At June 30, 2025 and December 31, 2024, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles.

The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of June 30, 2025 and December 31, 2024. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit.


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	81	$	59
Restricted cash and cash equivalents	60		50
Accounts receivable
Customer accounts receivable, net	2,108		2,134
Other accounts receivable, net	12		12
Inventories, net
Materials and supplies	13		13
Other current assets	34		38
Total current assets	2,308		2,306
Property, plant, and equipment, net	1,983		2,025
Other noncurrent assets	132		142
Total noncurrent assets	2,115		2,167
Total assets(a)	$	4,423	$	4,473

Long-term debt due within one year	$	65	$	64
Accounts payable and accrued expenses	50		54
Other current liabilities	1		—
Total current liabilities	116		118
Long-term debt	614		642
Asset retirement obligations	212		206
Other noncurrent liabilities	2		2
Total noncurrent liabilities	828		850
Total liabilities	$	944	$	968

(a)Our balances include unrestricted assets for current unamortized energy contract assets of $19 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $125 million and $133 million, disclosed within other noncurrent assets in the table above as of June 30, 2025 and December 31, 2024, respectively.

Consolidated VIE or VIE groups:

Reason entity is a VIE:

Reason we are the primary beneficiary:

CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below.

Similar structure to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.

We conduct the operational activities.

Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP.

Similar structure to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.

We conduct the operational activities.

Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA.

The PPA contract absorbs variability through a performance guarantee.

We conduct all activities.

NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity and gas.

NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables.

Equity capitalization is insufficient to support its operations.

We conduct all activities.

Our variable interests in unconsolidated VIEs generally include energy purchase and sale contracts. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements.

Unconsolidated VIE groups:

Reason entity is a VIE:

Reason we are not the primary beneficiary:

Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities.

PPA contracts that absorb variability through fixed pricing.

We do not conduct the operational activities.