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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025
  or

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission
File Number Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number IRS Employer Identification Number

001-41137 CONSTELLATION ENERGY CORPORATION 87-1210716
(a Pennsylvania corporation)
1310 Point Street
Baltimore , Maryland 21231-3380
(833) 883-0162

333-85496 CONSTELLATION ENERGY GENERATION, LLC 23-3064219
(a Pennsylvania limited liability company)
200 Energy Way
Kennett Square , Pennsylvania 19348-2473
(833)   883-0162

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
CONSTELLATION ENERGY CORPORATION:
Common Stock, without par value CEG The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   

Constellation Energy Corporation Yes x No ☐
Constellation Energy Generation, LLC Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    ý     No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Constellation Energy Corporation Large Accelerated Filer x Accelerated Filer ☐
Non-accelerated Filer ☐
Smaller Reporting Company ☐
Emerging Growth Company ☐

Constellation Energy Generation, LLC Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer x Smaller Reporting Company ☐
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   ☐  No   x
The number of shares outstanding of each registrant’s common stock as of July 31, 2025 was as follows:

Constellation Energy Corporation Common Stock, without par value 312,405,579  
Constellation Energy Generation, LLC Not applicable

TABLE OF CONTENTS

  Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS
1

FILING FORMAT
4

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
4

AVAILABLE INFORMATION
4

PART I
FINANCIAL INFORMATION
4

ITEM 1.
FINANCIAL STATEMENTS
4

Constellation Energy Corporation

Consolidated Statements of Operations and Comprehensive Income
5

Consolidated Statements of Cash Flows
6

Consolidated Balance Sheets
7

Consolidated Statements of Changes in Equity
9

Constellation Energy Generation, LLC

Consolidated Statements of Operations and Comprehensive Income
10

Consolidated Statements of Cash Flows
11

Consolidated Balance Sheets
12

Consolidated Statements of Changes in Equity
14

Combined Notes to Consolidated Financial Statements

1. Basis of Presentation
15

2. Mergers, Acquisitions, and Dispositions
15

3. Revenue from Contracts with Customers
16

4. Segment Information
17

5. Government Assistance
19

6. Accounts Receivable
20

7. Nuclear Decommissioning
21

8. Income Taxes
22

9. Retirement Benefits
24

10. Derivative Financial Instruments
25

11. Debt and Credit Agreements
29

12. Fair Value of Financial Assets and Liabilities
31

13. Commitments and Contingencies
36

14. Shareholders' Equity
37

15. Variable Interest Entities
40

16. Supplemental Financial Information
42

17. Subsequent Events
44

ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
45

Executive Overview
45

Significant Transactions and Developments
45

Other Key Business Drivers
46

Critical Accounting Policies and Estimates
47

Financial Results of Operations
47

Liquidity and Capital Resources
59

ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
63

ITEM 4.
CONTROLS AND PROCEDURES
67

PART II
OTHER INFORMATION
68

ITEM 1.
LEGAL PROCEEDINGS
68

ITEM 1A.
RISK FACTORS
68

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
68

ITEM 4.
MINE SAFETY DISCLOSURES
69

ITEM 5.
OTHER INFORMATION
69

ITEM 6.
EXHIBITS
69

SIGNATURES
70

Constellation Energy Corporation
70

Constellation Energy Generation, LLC
71

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
Constellation Energy Corporation and Related Entities
CEG Parent Constellation Energy Corporation
Constellation Constellation Energy Generation, LLC

Registrants CEG Parent and Constellation, collectively
Antelope Valley Antelope Valley Solar Ranch One

Continental Wind Continental Wind LLC
CR Constellation Renewables, LLC

Crane Crane Clean Energy Center (formerly known as Three Mile Island Unit 1)
CRP Constellation Renewables Partners, LLC

NER NewEnergy Receivables LLC

RPG Renewable Power Generation, LLC

STP
South Texas Project nuclear generating station

West Medway II West Medway Generating Station II

Former Related Entities
Exelon Exelon Corporation
ComEd Commonwealth Edison Company
PECO PECO Energy Company

1

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations

AEP Texas
American Electric Power Texas

AESO Alberta Electric Systems Operator

AOCI Accumulated Other Comprehensive Income (Loss)

ARC Asset Retirement Cost
ARO Asset Retirement Obligation

ASR Accelerated Share Repurchase

CAISO California ISO

CenterPoint
CenterPoint Energy Houston Electric, LLC

Clean Air Act Clean Air Act of 1963, as amended

CMC Carbon Mitigation Credit

CODM Chief Operating Decision Maker

DOE United States Department of Energy

DOJ United States Department of Justice
DPP Deferred Purchase Price

EPA United States Environmental Protection Agency

ERCOT Electric Reliability Council of Texas
ERISA Employee Retirement Income Security Act of 1974, as amended

ERP Enterprise Resource Planning

Exchange Act Securities Exchange Act of 1934, as amended

FERC Federal Energy Regulatory Commission

Former PECO Units Limerick, Peach Bottom, and Salem nuclear generating units
Former ComEd Units Braidwood, Byron, Dresden, LaSalle and Quad Cities nuclear generating units
FRCC Florida Reliability Coordinating Council

GAAP Generally Accepted Accounting Principles in the United States

GDP
Gross Domestic Product

GHG Greenhouse Gas
GW
Gigawatt

GWh Gigawatt hour

ICE Intercontinental Exchange
IPA Illinois Power Agency
IRA
Inflation Reduction Act of 2022

IRS Internal Revenue Service
ISO Independent System Operator
ISO-NE ISO New England Inc.
ITC Investment Tax Credit

MISO Midcontinent Independent System Operator, Inc.
Moody's
Moody’s Investors Service, Inc.

MW Megawatt
MWh Megawatt hour

NAV Net Asset Value
NASDAQ Nasdaq Stock Market, LLC

NDT Nuclear Decommissioning Trust

NERC North American Electric Reliability Corporation
NGX Natural Gas Exchange, Inc.

2

Table of Contents

Non-Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting

NPNS Normal Purchase Normal Sale scope exception
NRC Nuclear Regulatory Commission

NYISO New York ISO
NYMEX New York Mercantile Exchange
NYPSC New York Public Service Commission
OBBBA
One Big Beautiful Bill Act of 2025
OCI Other Comprehensive Income
OIESO Ontario Independent Electricity System Operator
OPEB Other Postretirement Employee Benefits

Pension Protection Act
Pension Protection Act of 2006
PG&E Pacific Gas and Electric Company
PJM PJM Interconnection, LLC
PPA Power Purchase Agreement
PP&E Property, Plant, and Equipment

PSDAR Post-shutdown Decommissioning Activities Report
PSEG Public Service Enterprise Group Incorporated
PTC Production Tax Credit
PUCT Public Utility Commission of Texas

Regulatory Agreement Units Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting (includes the Former ComEd Units, the Former PECO Units and STP)

RNF Operating Revenues Net of Purchased Power and Fuel Expense

RTO Regional Transmission Organization
S&P S&P Global Ratings, a Standard & Poor’s Financial Services LLC business

SEC United States Securities and Exchange Commission
SERC SERC Reliability Corporation (formerly Southeast Electric Reliability Council)

SNF Spent Nuclear Fuel

SOFR Secured Overnight Financing Rate

SPP Southwest Power Pool

STPNOC
STP Nuclear Operating Company

TMA Tax Matters Agreement

TWh
Terawatt-hour
U.S. Treasury
U.S. Department of the Treasury

VIE Variable Interest Entity
WECC Western Electric Coordinating Council
ZEC Zero Emission Credit

3

Table of Contents

FILING FORMAT
This combined Form 10-Q is being filed separately by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants). Information contained herein relating to any individual Registrant is filed by the Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between Constellation and Calpine Corporation, the expected closing of the proposed transaction and the timing thereof. This includes statements regarding the financing of the proposed transaction and the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the proposed transaction should not be considered a forecast of future results.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed herein, as well as the items discussed in (1) the Registrants' combined 2024 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

AVAILABLE INFORMATION
The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that we file electronically with the SEC. We file our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports with the SEC. In addition, as soon as reasonably practicable after such materials are furnished to the SEC, we make copies of these documents available to the public free of charge through our website at www.ConstellationEnergy.com. Information contained on our website shall not be deemed incorporated into, or to be a part of, this report.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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Table of Contents

Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
(In millions, except per share data) 2025 2024 2025 2024
Operating revenues $ 6,101   $ 5,475   $ 12,889   $ 11,637  

Operating expenses
Purchased power and fuel 3,132   2,292   7,516   5,709  

Operating and maintenance 1,617   1,645   3,162   3,131  

Depreciation and amortization 254   296   502   602  
Taxes other than income taxes 147   142   307   282  
Total operating expenses 5,150   4,375   11,487   9,724  

Operating income (loss) 951   1,100   1,402   1,913  
Other income and (deductions)
Interest expense, net ( 118 ) ( 142 ) ( 264 ) ( 269 )

Other, net 440   6   286   368  
Total other income and (deductions) 322   ( 136 ) 22   99  
Income (loss) before income taxes 1,273   964   1,424   2,012  
Income tax (benefit) expense 440   154   462   318  
Equity in income (losses) of unconsolidated affiliates —   ( 1 ) —   ( 2 )
Net income (loss) 833   809   962   1,692  
Net income (loss) attributable to noncontrolling interests ( 6 ) ( 5 ) 5   ( 5 )
Net income (loss) attributable to common shareholders $ 839   $ 814   $ 957   $ 1,697  
Comprehensive income (loss), net of income taxes
Net income (loss) $ 833   $ 809   $ 962   $ 1,692  
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost ( 2 ) ( 1 ) ( 2 ) ( 2 )
Actuarial loss reclassified to periodic cost 18   21   35   39  
Pension and non-pension postretirement benefit plan valuation adjustment —   ( 2 ) ( 34 ) ( 5 )
Unrealized gain (loss) on cash flow hedges 1   2   3   2  
Unrealized gain (loss) on foreign currency translation 20   ( 1 ) 28   ( 4 )
Other comprehensive income (loss), net of income taxes 37   19   30   30  
Comprehensive income (loss) 870   828   992   1,722  
Comprehensive income (loss) attributable to noncontrolling interests ( 6 ) ( 5 ) 5   ( 5 )
Comprehensive income (loss) attributable to common shareholders $ 876   $ 833   $ 987   $ 1,727  

Average shares of common stock outstanding:
Basic 314   315   314   316  
Assumed exercise and/or distributions of stock-based awards —   1   —   1  
Diluted 314   316   314   317  

Earnings per average common share
Basic $ 2.67   $ 2.58   $ 3.05   $ 5.37  
Diluted $ 2.67   $ 2.58   $ 3.05   $ 5.35  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended 
 June 30,
(In millions) 2025 2024
Cash flows from operating activities
Net income (loss) $ 962   $ 1,692  
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 1,300   1,388  

Deferred income taxes and amortization of ITCs 14   191  
Net fair value changes related to derivatives 188   ( 776 )
Net realized and unrealized (gains) losses on NDT funds ( 336 ) ( 197 )
Net realized and unrealized (gains) losses on equity investments 275   11  
Other non-cash operating activities ( 21 ) ( 65 )
Changes in assets and liabilities:
Accounts receivable 208   771  

Inventories 17   58  
Accounts payable and accrued expenses ( 229 ) ( 207 )
Option premiums received (paid), net 18   129  
Collateral received (posted), net ( 242 ) 868  
Income taxes 209   ( 86 )
Pension and non-pension postretirement benefit contributions ( 181 ) ( 188 )
Other assets and liabilities ( 598 ) ( 4,925 )
Net cash flows provided by (used in) operating activities 1,584   ( 1,336 )
Cash flows from investing activities
Capital expenditures ( 1,573 ) ( 1,284 )
Proceeds from NDT fund sales 3,830   2,890  
Investment in NDT funds ( 3,999 ) ( 3,043 )
Collection of DPP, net —   4,096  

