v3.25.2
Debt and Credit Agreements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
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 $928 million, respectively.
Schedule of Long-term Debt Instruments
During the six months ended June 30, 2025, the following long-term debt was issued (redeemed):
TypeInterest RateMaturityAmount
2025 Senior Notes3.25%June 2025$(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)