Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commercial commitments as of March 31, 2026, representing commitments potentially triggered by future events, were as follows:


	Expiration within
	2026		2027		2028		2029		2030		2031 and thereafter		Total
Letters of credit	$	3,402	$	1,036	$	120	$	—	$	1	$	—	$	4,559
Surety bonds(a)	581		261		78		—		—		545		1,465
Guarantee under the Calpine AR Facility(b)	550		—		—		—		—		—		550
Total commercial commitments	$	4,533	$	1,297	$	198	$	—	$	1	$	545	$	6,574

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(a)Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds.

(b)We have guaranteed the performance of Calpine Energy Solutions, LLC to Calpine Receivables, LLC under the Calpine AR Facility. The commitment represents the gross amount of sold receivables that are currently outstanding, limited to $550 million per the guarantee agreement. Refer to Note 7 — Accounts Receivable for additional information.