Acquisitions of assets and businesses ( 10 ) ( 15 )
Other investing activities ( 6 ) 6  
Net cash flows provided by (used in) investing activities ( 1,758 ) 2,650  
Cash flows from financing activities
Change in short-term borrowings —   ( 625 )
Proceeds from short-term borrowings with maturities greater than 90 days 900   200  
Repayments of short-term borrowings with maturities greater than 90 days —   ( 539 )
Issuance of long-term debt —   900  
Retirement of long-term debt ( 1,008 ) ( 65 )
Dividends paid on common stock ( 244 ) ( 222 )
Repurchases of common stock ( 400 ) ( 999 )
Other financing activities ( 141 ) ( 35 )
Net cash flows provided by (used in) financing activities ( 893 ) ( 1,385 )
Increase (decrease) in cash, restricted cash, and cash equivalents ( 1,067 ) ( 71 )
Cash, restricted cash, and cash equivalents at beginning of period 3,129   454  
Cash, restricted cash, and cash equivalents at end of period $ 2,062   $ 383  

Supplemental cash flow information

Increase (decrease) in DPP $ —   $ 4,455  
Increase (decrease) in PP&E related to ARO update ( 6 ) ( 389 )

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 1,974   $ 3,022  
Restricted cash and cash equivalents 88   107  
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $ 203 and $ 190 as of June 30, 2025 and December 31, 2024, respectively)
2,947   3,116  
Other accounts receivable (net of allowance for credit losses of $ 8 and $ 6 as of June 30, 2025 and December 31, 2024, respectively)
571   602  
Mark-to-market derivative assets 726   843  

Inventories, net
Natural gas, oil, and emission allowances 200   243  
Materials and supplies 1,385   1,357  

Renewable energy credits 628   797  

Other 714   689  
Total current assets 9,233   10,776  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 18,493 and $ 18,088 as of June 30, 2025 and December 31, 2024, respectively)
21,820   21,235  
Deferred debits and other assets

Nuclear decommissioning trust funds 18,289   17,305  
Investments 398   640  
Goodwill 420   420  
Mark-to-market derivative assets 527   372  

Other 2,351   2,178  
Total deferred debits and other assets 21,985   20,915  
Total assets (a)
$ 53,038   $ 52,926  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2025 December 31, 2024
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ 900   $ —  
Long-term debt due within one year 125   1,028  

Accounts payable and accrued expenses
3,659   3,943  

Mark-to-market derivative liabilities 407   467  

Renewable energy credit obligation 806   1,076  

Other 359   332  
Total current liabilities 6,256   6,846  
Long-term debt 7,286   7,384  

Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs 3,348   3,331  
Asset retirement obligations 12,679   12,449  
Pension and non-pension postretirement benefit obligations
1,763   1,875  
Spent nuclear fuel obligation 1,397   1,366  

Payables related to Regulatory Agreement Units 4,939   4,518  
Mark-to-market derivative liabilities 419   399  

Other 1,148   1,219  
Total deferred credits and other liabilities 25,693   25,157  
Total liabilities (a)
39,235   39,387  
Commitments and contingencies (Note 13)

Shareholders' equity
Common stock ( No par value, 1,000 shares authorized, 312 and 313 shares outstanding as of June 30, 2025 and December 31, 2024, respectively)
10,939   11,402  
Retained earnings (deficit) 4,779   4,066  
Accumulated other comprehensive income (loss), net
( 2,272 ) ( 2,302 )
Total shareholders' equity 13,446   13,166  
Noncontrolling interests 357   373  
Total equity 13,803   13,539  
Total liabilities and shareholders' equity $ 53,038   $ 52,926  

__________
(a) Our consolidated assets include $ 4,279  million and $ 4,318  million at June 30, 2025 and December 31, 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $ 944  million and $ 968  million at June 30, 2025 and December 31, 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.
See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Changes in Equity
(Unaudited)

Six Months Ended June 30, 2025
Shareholders' Equity
(In millions, shares in thousands) Issued Shares Common Stock Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss), net
Noncontrolling Interests Total Equity
Balance, December 31, 2024 312,838   $ 11,402   $ 4,066   $ ( 2,302 ) $ 373   $ 13,539  
Net Income (loss) —  —  118   —  11   129  
Employee incentive plans 547   ( 49 ) —  —  —  ( 49 )
Changes in equity of noncontrolling interests —  —  —  —  ( 6 ) ( 6 )
Common stock dividends ($ 0.3878 /common share)
—  —  ( 122 ) —  —  ( 122 )

Capped call option contracts —  ( 150 ) —  —  —  ( 150 )
Other comprehensive income (loss), net of income taxes —  —  —  ( 7 ) —  ( 7 )
Balance, March 31, 2025 313,385   $ 11,203   $ 4,062   $ ( 2,309 ) $ 378   $ 13,334  
Net Income (loss) —  —  839   —  ( 6 ) 833  
Employee incentive plans 117   37   —  —  —  37  
Changes in equity of noncontrolling interests —  —  —  —  ( 15 ) ( 15 )
Common stock dividends ($ 0.3878 /common share)
—  —  ( 122 ) —  —  ( 122 )
Common stock repurchased ( 1,099 ) ( 404 ) —  —  —  ( 404 )
Capped call option contracts —  103   —  —  —  103  
Other comprehensive income (loss), net of income taxes —  —  —  37   —  37  
Balance, June 30, 2025 312,403   $ 10,939   $ 4,779   $ ( 2,272 ) $ 357   $ 13,803  

Six Months Ended June 30, 2024
Shareholders' Equity
(In millions, shares in thousands) Issued Shares Common Stock Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss), net Noncontrolling Interests Total Equity
Balance, December 31, 2023 317,472   $ 12,355   $ 761   $ ( 2,191 ) $ 361   $ 11,286  
Net Income (loss) —  —  883   —  —  883  
Employee incentive plans 661   ( 4 ) —  —  —  ( 4 )

Common stock dividends ($ 0.3525 /common share)
—  —  ( 112 ) —  —  ( 112 )
Common stock repurchased ( 2,900 ) ( 504 ) —  —  —  ( 504 )
Other comprehensive income (loss), net of income taxes —  —  —  11   —  11  
Balance, March 31, 2024 315,233   $ 11,847   $ 1,532   $ ( 2,180 ) $ 361   $ 11,560  
Net Income (loss) —  —  814   —  ( 5 ) 809  
Employee incentive plans 72   8   —  —  —  8  
Common stock dividends ($ 0.3525 /common share)
—  —  ( 110 ) —  —  ( 110 )
Common stock repurchased ( 2,091 ) ( 505 ) —  —  —  ( 505 )
Other comprehensive income (loss), net of income taxes —  —  —  19   —  19  
Balance, June 30, 2024 313,214   $ 11,350   $ 2,236   $ ( 2,161 ) $ 356   $ 11,781  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Generation, LLC and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2025 2024 2025 2024
Operating revenues $ 6,101   $ 5,475   $ 12,889   $ 11,637  

Operating expenses
Purchased power and fuel 3,132   2,292   7,516   5,709  

Operating and maintenance 1,617   1,645   3,162   3,131  

Depreciation and amortization 254   296   502   602  
Taxes other than income taxes 147   142   307   282  
Total operating expenses 5,150   4,375   11,487   9,724  

Operating income (loss) 951   1,100   1,402   1,913  
Other income and (deductions)
Interest expense, net ( 118 ) ( 142 ) ( 264 ) ( 269 )

Other, net 440   6   286   368  
Total other income and (deductions) 322   ( 136 ) 22   99  
Income (loss) before income taxes 1,273   964   1,424   2,012  
Income tax (benefit) expense 440   154   462   318  
Equity in income (losses) of unconsolidated affiliates —   ( 1 ) —   ( 2 )
Net income (loss) 833   809   962   1,692  
Net income (loss) attributable to noncontrolling interests ( 6 ) ( 5 ) 5   ( 5 )
Net income (loss) attributable to membership interest $ 839   $ 814   $ 957   $ 1,697  
Comprehensive income (loss), net of income taxes
Net income (loss) $ 833   $ 809   $ 962   $ 1,692  
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost ( 2 ) ( 1 ) ( 2 ) ( 2 )
Actuarial loss reclassified to periodic cost 18   21   35   39  
Pension and non-pension postretirement benefit plan valuation adjustment —   ( 2 ) ( 34 ) ( 5 )
Unrealized gain (loss) on cash flow hedges 1   2   3   2  
Unrealized gain (loss) on foreign currency translation 20   ( 1 ) 28   ( 4 )
Other comprehensive income (loss), net of income taxes 37   19   30   30  
Comprehensive income (loss) 870   828   992   1,722  
Comprehensive income (loss) attributable to noncontrolling interests ( 6 ) ( 5 ) 5   ( 5 )
Comprehensive income (loss) attributable to membership interest $ 876   $ 833   $ 987   $ 1,727  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Generation, LLC and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended 
 June 30,
(In millions) 2025 2024
Cash flows from operating activities
Net income (loss) $ 962   $ 1,692  
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 1,300   1,388  

Deferred income taxes and amortization of ITCs 14   191  
Net fair value changes related to derivatives 188   ( 776 )
Net realized and unrealized (gains) losses on NDT funds ( 336 ) ( 197 )
Net realized and unrealized (gains) losses on equity investments 275   11  
Other non-cash operating activities ( 70 ) ( 82 )
Changes in assets and liabilities:
Accounts receivable 208   773  
Receivables from and payables to affiliates, net ( 118 ) 97  
Inventories 17   58  
Accounts payable and accrued expenses ( 238 ) ( 203 )
Option premiums received (paid), net 18   129  
Collateral received (posted), net ( 242 ) 868  
Income taxes 209   ( 86 )
Pension and non-pension postretirement benefit contributions ( 181 ) ( 188 )
Other assets and liabilities ( 504 ) ( 5,025 )
Net cash flows provided by (used in) operating activities 1,502   ( 1,350 )
Cash flows from investing activities
Capital expenditures ( 1,573 ) ( 1,284 )
Proceeds from NDT fund sales 3,830   2,890  
Investment in NDT funds ( 3,999 ) ( 3,043 )
Collection of DPP, net —   4,096  

Acquisitions of assets and businesses ( 10 ) ( 15 )
Other investing activities ( 6 ) 6  
Net cash flows provided by (used in) investing activities ( 1,758 ) 2,650  
Cash flows from financing activities
Change in short-term borrowings —   ( 625 )
Proceeds from short-term borrowings with maturities greater than 90 days 900   200  
Repayments of short-term borrowings with maturities greater than 90 days —   ( 539 )
Issuance of long-term debt —   900  
Retirement of long-term debt ( 1,008 ) ( 65 )
Distributions to member ( 793 ) ( 1,220 )
Contributions from member 103   —  
Other financing activities ( 21 ) ( 19 )
Net cash flows provided by (used in) financing activities ( 819 ) ( 1,368 )
Increase (decrease) in cash, restricted cash, and cash equivalents ( 1,075 ) ( 68 )
Cash, restricted cash, and cash equivalents at beginning of period 3,115   440  
Cash, restricted cash, and cash equivalents at end of period $ 2,040   $ 372  

Supplemental disclosure of non-cash investing and financing activities

Increase (decrease) in DPP $ —   $ 4,455  
Increase (decrease) in PP&E related to ARO update ( 6 ) ( 389 )

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Generation, LLC and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 1,964   $ 3,018  
Restricted cash and cash equivalents 76   97  
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $ 203 and $ 190 as of June 30, 2025 and December 31, 2024, respectively)
2,947   3,116  
Other accounts receivable (net of allowance for credit losses of $ 8 and $ 6 as of June 30, 2025 and December 31, 2024, respectively)
556   587  
Mark-to-market derivative assets 726   843  

