Details of TEC’s short-term borrowings are presented in the following table:

          
         June 30, 2025

         December 31, 2024

          
         Borrowings

         Borrowings

         Letters

         Borrowings

         Borrowings

         Letters

          
         Credit

         Outstanding -

         Outstanding -

         of Credit

         Credit

         Outstanding -

         Outstanding -

         of Credit

         (millions)

         Facilities

         Credit Facilities (1)

         Commercial Paper (1)

         Outstanding

         Facilities

         Credit Facilities (1)

         Commercial Paper (1)

         Outstanding

Credit facility (2)

(1)

Borrowings outstanding are reported as notes payable.

(2)

This credit facility was planned to mature on December 17, 2026. On April 1, 2024, TEC amended the credit facility agreement to extend the maturity date to December 1, 2028. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable.

At June 30, 2025, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at June 30, 2025 and December 31, 2024 was 4.7% and 4.8%, respectively.

As of June 30, 2025 and December 31, 2024, the carrying value of TEC’s short-term debt was not materially different from the fair value due to the short-term nature of the instruments and because the stated rates approximate market rates. The fair value of TEC’s short-term debt is determined using Level 2 measurements.