0001868275-22-000067 | 10-Q | XBRL Viewer | Constellation Energy Corp

$ 806

$ 504

120

Customer accounts receivable (net of allowance for credit losses of $49 and $55 as of June 30, 2022 and December 31, 2021, respectively)

1,734

1,669

Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2022 and December 31, 2021)

385

592

1,990

2,169

160

357

284

1,026

1,004

355

520

1,317

1,007

Property, plant, and equipment (net of accumulated depreciation and amortization of $16,165 and $15,873 as of June 30, 2022 and December 31, 2021, respectively)

8,090

7,981

19,739

19,612

14,001

15,938

211

174

1,121

949

1,683

2,137

1,717

17,504

20,493

^[1]

45,333

48,086

200

2,082

184

1,220

2,160

1,757

749

737

131

1,673

981

587

777

325

311

5,878

7,996

4,507

4,575

319

Deferred income taxes and unamortized investment tax credits

2,855

3,703

13,402

12,819

682

862

847

1,213

1,210

3,357

2,265

1,070

513

1,210

1,133

23,559

23,582

^[1]

33,944

36,472

Predecessor Member's Equity

^[2]

11,250

Common stock (No par value, 1,000 shares authorized, 327 shares outstanding as of June 30, 2022)

13,241

Retained earnings

(249)

Total shareholders’ equity

(1,992)

(31)

11,000

11,219

Noncontrolling interests

389

395

Total equity

11,389

11,614

Constellation Energy Generation, LLC

45,333

48,086

803

504

Customer accounts receivable (net of allowance for credit losses of $49 and $55 as of June 30, 2022 and December 31, 2021, respectively)

1,734

1,669

Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2022 and December 31, 2021)

371

592

1,990

2,169

160

357

284

1,026

1,004

355

520

1,314

1,007

Property, plant, and equipment (net of accumulated depreciation and amortization of $16,165 and $15,873 as of June 30, 2022 and December 31, 2021, respectively)

8,018

7,981

19,739

19,612

14,001

15,938

211

174

1,121

949

1,683

2,136

1,717

17,503

20,493

^[3]

45,260

48,086

200

2,082

184

1,220

2,105

1,757

723

737

131

1,673

981

587

777

325

311

5,833

7,996

4,507

4,575

319

Deferred income taxes and unamortized investment tax credits

2,855

3,703

13,402

12,819

682

862

847

1,213

1,210

3,357

2,265

1,070

513

1,189

1,133

23,538

23,582

^[3]

33,878

36,472

Predecessor Member's Equity

12,326

10,482

Retained earnings

659

768

(1,992)

(31)

Allowance for credit losses

$ 45,260

$ 48,086

[1]	Our consolidated assets include $2,798 million and $2,549 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.
[2]	Represents Constellation’s predecessor member's equity prior to the separation transaction. Upon completion of the separation, the predecessor member's equity was transferred to CEG Parent’s Common stock. See Note 1 — Basis of Presentation for additional information on the separation.
[3]	Our consolidated assets include $2,798 million and $2,549 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.

Consolidated Balance Sheets, Parent (Parenthetical)
$ in Millions

Jun. 30, 2022

USD ($)

$ / shares

$ (49)

Allowance for other credit losses

(5)

Accumulated depreciation and amortization

$ 16,165

Common stock, par value (in dollars per share) | $ / shares

$ 0

Common stock, shares authorized (in shares) | shares

1,000,000,000

Common stock, shares outstanding (in shares) | shares

327,000,000

$ 45,333

^[1]

Variable Interest Entity, Primary Beneficiary

33,944

^[1]

3,010

Variable Interest Entity, Primary Beneficiary | Nonrecourse

1,055

Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral

1,054

Beginning Balance at Dec. 31, 2020

$ 2,798

[1]

Our consolidated assets include $2,798 million and $2,549 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.

Consolidated Statements of Changes in Equity, Parent - USD ($)
$ in Millions

Total

Common Stock

Membership Interest

Undistributed Earnings

Accumulated Other Comprehensive Loss, net

Noncontrolling Interests

Predecessor Member's Equity(a)

^[1]

$ 14,676

$ 9,624

$ 2,805

$ (30)

$ 2,277

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Changes in equity of noncontrolling interests

(769)

(793)

(10)

Distributions to member

(458)

Ending Balance at Mar. 31, 2021

13,440

9,624

1,554

(29)

2,291

Beginning Balance at Dec. 31, 2020

14,676

9,624

2,805

(30)

2,277

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(756)

Ending Balance at Jun. 30, 2021

12,985

9,624

1,035

(27)

2,353

Beginning Balance at Mar. 31, 2021

13,440

9,624

1,554

(29)

2,291

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Changes in equity of noncontrolling interests

(61)

(12)

Distributions to member

(458)

Ending Balance at Jun. 30, 2021

12,985

$ 9,624

1,035

(27)

2,353

Beginning Balance (in shares) at Dec. 31, 2021

Beginning balance at Dec. 31, 2021

11,614

$ 0

(31)

395

$ 11,250

Ending Balance (in shares) at Mar. 31, 2022

326,699,000,000

Ending balance at Mar. 31, 2022

11,505

$ 13,212

(91)

(2,016)

400

Beginning Balance (in shares) at Dec. 31, 2021

Beginning balance at Dec. 31, 2021

11,614

$ 0

(31)

395

11,250

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(2)

Ending Balance (in shares) at Jun. 30, 2022

$ 45

327,000,000

326,845,000,000

Ending balance at Jun. 30, 2022

$ 11,389

$ 13,241

(249)

(1,992)

389

Beginning Balance (in shares) at Mar. 31, 2022

326,699,000,000

Beginning balance at Mar. 31, 2022

11,505

$ 13,212

(91)

(2,016)

400

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Employee incentive plan (in shares)

(113)

(111)

(2)

146,000,000

Employee incentive plans

$ 29

Changes in equity of noncontrolling interests

(9)

Common stock dividends

(47)

Ending Balance (in shares) at Jun. 30, 2022

$ 24

327,000,000

326,845,000,000

Ending balance at Jun. 30, 2022

$ 11,389

$ 13,241

$ (249)

$ (1,992)

$ 389

$ 0

[1]	Represents Constellation’s predecessor member's equity prior to the separation transaction. Upon completion of the separation, the predecessor member's equity was transferred to CEG Parent’s Common stock. See Note 1 — Basis of Presentation for additional information on the separation.

Consolidated Statements of Changes in Equity, Parent (Parenthetical) - $ / shares	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.14	$ 0.14