Inventories, net
Natural gas, oil, and emission allowances 200   243  
Materials and supplies 1,385   1,357  

Renewable energy credits 628   797  

Other 713   689  
Total current assets 9,195   10,747  
Property, plant, and equipment (net of accumulated depreciation and amortization of $ 18,493 and $ 18,088 as of June 30, 2025 and December 31, 2024, respectively)
21,820   21,235  
Deferred debits and other assets

Nuclear decommissioning trust funds 18,289   17,305  
Investments 398   640  
Goodwill 420   420  
Mark-to-market derivative assets 527   372  

Other 2,345   2,174  
Total deferred debits and other assets 21,979   20,911  
Total assets (a)
$ 52,994   $ 52,893  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Generation, LLC and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)

(In millions) June 30, 2025 December 31, 2024
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ 900   $ —  
Long-term debt due within one year 125   1,028  

Accounts payable and accrued expenses
3,416   3,696  
Payables to affiliates 231   349  

Mark-to-market derivative liabilities 407   467  

Renewable energy credit obligation 806   1,076  

Other 353   328  
Total current liabilities 6,238   6,944  
Long-term debt 7,286   7,384  

Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs 3,348   3,331  
Asset retirement obligations 12,679   12,449  
Pension and non-pension postretirement benefit obligations
1,763   1,875  
Spent nuclear fuel obligation 1,397   1,366  

Payables related to Regulatory Agreement Units 4,939   4,518  
Mark-to-market derivative liabilities 419   399  

Other 1,061   1,044  
Total deferred credits and other liabilities 25,606   24,982  
Total liabilities (a)
39,130   39,310  
Commitments and contingencies (Note 13)

Equity
Member’s equity
Membership interest 10,091   10,538  
Undistributed earnings (deficit)
5,688   4,974  
Accumulated other comprehensive income (loss), net
( 2,272 ) ( 2,302 )
Total member’s equity 13,507   13,210  
Noncontrolling interests 357   373  
Total equity 13,864   13,583  
Total liabilities and equity $ 52,994   $ 52,893  

__________
(a) Our consolidated assets include $ 4,279  million and $ 4,318 million as of June 30, 2025 and December 31, 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $ 944 million and $ 968 million as of June 30, 2025 and December 31, 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.
See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Constellation Energy Generation, LLC and Subsidiary Companies
Consolidated Statements of Changes in Equity
(Unaudited)

Six Months Ended June 30, 2025
Member's Equity
(In millions) Membership Interest Undistributed Earnings (Deficit) Accumulated Other Comprehensive Income (Loss), net Noncontrolling Interests Total Equity
Balance, December 31, 2024 $ 10,538   $ 4,974   $ ( 2,302 ) $ 373   $ 13,583  
Net Income (loss) —  118   —  11   129  
Changes in equity of noncontrolling interests —  —  —  ( 6 ) ( 6 )
Distributions to member ( 150 ) ( 122 ) —  —  ( 272 )
Other comprehensive income (loss), net of income taxes —  —  ( 7 ) —  ( 7 )
Balance, March 31, 2025 $ 10,388   $ 4,970   $ ( 2,309 ) $ 378   $ 13,427  
Net Income (loss) —  839   —  ( 6 ) 833  
Changes in equity of noncontrolling interests —  —  —  ( 15 ) ( 15 )
Contribution from member 103   —  —  —  103  
Distributions to member ( 400 ) ( 121 ) —  —  ( 521 )
Other comprehensive income (loss), net of income taxes —  —  37   —  37  
Balance, June 30, 2025 $ 10,091   $ 5,688   $ ( 2,272 ) $ 357   $ 13,864  

Six Months Ended June 30, 2024
Member's Equity
(In millions) Membership Interest Undistributed Earnings (Deficit) Accumulated Other Comprehensive Income (Loss), net Noncontrolling Interests Total Equity
Balance, December 31, 2023 $ 11,537   $ 1,667   $ ( 2,191 ) $ 361   $ 11,374  
Net Income (loss) —  883   —  —  883  

Distributions to member ( 499 ) ( 111 ) —  —  ( 610 )
Other comprehensive income (loss), net of income taxes —  —  11   —  11  
Balance, March 31, 2024 $ 11,038   $ 2,439   $ ( 2,180 ) $ 361   $ 11,658  
Net Income (loss) —  814   —  ( 5 ) 809  
Distributions to member ( 500 ) ( 110 ) —  —  ( 610 )
Other comprehensive income (loss), net of income taxes —  —  19   —  19  
Balance, June 30, 2024 $ 10,538   $ 3,143   $ ( 2,161 ) $ 356   $ 11,876  

See the Combined Notes to Consolidated Financial Statements

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Table of Contents

Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

1. Basis of Presentation
Description of Business
We are the nation's largest producer of carbon-free energy and a supplier of energy products and services. Our generating capacity includes primarily nuclear, wind, solar, natural gas, and hydroelectric assets. Through our integrated business operations, we sell electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. We have five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions.
Basis of Presentation
The accompanying Consolidated Financial Statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited but, in our opinion, include all adjustments that are considered necessary for a fair statement of the results for the periods reported herein in accordance with GAAP. All adjustments are of a normal, recurring nature, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2024 Consolidated Balance Sheet was derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2025. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Certain prior period amounts have been reclassified to conform to the presentation in the current period. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation.
Summary of Significant Accounting Policies
See Note 1 — Basis of Presentation of our 2024 Form 10-K for additional information on significant accounting policies.

2. Mergers, Acquisitions, and Dispositions
Proposed Acquisition of Calpine Corporation
On January 10, 2025, we entered an agreement and plan of merger (Merger Agreement) with Calpine Corporation (Calpine) under which we will acquire all the outstanding equity interests of Calpine in a cash and stock transaction. Calpine owns and operates a generation fleet of natural gas, geothermal, battery storage, and solar assets with over 27 GWs of generation capacity, in addition to a competitive retail electric supplier platform serving approximately 60 TWhs of load annually. The merger consideration at closing will consist of an aggregate of 50 million newly issued shares of our common stock, no par value, and $ 4.5 billion in cash. We will also assume approximately $ 12.7 billion of Calpine’s outstanding debt. We expect to fund the cash portion of the transaction through a combination of cash on hand and cash flow generated by Calpine in the period between signing and closing of the transaction (that will be assumed at closing). Per the terms of the Merger Agreement, consummation of the transaction is to occur by December 31, 2025 (which date may be automatically extended to June 1, 2026, as further provided in the Merger Agreement). See Note 2 — Mergers, Acquisitions, and Dispositions of our 2024 Form 10-K for additional information.
Regulatory approvals for the merger were received by the PUCT and NYPSC in June 2025 and by the FERC in July 2025. Completion of the transaction is conditioned upon review by the DOJ and other customary closing conditions.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 2 — Mergers, Acquisitions, and Dispositions

Fees incurred as part of the acquisition were not material to the Consolidated Statements of Operations and Comprehensive Income for the six months ended June 30, 2025.
Acquisition of Joint Ownership in South Texas Project
In November 2023, we completed the acquisition of NRG South Texas LP (renamed and converted as Constellation South Texas, LLC), which owns a 44 % undivided ownership interest in the jointly owned STP, a 2,645 MW, dual-unit nuclear plant located in Bay City, Texas. The consideration transferred was $ 1.66 billion. Other owners include City Public Service Board of San Antonio (CPS, 40 %) and the City of Austin, Texas (Austin, 16 %). In May 2024, we executed a settlement agreement with all parties (CPS/City of San Antonio, Austin, and NRG Energy, Inc.), resolving all litigation involving our purchase of the ownership interest in STP. The terms of the settlement include us selling a 2 % ownership interest in STP to CPS at the same price and terms that we paid NRG Energy, Inc. for our 44 % interest. We are working towards closing the transaction in 2025 which remains subject to regulatory approvals (including the NRC and PUCT), the terms of settlement are not expected to have a material impact on our consolidated financial statements. See Note 2 — Mergers, Acquisitions, and Dispositions of our 2024 Form 10-K for additional information.

3. Revenue from Contracts with Customers
We recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that we expect to be entitled to in exchange for those goods or services. Our primary sources of revenue include competitive sales of power, natural gas, and other energy-related products and sustainable solutions.
See Note 4 — Revenue from Contracts with Customers of our 2024 Form 10-K for additional information regarding the performance obligations, revenue recognition, and payment terms associated with these sources of revenue.
Transaction Price Allocated to Remaining Performance Obligations
The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2025. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes mark-to-market derivatives and certain power and gas sales contracts which contain variable volumes and/or variable pricing.

2025 2026 2027 2028 2029 and thereafter Total
Remaining performance obligations $ 115   $ 249   $ 167   $ 114   $ 210   $ 855  

Transaction Price Allocated to Previously Satisfied Performance Obligations
Our Clinton and Quad Cities units contract with certain utilities in Illinois which requires delivery of all ZECs produced during each planning year (June through May), with total compensation limited by an annual cap for each planning year designed to limit the cost of ZECs to each utility's customers. ZECs delivered that, if paid, would result in the annual cap being exceeded may be paid in subsequent years at the vintage year price as long as the payments would not exceed the annual cap in the year paid. The program commenced June 2017 and continues through May 2027. In various planning years since the program began, we delivered ZECs to the utilities in excess of the annual compensation cap.
The ZEC price and annual compensation cap effective for each planning year are administratively determined by the IPA. For the June 2025 through May 2026 planning year, the ZEC price has been established at $1.17 per ZEC, subject to an annual cap of $224 million. ZECs generated and delivered during this planning year will not exceed the annual cap, and as a result we recognized $ 201 million of revenue for the three and six months ended June 30, 2025 as a receivable for ZECs delivered in prior planning years, with payment expected in the third quarter of 2026. As of June 30, 2025, this receivable is included within Other deferred debits and other assets in the Consolidated Balance Sheets.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 3 — Revenue from Contracts with Customers

For the June 2024 through May 2025 planning year, the ZEC price was established at $9.38 per ZEC, subject to an annual cap of $222 million. ZECs generated and delivered during this planning year did not exceed the annual cap, however the revenue recognized for ZECs delivered in prior planning years was not material for the three and six months ended June 30, 2024.
Revenue Disaggregation
We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of revenue disaggregation.

