fields and received proceeds of $8 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in an $8 million ($6 million after-tax) gain, included in operations and maintenance expense in its Consolidated Statements of Operations.
EGTS  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following as of December 31 (in millions):
Depreciable Life20232022
Interstate natural gas transmission and storage assets
28 - 50 years
$7,046 $6,724 
Intangible plant
12 - 20 years
80 79 
Plant in-service7,126 6,803 
Accumulated depreciation and amortization(2,563)(2,440)
4,563 4,363 
Construction work-in-progress152 141 
Property, plant and equipment, net$4,715 $4,504 

Assignment of Shale Development Rights

In June 2023, EGTS conveyed development rights to a natural gas producer for approximately 6,500 acres of Utica Shale and Point Pleasant Formation underneath one of its natural gas storage fields and received proceeds of $8 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in an $8 million ($6 million after-tax) gain, included in operations and maintenance expense in its Consolidated Statements of Operations