Leases

12 Months Ended

Dec. 31, 2024

Lessee, Lease, Description [Line Items]

Leases

Leases

The following table summarizes the Company's leases recorded on the Consolidated Balance Sheets as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	441	$	501
Finance leases	399		399
Total right-of-use assets	$	840	$	900
Lease liabilities:
Operating leases	$	492	$	555
Finance leases	412		413
Total lease liabilities	$	904	$	968

The following table summarizes the Company's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	434		$	439		$	552
Operating	128			136			136
Finance:
Amortization	23			21			20
Interest	34			35			36
Short-term	33			46			44
Total lease costs	$	652		$	677		$	788
Weighted-average remaining lease term (years):
Operating leases	7.2			7.4			7.4
Finance leases	25.9			27.5			28.1
Weighted-average discount rate:
Operating leases	5.1		%	4.5		%	4.1		%
Finance leases	8.5		%	8.6		%	8.6		%

The following table summarizes the Company's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(131)	$	(138)	$	(141)
Operating cash flows from finance leases	(33)		(35)		(36)
Financing cash flows from finance leases	(29)		(27)		(25)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	61	$	71	$	131
Finance leases	15		6		3

The Company has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	140	$	67	$	207
2026	116		66		182
2027	86		63		149
2028	57		57		114
2029	38		37		75
Thereafter	147		493		640
Total undiscounted lease payments	584		783		1,367
Less - amounts representing interest	(92)		(371)		(463)
Lease liabilities	$	492	$	412	$	904

Leases

Leases

The following table summarizes the Company's leases recorded on the Consolidated Balance Sheets as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	441	$	501
Finance leases	399		399
Total right-of-use assets	$	840	$	900
Lease liabilities:
Operating leases	$	492	$	555
Finance leases	412		413
Total lease liabilities	$	904	$	968

The following table summarizes the Company's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	434		$	439		$	552
Operating	128			136			136
Finance:
Amortization	23			21			20
Interest	34			35			36
Short-term	33			46			44
Total lease costs	$	652		$	677		$	788
Weighted-average remaining lease term (years):
Operating leases	7.2			7.4			7.4
Finance leases	25.9			27.5			28.1
Weighted-average discount rate:
Operating leases	5.1		%	4.5		%	4.1		%
Finance leases	8.5		%	8.6		%	8.6		%

The following table summarizes the Company's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(131)	$	(138)	$	(141)
Operating cash flows from finance leases	(33)		(35)		(36)
Financing cash flows from finance leases	(29)		(27)		(25)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	61	$	71	$	131
Finance leases	15		6		3

The Company has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	140	$	67	$	207
2026	116		66		182
2027	86		63		149
2028	57		57		114
2029	38		37		75
Thereafter	147		493		640
Total undiscounted lease payments	584		783		1,367
Less - amounts representing interest	(92)		(371)		(463)
Lease liabilities	$	492	$	412	$	904

PAC

Lessee, Lease, Description [Line Items]

Leases

Leases

The following table summarizes PacifiCorp's leases recorded on the Consolidated Balance Sheets as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	11	$	12
Finance leases	22		10
Total right-of-use assets	$	33	$	22
Lease liabilities:
Operating leases	$	11	$	12
Finance leases	24		12
Total lease liabilities	$	35	$	24

The following table summarizes PacifiCorp's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	35		$	57		$	61
Operating	4			4			3
Finance:
Amortization	1			1			1
Interest	2			1			1
Short-term	6			6			5
Total lease costs	$	48		$	69		$	71
Weighted-average remaining lease term (years):
Operating leases	12.0			12.3			11.4
Finance leases	7.3			8.8			9.7
Weighted-average discount rate:
Operating leases	3.8		%	3.8		%	3.9		%
Finance leases	7.8		%	10.6		%	11.4		%

Cash payments associated with operating and finance lease liabilities approximated lease cost for the years ended December 31, 2024, 2023 and 2022.