4. Segment Information
Operating segments are determined based on information used by the CODM in deciding how to evaluate performance and allocate resources. We have five reportable segments consisting of the Mid-Atlantic, Midwest, New York, ERCOT, and all other power regions referred to collectively as “Other Power Regions.”
The basis for our reportable segments is the integrated management of our electricity business that is located in different geographic regions, and largely representative of the footprints of ISO/RTO and/or NERC regions, which utilize multiple supply sources to provide electricity through various distribution channels (wholesale and retail). Our hedging strategies and risk metrics are also aligned to these same geographic regions. Descriptions of each of our five reportable segments are as follows:
• Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia, and parts of Pennsylvania and North Carolina.
• Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.
• New York represents operations within NYISO.
• ERCOT represents operations within Electric Reliability Council of Texas that covers a majority of the state of Texas.
• Other Power Regions:
• New England represents operations within ISO-NE.
• South represents operations in FRCC, MISO’s Southern Region, and the remaining portions of SERC not included within MISO or PJM.
• West represents operations in WECC, which includes CAISO.
• Canada represents operations across the entire country of Canada and includes AESO, OIESO, and the Canadian portion of MISO.
Constellation's CEO is considered the CODM and evaluates the performance of our electric business activities and allocates resources based on segment RNF, primarily through review of budget-to-actual variance analyses. RNF is Operating revenues net of Purchased power and fuel expenses. We believe this is a useful measurement of operational performance, although it is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report. In our evaluation of operating segments, we noted the CODM reviews a variety of performance and profitability measures at a consolidated level with a primary focus on RNF reporting at the regional level. Our operating revenues include all sales to third parties as well as government assistance. Purchased power and fuel expenses are considered the significant segment expense. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy, and ancillary services. Fuel expense includes the fuel costs for our owned generation and fuel costs associated with tolling agreements. The results of our other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, as well as sales of other energy-
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 4 — Segment Information

related products and sustainable solutions that are not significant to our overall results of operations. Further, our unrealized mark-to-market gains and losses on economic hedging activities and our amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. The CODM does not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments.
The following tables disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues reflects our power sales by geographic region.
The following tables, which relate directly to our Consolidated Statements of Operations and Comprehensive Income, provide the reconciliation of operating revenues, purchased power and fuel expenses, and RNF for our reportable segments for the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30, 2025 Revenues from contracts with customers
Other revenues (a)
Total Operating revenues
Total Purchased power and fuel expenses
Total RNF

Mid-Atlantic $ 1,435   $ 13   $ 1,448   $ ( 666 ) $ 782  
Midwest 1,428   96   1,524   ( 488 ) 1,036  
New York 514   21   535   ( 138 ) 397  
ERCOT 328   136   464   ( 193 ) 271  
Other Power Regions 1,030   148   1,178   ( 997 ) 181  
Total Reportable Segments
4,735   414   5,149   ( 2,482 ) 2,667  
Other (b)
426   526   952   ( 650 ) 302  
Total Consolidated Results
$ 5,161   $ 940   $ 6,101   $ ( 3,132 ) $ 2,969  

Three Months Ended June 30, 2024

Mid-Atlantic $ 1,297   $ 7   $ 1,304   $ ( 544 ) $ 760  
Midwest 993   175   1,168   ( 403 ) 765  
New York 463   51   514   ( 141 ) 373  
ERCOT 274   83   357   ( 143 ) 214  
Other Power Regions 1,023   161   1,184   ( 891 ) 293  
Total Reportable Segments 4,050   477   4,527   ( 2,122 ) 2,405  
Other (b)
356   592   948   ( 170 ) 778  
Total Consolidated Results $ 4,406   $ 1,069   $ 5,475   $ ( 2,292 ) $ 3,183  

Six Months Ended June 30, 2025
Mid-Atlantic $ 3,041   $ 72   $ 3,113   $ ( 1,522 ) $ 1,591  
Midwest 2,738   190   2,928   ( 1,042 ) 1,886  
New York 1,189   ( 92 ) 1,097   ( 299 ) 798  
ERCOT 630   232   862   ( 377 ) 485  
Other Power Regions 2,406   328   2,734   ( 2,359 ) 375  
Total Reportable Segments
10,004   730   10,734   ( 5,599 ) 5,135  
Other (b)
1,263   892   2,155   ( 1,917 ) 238  
Total Consolidated Results
$ 11,267   $ 1,622   $ 12,889   $ ( 7,516 ) $ 5,373  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 4 — Segment Information

Six Months Ended June 30, 2024 Revenues from contracts with customers
Other revenues (a)
Total Operating revenues
Total Purchased power and fuel expenses
Total RNF

Mid-Atlantic $ 2,652   $ ( 106 ) $ 2,546   $ ( 1,111 ) $ 1,435  
Midwest 1,993   269   2,262   ( 794 ) 1,468  
New York 955   72   1,027   ( 310 ) 717  
ERCOT 511   167   678   ( 254 ) 424  
Other Power Regions 2,458   350   2,808   ( 2,148 ) 660  
Total Reportable Segments
8,569   752   9,321   ( 4,617 ) 4,704  
Other (b)
1,094   1,222   2,316   ( 1,092 ) 1,224  
Total Consolidated Results
$ 9,663   $ 1,974   $ 11,637   $ ( 5,709 ) $ 5,928  

__________
(a) Includes revenues from nuclear PTCs as well as derivatives and leases. Intersegment activity in all periods presented is not material.
(b) Represents revenue activities not allocated to a region. See text above for a description of included activities. Revenues from contracts with customers includes natural gas revenues of $ 304 million and $ 231 million and other revenues includes unrealized mark-to-market gains of $ 86 million and $ 192 million for the three months ended June 30, 2025 and 2024, respectively. Revenues from contracts with customers includes natural gas revenues of $ 1,015 million and $ 839 million and other revenues includes unrealized mark-to-market losses of $ 201 million and gains of $ 254 million for the six months ended June 30, 2025 and 2024, respectively.

5. Government Assistance
Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032. The nuclear PTC provides a transferable credit up to $15 per MWh (a base credit of $3 per MWh with a five times multiplier provided certain prevailing wage requirements are met) and is subject to phase-out when annual gross receipts are between $25.00 per MWh and $43.75 per MWh and $26.00 per MWh and $44.75 per MWh for 2024 and 2025, respectively. We evaluated and expect to meet the annual prevailing wage requirements at all of our nuclear units and are eligible for the five times multiplier. Both the amount of the PTC and the gross receipts thresholds adjust for inflation annually through the duration of the program based on the GDP price deflator for the preceding calendar year. The benefits of the PTC may be realized through a credit against our federal income taxes or transferred via sale to an unrelated party. In July 2025, Congress passed the OBBBA which affirmed the provisions of the nuclear PTC with no material changes. See Note 17 — Subsequent Events for additional information.
For the three and six months ended June 30, 2025, our Consolidated Statements of Operations and Comprehensive Income included an estimated nuclear PTC benefit in Operating revenues of approximately $ 45  million. For the three and six months ended June 30, 2024, our Consolidated Statements of Operations and Comprehensive Income included an estimated nuclear PTC benefit in Operating revenues of $ 408  million and $ 712  million, respectively. Our estimates require the exercise of judgment in determining the amount of nuclear PTC expected for each of our nuclear units. The nuclear PTC continues to be the subject of additional guidance, which may be issued from the U.S. Treasury and IRS sometime in 2025, and may materially impact the total amount of the benefits we receive.
Nuclear PTCs are initially recorded within Other deferred debits and other assets within the Consolidated Balance Sheets and reclassified as a reduction to Accounts payable and accrued expenses when used to reduce our federal income tax payable, or an increase in Cash and cash equivalents or Other current assets when sold, depending on the specific payment terms of each contract.
Cash received in 2025 on sale agreements executed in 2024 was approximately $ 95  million. There were no agreements for sales of nuclear PTCs executed in the first or second quarters of 2024 or 2025. As of June 30, 2025, our Consolidated Balance Sheets reflect no nuclear PTCs as a result of utilization as credits against our current federal income taxes payable. As of December 31, 2024, our Consolidated Balance Sheets reflected $ 185  million of estimated nuclear PTCs within Other deferred debits and other assets, and $ 95  million within Other current assets. Additionally, as of June 30, 2025 and December 31, 2024, we recognized a reduction to Accounts payable and accrued expenses in our Consolidated Balance Sheets of $ 215  million and $ 150  million, respectively, for estimated nuclear PTCs that we have utilized as a credit against our current federal income taxes payable.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 5 — Government Assistance

Many of the state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual or other provisions that require us to refund that compensation up to the amount of the nuclear PTC received or pass through the entirety of the nuclear PTC received. As of June 30, 2025 and December 31, 2024, we have recognized approximately $ 1,060  million and $ 1,030  million, respectively, of estimated payables within Other deferred credits and other liabilities , Accounts payable and accrued expenses or as offsets to Customer accounts receivable in our Consolidated Balance Sheets associated with programs requiring refunds or pass through of the nuclear PTC. During the three and six months ended June 30, 2025, we recognized a pre-tax benefit to net operating revenue of approximately $ 75  million and $ 190  million, respectively, associated with these programs in our Consolidated Statements of Operations and Comprehensive Income, compared to $ 51  million and $ 120  million, recognized during the three and six months ended June 30, 2024, respectively. As with the actual amount of the nuclear PTC earned, which cannot be determined until after the end of the calendar year, any change resulting from additional guidance received may materially impact amounts due under state-sponsored programs.

6. Accounts Receivable
Allowance for Credit Losses on Accounts Receivable
The following table presents the rollforward of allowance for credit losses on Customer accounts receivable. The activity and balances were not material for the six months ended June 30, 2024 given that they do not include any allowance related to the sales of customer accounts receivable disclosed below .

Balance as of December 31, 2024
$ 190  
Plus: Current period provision for expected credit losses
29  
Less: Write-offs, net of recoveries (a)
16  

Balance as of June 30, 2025
$ 203  

__________
(a) Recoveries were not material.
The Allowance for credit losses on Other accounts receivable was not material as of the balance sheet dates.
Unbilled Customer Revenue
We recorded $ 1,067  million and $ 1,109  million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.
Sales of Customer Accounts Receivable
In 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). On December 31, 2024, we amended the Facility. We no longer sell receivables to the Purchasers and all outstanding receivables were assigned back to us. Under the Facility's prior terms, NER sold eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers were reported as sales of receivables in the consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP. As a result of the receivables being assigned back to NER under the amended Facility, NER forgave any and all remaining DPP owed by the Purchasers. The reassignment of receivables resulted in the recognition of $ 1,529 million of Customer accounts receivable as of December 31, 2024. See Note 11 — Debt and Credit Agreements for terms of the amended Facility.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 6 — Accounts Receivable

The following table presents our cash proceeds associated with the Facility prior to the amendment.

Six Months Ended June 30, 2024
Proceeds from new transfers (a)
$ 1,402  
Cash collections received on DPP (b)
4,246  
Cash collections reinvested in the Facility $ 5,648  

__________
(a) Customer accounts receivable sold into the Facility was $ 5,856 million.
(b) Does not include the $ 150  million net cash payments made to the Purchasers in order to reduce the outstanding borrowing amount under the Facility.
We previously recognized the cash proceeds received upon sale in Cash flows from operating activities within the Changes in Other assets and liabilities line in the Consolidated Statements of Cash Flows, which was ($ 4,455 ) million for the six months ended June 30, 2024. The collection and reinvestment of DPP was recognized in Cash flows from investing activities in the Collection of DPP, net line in the Consolidated Statements of Cash Flows, which was $ 4,096 million for the six months ended June 30, 2024.
See Note 15 — Variable Interest Entities for additional information on NER.
Other Sales of Customer Accounts Receivables
We are required, under supplier tariffs, to sell customer receivables to certain utility companies at a nominal discount. The total gross receivables sold were $ 2,045 million and $ 210 million for the six months ended June 30, 2025 and 2024, respectively. Prior to the Facility amendment discussed in the preceding paragraphs, certain accounts receivable subject to these supplier tariffs were sold to the Purchasers under the Facility.