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating revenues
Operating revenues	$ 5,465	$ 3,899	$ 10,896	$ 9,163
Operating revenues from affiliates	0	254	160	549
Total operating revenues	5,465	4,153	11,056	9,712
Operating expenses
Purchased power and fuel	3,508	1,952	7,054	6,562
Purchased power and fuel from affiliates	0	(5)	5	(5)
Operating and maintenance	1,273	1,337	2,433	2,194
Operating and maintenance from affiliates	0	137	44	282
Depreciation and amortization	277	930	557	1,869
Taxes other than income taxes	133	118	268	239
Total operating expenses	5,191	4,469	10,361	11,141
(Loss) gain on sales of assets and businesses	(2)	8	13	79
Operating income (loss)	272	(308)	708	(1,350)
Other income and (deductions)
Interest expense, net	(56)	(72)	(111)	(140)
Interest expense to affiliates	0	(4)	(1)	(8)
Other, net	(654)	508	(973)	675
Total other income and (deductions)	(710)	432	(1,085)	527
(Loss) income before income taxes	(438)	124	(377)	(823)
Income taxes	(328)	110	(381)	(70)
Equity in losses of unconsolidated affiliates	(3)	(1)	(6)	(3)
Net (loss) income	(113)	13	(2)	(756)
Net (loss) income attributable to noncontrolling interests	(2)	74	3	98
Net loss attributable to membership interest	(111)	(61)	(5)	(854)
Other comprehensive income, net of income taxes
Prior service benefit reclassified to periodic benefit cost	(1)	0	(3)	0
Actuarial loss reclassified to periodic cost	27	0	46	0
Unrealized (loss) gain on foreign currency translation	(2)	2	2	3
Other comprehensive income, net of income taxes	24	2	45	3
Comprehensive (loss) income	(89)	15	43	(753)
Comprehensive (loss) income attributable to noncontrolling interests	(2)	74	3	98
Comprehensive (loss) income attributable to membership interest	(87)	(59)	40	(851)
Constellation Energy Generation, LLC
Operating revenues
Operating revenues	5,465	3,899	10,896	9,163
Operating revenues from affiliates	0	254	160	549
Total operating revenues	5,465	4,153	11,056	9,712
Operating expenses
Purchased power and fuel	3,508	1,952	7,054	6,562
Purchased power and fuel from affiliates	0	(5)	5	(5)
Operating and maintenance	1,273	1,337	2,433	2,194
Operating and maintenance from affiliates	0	137	44	282
Depreciation and amortization	277	930	557	1,869
Taxes other than income taxes	133	118	268	239
Total operating expenses	5,191	4,469	10,361	11,141
(Loss) gain on sales of assets and businesses	(2)	8	13	79
Operating income (loss)	272	(308)	708	(1,350)
Other income and (deductions)
Interest expense, net	(56)	(72)	(111)	(140)
Interest expense to affiliates	0	(4)	(1)	(8)
Other, net	(654)	508	(973)	675
Total other income and (deductions)	(710)	432	(1,085)	527
(Loss) income before income taxes	(438)	124	(377)	(823)
Income taxes	(328)	110	(381)	(70)
Equity in losses of unconsolidated affiliates	(3)	(1)	(6)	(3)
Net (loss) income	(113)	13	(2)	(756)
Net (loss) income attributable to noncontrolling interests	(2)	74	3	98
Net loss attributable to membership interest	(111)	(61)	(5)	(854)
Other comprehensive income, net of income taxes
Prior service benefit reclassified to periodic benefit cost	(1)	0	(3)	0
Actuarial loss reclassified to periodic cost	27	0	46	0
Unrealized (loss) gain on foreign currency translation	(2)	2	2	3
Other comprehensive income, net of income taxes	24	2	45	3
Comprehensive (loss) income	(89)	15	43	(753)
Comprehensive (loss) income attributable to noncontrolling interests	(2)	74	3	98
Comprehensive (loss) income attributable to membership interest	$ (87)	$ (59)	$ 40	$ (851)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (2)	$ (756)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,207	2,686
Asset impairments	0	493
Gain on sales of assets and businesses	(13)	(79)
Deferred income taxes and amortization of investment tax credits	(707)	(142)
Net fair value changes related to derivatives	31	(490)
Net realized and unrealized losses (gains) on NDT funds	800	(376)
Net unrealized losses (gains) on equity investments	25	(96)
Other non-cash operating activities	459	(421)
Changes in assets and liabilities:
Accounts receivable	60	(90)
Receivables from and payables to affiliates, net	20	43
Inventories	(88)	4
Accounts payable and accrued expenses	385	154
Option premiums (paid) received, net	(167)	2
Collateral received, net	1,123	955
Income taxes	289	(1)
Pension and non-pension postretirement benefit contributions	(213)	(212)
Other assets and liabilities	(1,946)	(2,031)
Net cash flows provided by (used in) operating activities	1,263	(357)
Cash flows from investing activities
Capital expenditures	(800)	(719)
Proceeds from NDT fund sales	2,188	4,438
Investment in NDT funds	(2,323)	(4,538)
Collection of DPP	1,595	2,209
Proceeds from sales of assets and businesses	39	724
Other investing activities	2	(8)
Net cash flows provided by investing activities	701	2,106
Cash flows from financing activities
Changes in short-term borrowings	(702)	(340)
Repayments of short-term borrowings with maturities greater than 90 days	(1,180)	0
Issuance of long-term debt	6	151
Retirement of long-term debt	(1,109)	(56)
Retirement of long-term debt to affiliate	(258)	0
Changes in money pool with Exelon	0	(285)
Distributions to member	0	(916)
Contribution from Exelon	1,750	0
Other financing activities	(28)	(29)
Net cash flows used in financing activities	(1,614)	(1,475)
Increase in cash, restricted cash, and cash equivalents	350	274
Cash, restricted cash, and cash equivalents at beginning of period	576	327
Cash, restricted cash, and cash equivalents at end of period	926	601
Supplemental cash flow information
Decrease in capital expenditures not paid	(141)	(66)
Increase in DPP	1,860	1,958
Increase in PP&E related to ARO update	333	0
Constellation Energy Generation, LLC
Cash flows from operating activities
Net loss	(2)	(756)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,207	2,686
Asset impairments	0	493
Gain on sales of assets and businesses	(13)	(79)
Deferred income taxes and amortization of investment tax credits	(707)	(142)
Net fair value changes related to derivatives	31	(490)
Net realized and unrealized losses (gains) on NDT funds	800	(376)
Net unrealized losses (gains) on equity investments	25	(96)
Other non-cash operating activities	425	(421)
Changes in assets and liabilities:
Accounts receivable	74	(90)
Receivables from and payables to affiliates, net	55	43
Inventories	(88)	4
Accounts payable and accrued expenses	317	154
Option premiums (paid) received, net	(167)	2
Collateral received, net	1,123	955
Income taxes	289	(1)
Pension and non-pension postretirement benefit contributions	(213)	(212)
Other assets and liabilities	(1,943)	(2,031)
Net cash flows provided by (used in) operating activities	1,213	(357)
Cash flows from investing activities
Capital expenditures	(800)	(719)
Proceeds from NDT fund sales	2,188	4,438
Investment in NDT funds	(2,323)	(4,538)
Collection of DPP	1,595	2,209
Proceeds from sales of assets and businesses	39	724
Other investing activities	2	(8)
Net cash flows provided by investing activities	701	2,106
Cash flows from financing activities
Changes in short-term borrowings	(702)	(340)
Repayments of short-term borrowings with maturities greater than 90 days	(1,180)	0
Issuance of long-term debt	6	151
Retirement of long-term debt	(1,109)	(56)
Retirement of long-term debt to affiliate	(258)	0
Changes in money pool with Exelon	0	(285)
Distributions to member	(93)	(916)
Contribution from Exelon	1,750	0
Other financing activities	(34)	(29)
Net cash flows used in financing activities	(1,620)	(1,475)
Increase in cash, restricted cash, and cash equivalents	294	274
Cash, restricted cash, and cash equivalents at beginning of period	576	327
Cash, restricted cash, and cash equivalents at end of period	870	601
Supplemental cash flow information
Decrease in capital expenditures not paid	(141)	(66)
Increase in DPP	1,860	1,958
Increase in PP&E related to ARO update	$ 333	$ 0

Consolidated Balance Sheets - USD ($)
$ in Millions

Jun. 30, 2022

Dec. 31, 2021

$ 806

$ 504

120

Customer accounts receivable (net of allowance for credit losses of $49 and $55 as of June 30, 2022 and December 31, 2021, respectively)

1,734

1,669

Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2022 and December 31, 2021)

385

592

1,990

2,169

160

357

284

1,026

1,004

355

520

1,317

1,007

Property, plant, and equipment (net of accumulated depreciation and amortization of $16,165 and $15,873 as of June 30, 2022 and December 31, 2021, respectively)