PacifiCorp has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	2	$	5	$	7
2026	2		5		7
2027	2		4		6
2028	1		4		5
2029	1		4		5
Thereafter	7		10		17
Total undiscounted lease payments	15		32		47
Less - amounts representing interest	(4)		(8)		(12)
Lease liabilities	$	11	$	24	$	35

Leases

Leases

The following table summarizes PacifiCorp's leases recorded on the Consolidated Balance Sheets as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	11	$	12
Finance leases	22		10
Total right-of-use assets	$	33	$	22
Lease liabilities:
Operating leases	$	11	$	12
Finance leases	24		12
Total lease liabilities	$	35	$	24

The following table summarizes PacifiCorp's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	35		$	57		$	61
Operating	4			4			3
Finance:
Amortization	1			1			1
Interest	2			1			1
Short-term	6			6			5
Total lease costs	$	48		$	69		$	71
Weighted-average remaining lease term (years):
Operating leases	12.0			12.3			11.4
Finance leases	7.3			8.8			9.7
Weighted-average discount rate:
Operating leases	3.8		%	3.8		%	3.9		%
Finance leases	7.8		%	10.6		%	11.4		%

Cash payments associated with operating and finance lease liabilities approximated lease cost for the years ended December 31, 2024, 2023 and 2022.

PacifiCorp has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	2	$	5	$	7
2026	2		5		7
2027	2		4		6
2028	1		4		5
2029	1		4		5
Thereafter	7		10		17
Total undiscounted lease payments	15		32		47
Less - amounts representing interest	(4)		(8)		(12)
Lease liabilities	$	11	$	24	$	35

NPC

Lessee, Lease, Description [Line Items]

Leases

Leases

The following table summarizes Nevada Power's leases recorded on the Consolidated Balance Sheet as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	5	$	7
Finance leases	279		289
Total right-of-use assets	$	284	$	296
Lease liabilities:
Operating leases	$	7	$	9
Finance leases	287		298
Total lease liabilities	$	294	$	307

The following table summarizes Nevada Power's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	270		$	264		$	369
Operating	2			2			2
Finance:
Amortization	16			15			14
Interest	24			26			27
Total lease costs	$	312		$	307		$	412
Weighted-average remaining lease term (years):
Operating leases	2.8			3.7			4.8
Finance leases	27.4			28.2			29.1
Weighted-average discount rate:
Operating leases	4.5		%	4.5		%	4.5		%
Finance leases	8.6		%	8.6		%	8.6		%

The following table summarizes Nevada Power's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(3)	$	(3)	$	(3)
Operating cash flows from finance leases	(25)		(26)		(28)
Financing cash flows from finance leases	(20)		(18)		(17)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	—	$	1	$	—
Finance leases	9		4		3

Nevada Power has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	3	$	45	$	48
2026	3		45		48
2027	2		44		46
2028	—		40		40
2029	—		25		25
Thereafter	—		360		360
Total undiscounted lease payments	8		559		567
Less - amounts representing interest	(1)		(272)		(273)
Lease liabilities	$	7	$	287	$	294

Operating and Finance Lease Obligations

Nevada Power's lease obligation primarily consists of a transmission line, One Nevada Transmission Line ("ON Line"), which was placed in-service on December 31, 2013. Nevada Power and Sierra Pacific, collectively the ("Nevada Utilities"), entered into a long-term transmission use agreement, in which the Nevada Utilities have a 25% interest and Great Basin Transmission South, LLC has a 75% interest. The Nevada Utilities' share of the long-term transmission use agreement and ownership interest is split at 75% for Nevada Power and 25% for Sierra Pacific. The term of the lease is 41 years with the agreement ending December 31, 2054. Total ON Line finance lease obligations of $253 million and $264 million were included on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. See Note 2 for further discussion of Nevada Power's other lease obligations.