7. Nuclear Decommissioning
Nuclear Decommissioning Asset Retirement Obligations
We have a legal obligation to decommission our nuclear power plants following the permanent cessation of operations. See Note 10 — Asset Retirement Obligations of our 2024 Form 10-K for additional information regarding AROs and the financial statement impact of changes in estimates.
The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2024 to June 30, 2025:

Balance as of December 31, 2024
$ 12,186  

Accretion expense 309  
Net decrease due to changes in, and timing of, estimated future cash flows
( 76 )
Costs incurred related to decommissioning plants ( 8 )

Balance as of June 30, 2025
$ 12,411  

NDT Funds
We had NDT funds totaling $ 18,329 million and $ 17,321  million as of June 30, 2025 and December 31, 2024, respectively. The current portions of the NDT funds, which are included in Other current assets in our Consolidated Balance Sheets, were not material as of June 30, 2025 and December 31, 2024. See Note 16 — Supplemental Financial Information for additional information on activities of the NDT funds.
Accounting Implications of the Regulatory Agreement Units
See Note 1 — Basis of Presentation and Note 10 — Asset Retirement Obligations of our 2024 Form 10-K for additional information on the Regulatory Agreement Units.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 7 — Nuclear Decommissioning

The following table presents our noncurrent payables to ComEd, PECO, CenterPoint, and AEP Texas reflected as Payables related to Regulatory Agreement Units in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024
ComEd $ 4,032   $ 3,780  
PECO 379   247  
CenterPoint
392   365  
AEP Texas
136   126  
Payables related to Regulatory Agreement Units $ 4,939   $ 4,518  

NRC Minimum Funding Requirements
NRC regulations require that licensees of nuclear generating facilities demonstrate reasonable assurance that funds will be available in specified minimum amounts for radiological decommissioning of the facility at the end of its life.
We filed our biennial decommissioning funding status report with the NRC in March 2025 for all units, including our shutdown units, except for STP units which were included in a separate report to the NRC submitted by STPNOC. The status reports demonstrated adequate decommissioning funding assurance based on trust fund values as of December 31, 2024 for all our units except for Peach Bottom Unit 1. Financial assurance for decommissioning Peach Bottom Unit 1 is provided by collections from PECO customers. See Note 10 — Asset Retirement Obligations of our 2024 Form 10-K for additional information.

8. Income Taxes
Rate Reconciliation
The effective income tax rate varies from the U.S. federal statutory rate principally due to the following:

Three Months Ended June 30,
2025
2024

U.S. federal statutory income tax 21.0   % $ 267   21.0   % $ 202  
(Decrease) increase due to:
State income taxes, net of federal income tax benefit (a)
3.8   48   2.5   24  
Foreign tax effects
—   —   0.1   1  
Tax credits

PTC ( 0.9 ) ( 11 ) ( 8.9 ) ( 86 )
Amortization of ITC, including deferred taxes on basis differences ( 0.2 ) ( 3 ) ( 0.2 ) ( 2 )
Other ( 0.2 ) ( 3 ) ( 0.7 ) ( 7 )
Nontaxable or nondeductible items

Share-based payment awards ( 0.1 ) ( 1 ) —   —  
Excess officers compensation 0.7   9   0.5   5  
Other —   —   0.4   4  
Other adjustments

Qualified NDT fund income and losses 10.5   134   1.3   13  
Effective income tax 34.6   % $ 440   16.0   % $ 154  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 8 — Income Taxes

Six Months Ended June 30,
2025
2024

U.S. federal statutory income tax
21.0   % $ 299   21.0   % $ 422  
(Decrease) increase due to:
State income taxes, net of federal income tax benefit (a)
3.3   47   ( 2.0 ) ( 40 )
Foreign tax effects
0.1   1   0.1   2  
Tax credits

PTC
( 0.9 ) ( 13 ) ( 7.4 ) ( 149 )
Amortization of ITC, including deferred taxes on basis differences ( 0.4 ) ( 5 ) ( 0.2 ) ( 4 )
Other ( 0.4 ) ( 5 ) ( 0.7 ) ( 14 )
Nontaxable or nondeductible items

Share-based payment awards ( 2.8 ) ( 40 ) ( 0.8 ) ( 16 )
Excess officers compensation 1.1   16   0.4   8  
Other —   —   0.1   2  
Other adjustments

Qualified NDT fund income and losses
11.4   162   5.3   107  
Effective income tax
32.4   % $ 462   15.8   % $ 318  

__________
(a) State taxes in California, Illinois, Maryland, Massachusetts, and New Jersey made up the majority (greater than 50%) of the tax effect in this category.
Other Tax Matters
One Big Beautiful Bill Act
In July 2025, Congress passed the OBBBA which among other things included certain changes in tax law. See Note 17 — Subsequent Events for additional information.
Tax Matters Agreement
In connection with the separation, we entered a TMA with Exelon. The TMA governs the respective rights, responsibilities, and obligations between us and Exelon after the separation with respect to tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns.
Responsibility and Indemnification for Taxes. As a former subsidiary of Exelon, we have joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods in which we were included in joint federal and state filings. However, the TMA specifies the portion of this tax liability for which we will bear contractual responsibility, and we and Exelon agreed to indemnify each other against any amounts for which such indemnified party is not responsible. Specifically, we will be liable for taxes due and payable in connection with tax returns that we are required to file. We will also be liable for our share of certain taxes required to be paid by Exelon with respect to taxable years or periods (or portions thereof) ending on or prior to the separation to the extent that we would have been responsible for such taxes under the Exelon tax sharing agreement then existing. As of June 30, 2025 and December 31, 2024, respectively, our Consolidated Balance Sheets reflect $ 42 million and $ 39 million in Other deferred credits and other liabilities, for tax liabilities where we maintain contractual responsibility to Exelon.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 8 — Income Taxes

Tax Refunds and Attributes. The TMA provides for the allocation of certain pre-closing tax attributes between us and Exelon. Tax attributes will be allocated in accordance with the principles set forth in the existing Exelon tax sharing agreement, unless otherwise required by law. Under the TMA, we will be entitled to refunds for taxes for which we are responsible. In addition, it is expected that Exelon will have tax attributes that may be used to offset Exelon’s future tax liabilities. A significant portion of such attributes were generated by our business. In February 2024, we executed an amendment to the TMA that modified the timing of Exelon's payment of amounts due to us. During the second quarter of 2025 and 2024, we received payments for tax attributes utilized by Exelon related to the 2024 and 2023 tax years of $ 127 million and $ 183 million, respectively. As of June 30, 2025 and December 31, 2024, respectively, we had $ 174 million and $ 138 million in Other accounts receivable and $ 38 million and $ 201 million in Other deferred debits and other assets for the reclassified tax attributes expected to be utilized by Exelon after separation in accordance with the terms of the TMA.

9. Retirement Benefits
Components of Net Periodic Benefit (Credits) Costs
See Note 1 — Basis of Presentation of our 2024 Form 10-K for additional information on where we report the service cost and other non-service cost (credit) components for all plans.
T he following tables present the components of our net periodic benefit (credit) cost for the three and six months ended June 30, 2025 and 2024. The amounts below are shown prior to capitalization and co-owner allocations, the effects of which were not material for any of the periods presented.

Pension Benefits OPEB Total Pension Benefits and OPEB
Three Months Ended June 30, 2025 2024 2025 2024 2025 2024
Components of net periodic benefit (credit) cost:
Service cost $ 21   $ 23   $ 5   $ 5   $ 26   $ 28  
Non-service components of pension benefits & OPEB (credit) cost:
Interest cost 101   96   20   18   121   114  
Expected return on assets ( 123 ) ( 124 ) ( 8 ) ( 10 ) ( 131 ) ( 134 )
Amortization of:
Prior service (credit) cost —   —   ( 1 ) ( 1 ) ( 1 ) ( 1 )
Actuarial (gain) loss 25   26   ( 2 ) ( 2 ) 23   24  
Settlement charges —   1   —   —   —   1  
Non-service components of pension benefits & OPEB (credit) cost 3   ( 1 ) 9   5   12   4  
Net periodic benefit (credit) cost
$ 24   $ 22   $ 14   $ 10   $ 38   $ 32  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 9 — Retirement Benefits

Pension Benefits OPEB Total Pension Benefits and OPEB
Six Months Ended June 30, 2025 2024 2025 2024 2025 2024
Components of net periodic benefit (credit) cost:
Service cost $ 42   $ 45   $ 9   $ 9   $ 51   $ 54  
Non-service components of pension benefits & OPEB (credit) cost:
Interest cost 203   191   39   36   242   227  
Expected return on assets ( 245 ) ( 248 ) ( 16 ) ( 21 ) ( 261 ) ( 269 )
Amortization of:
Prior service (credit) cost —   —   ( 3 ) ( 3 ) ( 3 ) ( 3 )
Actuarial (gain) loss 51   51   ( 4 ) ( 4 ) 47   47  
Settlement charges —   4   —   —   —   4  
Non-service components of pension benefits & OPEB (credit) cost 9   ( 2 ) 16   8   25   6  
Net periodic benefit (credit) cost
$ 51   $ 43   $ 25   $ 17   $ 76   $ 60  

10. Derivative Financial Instruments
We use derivative instruments to manage commodity price risk, interest rate risk, and foreign exchange risk related to ongoing business operations.
Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments, including NPNS, are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. All derivative instruments, excluding NPNS, are recorded at fair value through earnings. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle, and revenue or expense is recognized in earnings as the underlying physical commodity is delivered.
Authoritative guidance about offsetting assets and liabilities requires the fair value of derivative instruments to be shown in the Combined Notes to Consolidated Financial Statements on a gross basis, even when the derivative instruments are subject to legally enforceable master netting agreements and qualify for net presentation in the Consolidated Balance Sheets. A master netting agreement is an agreement between two counterparties that may have derivative and non-derivative contracts with each other providing for the net settlement of all referenced contracts via one payment stream, which takes place as the contracts deliver, when collateral is requested or in the event of default. In the tables below, which present fair value balances, our energy-related economic hedges are shown gross. The impact of the netting of fair value balances with the same counterparty that are subject to legally enforceable master netting agreements, as well as netting of cash collateral, including margin on exchange positions, is aggregated in the collateral and netting columns.
Our use of cash collateral is generally unrestricted unless we were downgraded below investment grade. As our senior unsecured debt rating is currently rated at BBB+ and Baa1 by S&P and Moody's, respectively, it would take a three-notch downgrade by S&P or Moody's for our rating to go below investment grade.
Commodity Price Risk
We employ established policies and procedures to manage our risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, including swaps, futures, forwards, options, and short-term and long-term commitments to purchase and sell energy and energy-related products. We believe these instruments, which are either determined to be non-derivative or classified as economic hedges, mitigate exposure to fluctuations in commodity prices.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 10 — Derivative Financial Instruments

To the extent the amount of energy we produce or procure differs from the amount of energy we have contracted to sell, we are exposed to market fluctuations in the prices of electricity, natural gas, and other commodities. We use a variety of derivative and non-derivative instruments to manage the commodity price risk of our electric generation facilities, including power and gas sales, fuel and power purchases, natural gas transportation and pipeline capacity agreements, and other energy-related products marketed and purchased. To manage these risks, we may enter into fixed-price derivative or non-derivative contracts to hedge the variability in future cash flows from expected sales of power and gas and purchases of power and fuel. The objectives for executing such hedges include fixing the price for a portion of anticipated future electricity sales at a level that provides an acceptable return. We are also exposed to differences between the locational settlement prices of certain economic hedges and the hedged generating units. This price difference is actively managed through other instruments which include derivative congestion products, whose changes in fair value are recognized in earnings each period, and auction revenue rights, which are accounted for on an accrual basis.
In general, increases and decreases in forward market prices have a positive and negative impact, respectively, on owned and contracted generation positions that have not been hedged. Beginning in 2024, our existing nuclear fleet is eligible for a nuclear PTC, an important tool in managing commodity price risk for each nuclear unit not already receiving state support. The nuclear PTC provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted for inflation annually through the duration of the program based on the GDP price deflator for the preceding calendar year. See Note 5 — Government Assistance for additional information.
In locations and periods where our load serving activities do not naturally offset existing generation portfolio risk, remaining commodity price exposure is managed through portfolio hedging activities. Portfolio hedging activities are generally concentrated in the prompt three years, when customer demand and market liquidity enable effective price risk mitigation. During this prompt three-year period, we seek to mitigate the price risk associated with our load serving contracts, non-nuclear generation, and any residual price risk for our nuclear generation that the nuclear PTC and state programs may not fully mitigate. We also enter transactions that further optimize the economic benefits of our overall portfolio.
The following tables provide a summary of the commodity derivative fair value balances recorded as of June 30, 2025 and December 31, 2024:

June 30, 2025 Economic Hedges
Collateral (a)
Netting (a)
Total
Mark-to-market derivative assets (current)
$ 6,788   $ 240   $ ( 6,314 ) $ 714  
Mark-to-market derivative assets (noncurrent)
4,985   178   ( 4,637 ) 526  
Total mark-to-market derivative assets 11,773   418   ( 10,951 ) 1,240  
Mark-to-market derivative liabilities (current)
( 6,940 ) 227   6,314   ( 399 )
Mark-to-market derivative liabilities (noncurrent)
( 5,256 ) 202   4,637   ( 417 )
Total mark-to-market derivative liabilities ( 12,196 ) 429   10,951   ( 816 )
Total mark-to-market derivative net assets (liabilities)
$ ( 423 ) $ 847   $ —   $ 424  

December 31, 2024
Mark-to-market derivative assets (current)
$ 5,518   $ 152   $ ( 4,860 ) $ 810  
Mark-to-market derivative assets (noncurrent)
3,672   120   ( 3,421 ) 371  
Total mark-to-market derivative assets 9,190   272   ( 8,281 ) 1,181  
Mark-to-market derivative liabilities (current)
( 5,498 ) 173   4,860   ( 465 )
Mark-to-market derivative liabilities (noncurrent)
( 3,961 ) 141   3,421   ( 399 )
Total mark-to-market derivative liabilities ( 9,459 ) 314   8,281   ( 864 )
Total mark-to-market derivative net assets (liabilities)
$ ( 269 ) $ 586   $ —   $ 317  

_________
(a) We net all available amounts allowed in our Consolidated Balance Sheets in accordance with authoritative guidance for derivatives. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 10 — Derivative Financial Instruments

Economic Hedges (Commodity Price Risk)
For the three and six months ended June 30, 2025 and 2024, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.

Three Months Ended June 30, Six Months Ended June 30,
Income Statement Location 2025 2024 2025 2024
Operating revenues $ 89   $ 192   $ ( 197 ) $ 255  
Purchased power and fuel 75   397   39   523  
Total $ 164   $ 589   $ ( 158 ) $ 778  

Interest Rate and Foreign Exchange Risk
We utilize interest rate swaps to manage our interest rate exposure and foreign currency derivatives to manage foreign exchange rate exposure associated with international commodity purchases in currencies other than U.S. dollars, both of which are treated as economic hedges. The notional amounts were $ 1,065 million and $ 592 million as of June 30, 2025 and December 31, 2024, respectively.
The mark-to-market derivative assets and liabilities as of June 30, 2025 and December 31, 2024 and the mark-to-market gains and losses associated with management of interest rate and foreign currency risk for the three and six months ended June 30, 2025 and 2024 were not material. The mark-to-market gains and losses associated with management of interest rate and foreign currency exchange rate risk are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.
Credit Risk
We would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts as of the reporting date.
For commodity derivatives, we enter into enabling agreements that allow for payment netting with our counterparties, which reduces our exposure to counterparty risk by providing for the offset of amounts payable to the counterparty against amounts receivable from the counterparty. Typically, each enabling agreement is for a specific commodity and, with respect to each individual counterparty, netting is limited to t ransactions involving that specific commodity product, except where master netting agreements exist with a counterparty that allows for cross product netting. In addition to payment netting language in the enabling agreement, our credit department establishes credit limits, margining thresholds and collateral requirements for each counterparty, which are defined in the derivative contracts. Counterparty credit limits are based on an internal credit review process that considers a variety of factors, including the results of a scoring model, leverage, liquidity, profitability, credit ratings by credit rating agencies, and other risk management criteria. To the extent that a counterparty’s margining thresholds are exceeded, the counterparty is required to post collateral with us, as specified in each enabling agreement. Our credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 10 — Derivative Financial Instruments

The following tables provide information on the credit exposure for derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 2025. The amounts in the tables below exclude credit risk exposure from individual retail counterparties, forward values on non-derivative contracts and exposure through RTOs, ISOs, as well as NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties.

Rating as of June 30, 2025 Total Exposure Before Credit Collateral
Credit Collateral (a)
Net Exposure
Number of Counterparties Greater than 10% of Net Exposure
Net Exposure of Counterparties Greater than 10% of Net Exposure

Investment grade $ 1,003   $ 12   $ 991   1   $ 175  
Non-investment grade 21   6   15   —   —  
No external ratings
Internally rated — investment grade 87   5   82   —   —  
Internally rated — non-investment grade 188   69   119   —   —  
Total $ 1,299   $ 92   $ 1,207   1   $ 175  
__________
(a) As of June 30, 2025, credit collateral held from counterparties where we had credit exposure included $ 1 million of cash and $ 91 million of letters of credit.

Net Credit Exposure by Type of Counterparty As of June 30, 2025
Investor-owned utilities, marketers, power producers $ 991  
Energy cooperatives and municipalities 86  
Financial Institutions 84  
Other 46  
Total $ 1,207  

Credit-Risk-Related Contingent Features
As part of the normal course of business, we routinely enter into physically and financially settled contracts for the purchase and sale of capacity, electricity, fuels, emissions allowances, and other energy-related products. Certain of our derivative instruments contain provisions that require us to post collateral. We also enter into commodity transactions on exchanges where the exchanges act as the counterparty to each trade. Transactions on the exchanges must adhere to comprehensive collateral and margining requirements. This collateral may be posted in the form of cash or credit support with thresholds contingent upon our credit ratings from S&P and Moody's. The collateral and credit support requirements vary by contract and by counterparty. These credit-risk-related contingent features stipulate that if we were to be downgraded or lose our investment grade credit ratings (based on our senior unsecured debt rating), we would be required to provide additional collateral. This incremental collateral requirement allows for the offsetting of derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master netting agreements. In the absence of expressly agreed-to provisions that specify the collateral that must be provided, collateral requested will be a function of the facts and circumstances of the situation at the time of the demand. In such cases, we believe an amount of several months of future payments (e.g., capacity payments) rather than a calculation of fair value is a reasonable estimate for the contingent collateral obligation, which has been factored into the disclosure below.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 10 — Derivative Financial Instruments

The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below:

Credit-Risk-Related Contingent Features June 30, 2025 December 31, 2024
Gross fair value of derivative contracts containing this feature
$ ( 1,276 ) $ ( 1,346 )
Offsetting fair value of contracts under master netting arrangements
534   602  
Net fair value of derivative contracts containing this feature $ ( 742 ) $ ( 744 )

As of June 30, 2025 and December 31, 2024, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements.

June 30, 2025 December 31, 2024
Cash collateral posted (a)
$ 882   $ 635  
Letters of credit posted (a)
1,009   890  
Cash collateral held (a)
35   49  
Letters of credit held (a)
129   91  
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c)(d)
2,446   1,949  

__________
(a) The cash collateral and letters of credit amounts are inclusive of NPNS contracts.
(b) Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty.
(c) The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties.
(d) A loss of investment grade credit rating would require a three-notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively.
We routinely enter into supply forward contracts with certain utilities with one-sided collateral postings only from us. If market prices fall below the benchmark price levels in these contracts, the utilities are not required to post collateral. However, when market prices rise above the benchmark price levels, we are required to post collateral once certain unsecured credit limits are exceeded.

11. Debt and Credit Agreements
Short-Term Borrowings
We meet our short-term liquidity requirements primarily through the issuance of commercial paper. We may use our credit facility for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.
Credit Agreements
In June 2024, we amended our existing $ 3.5  billion revolving credit facility (RCF), to increase the available aggregate commitment to $ 4.5  billion and extend the maturity date from January 2027 to June 2029. The RCF may be drawn down in the form of loans and/or to support commercial paper and letters of credit issuances.
The RCF fixed facility fee rate is 0.175 % and borrowings under the RCF bear interest at a rate based upon either the Daily Simple SOFR rate or a Term SOFR rate, plus an adder based upon our credit ratings. The adders for the Daily Simple SOFR-based borrowings and Term SOFR borrowings are 7.5 basis points and 107.5 basis points, respectively. The letters of credit bear interest at a rate of 1.075 %.
If we were to lose our investment grade credit rating, the maximum adders for Daily Simple SOFR rate borrowings and Term SOFR rate borrowings would be 100 basis points and 200 basis points, respectively. The
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 11 — Debt and Credit Agreements

credit agreements also require us to pay facility fees based upon the aggregate commitments. The fees vary depending upon our credit rating.
Accounts Receivable Facility
In December 2024, we amended the Facility to provide NER access to revolving loans from a number of financial institutions (Lenders) secured by certain customer accounts receivable. As part of the amendment, the maximum funding limit of the Facility was increased from $ 1.1  billion to $ 1.5  billion and the maturity date was extended to December 2027. Under previous terms of the Facility, certain customer accounts receivable were sold to the Purchasers. Immediately following the amendment, all receivables previously sold were assigned back to us and receivables will no longer be sold to the Purchasers under the amendment. Subsequent to the amendment, draws and repayments related to the Facility will be reflected as Proceeds from short-term borrowings and Repayments of short-term borrowings, respectively, in the Consolidated Statements of Cash Flows. Draws on the facility bear interest at a commercial paper rate or a Daily One Month Term SOFR or Term SOFR rate, plus an adder of 0.10 % per annum. Interest is payable monthly. There were no draws on the Facility as of June 30, 2025.
The amended Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Lenders. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Lenders. When eligible receivables exceed cash proceeds, we have the ability to increase the cash proceeds received up to the maximum funding limit.
As of June 30, 2025 and December 31, 2024, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:

June 30, 2025
Facility Type Aggregate Bank Commitment Facility Draws Outstanding Letters of Credit Outstanding Commercial Paper (a)
Total Available Capacity
Revolving Credit Facility $ 4,500   $ —   $ 49   $ —   $ 4,451  
Bilaterals (b)
2,350   —   1,167   —   1,183  
Accounts Receivable Facility 1,500   —   —   —   1,500  
Liquidity Facility 971   —   895   —  

51   (c)

Project Finance 137   —   120   —   17  
Total $ 9,458   $ —   $ 2,231   $ —   $ 7,202  

December 31, 2024
Revolving Credit Facility $ 4,500   $ —   $ 51   $ —   $ 4,449  
Bilaterals 1,850   —   1,095   —   755  
Accounts Receivable Facility 1,500   —   —   —   1,500  
Liquidity Facility 971   —   907   —  

21   (c)

Project Finance 137   —   120   —   17  
Total $ 8,958   $ —   $ 2,173   $ —   $ 6,742  

__________
(a) Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of June 30, 2025 and December 31, 2024, the maximum program size of our commercial paper program was $ 4.5  billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. There were no commercial paper borrowings outstanding as of June 30, 2025 and December 31, 2024.
(b) In January 2025, we initiated a new bilateral credit agreement for $ 200  million, with no maturity date. In March 2025, a bilateral credit agreement initiated in March 2023 was extended for an additional two years to March 2027. In March 2025, we initiated a new bilateral credit agreement for $ 300  million, scheduled to mature March 2026.
(c) The maximum amount of the bank commitment is not to exceed $ 971  million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2025 and December 31, 2024, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $ 946  million and $ 928  million, respectively.
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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 11 — Debt and Credit Agreements

Short-Term Loan Agreements
In May 2025, we entered into a term loan agreement for $ 900  million with an expiration of May 2026. Pursuant to the loan agreement, loans made thereunder bear interest at a rate equal to 1-month SOFR + 0.90 % and all indebtedness thereunder is unsecured. The loan is reflected in Short-term borrowings in the Consolidated Balance Sheets as of June 30, 2025.
Long-Term Debt
Debt Issuances and Redemptions
During the six months ended June 30, 2025, the following long-term debt was issued (redeemed):

Type Interest Rate Maturity Amount
2025 Senior Notes 3.25 % June 2025 $ ( 900 )
CR Nonrecourse Debt 3-month SOFR + 2.25 %
December 2027 ( 33 )
West Medway II Nonrecourse Debt 1-month SOFR + 3.225 % - 3.350 %
March 2026 ( 23 )
Tax Exempt Pollution Control Revenue Bonds 4.45 % March 2025 ( 23 )
Continental Wind Nonrecourse Debt 6.00 % February 2033 ( 18 )
Antelope Valley DOE Nonrecourse Debt 2.29 % - 3.56 %
January 2037 ( 9 )
RPG Nonrecourse Debt 4.11 % March 2035 ( 2 )
Total long-term debt issued (redeemed) $ ( 1,008 )

Debt Covenants
As of June 30, 2025, we are in compliance with all debt covenants.