8,090

7,981

19,739

19,612

14,001

15,938

211

174

1,121

949

1,683

2,137

1,717

17,504

20,493

^[1]

45,333

48,086

200

2,082

184

1,220

2,160

1,757

749

737

131

1,673

981

587

777

325

311

5,878

7,996

4,507

4,575

319

Deferred income taxes and unamortized investment tax credits

2,855

3,703

13,402

12,819

682

862

847

1,213

1,210

3,357

2,265

1,070

513

Total deferred credits and other liabilities

1,210

1,133

23,559

23,582

^[1]

33,944

36,472

Membership interest

^[2]

11,250

Undistributed earnings

(249)

(1,992)

(31)

Constellation Energy Generation, LLC

45,333

48,086

803

504

Customer accounts receivable (net of allowance for credit losses of $49 and $55 as of June 30, 2022 and December 31, 2021, respectively)

1,734

1,669

Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2022 and December 31, 2021)

371

592

1,990

2,169

160

357

284

1,026

1,004

355

520

1,314

1,007

Property, plant, and equipment (net of accumulated depreciation and amortization of $16,165 and $15,873 as of June 30, 2022 and December 31, 2021, respectively)

8,018

7,981

19,739

19,612

14,001

15,938

211

174

1,121

949

1,683

2,136

1,717

17,503

20,493

^[3]

45,260

48,086

200

2,082

184

1,220

2,105

1,757

723

737

131

1,673

981

587

777

325

311

5,833

7,996

4,507

4,575

319

Deferred income taxes and unamortized investment tax credits

2,855

3,703

13,402

12,819

682

862

847

1,213

1,210

3,357

2,265

1,070

513

Total deferred credits and other liabilities

1,189

1,133

23,538

23,582

^[3]

33,878

36,472

Membership interest

12,326

10,482

Undistributed earnings

659

768

(1,992)

(31)

Total member’s equity

10,993

11,219

Noncontrolling interests

389

395

Total equity

11,382

11,614

Allowance for credit losses

$ 45,260

$ 48,086

[1]	Our consolidated assets include $2,798 million and $2,549 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million at June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.
[2]	Represents Constellation’s predecessor member's equity prior to the separation transaction. Upon completion of the separation, the predecessor member's equity was transferred to CEG Parent’s Common stock. See Note 1 — Basis of Presentation for additional information on the separation.
[3]	Our consolidated assets include $2,798 million and $2,549 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions

Jun. 30, 2022

Dec. 31, 2021

$ 49

$ 55

Allowance for other credit losses

Accumulated depreciation and amortization

16,165

15,873

^[1]

45,333

48,086

Variable Interest Entity, Primary Beneficiary

^[1]

33,944

36,472

3,010

2,774

Variable Interest Entity, Primary Beneficiary | Nonrecourse

1,055

1,078

Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral

1,054

1,077

Constellation Energy Generation, LLC

2,798

2,549

Allowance for credit losses

Allowance for other credit losses

Accumulated depreciation and amortization

16,165

15,873

^[2]

45,260

48,086

Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Nonrecourse

^[2]

33,878

36,472

Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral

1,054

1,077

$ 2,798

$ 2,549

[1]

[2]

Our consolidated assets include $2,798 million and $2,549 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,054 million and $1,077 million as of June 30, 2022 and December 31, 2021, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 18 — Variable Interest Entities for additional information.

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Membership Interest	Undistributed Earnings	Accumulated Other Comprehensive Loss, net	Noncontrolling Interests	Constellation Energy Generation, LLC	Constellation Energy Generation, LLC Membership Interest	Constellation Energy Generation, LLC Undistributed Earnings	Constellation Energy Generation, LLC Accumulated Other Comprehensive Loss, net	Constellation Energy Generation, LLC Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 14,676	$ 9,624	$ 2,805	$ (30)	$ 2,277	$ 14,676	$ 9,624	$ 2,805	$ (30)	$ 2,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(769)		(793)		24	(769)		(793)		24
Changes in equity of noncontrolling interests	(10)				(10)	(10)				(10)
Distributions to member	(458)		(458)			(458)		(458)
Other comprehensive income, net of income taxes	1			1		1			1
Ending Balance at Mar. 31, 2021	13,440	9,624	1,554	(29)	2,291	13,440	9,624	1,554	(29)	2,291
Beginning Balance at Dec. 31, 2020	14,676	9,624	2,805	(30)	2,277	14,676	9,624	2,805	(30)	2,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(756)					(756)
Other comprehensive income, net of income taxes	3					3
Ending Balance at Jun. 30, 2021	12,985	9,624	1,035	(27)	2,353	12,985	9,624	1,035	(27)	2,353
Beginning Balance at Mar. 31, 2021	13,440	9,624	1,554	(29)	2,291	13,440	9,624	1,554	(29)	2,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13		(61)		74	13		(61)		74
Changes in equity of noncontrolling interests	(12)				(12)	(12)				(12)
Distributions to member	(458)		(458)			(458)		(458)
Other comprehensive income, net of income taxes	2			2		2			2
Ending Balance at Jun. 30, 2021	12,985	$ 9,624	1,035	(27)	2,353	12,985	9,624	1,035	(27)	2,353
Beginning Balance at Dec. 31, 2021						11,614	10,482	768	(31)	395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)						111		106		5
Separation-related adjustments						(166)	1,844	(11)	(2,006)	7
Changes in equity of noncontrolling interests						(7)				(7)
Distributions to member						(46)		(46)
Other comprehensive income, net of income taxes						21			21
Ending Balance at Mar. 31, 2022						11,527	12,326	817	(2,016)	400
Beginning Balance at Dec. 31, 2021						11,614	10,482	768	(31)	395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2)					(2)
Other comprehensive income, net of income taxes	45					45
Ending Balance at Jun. 30, 2022						11,382	12,326	659	(1,992)	389
Beginning Balance at Mar. 31, 2022						11,527	12,326	817	(2,016)	400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(113)		$ (111)		(2)	(113)		(111)		(2)
Changes in equity of noncontrolling interests	(9)				$ (9)	(9)				(9)
Distributions to member						(47)		(47)
Other comprehensive income, net of income taxes	$ 24			$ 24		24			24
Ending Balance at Jun. 30, 2022						$ 11,382	$ 12,326	$ 659	$ (1,992)	$ 389

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Revenue from Contract with Customer [Abstract]