Leases

Leases

The following table summarizes Nevada Power's leases recorded on the Consolidated Balance Sheet as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	5	$	7
Finance leases	279		289
Total right-of-use assets	$	284	$	296
Lease liabilities:
Operating leases	$	7	$	9
Finance leases	287		298
Total lease liabilities	$	294	$	307

The following table summarizes Nevada Power's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	270		$	264		$	369
Operating	2			2			2
Finance:
Amortization	16			15			14
Interest	24			26			27
Total lease costs	$	312		$	307		$	412
Weighted-average remaining lease term (years):
Operating leases	2.8			3.7			4.8
Finance leases	27.4			28.2			29.1
Weighted-average discount rate:
Operating leases	4.5		%	4.5		%	4.5		%
Finance leases	8.6		%	8.6		%	8.6		%

The following table summarizes Nevada Power's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(3)	$	(3)	$	(3)
Operating cash flows from finance leases	(25)		(26)		(28)
Financing cash flows from finance leases	(20)		(18)		(17)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	—	$	1	$	—
Finance leases	9		4		3

Nevada Power has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	3	$	45	$	48
2026	3		45		48
2027	2		44		46
2028	—		40		40
2029	—		25		25
Thereafter	—		360		360
Total undiscounted lease payments	8		559		567
Less - amounts representing interest	(1)		(272)		(273)
Lease liabilities	$	7	$	287	$	294

Operating and Finance Lease Obligations

Nevada Power's lease obligation primarily consists of a transmission line, One Nevada Transmission Line ("ON Line"), which was placed in-service on December 31, 2013. Nevada Power and Sierra Pacific, collectively the ("Nevada Utilities"), entered into a long-term transmission use agreement, in which the Nevada Utilities have a 25% interest and Great Basin Transmission South, LLC has a 75% interest. The Nevada Utilities' share of the long-term transmission use agreement and ownership interest is split at 75% for Nevada Power and 25% for Sierra Pacific. The term of the lease is 41 years with the agreement ending December 31, 2054. Total ON Line finance lease obligations of $253 million and $264 million were included on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. See Note 2 for further discussion of Nevada Power's other lease obligations.

SPPC

Lessee, Lease, Description [Line Items]

Leases

Leases

The following table summarizes Sierra Pacific's leases recorded on the Consolidated Balance Sheet as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	15	$	16
Finance leases	99		100
Total right-of-use assets	$	114	$	116
Lease liabilities:
Operating leases	$	15	$	15
Finance leases	102		103
Total lease liabilities	$	117	$	118

The following table summarizes Sierra Pacific's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	100		$	99		$	103
Operating	2			2			1
Finance:
Amortization	5			5			5
Interest	8			8			8
Total lease costs	$	115		$	114		$	117
Weighted-average remaining lease term (years):
Operating leases	23.8			24.6			26.0
Finance leases	26.2			27.6			28.2
Weighted-average discount rate:
Operating leases	5.0		%	5.0		%	5.0		%
Finance leases	8.4		%	8.4		%	8.4		%

The following table summarizes Sierra Pacific's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(2)	$	(2)	$	(1)
Operating cash flows from finance leases	(8)		(8)		(9)
Financing cash flows from finance leases	(8)		(7)		(7)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1	$	1	1
Finance leases	5		3		1

Sierra Pacific has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	1	$	17	$	18
2026	1		16		17
2027	1		14		15
2028	1		13		14
2029	1		9		10
Thereafter	22		124		146
Total undiscounted lease payments	27		193		220
Less - amounts representing interest	(12)		(91)		(103)
Lease liabilities	$	15	$	102	$	117

Operating and Finance Lease Obligations

Sierra Pacific's operating and finance lease obligations consist mainly of ON Line and Truckee-Carson Irrigation District ("TCID"). ON Line was placed in-service on December 31, 2013. Sierra Pacific and Nevada Power, collectively the ("Nevada Utilities"), entered into a long-term transmission use agreement, in which the Nevada Utilities have a 25% interest and Great Basin Transmission South, LLC has a 75% interest. The Nevada Utilities' share of the long-term transmission use agreement and ownership interest is split at 75% for Nevada Power and 25% for Sierra Pacific. The term of the lease is 41 years with the agreement ending December 31, 2054. In 1999, Sierra Pacific entered into a 50-year agreement with TCID to lease electric distribution facilities. Total finance lease obligations of $114 million and $117 million were included on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, for these leases. See Note 2 for further discussion of Sierra Pacific's remaining lease obligations.

