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Derivative Instruments and Hedging (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location in Condensed Consolidated Balance Sheet and Amounts
The tables below present Networks' derivative positions as of March 31, 2023 and December 31, 2022, respectively, including those subject to master netting agreements and the location of the net derivative positions on our condensed consolidated balance sheets:
As of March 31, 2023Current AssetsNoncurrent AssetsCurrent LiabilitiesNoncurrent Liabilities
(Millions)    
Not designated as hedging instruments    
Derivative assets$13 $4 $12 $3 
Derivative liabilities(12)(3)(71)(47)
1 1 (59)(44)
Designated as hedging instruments
Derivative assets— — — — 
Derivative liabilities— — — — 
— — — — 
Total derivatives before offset of cash collateral1 1 (59)(44)
Cash collateral receivable — — 41 8 
Total derivatives as presented in the balance sheet
$1 $1 $(18)$(36)
As of December 31, 2022Current AssetsNoncurrent AssetsCurrent LiabilitiesNoncurrent Liabilities
(Millions)    
Not designated as hedging instruments    
Derivative assets$30 $8 $30 $7 
Derivative liabilities(30)(7)(58)(50)
— 1 (28)(43)
Designated as hedging instruments
Derivative assets— — — — 
Derivative liabilities— — — — 
— — — — 
Total derivatives before offset of cash collateral— 1 (28)(43)
Cash collateral receivable— — 11 2 
Total derivatives as presented in the balance sheet$— $1 $(17)$(41)
The tables below present Renewables' derivative positions as of March 31, 2023 and December 31, 2022, respectively, including those subject to master netting agreements and the location of the net derivative position on our condensed consolidated balance sheets:
As of March 31, 2023Current AssetsNoncurrent AssetsCurrent LiabilitiesNoncurrent Liabilities
(Millions)
Not designated as hedging instruments
Derivative assets$106 $49 $53 $5 
Derivative liabilities(42)(36)(77)(6)
64 13 (24)(1)
Designated as hedging instruments
Derivative assets— 90 4 4 
Derivative liabilities— — (102)(74)
— 90 (98)(70)
Total derivatives before offset of cash collateral64 103 (122)(71)
Cash collateral receivable— — 70 39 
Total derivatives as presented in the balance sheet $64 $103 $(52)$(32)

As of December 31, 2022Current AssetsNoncurrent AssetsCurrent LiabilitiesNoncurrent Liabilities
(Millions)
Not designated as hedging instruments
Derivative assets$121 $63 $79 $4 
Derivative liabilities(61)(40)(103)(7)
60 23 (24)(3)
Designated as hedging instruments
Derivative assets— 116 — 1 
Derivative liabilities— — (168)(89)
— 116 (168)(88)
Total derivatives before offset of cash collateral60 139 (192)(91)
Cash collateral receivable— — 105 54 
Total derivatives as presented in the balance sheet$60 $139 $(87)$(37)
Schedule of Notional Volumes of Outstanding Derivative Positions
The net notional volumes of the outstanding derivative instruments associated with Networks' activities as of March 31, 2023 and December 31, 2022, respectively, consisted of:
 March 31,December 31,
As of20232022
(Millions)  
Wholesale electricity purchase contracts (MWh)5.6 5.7 
Natural gas purchase contracts (Dth)7.9 9.6 
The net notional volumes of outstanding derivative instruments associated with Renewables' activities as of March 31, 2023 and December 31, 2022, respectively, consisted of:
March 31,December 31,
As of20232022
(MWh/Dth in millions)  
Wholesale electricity purchase contracts2 2 
Wholesale electricity sales contracts7 7 
Natural gas and other fuel purchase contracts20 15 
Financial power contracts6 6 
Basis swaps – purchases26 22 
Basis swaps – sales2 — 
Schedule of Unrealized Gains and Losses from Fair Value Adjustments
The amounts for electricity hedge contracts and natural gas hedge contracts recognized in regulatory liabilities and assets as of March 31, 2023 and December 31, 2022 and amounts reclassified from regulatory assets and liabilities into income for the three months ended March 31, 2023 and 2022 are as follows:
(Millions)Loss or Gain Recognized in Regulatory Assets/LiabilitiesLocation of Loss (Gain) Reclassified from Regulatory Assets/Liabilities into IncomeLoss (Gain) Reclassified from Regulatory Assets/Liabilities into Income
As ofThree Months Ended March 31,
March 31, 2023ElectricityNatural Gas2023 ElectricityNatural Gas
Regulatory assets$40 $10 Purchased power, natural gas and fuel used$49 $6 
December 31, 20222022 
Regulatory assets$9 $4 Purchased power, natural gas and fuel used$(45)$(9)
The unrealized gains and losses from fair value adjustments to these derivatives, which are recorded in regulatory assets, for the three months ended March 31, 2023 and 2022, respectively, were as follows:
Three Months Ended March 31,
 20232022
(Millions)  
Derivative liabilities$4 $4 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The effect of derivatives in cash flow hedging relationships on Other Comprehensive Income (OCI) and income for the three months ended March 31, 2023 and 2022, respectively, consisted of:
Three Months Ended March 31,Gain (Loss) Recognized in OCI on Derivatives (a)Location of Loss (Gain) Reclassified from Accumulated OCI into IncomeLoss (Gain) Reclassified from Accumulated OCI into IncomeTotal amount per Income Statement
(Millions)
2023
Interest rate contracts$— Interest expense$1 $95 
Commodity contracts— Purchased power, natural gas and fuel used— 977 
Total$— $1 
2022
Interest rate contracts$— Interest expense$1 $71 
Commodity contracts2 Purchased power, natural gas and fuel used(1)741 
Total$2 $— 
(a) Changes in accumulated OCI are reported on a pre-tax basis.
