Debt |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt. a)Department of Energy Loan Guarantee: In connection with the development and construction of Vogtle Units No. 3 and No. 4, we and the Department of Energy and the Federal Financing Bank entered into a series of agreements pursuant to which we borrowed $4,633,028,000. As of June 30, 2026, we have repaid $784,850,000 of principal on the notes related to these borrowings and the aggregate Department of Energy-guaranteed borrowings outstanding, including capitalized interest, totaled $3,848,178,000. The final maturity date is February 20, 2044. b)Rural Utilities Service Guaranteed Loans: For the six-month period ended June 30, 2026, we received advances on Rural Utilities Service-guaranteed Federal Financing Bank loans totaling $95,655,000 for long-term financing of general and environmental improvements at existing plants and $80,058,000, in April 2026, for our acquisition of the Walton County Power Plant. In conjunction with the loan proceeds received for the acquisition of the Walton County Power Plant, we reclassified, as of March 31, 2026, $73,751,000 of commercial paper to long-term debt and subsequently repaid the corresponding amount of commercial paper in April 2026. In July 2026, we received $91,707,000 in advances on Rural Utilities Service-guaranteed Federal Financing Bank loans for long-term financing of general and environmental improvements at existing plants. c)Rural Utilities Service Empowering Rural America (New ERA) Loan: In December 2024, the Rural Utilities Service announced an award to us of a zero-interest loan of up to $331,500,000 under its Empowering Rural America (New ERA) program established under the Inflation Reduction Act of 2022. On May 12, 2026, we and the Rural Utilities Service closed on this loan. We are obligated to use the loan proceeds to refinance an amount of debt approximately equal to the regulatory assets we established in connection with the retirement of the Wansley coal plant. On June 29, 2026, we issued commercial paper to redeem $297,800,000 of outstanding taxable bonds and to pay approximately $4,381,000 of prepayment premium related to the redemption. The redemption amount was approximately equal to the regulatory assets we established in connection with the retirement of the Wansley coal plant. On July 8, 2026, we received $302,181,000 in loan proceeds from the Rural Utilities Service that we used to repay on July 9, 2026 the commercial paper that had been issued to refinance the existing debt. This refinancing resulted in interest expense savings that we will pass on to our members. In connection with our receipt of the loan proceeds, we reclassified, approximately $302,181,000 of commercial paper to long-term debt as of June 30, 2026. d)CFC Term Loan: On August 10, 2026, we received $40,850,000 in loan proceeds from CFC that we used to repay on August 10, 2026 the commercial paper that had been issued to finance operating costs for four of our electric generating facilities that were deferred or are currently being deferred by our members. In connection with our receipt of the CFC term loan proceeds, we reclassified, approximately $39,125,000 of commercial paper to long-term debt as of June 30, 2026. e)Credit Facilities: As of June 30, 2026, we had a total of $1,725,000,000 of committed credit arrangements comprised of four separate facilities with maturity dates that range from March 2027 to May 2029. These credit facilities are for general working capital purposes, issuing letters of credit and backing up outstanding commercial paper. Under our unsecured committed lines of credit that we had in place at June 30, 2026, our credit facilities permit the issuance of up to $810,000,000 in letters of credit in the aggregate, of which $505,000,000 remained available. At June 30, 2026, we had (i) $2,504,000 under these lines of credit in the form of issued letters of credit and (ii) $1,077,352,000 dedicated under one of these lines of credit to support a like face value of commercial paper that was outstanding.
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