v3.26.1
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Volumes of Outstanding Derivative Contracts
The volumes of the Utility’s outstanding derivatives were as follows:
  Contract Volume at
Underlying ProductInstrumentsJune 30, 2026December 31, 2025
Natural Gas (1) (MMBtus (2))
Forwards, futures, and swaps202,727,575 232,825,834 
 Options39,745,000 48,215,000 
Electricity (MWh)Forwards, futures, and swaps6,300,977 7,196,942 
Options2,720,400 1,650,800 
 
Congestion Revenue Rights (3)
70,177,297 93,712,644 
(1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.
(2) Million British Thermal Units.
(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.
Offsetting Liabilities
As of June 30, 2026, the Utility’s outstanding derivative balances were as follows:
 Commodity Risk
(in millions)Gross Derivative
Balance		NettingCash CollateralTotal Derivative
Balance
Current assets – other$124 $(15)$14 $123 
Noncurrent assets – other141 (1)— 140 
Current liabilities – other(90)15 14 (61)
Noncurrent liabilities – other(86)1 — (85)
Total commodity risk$89 $— $28 $117 
As of December 31, 2025, the Utility’s outstanding derivative balances were as follows:
 Commodity Risk
(in millions)Gross Derivative
Balance		NettingCash CollateralTotal Derivative
Balance
Current assets – other$165 $(46)$— $119 
Noncurrent assets – other170 (6)— 164 
Current liabilities – other(169)46 — (123)
Noncurrent liabilities – other(106)6 — (100)
Total commodity risk$60 $— $— $60 
Offsetting Assets
As of June 30, 2026, the Utility’s outstanding derivative balances were as follows:
 Commodity Risk
(in millions)Gross Derivative
Balance		NettingCash CollateralTotal Derivative
Balance
Current assets – other$124 $(15)$14 $123 
Noncurrent assets – other141 (1)— 140 
Current liabilities – other(90)15 14 (61)
Noncurrent liabilities – other(86)1 — (85)
Total commodity risk$89 $— $28 $117 
As of December 31, 2025, the Utility’s outstanding derivative balances were as follows:
 Commodity Risk
(in millions)Gross Derivative
Balance		NettingCash CollateralTotal Derivative
Balance
Current assets – other$165 $(46)$— $119 
Noncurrent assets – other170 (6)— 164 
Current liabilities – other(169)46 — (123)
Noncurrent liabilities – other(106)6 — (100)
Total commodity risk$60 $— $— $60