Risk Management and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):


	Other				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of March 31, 2026
Not designated as hedging contracts(1):
Commodity assets	$	3	$	—	$	3	$	—	$	6
Commodity liabilities	—		—		(97)		(20)		(117)
Total	3		—		(94)		(20)		(111)


Cash collateral receivable	—		—		65		—		65
Total derivatives - net basis	$	3	$	—	$	(29)	$	(20)	$	(46)

As of December 31, 2025
Not designated as hedging contracts(1):
Commodity assets	$	5	$	—	$	4	$	1	$	10
Commodity liabilities	—		—		(119)		(28)		(147)
Total	5		—		(115)		(27)		(137)


Cash collateral receivable	—		—		67		4		71
Total derivatives - net basis	$	5	$	—	$	(48)	$	(23)	$	(66)

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2026, a regulatory asset of $111 million was recorded related to the net derivative liability of $111 million. As of December 31, 2025, a regulatory asset of $137 million was recorded related to the net derivative liability of $137 million.

Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets (liabilities) and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets (liabilities), as well as amounts reclassified to earnings (in millions):


	Three-Month Periods
	Ended March 31,
		2026		2025

Beginning balance		$	137	$	97
Changes in fair value recognized in regulatory assets		34		10
Net gains reclassified to operating revenue		7		8
Net losses reclassified to cost of fuel and energy		(67)		(34)
Ending balance		$	111	$	81

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):


	Unit of	March 31,	December 31,
	Measure	2026	2025


Natural gas purchases	Decatherms	122	147

NPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):


	Derivative
	Contracts -		Other
	Current		Long-term
	Liabilities		Liabilities		Total
As of March 31, 2026
Not designated as hedging contracts(1):

Commodity liabilities	$	(30)	$	(21)	$	(51)







As of December 31, 2025
Not designated as hedging contracts(1):






Commodity liabilities	$	(27)	$	(14)	$	(41)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2026, a regulatory asset of $51 million was recorded related to the net derivative liability of $51 million. As of December 31, 2025, a regulatory asset of $41 million was recorded related to the net derivative liability of $41 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):


	Unit of	March 31,	December 31,
	Measure	2026	2025

Electricity purchases	Megawatt hours	2	2
Natural gas purchases	Decatherms	171	131

SPPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):



	Other				Other
	Long-term		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2026
Not designated as hedging contracts(1):

Commodity liabilities	$	—	$	(9)	$	(6)	$	(15)






As of December 31, 2025
Not designated as hedging contracts(1):
Commodity assets	$	1	$	—	$	—	$	1
Commodity liabilities	—		(8)		(4)		(12)
Total derivative - net basis	$	1	$	(8)	$	(4)	$	(11)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2026, a net regulatory asset of $15 million was recorded related to the net derivative liability of $15 million. As of December 31, 2025, a net regulatory asset of $11 million was recorded related to the net derivative liability of $11 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):


	Unit of	March 31,	December 31,
	Measure	2026	2025

Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	86	75