v3.26.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 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 ProductInstrumentsSeptember 30, 2026December 31, 2025
Natural Gas (1) (MMBtus (2))
Forwards, futures, and swaps196,386,942 232,825,834 
Options62,440,000 48,215,000 
Electricity (MWh)Forwards, futures, and swaps5,588,429 7,196,942 
Options2,206,000 1,650,800 
Congestion Revenue Rights (3)
67,268,155 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 September 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$131 $(11)$— $120 
Noncurrent assets – other139 (1)— 138 
Current liabilities – other(76)11 14 (51)
Noncurrent liabilities – other(91)1 — (90)
Total commodity risk$103 $— $14 $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 September 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$131 $(11)$— $120 
Noncurrent assets – other139 (1)— 138 
Current liabilities – other(76)11 14 (51)
Noncurrent liabilities – other(91)1 — (90)
Total commodity risk$103 $— $14 $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