DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumes of Outstanding Derivative Contracts

The volumes of the Utility’s outstanding derivatives were as follows:

		Contract Volume at
Underlying Product	Instruments	June 30, 2024	December 31, 2023
Natural Gas (1) (MMBtus (2))	Forwards, futures, and swaps	274,047,264	196,063,296
	Options	50,622,500	30,695,000
Electricity (MWh)	Forwards, futures, and swaps	9,989,125	9,169,967
	Options	1,355,200	92,400
	Congestion Revenue Rights (3)	147,542,438	170,465,674

(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.

(2) Million British Thermal Units.

(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.

Offsetting Liabilities

As of June 30, 2024, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	171	$	(8)	$	21	$	184
Other noncurrent assets – other	225		—		—		225
Current liabilities – other	(143)		8		1		(134)
Noncurrent liabilities – other	(166)		—		—		(166)
Total commodity risk	$	87	$	—	$	22	$	109

As of December 31, 2023, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	134	$	(8)	$	50	$	176
Other noncurrent assets – other	280		—		—		280
Current liabilities – other	(172)		8		46		(118)
Noncurrent liabilities – other	(160)		—		—		(160)
Total commodity risk	$	82	$	—	$	96	$	178

Offsetting Assets

As of June 30, 2024, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	171	$	(8)	$	21	$	184
Other noncurrent assets – other	225		—		—		225
Current liabilities – other	(143)		8		1		(134)
Noncurrent liabilities – other	(166)		—		—		(166)
Total commodity risk	$	87	$	—	$	22	$	109

As of December 31, 2023, the Utility’s outstanding derivative balances were as follows:

	Commodity Risk
(in millions)	Gross Derivative Balance		Netting		Cash Collateral		Total Derivative Balance
Current assets – other	$	134	$	(8)	$	50	$	176
Other noncurrent assets – other	280		—		—		280
Current liabilities – other	(172)		8		46		(118)
Noncurrent liabilities – other	(160)		—		—		(160)
Total commodity risk	$	82	$	—	$	96	$	178