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business We are a supplier of clean energy. 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, governmental, 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 On February 21, 2021, the board of directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses (the separation), conducted through Constellation Energy Generation, LLC (“Constellation”, formerly Exelon Generation Company, LLC) and its subsidiaries, into an independent, publicly-traded company. CEG Parent, a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of separation and had not engaged in any business activities nor had any assets or liabilities prior to the separation. On February 1, 2022, the separation was completed and CEG Parent holds all the interests in Constellation previously held by Exelon. As an individual registrant, Constellation has historically filed consolidated financial statements to reflect its financial position and operating results as a stand-alone, wholly owned subsidiary of Exelon. The accompanying Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. CEG Parent's prior period financial statements have been adjusted to reflect the balances of Constellation in accordance with applicable guidance. Constellation's December 31, 2021 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, 2022. 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. 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. Separation from Exelon On February 1, 2022, Exelon completed the separation through a pro-rata distribution of all of the outstanding shares of our common stock, no par value, on the basis of one such share for every three shares of Exelon common stock held on January 20, 2022, the record date of the distribution. We are now an independent, publicly traded company listed on the Nasdaq Stock Market under the symbol “CEG”, and regular-way trading began on February 2, 2022. Exelon no longer retains any ownership interest in CEG Parent or Constellation. Prior to completion of the separation, our financial statements include certain transactions with affiliates of Exelon, which are disclosed as related party transactions. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions. In order to govern the ongoing relationships with Exelon after the separation, and to facilitate an orderly transition, we entered into several agreements with Exelon, including the following: •Separation Agreement – sets forth the principal actions to be taken in connection with the separation, including the transfer of assets and assumption of liabilities and establishes certain rights and obligations between us following the distribution • Transition Services Agreement (TSA) – governs all matters relating to the provision of services between us and Exelon on a transitional basis, in addition to providing us with certain services for an expected period of two-years, provided that certain services may be longer than the term and services may be extended with approval from both parties; the services include support for information technology, accounting, finance, human resources, security, and various other administrative and operational services • Employee Matters Agreement (EMA) – addresses certain employment, compensation and benefits matters, including the allocation of employees between us and Exelon and the allocation and treatment of certain assets and liabilities relating to our employees and former employees • Tax Matters Agreement (TMA) - governs the respective rights, responsibilities, and obligations between us and Exelon with respect to all tax matters (excluding employee-related taxes covered under EMA), in addition to certain restrictions which generally prohibit us from taking or failing to take any action in the two-year period following the distribution that would prevent the distribution from qualifying as tax-free for U.S. federal income tax purposes, including limitations on our ability to pursue certain equity issuances, strategic transactions, repurchases or other transactions Pursuant to the Separation Agreement, we received a cash contribution of $1.75 billion from Exelon on January 31, 2022, the proceeds of which were used to settle $258 million of an intercompany loan from Exelon and $200 million of short-term debt outstanding prior to separation, in addition to a $192 million contribution to our pension plans. We also entered into two new five-year facility agreements providing $4.5 billion of capacity. Beginning on February 1, 2022, the amounts Exelon billed us for services pursuant to the TSA were $69 million and $125 million for the three and six months ended June 30, 2022, respectively, and the amounts we billed Exelon for services pursuant to the TSA were $11 million and $20 million for the three and six months ended June 30, 2022, respectively. See Note 1 — Significant Accounting Policies of our 2021 Form 10-K for additional information on significant accounting policies.The following policy was added as a result of separation. Retirement Benefits Effective upon separation, we sponsor defined benefit pension plans and OPEB plans as described in Note 11 — Retirement Benefits. The plan obligations and costs of providing benefits under these plans were measured as of February 1, 2022. The measurement involved various factors, assumptions, and accounting elections. The impact of assumption changes or experience different from that assumed on pension and OPEB obligations is recognized over time rather than immediately recognized in the Consolidated Statements of Operations and Comprehensive Income. Gains or losses more than the greater of ten percent of the projected benefit obligation or the MRV of plan assets are amortized over the expected average remaining service period of plan participants.

Mergers, Acquisitions, and Dispositions	6 Months Ended
Mergers, Acquisitions, and Dispositions	Jun. 30, 2022
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions	Mergers, Acquisitions, and Dispositions Agreement for Sale of Our Solar Business On December 8, 2020, we entered into an agreement with an affiliate of Brookfield Renewable, for the sale of a significant portion of our solar business, including 360 MW of generation in operation or under construction across more than 600 sites across the United States. We retained certain solar assets not included in this agreement, primarily Antelope Valley. Completion of the transaction contemplated by the sale agreement was subject to the satisfaction of several closing conditions that were satisfied in the first quarter of 2021. The sale was completed on March 31, 2021 for a purchase price of $810 million. We received cash proceeds of $675 million, net of $125 million long-term debt assumed by the buyer and certain working capital and other post-closing adjustments. We recognized a pre-tax gain of $68 million which is included in Gain on sales of assets and businesses in the Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Debt and Credit Agreements of our 2021 Form 10-K for additional information on the SolGen nonrecourse debt included as part of the transaction. Agreement for the Sale of Our Biomass Facility On April 28, 2021, we entered into a purchase agreement with ReGenerate Energy Holdings, LLC (“ReGenerate”), under which ReGenerate agreed to purchase our interest in the Albany Green Energy biomass facility. As a result, in the second quarter of 2021, we recorded a pre-tax impairment charge of $140 million in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Completion of the transaction was subject to the satisfaction of various customary closing conditions that were satisfied in the second quarter of 2021. The sale was completed on June 30, 2021, for a net purchase price of $36 million.

