v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs
The following table provides information related to our lease costs (dollars in thousands):
Three Months Ended March 31,
20252024
Operating Lease Cost - Purchased Power and Energy Storage Lease Contracts$12,547 $937 
Operating Lease Cost - Land, Property, and Other Equipment5,337 4,773 
Total Operating Lease Cost17,884 5,710 
Variable Lease Cost (a)21,370 21,564 
Short-term Lease Cost592 2,800 
Total Lease Cost$39,846 $30,074 
The following tables provide other additional information related to operating lease liabilities (dollars in thousands):
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows:$17,207 $3,544 
Right-of-use operating lease assets obtained in exchange for operating lease liabilities:$763,437 (a)$6,747 

March 31, 2025December 31, 2024
Weighted average remaining lease term14 years11 years
Weighted average discount rate (b)5.17 %4.90 %

(a)Primarily relates to the three new energy storage operating lease agreements that commenced in 2025.
(b)Most of our lease agreements do not contain an implicit rate that is readily determinable. For these agreements we use our incremental borrowing rate to measure the present value of lease liabilities. We determine our incremental borrowing rate at lease commencement based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We use the implicit rate when it is readily determinable.
Schedule of Maturities of Operating Lease Labilities
The following table provides information related to the maturity of our operating lease liabilities (dollars in thousands):
March 31, 2025
YearPurchased Power and Energy Storage Lease ContractsLand, Property and Equipment LeasesTotal
2025 (remaining nine months of 2025)$197,622 $12,933 $210,555 
2026236,859 14,891 251,750 
2027262,780 12,310 275,090 
2028266,577 9,641 276,218 
2029270,514 7,516 278,030 
2030274,492 4,392 278,884 
Thereafter1,850,659 57,475 1,908,134 
Total lease commitments3,359,503 119,158 3,478,661 
Less imputed interest1,036,548 40,691 1,077,239 
Total lease liabilities$2,322,955 $78,467 $2,401,422