v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Variable Interest Entity [Abstract]  
Variable Interest Entities Variable Interest Entities
At March 31, 2026 and December 31, 2025, 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.
Consolidated VIEs
The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of March 31, 2026 and December 31, 2025. 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.
March 31, 2026December 31, 2025
Cash and cash equivalents$69 $52 
Restricted cash and cash equivalents32 48 
Accounts receivable, net
2,561 2,477 
Inventories, net13 13 
Other current assets34 29 
Total current assets2,709 2,619 
Property, plant, and equipment, net 1,912 1,942 
Other noncurrent assets117 123 
Total assets(a)
$4,738 $4,684 
Short-term borrowings$1,500 $— 
Long-term debt due within one year67 66 
Accounts payable and accrued expenses
26 34 
Other current liabilities
2 3 
Total current liabilities1,595 103 
Long-term debt551 578 
Asset retirement obligations234 231 
Other deferred credits and other liabilities1 2 
Total deferred credits and other liabilities
235 233 
Total liabilities
$2,381 $914 
__________
(a)Our balances include unrestricted assets for current UEC assets of $17 million and $17 million, disclosed within other current assets in the table above, and noncurrent UEC assets of $112 million and $116 million, disclosed within other noncurrent assets in the table above, as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026 and December 31, 2025, our consolidated VIEs included the following:
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 7 —Accounts Receivable for additional information on the sale of receivables.
Equity capitalization is insufficient to support its operations.We conduct all activities.
Unconsolidated VIEs
Our variable interests in unconsolidated VIEs generally include an equity method investment and energy purchase and sale contracts. For the equity investment, the carrying amount of the investment is reflected in the Consolidated Balance Sheets in Other deferred debits and other assets, see Note 18 — Supplemental Financial Information for additional information. 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.
As of March 31, 2026 and December 31, 2025, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain commercial and securitization agreements.
The following table presents summary information about our significant unconsolidated VIE entities:
March 31, 2026December 31, 2025
Commercial Agreement VIEs
Equity Investment VIEs
Total
Commercial Agreement VIEs
Equity Investment VIEs
Total
Total assets(a)
$710 $575 $1,285 $711 $— $711 
Total liabilities(a)
97 550 647 95 — 95 
Other ownership interests in VIE(a)
613 25 638 616 — 616 
__________
(a)These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs.
As of March 31, 2026 and December 31, 2025, the unconsolidated VIEs consist of:
Unconsolidated VIE or 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.
Calpine Receivables, LLC - A bankruptcy remote entity created for the special purpose of purchasing trade accounts receivable from Calpine Energy Solutions, LLC under the Accounts Receivable Sales Program
Equity capitalization is insufficient to support its operations.
We do not have the power to direct activities nor affect its financial performance