v3.25.2
Debt and Credit Agreements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Credit Agreements Debt and Credit Agreements
Short-Term Borrowings
We meet our short-term liquidity requirements primarily through the issuance of commercial paper. We may use our credit facility for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.
Credit Agreements
In June 2024, we amended our existing $3.5 billion revolving credit facility (RCF), to increase the available aggregate commitment to $4.5 billion and extend the maturity date from January 2027 to June 2029. The RCF may be drawn down in the form of loans and/or to support commercial paper and letters of credit issuances.
The RCF fixed facility fee rate is 0.175% and borrowings under the RCF bear interest at a rate based upon either the Daily Simple SOFR rate or a Term SOFR rate, plus an adder based upon our credit ratings. The adders for the Daily Simple SOFR-based borrowings and Term SOFR borrowings are 7.5 basis points and 107.5 basis points, respectively. The letters of credit bear interest at a rate of 1.075%.
If we were to lose our investment grade credit rating, the maximum adders for Daily Simple SOFR rate borrowings and Term SOFR rate borrowings would be 100 basis points and 200 basis points, respectively. The
credit agreements also require us to pay facility fees based upon the aggregate commitments. The fees vary depending upon our credit rating.
Accounts Receivable Facility
In December 2024, we amended the Facility to provide NER access to revolving loans from a number of financial institutions (Lenders) secured by certain customer accounts receivable. As part of the amendment, the maximum funding limit of the Facility was increased from $1.1 billion to $1.5 billion and the maturity date was extended to December 2027. Under previous terms of the Facility, certain customer accounts receivable were sold to the Purchasers. Immediately following the amendment, all receivables previously sold were assigned back to us and receivables will no longer be sold to the Purchasers under the amendment. Subsequent to the amendment, draws and repayments related to the Facility will be reflected as Proceeds from short-term borrowings and Repayments of short-term borrowings, respectively, in the Consolidated Statements of Cash Flows. Draws on the facility bear interest at a commercial paper rate or a Daily One Month Term SOFR or Term SOFR rate, plus an adder of 0.10% per annum. Interest is payable monthly. There were no draws on the Facility as of June 30, 2025.
The amended Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Lenders. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Lenders. When eligible receivables exceed cash proceeds, we have the ability to increase the cash proceeds received up to the maximum funding limit.
As of June 30, 2025 and December 31, 2024, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:
June 30, 2025
Facility TypeAggregate Bank CommitmentFacility DrawsOutstanding Letters of Credit
Outstanding Commercial Paper(a)
Total Available Capacity
Revolving Credit Facility$4,500 $— $49 $— $4,451 
Bilaterals(b)
2,350 — 1,167 — 1,183 
Accounts Receivable Facility1,500 — — — 1,500 
Liquidity Facility971 — 895 — 

51 
(c)
Project Finance137 — 120 — 17 
Total$9,458 $— $2,231 $— $7,202 
December 31, 2024
Revolving Credit Facility$4,500 $— $51 $— $4,449 
Bilaterals1,850 — 1,095 — 755 
Accounts Receivable Facility1,500 — — — 1,500 
Liquidity Facility971 — 907 — 

21 
(c)
Project Finance137 — 120 — 17 
Total$8,958 $— $2,173 $— $6,742 
__________
(a)Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of June 30, 2025 and December 31, 2024, the maximum program size of our commercial paper program was $4.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. There were no commercial paper borrowings outstanding as of June 30, 2025 and December 31, 2024.
(b)In January 2025, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In March 2025, a bilateral credit agreement initiated in March 2023 was extended for an additional two years to March 2027. In March 2025, we initiated a new bilateral credit agreement for $300 million, scheduled to mature March 2026.
(c)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2025 and December 31, 2024, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $946 million and $928 million, respectively.
Short-Term Loan Agreements
In May 2025, we entered into a term loan agreement for $900 million with an expiration of May 2026. Pursuant to the loan agreement, loans made thereunder bear interest at a rate equal to 1-month SOFR + 0.90% and all indebtedness thereunder is unsecured. The loan is reflected in Short-term borrowings in the Consolidated Balance Sheets as of June 30, 2025.
Long-Term Debt
Debt Issuances and Redemptions
During the six months ended June 30, 2025, the following long-term debt was issued (redeemed):
TypeInterest RateMaturityAmount
2025 Senior Notes3.25%June 2025$(900)
CR Nonrecourse Debt
3-month SOFR + 2.25%
December 2027(33)
West Medway II Nonrecourse Debt
1-month SOFR + 3.225% - 3.350%
March 2026(23)
Tax Exempt Pollution Control Revenue Bonds4.45%March 2025(23)
Continental Wind Nonrecourse Debt6.00%February 2033(18)
Antelope Valley DOE Nonrecourse Debt
2.29% - 3.56%
January 2037(9)
RPG Nonrecourse Debt4.11%March 2035(2)
Total long-term debt issued (redeemed)$(1,008)
Debt Covenants
As of June 30, 2025, we are in compliance with all debt covenants.