The effect of derivatives in cash flow hedging relationships on accumulated OCI and income for the three months ended March 31, 2023 and 2022, respectively, consisted of:
Three Months Ended March 31,Gain (Loss) Recognized in OCI on Derivatives (a)Location of Loss Reclassified from Accumulated OCI into IncomeLoss Reclassified from Accumulated OCI into IncomeTotal amount per Income Statement
(Millions)
2023
Interest rate contracts$90 Interest Expense$— $95 
Commodity contracts23 Operating revenues66 $2,466 
Total$113 $66 
2022
Interest rate contracts$(56)Interest Expense$— $71 
Commodity contracts(112)Operating revenues11 $2,133 
Total$(168)$11 
(a) Changes in OCI are reported on a pre-tax basis.
The effect of derivatives in cash flow hedging relationships on accumulated OCI for the three months ended March 31, 2023 and 2022, respectively, consisted of:
Three Months Ended March 31,(Loss) Recognized in OCI on Derivatives (a)Location of Loss Reclassified from Accumulated OCI into IncomeLoss Reclassified from Accumulated OCI into IncomeTotal amount per Income Statement
(Millions)
2023
Interest rate contracts$— Interest expense$2 $95 
2022
Interest rate contracts$— Interest expense$2 $71 
(a) Changes in OCI are reported on a pre-tax basis. The amounts in accumulated OCI are being reclassified into earnings over the underlying debt maturity periods which end in 2025 and 2029.
Schedule of Fair Value Hedging Instruments
The effects on our consolidated financial statements as of and for the three months ended March 31, 2023 and 2022 are as follows:
Fair value of hedgeLocation of Loss Recognized in Income StatementLoss Recognized in Income StatementYear to date total per Income Statement
(Millions)As of March 31, 2023Three Months Ended March 31, 2023
Current Liabilities$(28)Interest Expense$7 $95 
Non-current liabilities$(67)
Cumulative effect on hedged debt
Current debt$28 
Non-current debt$67 
Fair value of hedgeLocation of (Gain) Recognized in Income Statement(Gain) Recognized in Income StatementYear to date total per Income Statement
(Millions)As of December 31, 2022Three Months Ended March 31, 2022
Current Liabilities$(29)Interest Expense$(2)$71 
Non-current liabilities$(86)
Cumulative effect on hedged debt
Current debt$29 
Non-current debt$86 
Schedule of Fair Value, Net Derivative Contracts
The fair values of derivative contracts associated with Renewables' activities as of March 31, 2023 and December 31, 2022, respectively, consisted of:
March 31,December 31,
As of20232022
(Millions)  
Wholesale electricity purchase contracts$110 $149 
Wholesale electricity sales contracts(134)(200)
Natural gas and other fuel purchase contracts8 2 
Financial power contracts9 8 
Total$(7)$(41)
Effect of Derivatives Associated with Renewables and Gas Activities The effects of trading and non-trading derivatives associated with Renewables' activities for the three months ended March 31, 2023 and 2022, consisted of:
Three Months Ended March 31, 2023
TradingNon-tradingTotal amount per income statement
(Millions)
Operating Revenues
Wholesale electricity purchase contracts$(4)$1 
Wholesale electricity sales contracts7 24 
Financial power contracts2 15 
Financial and natural gas contracts— 10 
Total gain included in operating revenues$5 $50 $2,466 
Purchased power, natural gas and fuel used
Wholesale electricity purchase contracts$— $(35)
Financial power contracts— — 
Financial and natural gas contracts— (21)
Total loss included in purchased power, natural gas and fuel used$— $(56)$977 
Total Gain (Loss) $5 $(6)

Three Months Ended March 31, 2022
TradingNon-tradingTotal amount per income statement
(Millions)
Operating Revenues
Wholesale electricity purchase contracts$9 $3 
Wholesale electricity sales contracts(1)(40)
Financial power contracts(2)(21)
Financial and natural gas contracts(1)(25)
Total gain (loss) included in operating revenues$5 $(83)$2,133 
Purchased power, natural gas and fuel used
Wholesale electricity purchase contracts$— $37 
Financial power contracts— 1 
Financial and natural gas contracts— 37 
Total gain included in purchased power, natural gas and fuel used$— $75 $741 
Total Gain (Loss)$5 $(8)