Goodwill and Identifiable Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Identifiable Intangible Assets

Identifiable intangible assets are comprised of the following:


	June 30, 2026						December 31, 2025
Identifiable Intangible Asset	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in millions)
Retail customer relationships	$	2,173	$	2,084	$	89	$	2,173	$	2,067	$	106
Software and other technology-related assets	706		401		305		656		365		291
Retail and wholesale contracts	369		333		36		369		295		74
Long-term service agreements	18		6		12		18		6		12
Other identifiable intangible assets (a)	522		19		503		628		17		611
Total identifiable intangible assets subject to amortization	$	3,788	$	2,843	945		$	3,844	$	2,750	1,094
Retail trade names (not subject to amortization)					1,341						1,341

Total identifiable intangible assets					$	2,286					$	2,435

____________

(a)Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates).

Schedule of Identifiable Intangible Liabilities

Identifiable intangible liabilities are comprised of the following:


Identifiable Intangible Liability	June 30, 2026		December 31, 2025
	(in millions)
Long-term service agreements	$	90	$	100
Wholesale power and fuel purchase contracts	33		38

Total identifiable intangible liabilities	$	123	$	138

Schedule of Amortization Expense Related to Intangible Assets and Liabilities

Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated statements of operations) consisted of the following:


Identifiable Intangible Assets/Liabilities	Condensed Consolidated Statements of Operations	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
		(in millions)
Retail customer relationships	Depreciation and amortization	$	9	$	22	$	18	$	45
Software and other technology-related assets	Depreciation and amortization	17		18		33		36
Retail and wholesale contracts	Operating revenues/Fuel, purchased power costs, and delivery fees	(2)		(2)		(5)		(4)
Other identifiable intangible assets (a)	Fuel, purchased power costs, and delivery fees/Depreciation and amortization	87		87		206		223
Total intangible asset expense, net		$	111	$	125	$	252	$	300

___________

(a)Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees in the condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs.

Schedule of Estimated Amortization Expense of Identifiable Intangible Assets and Liabilities

As of June 30, 2026, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances, for each of the next five fiscal years is as shown below.


Year	Estimated Amortization Expense
	(in millions)
2026	$	190
2027	$	87
2028	$	67
2029	$	49
2030	$	28