v3.26.1
Risk Management and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
PAC  
Derivative [Line Items]  
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
OtherOther
CurrentOtherCurrentLong-term
AssetsAssetsLiabilitiesLiabilitiesTotal
As of June 30, 2026
Not designated as hedging contracts(1):
Commodity assets$2 $— $3 $— $5 
Commodity liabilities— — (89)(18)(107)
Total2 — (86)(18)(102)
Cash collateral receivable
— — 49 — 49 
Total derivatives - net basis$2 $— $(37)$(18)$(53)
As of December 31, 2025
Not designated as hedging contracts(1):
Commodity assets$5 $— $4 $1 $10 
Commodity liabilities— — (119)(28)(147)
Total5 — (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 June 30, 2026, a regulatory asset of $102 million was recorded related to the net derivative liability of $102 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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
Beginning balance$111 $81 $137 $97 
Changes in fair value recognized in regulatory assets
21 (7)55 3 
Net gains reclassified to operating revenue
— 2 7 10 
Net losses reclassified to cost of fuel and energy
(30)(23)(97)(57)
Ending balance$102 $53 $102 $53 
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):
Unit ofJune 30,December 31,
Measure20262025
Electricity sales, net
Megawatt hours(1)— 
Natural gas purchasesDecatherms119 147 
NPC  
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):
Derivative
Contracts -Other
CurrentLong-term
LiabilitiesLiabilitiesTotal
As of June 30, 2026
Not designated as hedging contracts(1):
Commodity liabilities$(31)$(18)$(49)
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 June 30, 2026, a regulatory asset of $49 million was recorded related to the net derivative liability of $49 million. As of December 31, 2025, a regulatory asset of $41 million was recorded related to the net derivative liability of $41 million.
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):
Unit ofJune 30,December 31,
Measure20262025
Electricity purchasesMegawatt hours4 2 
Natural gas purchasesDecatherms143 131 
SPPC  
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):
OtherOther
Long-termCurrentLong-term
AssetsLiabilitiesLiabilitiesTotal
As of June 30, 2026
Not designated as hedging contracts(1):
Commodity liabilities$— $(9)$(5)$(14)
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 June 30, 2026, a net regulatory asset of $14 million was recorded related to the net derivative liability of $14 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 ofJune 30,December 31,
Measure20262025
Electricity purchasesMegawatt hours1 1 
Natural gas purchasesDecatherms75 75