Regulatory Matters	6 Months Ended
Regulatory Matters	Jun. 30, 2022
Regulated Operations [Abstract]
Regulatory Matters	Regulatory Matters The following matters below discuss the status of our material regulatory and legislative proceedings. Impacts of the February 2021 Extreme Cold Weather Event and Texas-based Generating Assets Outages Beginning on February 15, 2021, our Texas-based generating assets within the ERCOT market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced outages as a result of extreme cold weather conditions. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and also increased gas prices in certain regions. In response to the high demand and significantly reduced total generation on the system, the PUCT directed ERCOT to use an administrative price cap of $9,000 per MWh during firm load shedding events. The estimated impact reduced our overall Net loss for the six months ended June 30, 2022 by approximately $30 million and is primarily the result of impacts from a payment to ERCOT from a defaulting market participant and the settlement of a dispute related to gas penalties. The estimated impact to our Net income for the six months ended June 30, 2021 arising from these market and weather conditions was a reduction of approximately $880 million. The estimated impact to our Net income for the three months ended June 30, 2022 and 2021 was not material. Due to the event, a number of ERCOT market participants experienced bankruptcies or defaulted on payments to ERCOT. As of December 31, 2021, there were approximately $2.5 billion of remaining defaults. Due to a market participant paying off their debt to ERCOT, this was reduced to approximately $1.9 billion as of June 30, 2022. Remaining defaults, under ERCOT rules, are allocated to the remaining market participants. We recorded our estimated obligation of the remaining defaults, net of legislative solutions and on a discounted basis, of approximately $16 million and $17 million as of June 30, 2022 and December 31, 2021, respectively, which was expected to be paid over a term of 62 years and 83 years, respectively. Additionally, several legislative proposals were introduced in the Texas legislature during February and March 2021 concerning the amount, timing and allocation of recovery of the defaults, as well as recovery of other costs associated with the PUCT's directive to set prices at $9,000 per MWh. Two of these proposals were enacted into law in June 2021 and establish financing mechanisms that ERCOT and certain market participants can utilize to fund amounts owed to ERCOT. Securitization of defaults of competitive retail providers has been completed and a market participant securitized its debt and repaid amounts owed to ERCOT, both of which reduced our obligation. We participated in proceedings before the PUCT addressing the proposed allocation of the $2.1 billion in securitized funds for reliability and ancillary service charges over $9,000 per MWh. In September 2021, we entered into a settlement agreement and stipulation to resolve the allocation issues. The PUCT approved the settlement agreement and stipulation on October 13, 2021, and in June 2022, we collected our outstanding receivable. In the first quarter of 2022, a hearing began on ERCOT’s $1.9 billion claim in another market participant’s bankruptcy for the entire remaining default owed to ERCOT. The ERCOT claim is now in mediation. In February 2021, more than 70 local distribution companies (LDCs) and natural gas pipelines in multiple states throughout the mid-continent region, where we serve natural gas customers, issued operational flow orders (OFOs), curtailments or other limitations on natural gas transportation or use to manage the operational integrity of the applicable LDC or pipeline system. When in effect, gas transportation or use above these limitations is subject to significant penalties according to the applicable LDCs’ and natural gas pipelines’ tariffs. Gas transportation and supply in many states became restricted due to wells freezing and pipeline compression disruption, while demand was increasing due to the extreme cold temperatures, resulting in extremely high natural gas prices. Due to the extraordinary circumstances, many LDCs and natural gas pipelines either voluntarily waived or sought applicable regulatory approvals to waive the tariff penalties associated with the extreme weather event. During May 2021, an LDC filed a motion with the Kansas Corporation Commission (KCC) requesting the KCC to grant a waiver from the tariff and allow the LDC to reduce the amounts assessed by permitting the removal of a multiplier from the penalty calculation. On January 20, 2022, a unanimous settlement was filed with the KCC that amended previously filed October 8, 2021 and November 30, 2021 nonunanimous settlements. On March 3, 2022, the KCC approved the unanimous settlement, resolving this matter. New England Regulatory Matters Mystic Units 8 and 9 Cost of Service Agreement. In November 2021, FERC issued an order directing a decrease to the Return on Equity (“ROE”) used in the Mystic Cost of Service Agreement (the “Mystic COS”) from 9.33% to 9.19%. The ROE impacts the return Mystic collects on its rate base under the agreement. Several parties, including us, have filed petitions for review with the U.S. Court of Appeals for the D.C. Circuit challenging the FERC orders establishing the ROE. These petitions are pending. We do not expect the outcome of this appeal to have a material financial statement impact. Following our separation from Exelon, we submitted a filing at FERC to update the capital structure and cost of debt used in the Mystic COS. The Mystic COS had previously used the Exelon capital structure and cost of debt in the rate, and we proposed post-separation to instead use Constellation's capital structure and cost of debt. On May 2, 2022, FERC accepted our filing, subject to refund, and set the matter for settlement and/or hearing. We expect that a settlement will be filed within the next 60 days. While a settlement would result in changes to the capital structure accepted in the filing, it is not expected to have a material financial statement impact. See Note 3 – Regulatory Matters of our 2021 Form 10-K and Note 7 – Early Plant Retirements for additional information. The Mystic COS requires an annual process whereby we identify and support our projected costs under the agreement and/or true-up previous projections to the actual costs incurred. The first annual process resulted in a filing at FERC on September 15, 2021 and included our projection of capital expenditures to be recovered under the Mystic COS between June 1, 2022 and December 31, 2022. On April 28, 2022, FERC issued an order setting for settlement and/or hearing the issue of whether our projected 2022 capital expenditures can be recovered. Settlement negotiations are currently ongoing. We cannot reasonably predict the outcome of the settlement and/or hearing. Operating License Renewals Peach Bottom Units 2 and 3. On March 6, 2020, the NRC approved a second 20-year license renewal for Peach Bottom Units 2 and 3. As a result, Peach Bottom Units 2 and 3 were granted the authority to operate through 2053 and 2054, respectively. On February 24, 2022, the NRC issued an order related to its review of our subsequent license renewal application for Peach Bottom. While the NRC had previously granted subsequent license renewal to the Peach Bottom units, the NRC was responding to a request for hearing that had not previously been adjudicated. In its decision, the NRC reversed itself and concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) for the Peach Bottom subsequently renewed license was incomplete because it did not adequately address environmental impacts resulting from renewing the units’ licenses for an additional 20 years. As a result, the NRC directed its staff to change the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect but requested views from the parties to the proceedings on this and stated that it would issue a follow-on order deciding whether to rescind the subsequently renewed licenses. On March 7, 2022, we filed a motion requesting that the NRC reevaluate its decision to amend the expiration dates of the Peach Bottom licenses. On March 25, 2022, the NRC staff issued a letter to us with amendments to the Peach Bottom license, reverting the expiration dates to 2033 and 2034, as directed by the NRC in its February 24, 2022 order. On June 3, 2022, the NRC issued a follow-on order denying our motion but affirming that the subsequently renewed licenses would not be disturbed. We expect that the license expiration dates will be restored to 2053 and 2054, respectively, once the NRC's reevaluation of environmental impacts resulting from subsequent license renewal is complete. On April 5, 2022, the NRC approved a proposed plan to complete the process by April 2024. Depreciation provisions and ARO assumed retirement dates continue to assume Peach Bottom Units 2 and 3 will operate through 2053 and 2054, respectively, given our expectation that the previously approved expiration dates will be restored.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2022

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 services.

See Note 4 — Revenue from Contracts with Customers of our 2021 Form 10-K for additional information regarding the primary sources of revenue.

Contract Balances

Contract Assets

We record contract assets for the revenue recognized on the construction and installation of energy efficiency assets and new power generating facilities before we have an unconditional right to bill for and receive the consideration from the customer. These contract assets are subsequently reclassified to receivables when the right to payment becomes unconditional. We record contract assets and contract receivables in Other current assets and Customer accounts receivable, respectively, in the Consolidated Balance Sheets.

The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2022 and 2021.


	Contract Assets
Balance as of December 31, 2021	$	149
Amounts reclassified to receivables	(16)
Revenues recognized	9

Balance as of March 31, 2022	142
Amounts reclassified to receivables	(13)
Revenues recognized	10
Balance as of June 30, 2022	$	139




Balance as of December 31, 2020	$	144
Amounts reclassified to receivables	(16)
Revenues recognized	13
Amounts previously held-for-sale	12
Balance as of March 31, 2021	153
Amounts reclassified to receivables	(12)
Revenues recognized	9
Balance as of June 30, 2021	$	150

Contract Liabilities

We record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. We record contract liabilities in Other current liabilities and Other deferred credits and other liabilities in the Consolidated Balance Sheets. These contract liabilities primarily relate to upfront consideration received or

due for equipment service plans and the Illinois ZEC program that introduces a cap on the total consideration to be received by us.

The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2022 and 2021.


	Contract Liabilities
Balance as of December 31, 2021	$	75
Consideration received or due	50
Revenues recognized	(63)
Balance as of March 31, 2022	$	62
Consideration received or due	27
Revenues recognized	(63)
Balance as of June 30, 2022	$	26




Balance as of December 31, 2020	$	84
Consideration received or due	31
Revenues recognized	(64)
Amounts previously held-for-sale	3
Balance as of March 31, 2021	$	54
Consideration received or due	39
Revenues recognized	(68)
Balance as of June 30, 2021	$	25

The following table reflects revenues recognized in the three and six months ended June 30, 2022 and 2021, which were included in contract liabilities at December 31, 2021 and 2020, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues recognized	$	39	$	41	$	68	$	79

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, 2022. 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 our power and gas sales contracts as they contain variable volumes and/or variable pricing.


	2022		2023		2024		2025		2026 and thereafter		Total
Remaining performance obligations	$	141	$	142	$	55	$	32	$	152	$	522

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 5 — Segment Information for the presentation of revenue disaggregation.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

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 the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM.

•West represents operations in the WECC, which includes CAISO.

•Canada represents operations across the entire country of Canada and includes AESO, OIESO, and the Canadian portion of MISO.

The CODM evaluates the performance of our electric business activities and allocates resources based on Revenues less Purchased Power and Fuel Expense (RNF). 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. Our operating revenues include all sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022. 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 natural gas, as well as other miscellaneous business activities that are not significant to our overall operating revenues or 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 two primary products of power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. The following tables also show the reconciliation of reportable segment revenues and RNF to our total revenues and RNF for the three and six months ended June 30, 2022 and 2021.