Leases

Leases

The following table summarizes Sierra Pacific's leases recorded on the Consolidated Balance Sheet as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	15	$	16
Finance leases	99		100
Total right-of-use assets	$	114	$	116
Lease liabilities:
Operating leases	$	15	$	15
Finance leases	102		103
Total lease liabilities	$	117	$	118

The following table summarizes Sierra Pacific's lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Variable	$	100		$	99		$	103
Operating	2			2			1
Finance:
Amortization	5			5			5
Interest	8			8			8
Total lease costs	$	115		$	114		$	117
Weighted-average remaining lease term (years):
Operating leases	23.8			24.6			26.0
Finance leases	26.2			27.6			28.2
Weighted-average discount rate:
Operating leases	5.0		%	5.0		%	5.0		%
Finance leases	8.4		%	8.4		%	8.4		%

The following table summarizes Sierra Pacific's supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(2)	$	(2)	$	(1)
Operating cash flows from finance leases	(8)		(8)		(9)
Financing cash flows from finance leases	(8)		(7)		(7)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1	$	1	1
Finance leases	5		3		1

Sierra Pacific has the following remaining lease commitments as of December 31, 2024 (in millions):

	Operating		Finance		Total
2025	$	1	$	17	$	18
2026	1		16		17
2027	1		14		15
2028	1		13		14
2029	1		9		10
Thereafter	22		124		146
Total undiscounted lease payments	27		193		220
Less - amounts representing interest	(12)		(91)		(103)
Lease liabilities	$	15	$	102	$	117

Operating and Finance Lease Obligations

Sierra Pacific's operating and finance lease obligations consist mainly of ON Line and Truckee-Carson Irrigation District ("TCID"). ON Line was placed in-service on December 31, 2013. Sierra Pacific and Nevada Power, collectively the ("Nevada Utilities"), entered into a long-term transmission use agreement, in which the Nevada Utilities have a 25% interest and Great Basin Transmission South, LLC has a 75% interest. The Nevada Utilities' share of the long-term transmission use agreement and ownership interest is split at 75% for Nevada Power and 25% for Sierra Pacific. The term of the lease is 41 years with the agreement ending December 31, 2054. In 1999, Sierra Pacific entered into a 50-year agreement with TCID to lease electric distribution facilities. Total finance lease obligations of $114 million and $117 million were included on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, for these leases. See Note 2 for further discussion of Sierra Pacific's remaining lease obligations.

EGTS

Lessee, Lease, Description [Line Items]

Leases

Leases

The following table summarizes EGTS' leases recorded on the Consolidated Balance Sheets as of December 31 (in millions):

	2024		2023
Right-of-use assets:
Operating leases	$	17	$	18
Total right-of-use assets	$	17	$	18
Lease liabilities:
Operating leases	$	16	$	17
Total lease liabilities	$	16	$	17

The following table summarizes EGTS' operating lease costs for the years ended December 31 (in millions):

	2024			2023			2022
Total operating lease costs	$	2		$	2		$	2
Weighted-average remaining operating lease term (years)	11.7			12.7			13.7
Weighted-average operating lease discount rate	4.3		%	4.3		%	4.3		%

The following table summarizes EGTS' supplemental cash flow information relating to leases for the years ended December 31 (in millions):

	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2	$	2	$	2

EGTS has the following remaining operating lease commitments as of December 31, 2024 (in millions):

2025	$	2
2026	2
2027	2
2028	2
2029	1
Thereafter	11
Total undiscounted lease payments	20
Less - amounts representing interest	(4)
Lease liabilities	$	16