12. Fair Value of Financial Assets and Liabilities
We measure and classify fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:
• Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to liquidate as of the reporting date.
• Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
• Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following table presents the carrying amounts and fair values of our long-term debt and SNF obligation as of June 30, 2025 and December 31, 2024. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.

June 30, 2025 December 31, 2024
Carrying Amount Fair Value Carrying Amount Fair Value
Level 2 Level 3 Total Level 2 Level 3 Total
Long-Term Debt, including amounts due within one year
$ 7,411   $ 6,934   $ 705   $ 7,639   $ 8,412   $ 7,805   $ 716   $ 8,521  
SNF Obligation 1,397   1,311   —   1,311   1,366   1,278   —   1,278  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 12 — Fair Value of Financial Assets and Liabilities

Valuation Techniques Used to Determine Fair Value and Net Asset Value
Our valuation techniques used to measure the fair value and net asset value of the assets and liabilities are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of our 2024 Form 10-K.
Recurring Fair Value Measurements
The following table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets
Cash equivalents (a)
$ 38   $ —   $ —   $ 38   $ 120   $ —   $ —   $ 120  
NDT fund investments
Cash equivalents (b)
490   170   —   660   187   163   —   350  
Equities 5,730   1,663   1   7,394   5,230   1,897   —   7,127  
Fixed income 2,230   1,587   376   4,193   2,089   1,462   368   3,919  
Private credit —   —   127   127   —   —   134   134  
Assets measured at NAV —  —  —  5,955   —  —  —  5,791  

NDT fund investments subtotal (c)
8,450   3,420   504   18,329   7,506   3,522   502   17,321  
Rabbi trust investments 58   40   1   99   58   41   1   100  
Investments in equities 92   —   —   92   389   —   —   389  
Mark-to-market derivative assets
Economic hedges 1,402   6,166   4,218   11,786   1,278   5,306   2,641   9,225  

Effect of netting and allocation of
collateral ( 1,218 ) ( 5,834 ) ( 3,481 ) ( 10,533 ) ( 1,097 ) ( 4,790 ) ( 2,123 ) ( 8,010 )
Mark-to-market derivative assets subtotal 184   332   737   1,253   181   516   518   1,215  

Total assets measured at fair value 8,822   3,792   1,242   19,811   8,254   4,079   1,021   19,145  

Liabilities
Mark-to-market derivative liabilities
Economic hedges ( 1,417 ) ( 6,424 ) ( 4,365 ) ( 12,206 ) ( 1,222 ) ( 5,462 ) ( 2,778 ) ( 9,462 )
Effect of netting and allocation of
collateral
1,357   6,258   3,765   11,380   1,180   5,157   2,259   8,596  
Mark-to-market derivative liabilities subtotal ( 60 ) ( 166 ) ( 600 ) ( 826 ) ( 42 ) ( 305 ) ( 519 ) ( 866 )
Deferred compensation obligation —   ( 111 ) —   ( 111 ) —   ( 93 ) —   ( 93 )
Total liabilities measured at fair value ( 60 ) ( 277 ) ( 600 ) ( 937 ) ( 42 ) ( 398 ) ( 519 ) ( 959 )
Total net assets $ 8,762   $ 3,515   $ 642   $ 18,874   $ 8,212   $ 3,681   $ 502   $ 18,186  

__________
(a) CEG Parent has $ 51 million and $ 130 million of Level 1 cash equivalents as of June 30, 2025 and December 31, 2024, respectively. We exclude cash of $ 1,943 million and $ 2,924 million, and restricted cash of $ 59 million and $ 71 million as of June 30, 2025 and December 31, 2024, respectively. CEG Parent has excluded an additional $ 9 million and $ 4 million of cash as of June 30, 2025 and December 31, 2024, respectively.
(b) Includes net liabilities of $ 135 million and $ 148 million as of June 30, 2025 and December 31, 2024, respectively, which consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less.
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(Dollars in millions, unless otherwise noted)

Note 12 — Fair Value of Financial Assets and Liabilities

(c) Includes total NDT derivative assets and liabilities that are not material, which have notional amounts of $ 1,514 million and $ 1,119 million as of June 30, 2025 and December 31, 2024, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss.
As of June 30, 2025, our NDTs have outstanding commitments to invest in private credit, private equity, and real assets of $ 504 million, $ 436 million, and $ 568 million, respectively. These commitments will be funded by our existing NDT funds.
Equity Security Investments without Readily Determinable Fair Values. We hold investments without readily determinable fair values with carrying amounts of $ 204 million and $ 150 million as of June 30, 2025 and December 31, 2024, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three and six months ended June 30, 2025 and the year ended December 31, 2024.
Reconciliation of Level 3 Assets and Liabilities
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025
NDT Fund Investments Mark-to-Market Derivatives Rabbi Trust Investments Total
Balance as of April 1, 2025
$ 502   $ ( 18 ) $ 1   $ 485  
Total realized / unrealized gains (losses)
Included in net income (loss) 1   94   (a)
—   95  
Included in Payables related to Regulatory Agreement Units
3   —   —   3  
Change in collateral —   80   —   80  
Purchases, sales, issuances and settlements
Purchases —   36   —   36  
Sales —   ( 2 ) —   ( 2 )
Settlements ( 2 ) —  

—   ( 2 )
Transfers into Level 3 —   ( 42 ) (b)
—   ( 42 )
Transfers out of Level 3 —   ( 11 ) (b)
—   ( 11 )
Balance as of June 30, 2025
$ 504   $ 137   $ 1   $ 642  
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2025
$ 1   $ 206   $ —   $ 207  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 12 — Fair Value of Financial Assets and Liabilities

Three Months Ended June 30, 2024
NDT Fund Investments Mark-to-Market Derivatives Rabbi Trust Investments
Total
Balance as of April 1, 2024
$ 460   $ 518   $ 1   $ 979  
Total realized / unrealized gains (losses)
Included in net income (loss) —   ( 185 ) (a)
—   ( 185 )
Included in Payables related to Regulatory Agreement Units
1   —   —   1  
Change in collateral —   ( 40 ) —   ( 40 )
Purchases, sales, issuances and settlements
Purchases 33   14   —   47  
Sales —   ( 39 ) —   ( 39 )
Settlements ( 2 ) —   —   ( 2 )
Transfers into Level 3 —   30   (b)
—   30  
Transfers out of Level 3 —   14   (b)
—   14  
Balance as of June 30, 2024
$ 492   $ 312   $ 1   $ 805  
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024
$ —   $ ( 4 ) $ —   $ ( 4 )

Six Months Ended June 30, 2025
NDT Fund Investments Mark-to-Market Derivatives Rabbi Trust Investments Total
Balance as of January 1, 2025
$ 502   $ ( 1 ) $ 1   $ 502  
Total realized / unrealized gains (losses)
Included in net income (loss) 2   ( 37 ) (a)
—   ( 35 )
Included in Payables related to Regulatory Agreement Units
3   —   —   3  
Change in collateral —   147   —   147  
Purchases, sales, issuances and settlements
Purchases —   51   —   51  
Sales —   ( 5 ) —   ( 5 )
Settlements ( 4 ) —   —   ( 4 )
Transfers into Level 3 1   ( 43 ) (b)
—   ( 42 )
Transfers out of Level 3 —   25   (b)
—   25  
Balance as of June 30, 2025
$ 504   $ 137   $ 1   $ 642  
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2025
$ 2   $ 110   $ —   $ 112  

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Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 12 — Fair Value of Financial Assets and Liabilities

Six Months Ended June 30, 2024
NDT Fund Investments Mark-to-Market Derivatives Rabbi Trust Investments Total
Balance as of January 1, 2024
$ 429   $ 869   $ 1   $ 1,299  
Total realized / unrealized gains (losses)
Included in net income (loss) —   ( 491 ) (a)
—   ( 491 )
Included in Payables related to Regulatory Agreement Units
4   —   —   4  
Change in collateral —   ( 7 ) —   ( 7 )
Purchases, sales, issuances and settlements
Purchases 66   18   —   84  
Sales —   ( 83 ) —   ( 83 )
Settlements ( 7 ) ( 2 ) —   ( 9 )
Transfers into Level 3 —   39   (b)
—   39  
Transfers out of Level 3 —   ( 31 ) (b)
—   ( 31 )
Balance as of June 30, 2024
$ 492   $ 312   $ 1   $ 805  
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024
$ —   $ 25   $ —   $ 25  

__________
(a) Includes a reduction of ($ 112 ) million and ($ 147 ) million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2025, respectively. Includes a reduction of ($ 181 ) million and ($ 518 ) million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2024, respectively.
(b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts.
The following table presents the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,
Operating Revenues Purchased Power and Fuel Other, net

2025 2024 2025 2024 2025 2024
Total gains (losses) included in net income $ ( 37 ) $ ( 103 ) $ 131   $ ( 82 ) $ 1   $ —  
Total unrealized gains (losses) 74   113   132   ( 117 ) 1   —  

Six Months Ended June 30,
Operating Revenues Purchased Power and Fuel Other, net

2025 2024 2025 2024 2025 2024
Total gains (losses) included in net income $ 1   $ ( 275 ) $ ( 38 ) $ ( 218 ) $ 2   $ —  
Total unrealized gains (losses) 66   261   44   ( 236 ) 2   —  

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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 12 — Fair Value of Financial Assets and Liabilities

Mark-to-Market Derivatives
The following table presents the significant inputs to the forward curve used to value these positions:

Type of trade Fair Value as of June 30, 2025 Fair Value as of December 31, 2024 Valuation Technique
Unobservable Input
2025 Range & Arithmetic Average
2024 Range & Arithmetic Average

Mark-to-market derivatives—Economic hedges (a)(b)
$ ( 147 ) $ ( 137 ) Discounted Cash Flow Forward power price $ 5.24 - $ 142
$ 52 $ 2.57 - $ 140
$ 49
Forward gas price $ 1.42 - $ 14
$ 3.98 $ 2.09 - $ 15
$ 3.68
Option Model Volatility percentage 12 % - 131 %
62 % 23 % - 141 %
57 %

__________
(a) The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions.
(b) The fair values do not include cash collateral posted (received) on Level 3 positions of $ 284 million and $ 136 million as of June 30, 2025 and December 31, 2024, respectively.
The inputs listed above, which are as of the balance sheet date, would have a direct impact on the fair values of the above instruments if they were adjusted. The significant unobservable inputs used in the fair value measurement of our commodity derivatives are forward commodity prices and for options is price volatility. Increases (decreases) in the forward commodity price in isolation would result in significantly higher (lower) fair values for long positions (contracts that give us the obligation or option to purchase a commodity), with offsetting impacts to short positions (contracts that give us the obligation or right to sell a commodity). Increases (decreases) in volatility would increase (decrease) the value for the holder of the option (writer of the option). Generally, a change in the estimate of forward commodity prices is unrelated to a change in the estimate of volatility of prices. An increase to the heat rate would increase the fair value accordingly. Generally, interrelationships exist between market prices of natural gas and power. As such, an increase in natural gas pricing would potentially have a similar impact on forward power markets.