	Three Months Ended June 30, 2022
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,178	$	22	$	1,200	$	2	$	1,202
Midwest	1,319		(217)		1,102		(1)		1,101
New York	461		(68)		393		(3)		390
ERCOT	252		237		489		(4)		485
Other Power Regions	1,021		300		1,321		6		1,327
Total Competitive Businesses Electric Revenues	4,231		274		4,505		—		4,505
Competitive Businesses Natural Gas Revenues	490		545		1,035		—		1,035
Competitive Businesses Other Revenues(c)	175		(250)		(75)		—		(75)
Total Consolidated Operating Revenues	$	4,896	$	569	$	5,465	$	—	$	5,465


	Three Months Ended June 30, 2021
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,062	$	24	$	1,086	$	5	$	1,091
Midwest	975		(13)		962		—		962
New York	376		5		381		—		381
ERCOT	179		92		271		4		275
Other Power Regions	921		126		1,047		(9)		1,038
Total Competitive Businesses Electric Revenues	3,513		234		3,747		—		3,747
Competitive Businesses Natural Gas Revenues	253		254		507		—		507
Competitive Businesses Other Revenues(c)	107		(208)		(101)		—		(101)
Total Consolidated Operating Revenues	$	3,873	$	280	$	4,153	$	—	$	4,153


	Six Months Ended June 30, 2022
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	2,332	$	(27)	$	2,305	$	2	$	2,307
Midwest	2,566		(267)		2,299		(1)		2,298
New York	955		(203)		752		3		755
ERCOT	415		309		724		(4)		720
Other Power Regions	2,441		813		3,254		—		3,254
Total Competitive Businesses Electric Revenues	8,709		625		9,334		—		9,334
Competitive Businesses Natural Gas Revenues	1,300		1,179		2,479		—		2,479
Competitive Businesses Other Revenues(c)	261		(1,018)		(757)		—		(757)
Total Consolidated Operating Revenues	$	10,270	$	786	$	11,056	$	—	$	11,056


	Six Months Ended June 30, 2021
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	2,233	$	11	$	2,244	$	11	$	2,255
Midwest	1,983		(24)		1,959		1		1,960
New York	759		(40)		719		—		719
ERCOT	533		(10)		523		9		532
Other Power Regions	2,095		395		2,490		(21)		2,469
Total Competitive Businesses Electric Revenues	7,603		332		7,935		—		7,935
Competitive Businesses Natural Gas Revenues	1,117		716		1,833		—		1,833
Competitive Businesses Other Revenues(c)	195		(251)		(56)		—		(56)
Total Consolidated Operating Revenues	$	8,915	$	797	$	9,712	$	—	$	9,712

__________

(a)Includes all wholesale and retail electric sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022.

(b)Includes revenues from derivatives and leases.

(c)Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market losses of $299 million and $239 million for the three months ended June 30, 2022 and 2021, respectively, and unrealized mark-to-market losses of $1,219 million and $323 million for the six months ended June 30, 2022 and 2021, respectively, and the elimination of intersegment revenues.


	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
	RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF
Mid-Atlantic	$	542	$	3	$	545	$	567	$	5	$	572
Midwest	651		1		652		658		—		658
New York	294		(1)		293		289		3		292
ERCOT	110		(21)		89		80		3		83
Other Power Regions	175		(6)		169		157		(21)		136
Total RNF for Reportable Segments	1,772		(24)		1,748		1,751		(10)		1,741
Other(b)	185		24		209		455		10		465
Total RNF	$	1,957	$	—	$	1,957	$	2,206	$	—	$	2,206


	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
	RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF
Mid-Atlantic	$	1,051	$	4	$	1,055	$	1,130	$	11	$	1,141
Midwest	1,435		2		1,437		1,359		1		1,360
New York	554		6		560		531		5		536
ERCOT	216		(47)		169		(957)		(145)		(1,102)
Other Power Regions	470		(15)		455		409		(56)		353
Total RNF for Reportable Segments	3,726		(50)		3,676		2,472		(184)		2,288
Other(b)	271		50		321		683		184		867
Total RNF	$	3,997	$	—	$	3,997	$	3,155	$	—	$	3,155

__________

(a)Includes purchases and sales from/to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022.

(b)Other represents activities not allocated to a region. See text above for a description of included activities. Primarily includes:

•Unrealized mark-to-market gains of $44 million and $314 million for the three months ended June 30, 2022 and 2021, respectively, and unrealized mark-to-market losses of ($47) million and gains of $489 million for the six months ended June 30, 2022 and 2021, respectively;

•Accelerated nuclear fuel amortization associated with the announced early plant retirements as discussed in Note 7 - Early Plant Retirements of $52 million and $106 million for the three and six months ended June 30, 2021, respectively.

•The elimination of intersegment RNF.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Implications of Potential Early Plant Retirements [Abstract]

Accounts Receivable

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Accounts Receivable

Allowance for Credit Losses on Accounts Receivable

The following table presents the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.


	Three Months Ended June 30, 2022
Balance as of March 31, 2022(a)	$	50
Plus: Current period provision for expected credit losses	3
Less: Write-offs, net of recoveries(b)	4

Balance as of June 30, 2022(a)	$	49

	Three Months Ended June 30, 2021
Balance as of March 31, 2021(a)	$	65
Plus: Current period provision for expected credit losses	13
Less: Write-offs, net of recoveries(b)	3

Balance as of June 30, 2021(a)	$	75

	Six Months Ended June 30, 2022
Balance as of December 31, 2021(a)	$	55
Plus: Current period provision for expected credit losses	3
Less: Write-offs, net of recoveries(b)	9
Balance as of June 30, 2022(a)	$	49

	Six Months Ended June 30, 2021
Balance as of December 31, 2020(a)	$	32
Plus: Current period provision for expected credit losses(c)	47
Less: Write-offs, net of recoveries(b)	4
Balance as of June 30, 2021(a)	$	75

__________

(a)Allowance for Credit Losses on Other Accounts Receivable were not material as of the balance sheet dates.

(b)Recoveries were not material.

(c)Primarily relates to the impacts of the February 2021 extreme cold weather event. See Note 3 — Regulatory Matters for additional information.

Unbilled Customer Revenue

We recorded $331 million and $373 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively.

Sales of Customer Accounts Receivable

On April 8, 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 (the "Purchasers") to sell certain customer accounts receivable (the "Facility"). The Facility has a maximum funding limit of $900 million and is scheduled to expire on March 29, 2024, unless renewed by the mutual consent of the parties in accordance with its terms. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are 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, which is reflected in Other current assets in the Consolidated Balance Sheets.

The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, we have the

ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP.

The following table summarizes the impact of the sale of certain receivables:


	June 30, 2022		December 31, 2021
Derecognized receivables transferred at fair value	$	1,505	$	1,265
Cash proceeds received	900		900
DPP	605		365


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Loss on sale of receivables(a)	$	14	$	8	$	24	$	25

__________

(a)Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.


	Six Months Ended June 30,
	2022		2021
Proceeds from new transfers(a)	$	3,393	$	2,689
Cash collections received on DPP and reinvested in the Facility(b)	1,595		1,809
Cash collections reinvested in the Facility	4,988		4,498

__________

(a)Customer accounts receivable sold into the Facility were $5,253 million and $4,647 million for the six months ended June 30, 2022 and 2021, respectively.

(b)Does not include $400 million in cash proceeds received from the Purchasers in the first quarter of 2021.

Our risk of loss following the transfer of accounts receivable is limited to the DPP outstanding. Payment of DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred, which have historically been and are expected to be immaterial. We continue to service the receivables sold in exchange for a servicing fee. We did not record a servicing asset or liability as the servicing fees were immaterial.

We recognize the cash proceeds received upon sale in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The collection and reinvestment of DPP is recognized in Net cash provided by investing activities in the Consolidated Statements of Cash Flows.

See Note 14 — Fair Value of Financial Assets and Liabilities and Note 18 — Variable Interest Entities for additional information.

Other Purchases and Sales of Customer and Other Accounts Receivables

We are required, under supplier tariffs in ISO-NE, MISO, NYISO, and PJM, to sell customer and other receivables to utility companies, which include Exelon's utility subsidiaries. The following table presents the total receivables sold.


