v3.26.1
Debt and Credit Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The terms of the debt issuance under the exchange are as follows:
NoteInterest RateMaturityIssued Amount
2029 Senior Unsecured Notes4.625%February 2029$647 
2031 Senior Unsecured Notes5.000%February 2031848 
2031 Senior Secured Notes3.750%March 2031795 
Total$2,290 
The following table presents the outstanding long-term debt, as of March 31, 2026 and December 31, 2025:
Rates
Maturity Date
March 31, 2026December 31, 2025
Long-term debt
Senior unsecured notes(a)(b)
3.75% - 6.50%
2028 - 2066$10,833 $5,688 
Tax-exempt notes(c)
4.10% - 4.45%
2029 - 2053412 412 
Notes payable and other
1.71% - 8.18%
2026 - 203585 53 
Project finance:(b)
Variable rates
4.13% - 5.98%
2027 - 20305,274 597 
Fixed rates
2.29% - 8.64%
2031 - 2048876 653 
Total long-term debt17,480 7,403 
Unamortized debt discount and premium, net(16)(1)
Unamortized fair value of debt
(19)— 
Unamortized debt issuance costs(81)(60)
Long-term debt due within one year(370)(92)
Long-term debt$16,994 $7,250 
________
(a)Includes January 2026 debt issuance of $2.75 billion and exchanged debt of $2.3 billion.
(b)Includes debt assumed in acquisition of Calpine.
(c)The Tax-exempt notes have a maturity date of June 2029 to April 2053, and a mandatory purchase date that ranges from April 2028 to June 2029.
Debt Instrument Redemption and Issuance
During the three months ended March 31, 2026, the following long-term debt was issued (redeemed):
Type(a)
Interest RateMaturityAmount
2028 Senior Notes(b)
3.90%January 2028$900 
2066 Senior Notes(b)
5.875%January 2066800 
2031 Senior Notes(b)
4.40%January 2031750 
2028 Floating Rate Senior Notes(b)
SOFR + 0.60%
January 2028300 
Pin Oak Creek Energy Center3.00%October 204516 
Energy Efficiency Project Financing(c)
5.51%December 20304 
RPG Nonrecourse Debt4.11%March 2035(2)
2031 Unsecured Notes5.00%August 2031(2)
2029 Unsecured Notes4.625%August 2029(3)
Antelope Valley DOE Nonrecourse Debt
2.29% - 3.56%
January 2037(6)
Greenfield
CORRA + 1.875%
November 2030(7)
Nova Power
SOFR + 1.75%
March 2028(10)
Calpine Development Holdings
SOFR + 2.25%
March 2028(11)
Continental Wind Nonrecourse Debt6.00%February 2033(18)
Geysers Power Company
SOFR + 1.625%
May 2029(35)
Calpine Term Loan
SOFR + 1.75%
February 2032(860)
Calpine 2028 Senior Secured Notes4.50%February 2028(1,250)
Calpine 2028 Senior Unsecured Notes5.125%March 2028(1,400)
Calpine Term Loan
SOFR + 1.75%
January 2031(1,650)
Total long-term debt issued (redeemed)$(2,484)
__________
(a)Does not include debt exchange activity discussed above.
(b)Relates to January 2026 debt issuance used to pay down Calpine corporate debt assumed.
(c)Represents funding to install energy conservation measures. The maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.
Schedule of Line of Credit Facilities
As of March 31, 2026 and December 31, 2025, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:
Facility TypeAggregate Bank CommitmentFacility Draws
Outstanding Letters of Credit(a)
Outstanding Commercial Paper(b)
Total Available Capacity
March 31, 2026
Revolving Credit Facility$7,000 $— $701 $1,957 $4,342 
Bilateral and letter of credit facilities(c)(d)
4,100 — 2,632 — 1,468 
Accounts Receivable Facility1,500 1,500 — — — 
CDHI Revolver(d)
908 309 — — 599 
Liquidity Facility971 — 758 — 

199 
(e)
Project Finance(d)
571 44 453 — 74 
Total$15,050 $1,853 $4,544 $1,957 $6,682 
Facility TypeAggregate Bank CommitmentFacility Draws
Outstanding Letters of Credit(a)
Outstanding Commercial Paper(b)
Total Available Capacity
December 31, 2025
Revolving Credit Facility$4,500 $— $40 $— $4,460 
Bilaterals2,350 — 1,276 — 1,074 
Accounts Receivable Facility1,500 — — — 1,500 
Liquidity Facility971 — 647 — 

312 
(e)
Project Finance137 — 122 — 15 
Total$9,458 $— $2,085 $— $7,361 
__________
(a)Excludes an additional outstanding letter of credit which was not issued under these facilities of $15 million as of March 31, 2026 and December 31, 2025. See Note 15 — Commitments and Contingencies for additional information.
(b)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 March 31, 2026 and December 31, 2025, the maximum program size of our commercial paper program was $7.0 billion and $4.5 billion, respectively. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 3.98% as of March 31, 2026. There were no commercial paper borrowings outstanding as of December 31, 2025.
(c)In February 2026, we increased the capacity to issue letters of credit by an additional $100 million each for two existing uncommitted bilateral facilities, and an additional $200 million for a third uncommitted bilateral facility. In February 2026, we initiated a new bilateral credit agreement for $400 million, with no maturity date. In February 2026, we entered into a $75 million uncommitted bilateral credit agreement. In March 2026, we increased the capacity to issue letters of credit for one committed bilateral facility by an additional $300 million and converted it to an uncommitted facility. In March 2026, a bilateral credit agreement initiated in March 2025 was extended for an additional two years to mature March 2028.
(d)Includes corporate and project-related facilities assumed in connection with Calpine acquisition in January 2026.
(e)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 March 31, 2026 and December 31, 2025, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $957 million and $959 million, respectively.
Schedule of Short-Term Debt
As of March 31, 2026 and December 31, 2025, we had the following short-term loan agreements, both of which are unsecured and reflected in Short-term borrowings in the Consolidated Balance Sheets:
Month Initiated
Interest Rate
Maturity
March 31, 2026
December 31, 2025
May 2025(a)
1-month SOFR + 0.90%
May 2026$900 $900 
September 2025
1-month SOFR + 0.90%
September 2026750 750 
__________
(a)In April 2026, we initiated a term loan for $1.5 billion, the proceeds of which were used to repay the May 2025 term loan.