13. Commitments and Contingencies
Commitments
Commercial Commitments. Commercial commitments as of June 30, 2025, representing commitments potentially triggered by future events, were as follows:

Expiration within
2025 2026 2027 2028 2029 2030 and beyond Total
Letters of credit $ 1,366   $ 743   $ 1   $ 120   $ —   $ 1   $ 2,231  
Surety bonds (a)
386   251   —   214   —   —   851  
Total commercial commitments $ 1,752   $ 994   $ 1   $ 334   $ —   $ 1   $ 3,082  

__________
(a) Surety bonds — Guarantees issued related to contract and commercial agreements, excluding bid bonds.
Environmental Remediation Matters
General. Our operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under Federal and state environmental laws, we are generally liable for the costs of remediating environmental contamination of property now or formerly owned by us and of property contaminated by hazardous substances generated by us. We own or lease several real estate parcels, including parcels on which our operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, we are currently involved in proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, we cannot reasonably estimate whether we will incur significant
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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 13 — Commitments and Contingencies

liabilities for additional investigation and remediation costs at these or additional sites identified by us, environmental agencies, or others. Additional costs could have a material, unfavorable impact on our consolidated financial statements.
As of June 30, 2025 and December 31, 2024, we had accrued undiscounted amounts for environmental liabilities of $ 10 million and $ 60 million, respectively, in Accounts payable and accrued expenses and $ 166 million and $ 169 million, respectively, in Other deferred credits and other liabilities in the Consolidated Balance Sheets. See Note 18 — Commitments and Contingencies of our 2024 Form 10-K for additional information on environmental remediation matters. As of June 30, 2025, and through the date of filing, there have been no material changes in amounts recognized for the matters discussed in our 2024 Form 10-K.
Litigation
We are involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. We maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.
See Note 18 — Commitments and Contingencies of our 2024 Form 10-K for additional information on litigation matters. As of June 30, 2025, and through the date of filing, there have been no material changes in amounts recognized for the matters discussed in our 2024 Form 10-K.

14. Shareholders' Equity
Share Repurchase Program (CEG Parent)
Since 2023, our Board of Directors authorized the repurchase of up to $ 3  billion of the Company's outstanding common stock. As of June 30, 2025, there was approximately $ 540 million of remaining authority to repurchase shares of the Company's outstanding common stock, which reflects the net impact of capped call options not yet settled, as discussed below. No other repurchase plans or programs have been authorized. See Note 19 — Shareholders' Equity of our 2024 Form 10-K for additional information on our share repurchase program.
During the three and six months ended June 30, 2025, there were no open market repurchases. During the six months ended June 30, 2024, we repurchased from the open market 1.2  million shares of our common stock for a total cost, inclusive of taxes and transaction costs, of $ 150  million. There were no open market repurchases during the three months ended June 30, 2024.
In 2024 and 2025, we entered into ASR agreements with financial institutions to initiate share repurchases of our common stock. Under the ASR agreements, we paid a specified amount to the financial institutions and received an initial delivery of shares of common stock, which resulted in an immediate reduction in the number of our shares outstanding. Based on the terms of the ASR agreements, we received an initial share delivery based on 80 % of each ASR agreements' cost. Upon settlement of the ASR agreements, the financial institution delivers additional incremental shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the average of the daily-volume weighted average share price, less a discount.
Under the terms of the ASR agreement entered into in June 2025, which initiated share repurchases of our common stock for $ 404 million, inclusive of taxes and other transaction costs, we received an initial share delivery of approximately 1.1 million shares of our common stock. The remaining shares will be delivered upon completion of the transaction in the third quarter of 2025.
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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 14 — Shareholders' Equity

The following table summarizes the activity of our ASR agreement for the six months ended June 30, 2024:

(in millions, except average price paid per share)
ASR Agreement Initiation Total Cost Initial Shares Received ASR Agreement Settlement Additional Shares Received Total Number of Shares Purchased Average Price Paid per Share
March 2024 $ 354   1.7   May 2024 0.2   1.9   $ 182.65  
May 2024 $ 505   1.8   July 2024 0.6   2.4   $ 211.40  

Capped Call Options. In February 2025, we entered into two structured share repurchase agreements. Under these agreements, we were required to make up-front cash payments totaling $ 150  million in exchange for the right to receive a predetermined amount of shares of our common stock or cash at expiration, depending upon the closing price of our common stock on the respective settlement dates. If either option is exercised, we would receive shares which would reduce the number of our total shares outstanding. If the options are not exercised, we will receive our initial up-front cash payment plus a nominal cash premium at the expiration of the agreements. The cash received will restore the remaining authority available for repurchases. Any prepayments or cash payments at settlement are recorded in Common Stock on our Consolidated Balance Sheet and as a financing activity within our Consolidated Statement of Cash Flows. During the second quarter of 2025, one agreement expired unexercised, resulting in the return of the $ 100  million initial up-front cash payment plus a nominal cash premium. The remaining agreement expires in August 2025.
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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 14 — Shareholders' Equity

Changes in Accumulated Other Comprehensive Loss (All Registrants)
The following tables present changes in AOCI, net of tax, by component:

Three Months Ended June 30, 2025 Gains (losses) on Cash Flow Hedges Pension and OPEB Items (a)
Foreign Currency Items Total
Beginning balance $ ( 4 ) $ ( 2,279 ) $ ( 26 ) $ ( 2,309 )
OCI before reclassifications —   —   20   20  
Amounts reclassified from AOCI 1   16   —   17  
Net current-period OCI 1   16   20   37  
Ending balance $ ( 3 ) $ ( 2,263 ) $ ( 6 ) $ ( 2,272 )

Three Months Ended June 30, 2024
Beginning balance $ ( 10 ) $ ( 2,143 ) $ ( 27 ) $ ( 2,180 )
OCI before reclassifications —   ( 2 ) ( 1 ) ( 3 )
Amounts reclassified from AOCI 2   20   —   22  
Net current-period OCI 2   18   ( 1 ) 19  
Ending balance $ ( 8 ) $ ( 2,125 ) $ ( 28 ) $ ( 2,161 )

Six Months Ended June 30, 2025
Beginning balance $ ( 6 ) $ ( 2,262 ) $ ( 34 ) $ ( 2,302 )
OCI before reclassifications —   ( 34 ) 28   ( 6 )
Amounts reclassified from AOCI 3   33   —   36  
Net current-period OCI 3   ( 1 ) 28   30  
Ending balance $ ( 3 ) $ ( 2,263 ) $ ( 6 ) $ ( 2,272 )

Six Months Ended June 30, 2024
Beginning balance $ ( 10 ) $ ( 2,157 ) $ ( 24 ) $ ( 2,191 )
OCI before reclassifications —   ( 5 ) ( 4 ) ( 9 )
Amounts reclassified from AOCI 2   37   —   39  
Net current-period OCI 2   32   ( 4 ) 30  
Ending balance $ ( 8 ) $ ( 2,125 ) $ ( 28 ) $ ( 2,161 )

__________
(a) AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 9 — Retirement Benefits for additional information. See our Consolidated Statements of Operations and Comprehensive Income for individual components of AOCI.
The following table presents income tax (expense) benefit allocated to each component of our other comprehensive income (loss):

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Pension and OPEB plans:

Actuarial loss reclassified to periodic benefit cost $ ( 6 ) $ ( 6 ) $ ( 12 ) $ ( 12 )
Pension and OPEB plans valuation adjustment —   —   12   2  

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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 15 — Variable Interest Entities

15. Variable Interest Entities
At June 30, 2025 and December 31, 2024, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles.
Consolidated VIEs
The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of June 30, 2025 and December 31, 2024. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit.

June 30, 2025 December 31, 2024
Cash and cash equivalents $ 81   $ 59  
Restricted cash and cash equivalents 60   50  
Accounts receivable
       Customer accounts receivable, net
2,108   2,134  
       Other accounts receivable, net
12   12  
Inventories, net
       Materials and supplies
13   13  
Other current assets 34   38  
Total current assets 2,308   2,306  
Property, plant, and equipment, net 1,983   2,025  
Other noncurrent assets 132   142  
Total noncurrent assets 2,115   2,167  
Total assets (a)
$ 4,423   $ 4,473  

Long-term debt due within one year $ 65   $ 64  
Accounts payable and accrued expenses
50   54  
Other current liabilities
1   —  
Total current liabilities 116   118  
Long-term debt 614   642  
Asset retirement obligations 212   206  
Other noncurrent liabilities 2   2  
Total noncurrent liabilities 828   850  
Total liabilities
$ 944   $ 968  

__________
(a) Our balances include unrestricted assets for current unamortized energy contract assets of $ 19  million and $ 22  million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $ 125  million and $ 133  million, disclosed within other noncurrent assets in the table above as of June 30, 2025 and December 31, 2024, respectively.
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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 15 — Variable Interest Entities

As of June 30, 2025 and December 31, 2024, our consolidated VIEs included the following:

Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary:
CRP - A collection of wind and solar project entities. We have a 51 % equity ownership in CRP. See additional discussion below.
Similar structure to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.
We conduct the operational activities.
Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.
We conduct the operational activities.
Antelope Valley - A solar generating facility, which is 100 % owned by us. Antelope Valley sells all of its output to PG&E through a PPA.
The PPA contract absorbs variability through a performance guarantee. We conduct all activities.
NER - A bankruptcy remote, special purpose entity which is 100 % owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity and gas.

NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables.
Equity capitalization is insufficient to support its operations. We conduct all activities.

Unconsolidated VIEs
Our variable interests in unconsolidated VIEs generally include energy purchase and sale contracts. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements.
As of June 30, 2025 and December 31, 2024, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain commercial agreements.
The following table presents summary information about our significant unconsolidated VIE entities:

June 30, 2025 December 31, 2024
Commercial Agreement VIEs:

Total assets (a)
$ 628   $ 617  
Total liabilities (a)
53   42  

Other ownership interests in VIE (a)
575   575  

__________
(a) These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs.
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Table of Contents
Combined Notes to Consolidated Financial Statements
(Dollars in millions, unless otherwise noted)

Note 15 — Variable Interest Entities

As of June 30, 2025 and December 31, 2024 the unconsolidated VIEs consist of:

Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary:
Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. PPA contracts that absorb variability through fixed pricing. We do not conduct the operational activities.

16. Supplemental Financial Information
Supplemental Statement of Operations and Comprehensive Income Information
The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income.

Three Months Ended June 30, Six Months Ended June 30,
Operating revenues 2025 2024 2025 2024

Variable lease income $ 64   $ 68   $ 117   $ 119  

Three Months Ended June 30, Six Months Ended June 30,
Taxes other than income taxes 2025 2024 2025 2024
Property $ 71   $ 73   $ 142   $ 139  
Payroll 39   35   83   73  
Gross receipts (a)
39   32   77   65  
Other
( 2 ) 2   5   5  
Total taxes other than income taxes
$ 147   $ 142   $ 307   $ 282  

__________
(a) Represent gross receipts taxes related to our retail operations. The offsetting collection of gross receipts taxes from customers is recorded in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income.

Three Months Ended June 30, Six Months Ended June 30,
Other, net 2025 2024 2025 2024
Decommissioning-related activities:
Net realized income on NDT funds (a)

Regulatory Agreement Units $ 131   $ 91   $ 375   $ 257  
Non-Regulatory Agreement Units 73   32   167   115  
Net unrealized gains (losses) on NDT funds