	Six Months Ended June 30,
	2022		2021
Total receivables sold	$	96	$	107
Related party transactions:
Receivables sold to Exelon's utility subsidiaries prior to the separation on February 1, 2022	4		15

Early Plant Retirements

6 Months Ended

Jun. 30, 2022

Early Plant Retirements

We continuously evaluate factors that affect the current and expected economic value of our plants, including, but not limited to: market power prices, results of capacity auctions, potential legislative and regulatory solutions to ensure plants are fairly compensated for benefits they provide through their carbon-free emissions, reliability or fuel security, and the impact of potential rules from the EPA requiring reduction of carbon and other emissions and the efforts of states to implement those final rules. The precise timing of an early retirement date for any plant, and the resulting financial statement impacts, may be affected by many factors, including the status of potential regulatory or legislative solutions, results of any transmission system reliability study assessments, the nature of any co-owner requirements and stipulations, and NDT fund requirements for nuclear plants, among other factors. However, the earliest retirement date for any plant would usually be the first year in which the unit does not have capacity or other obligations, and where applicable, just prior to its next scheduled nuclear refueling outage.

Nuclear Generation

On August 27, 2020, we announced our intention to permanently cease our operations at Byron in September 2021 and at Dresden in November 2021. Neither of these nuclear plants cleared in PJM’s capacity auction for the 2022-2023 planning year held in May 2021. Our Braidwood and LaSalle nuclear plants in Illinois did clear in the capacity auction, but were also showing increased signs of economic distress. On September 15, 2021, we announced that we have reversed our previous decision to retire Byron and Dresden given the opportunity for additional revenue under the Illinois Clean Energy Law. Our Byron, Dresden, and Braidwood nuclear plants participated in the CMC procurement process and were awarded contracts that commit each plant to operate through May 31, 2027. In addition, we no longer consider the Braidwood or LaSalle nuclear plants to be at risk for premature retirement. See Note 3 — Regulatory Matters of our 2021 Form 10-K for additional information.

As a result of the decision to early retire Byron and Dresden, there were ongoing annual financial impacts stemming from shortening the expected economic useful lives of these nuclear plants primarily related to accelerated depreciation of plant assets (including any ARC), accelerated amortization of nuclear fuel, and changes in ARO accretion expense associated with the changes in decommissioning timing and cost assumptions to reflect an earlier retirement date.

The total impact for the three and six months ended June 30, 2021 in the Consolidated Statements of Operations and Comprehensive Income resulting from the initial decision to early retire Byron and Dresden is summarized in the table below.


Income statement expense (pre-tax)	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Depreciation and amortization
Accelerated depreciation(a)	$	611	$	1,230
Accelerated nuclear fuel amortization	52		106
Operating and maintenance

Other charges	2		4
Contractual offset(b)	(166)		(391)
Total	$	499	$	949

_________

(a)Includes the accelerated depreciation of plant assets including any ARC.

(b)Reflects contractual offset for ARO accretion, ARC depreciation, ARO remeasurement, and excludes any changes in earnings in the NDT funds. Decommissioning-related impacts were not offset for the Byron units starting in the second quarter of 2021 due to the inability to recognize a regulatory asset at ComEd. With our September 15, 2021 reversal of the previous decision to retire Byron, we resumed contractual offset for Byron as of that date. Based on the regulatory agreement with the ICC, decommissioning-related activities are offset in the Consolidated Statements of Operations and Comprehensive Income as long as the net cumulative decommissioning-related activity result in a regulatory liability at ComEd. The offset resulted in an equal adjustment to the noncurrent payables to ComEd. See Note 10 — Asset Retirement Obligations of our 2021 Form 10-K for additional information.

We remain committed to continued operations for our other nuclear plants receiving state-supported payments under the Illinois ZES (Clinton and Quad Cities), New Jersey ZEC program (Salem), and the New York CES (FitzPatrick, Ginna, and Nine Mile Point) assuming the continued effectiveness of each program. To the extent each program does not operate as expected over the full term, each of these plants would be at heightened risk for early retirement, which could have a material impact in future financial statements.

We continue to work with stakeholders on state policy solutions to support continued operation of our nuclear fleet, while also advocating for broader market reforms at the regional and federal level. The absence of such solutions or reforms could have a material unfavorable impact on our future results of operations.

Other Generation

In March 2018, we notified ISO-NE of our plans to early retire, among other assets, the Mystic Generating Station's units 8 and 9 (Mystic 8 and 9) absent regulatory reforms to properly value reliability and regional fuel security. Thereafter, ISO-NE identified Mystic 8 and 9 as being needed to ensure fuel security for the region and entered into a cost of service agreement with these two units for the period between June 1, 2022 - May 31, 2024. The agreement was approved by FERC in December 2018.

On June 10, 2020, we filed a complaint with FERC against ISO-NE stating that ISO-NE failed to follow its tariff with respect to its evaluation of Mystic 8 and 9 for transmission security for the 2024 to 2025 Capacity Commitment Period and that the modifications that ISO-NE made to its unfiled planning procedures to avoid retaining Mystic 8 and 9 should have been filed with FERC for approval. On August 17, 2020, FERC issued an order denying the complaint. As a result, on August 20, 2020, we announced we will permanently cease generation operations at Mystic 8 and 9 at the expiration of the cost of service commitment in May 2024. See Note 3 — Regulatory Matters for additional discussion of Mystic's cost of service agreement.

As a result of the decision to early retire Mystic 8 and 9, there are annual financial impacts stemming from shortening the expected economic useful life of Mystic 8 and 9, primarily related to accelerated depreciation of plant assets. We recorded an immaterial amount of incremental Depreciation and amortization expense for the three and six months ended June 30, 2022 and $21 million and $41 million for the three and six months ended June 30, 2021, respectively.

Nuclear Decommissioning

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Nuclear Decommissioning

Nuclear Decommissioning Asset Retirement Obligations

We have a legal obligation to decommission our nuclear power plants following the permanent cessation of operations. To estimate our decommissioning obligations related to our nuclear generating stations for financial accounting and reporting purposes, we use a probability-weighted, discounted cash flow model which, on a unit-by-unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on decommissioning cost studies, cost escalation rates, probabilistic cash flow models, and discount rates. We update our AROs annually, unless circumstances warrant more frequent updates, based on our review of updated cost studies and our annual evaluation of cost escalation factors and probabilities assigned to various scenarios.

The financial statement impact for changes in the ARO, on an individual unit basis, due to the changes in and timing of estimated cash flows generally result in a corresponding change in the unit’s ARC in Property, plant, and equipment in the Consolidated Balance Sheets. If the ARO decreases for a Non-Regulatory Agreement unit without any remaining ARC, the corresponding change is recorded as a decrease in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.

The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2021 to June 30, 2022:


Balance as of December 31, 2021(a)	$	12,676
Net increase due to changes in, and timing of, estimated future cash flows	335
Accretion expense	261
Costs incurred related to decommissioning plants	(39)
Balance as of June 30, 2022(a)	$	13,233

__________

(a)Includes $48 million and $72 million as the current portion of the ARO as of June 30, 2022 and December 31, 2021, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets.

During the six months ended June 30, 2022, the net $335 million increase in the ARO for the changes in the amounts and timing of estimated decommissioning cash flows was driven by multiple adjustments, including the following:

•An increase of approximately $320 million due to revisions to the projected decommissioning schedule for our New York nuclear plants in connection with our separation from Exelon as discussed further below

•An increase of approximately $95 million due to higher estimated decommissioning costs resulting from the completion of updated cost studies for our New York nuclear plants

•A decrease of approximately $80 million due to an increase in discount rates

NDT Funds

We had NDT funds totaling $14,116 million and $16,064 million as of June 30, 2022 and December 31, 2021, respectively. The NDT funds also include $115 million and $126 million for the current portion of the NDT funds as of June 30, 2022 and December 31, 2021, respectively, which are included in Other current assets in the Consolidated Balance Sheets. See Note 19 — Supplemental Financial Information for additional information on activities of the NDT funds.

