v3.26.1
Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
DepreciableMarch 31,December 31,
Life20262025
Regulated assets:
Utility generation, transmission and distribution systems
5-80 years
$108,515 $109,815 
Interstate natural gas pipeline assets
3-80 years
21,495 21,334 
130,010 131,149 
Accumulated depreciation and amortization(40,416)(40,365)
Regulated assets, net89,594 90,784 
Nonregulated assets:
Independent power plants
2-50 years
9,590 9,242 
Cove Point LNG facility
40 years
3,475 3,476 
Other assets
2-30 years
2,571 2,912 
15,636 15,630 
Accumulated depreciation and amortization(4,757)(4,637)
Nonregulated assets, net10,879 10,993 
100,473 101,777 
Construction work-in-progress11,093 10,591 
Property, plant and equipment, net$111,566 $112,368 

Construction work-in-progress includes $9.9 billion as of March 31, 2026, and $9.5 billion as of December 31, 2025, related to the construction of regulated assets.
PAC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
  As of
 March 31,December 31,
Depreciable Life20262025
Utility plant: 
Generation
15 - 59 years
$14,272 $15,114 
Transmission
60 - 90 years
11,425 11,732 
Distribution
20 - 75 years
10,587 11,127 
Intangible plant and other
2 - 75 years
2,605 2,667 
Utility plant in-service38,889 40,640 
Accumulated depreciation and amortization (12,617)(12,875)
Utility plant in-service, net 26,272 27,765 
Nonregulated, net of accumulated depreciation and amortization
34 - 75 years
18 18 
26,290 27,783 
Construction work-in-progress 3,635 3,330 
Property, plant and equipment, net $29,925 $31,113 

Government Grants

As of March 31, 2026, and December 31, 2025, approximately $58 million and $50 million, respectively, of federal grant funds reduced additions to property, plant and equipment – net on the Consolidated Balance Sheets. During the three-month periods ended March 31, 2026 and 2025, approximately $2 million and $13 million, respectively, of federal grant funds reduced operating expenses on the Consolidated Statements of Operations.
MEC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
March 31,December 31,
Depreciable Life20262025
Utility plant:
Generation
20-62 years
$18,677 $18,804 
Transmission
55-80 years
3,310 3,297 
Electric distribution
15-80 years
6,395 6,326 
Natural gas distribution
30-75 years
2,615 2,600 
Utility plant in-service30,997 31,027 
Accumulated depreciation and amortization(8,410)(8,304)
Utility plant in-service, net22,587 22,723 
Nonregulated, net of accumulated depreciation and amortization
20-50 years
10 10 
22,597 22,733 
Construction work-in-progress1,502 1,323 
Property, plant and equipment, net$24,099 $24,056 

Under a revenue sharing arrangement in Iowa, MidAmerican Energy accrues throughout the year a regulatory liability based on the extent to which its anticipated annual equity return exceeds specified thresholds, with an equal amount recorded in depreciation and amortization expense. The annual regulatory liability accrual reduces utility plant upon final determination of the amount. For the three-month periods ended March 31, 2026 and 2025, $10 million and $61 million, respectively, is reflected in depreciation and amortization expense on the Statements of Operations.
MidAmerican Funding, LLC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Refer to Note 4 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's property, plant and equipment, net, MidAmerican Funding had nonregulated property, plant and equipment, net, of $9 million as of March 31, 2026 and December 31, 2025.
NPC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
Depreciable LifeMarch 31,December 31,
20262025
Utility plant:
Generation
30 - 65 years
$5,587 $5,542 
Transmission
55 - 75 years
1,886 1,886 
Distribution
24 - 70 years
5,115 5,031 
Intangible plant and other
5 - 65 years
998 951 
Utility plant13,586 13,410 
Accumulated depreciation and amortization(4,461)(4,383)
Utility plant, net9,125 9,027 
Nonregulated, net of accumulated depreciation and amortization
40 years
1 1 
9,126 9,028 
Construction work-in-progress1,479 1,395 
Property, plant and equipment, net$10,605 $10,423 
SPPC  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
Depreciable LifeMarch 31,December 31,
20262025
Utility plant:
Generation
25 - 70 years
$1,730 $1,413 
Transmission
50 - 76 years
1,361 1,321 
Electric distribution
20 - 76 years
2,341 2,298 
Electric intangible plant and other
5 - 65 years
196 189 
Natural gas distribution
35 - 70 years
609 591 
Natural gas intangible plant and other
5 - 65 years
19 19 
Common other
5 - 65 years
471 461 
Utility plant6,727 6,292 
Accumulated depreciation and amortization(2,252)(2,296)
4,475 3,996 
Construction work-in-progress1,864 2,060 
Property, plant and equipment, net$6,339 $6,056 
EEGH  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
March 31,December 31,
Depreciable Life20262025
Utility plant:
Interstate natural gas transmission assets
34 - 51 years
$6,664 $6,599 
Storage assets
47 - 79 years
2,873 2,856 
Intangible plant and other assets
4 - 53 years
528 514 
Utility plant in-service10,065 9,969 
Accumulated depreciation and amortization(3,606)(3,555)
Utility plant in-service, net6,459 6,414 
Nonutility plant:
LNG facility40 years4,583 4,585 
Accumulated depreciation and amortization(933)(901)
Nonutility plant, net3,650 3,684 
10,109 10,098 
Construction work-in-progress275 265 
Property, plant and equipment, net$10,384 $10,363 

Construction work-in-progress includes $261 million and $255 million as of March 31, 2026 and December 31, 2025, respectively, related to the construction of utility plant.

Assignment of Shale Development Rights

In September 2025, Eastern Gas Transmission and Storage, Inc. ("EGTS") signed an agreement to convey development rights over time to a natural gas producer for approximately 23,000 acres of Utica Shale and Point Pleasant formations underneath one of its natural gas storage fields. The agreement provides for payments to EGTS of approximately $49 million over a period of three years, and an overriding royalty interest in gas produced from the acreage. In January 2026, EGTS conveyed approximately 7,600 acres and received proceeds of $16 million from the initial conveyance. This transaction resulted in a $16 million ($12 million after-tax) gain recorded in operations and maintenance expense in its Consolidated Statements of Operations.
EGTS  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (in millions):
As of
March 31,December 31,
Depreciable Life20262025
Interstate natural gas transmission assets
47 - 51 years
$5,271 $5,213 
Storage assets
47 - 51 years
1,896 1,884 
Intangible plant and other assets
12 - 53 years
420 408 
Plant in-service7,587 7,505 
Accumulated depreciation and amortization(2,862)(2,824)
4,725 4,681 
Construction work-in-progress236 228 
Property, plant and equipment, net$4,961 $4,909 

Assignment of Shale Development Rights

In September 2025, EGTS signed an agreement to convey development rights over time to a natural gas producer for approximately 23,000 acres of Utica Shale and Point Pleasant formations underneath one of its natural gas storage fields. The agreement provides for payments to EGTS of approximately $49 million over a period of three years, and an overriding royalty interest in gas produced from the acreage. In January 2026, EGTS conveyed approximately 7,600 acres and received proceeds of $16 million from the initial conveyance. This transaction resulted in a $16 million ($12 million after-tax) gain recorded in operations and maintenance expense in its Consolidated Statements of Operations.