Accounting Implications of the Regulatory Agreements with ComEd and PECO

Based on the regulatory agreements with the ICC and PAPUC that dictate our obligations related to the shortfall or excess of NDT funds necessary for decommissioning the former ComEd units on a unit-by-unit basis and the former PECO units in total, respectively, decommissioning-related activities net of applicable taxes, including realized and unrealized gains and losses on the NDT funds, depreciation of the ARC, and accretion of the decommissioning obligation, are generally offset in the Consolidated Statements of Operations and Comprehensive Income and are recorded as noncurrent payables in the Consolidated Balance Sheets. See Note 10 — Asset Retirement Obligations of our 2021 Form 10-K for additional information on our continued obligations associated with the former ComEd and PECO nuclear units.

The following table presents our noncurrent payables to ComEd and PECO which are recorded as Payables related to Regulatory Agreement Units as of June 30, 2022 and noncurrent Payables to affiliates as of December 31, 2021:


	June 30, 2022		December 31, 2021
ComEd	$	1,973	$	2,760
PECO	292		597

Additionally, during the second quarter of 2021, a pre-tax charge of $53 million was recorded in the Consolidated Statements of Operations and Comprehensive Income for decommissioning-related activities that were not offset for the Byron units due to the temporary suspension of contractual offset accounting. With our September 15, 2021 reversal of the previous decision to retire Byron and the corresponding adjustment to the ARO for Byron, we resumed contractual offset for Byron as of that date.

See Note 10 — Asset Retirement Obligations of our 2021 Form 10-K for additional information on adjustments to the Byron ARO.

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 to decommission the facility at the end of its life.

We filed our biennial decommissioning funding status report with the NRC on February 24, 2021 for all units, including our shutdown units, except for Zion Station which is included in a separate report to the NRC submitted by ZionSolutions, LLC. The status report demonstrated adequate decommissioning funding assurance as of December 31, 2020 for all units except for Byron Units 1 and 2. We filed an updated decommissioning funding status report for Byron Units 1 and 2 and Dresden Units 2 and 3 on September 28, 2021 based on their current license expiration dates consistent with our announcements regarding the continued operations of these units. This report demonstrated adequate decommissioning funding assurance as of December 31, 2020 for Byron Units 1 and 2 and Dresden Units 2 and 3.

On March 23, 2022, we filed our annual decommissioning funding status report with the NRC for our shutdown units (excluding Zion station for the reason noted above). The annual status report demonstrated adequate decommissioning funding assurance, based on the value of the trust funds as of December 31, 2021 for all of our shutdown reactors except for Peach Bottom Unit 1. As a former PECO plant, financial assurance for decommissioning Peach Bottom Unit 1 is provided by the NDT fund, collections from PECO customers, and the ability to adjust those collections in accordance with the approved PAPUC tariff. No additional actions are required aside from the PAPUC filing in accordance with the tariff. See Note 10 – Asset Retirement Obligations of our 2021 Form 10-K for information regarding the amount collected from PECO customers for decommissioning costs of the former PECO nuclear units.

Impact of Separation from Exelon

Satisfying a condition precedent, on December 16, 2021, the NYPSC authorized our separation from Exelon and accepted the terms of a Joint Proposal that became binding upon closing of the separation on February 1, 2022. As part of the Joint Proposal, among other items, we have projected completion of radiological decommissioning and site restoration activities necessary to achieve a partial site release from the NRC (release of the site for unrestricted use, except for any on-site dry cask storage) within 20 years from the end of licensed life for each of our Ginna and FitzPatrick units and from the end of licensed life for the last of the NMP operating units. While there is flexibility under the Joint Proposal, there was an increase to the AROs, as noted above, associated with our New York nuclear plants during the first quarter of 2022.

The Joint Proposal also required a contribution of $15 million to the NDT for NMP Unit 2 in January 2022 and requires various financial assurance mechanisms through the duration of decommissioning and site restoration, including a minimum NDT balance for each unit, adjusted for specific stages of decommissioning, and a parent guaranty for site restoration costs updated annually as site restoration progresses, which must be replaced with a third-party surety bond or equivalent financial instrument in the event we fall below investment grade.

See Note 1 — Basis of Presentation for additional information.

Asset Impairments	6 Months Ended
Asset Impairments	Jun. 30, 2022
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Asset Impairments	Asset Impairments We evaluate the carrying value of long-lived assets or asset groups for recoverability whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. Indicators of impairment may include a deteriorating business climate, including, but not limited to, declines in energy prices, condition of the asset, or plans to dispose of a long-lived asset significantly before the end of its useful life. We determine if long-lived assets or asset groups are potentially impaired by comparing the undiscounted expected future cash flows to the carrying value when indicators of impairment exist. When the undiscounted cash flow analysis indicates a long-lived asset or asset group may not be recoverable, the amount of the impairment loss is determined by measuring the excess of the carrying amount of the long-lived asset or asset group over its fair value. The fair value analysis is primarily based on the income approach using significant unobservable inputs (Level 3) including revenue and generation forecasts, projected capital and maintenance expenditures and discount rates. A variation in the assumptions used could lead to a different conclusion regarding the recoverability of an asset or asset group and, thus, could potentially result in material future impairments of our long-lived assets. New England Asset Group In the second quarter of 2021, an overall decline in the asset group's portfolio value suggested that the carrying value of the New England asset group may be impaired. We completed a comprehensive review of the estimated undiscounted future cash flows of the New England asset group and concluded that the carrying value was not recoverable and that its fair value was less than its carrying value. As a result, a pre-tax impairment charge of $350 million was recorded in the second quarter of 2021 in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Agreement for the Sale of Our Biomass Facility See Note 2 — Mergers, Acquisitions, and Dispositions for information on a pre-tax impairment recorded in the second quarter of 2021 related to the Albany Green Energy biomass facility.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Rate Reconciliation

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:


	Three Months Ended June 30,
	2022		2021(a)
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	0.3		(1.3)
Qualified NDT fund income and losses	42.9		85.2
Amortization of investment tax credit, including deferred taxes on basis differences	0.6		(1.8)
Production tax credits and other credits	2.4		(13.0)
Noncontrolling interests	0.2		(4.2)
Other(c)	7.5		2.8
Effective income tax rate(b)	74.9	%	88.7	%


	Six Months Ended June 30,
	2022		2021
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	(8.6)		5.3
Qualified NDT fund income and losses	70.6		(18.3)
Amortization of investment tax credit, including deferred taxes on basis differences	2.2		0.7
Production tax credits and other credits	8.5		2.9
Noncontrolling interests	0.4		0.8
Other(c)	7.0		(3.9)
Effective income tax rate(b)	101.1	%	8.5	%

__________

(a)We recognized income before income taxes for the three months ended June 30, 2021. As a result, positive percentages represent an income tax expense and negative percentages represent an income tax benefit for the period presented.

(b)The change in effective tax rate in 2022 is primarily due to the impacts of higher unrealized NDT losses on Income before income taxes and one-time income tax adjustments.

(c)Primarily related to a $50 million return to provision adjustment recorded in the second quarter of 2022.

Recognition of Unrecognized Tax Benefits

The following table presents the unrecognized tax benefits that, if recognized, would decrease the effective tax rate.


June 30, 2022	$	17
December 31, 2021	39

Reasonably possible the total amount of unrecognized tax benefits could significantly increase or decrease within 12 months after the reporting date

No amounts are expected to significantly increase or decrease within 12 months after the reporting date.

Other Tax Matters

Tax Matters Agreement

In connection with the separation, we entered into 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 that we were included in federal and state filings. However, the TMA specifies the portion of this tax liability for which we bear contractual responsibility, and we and Exelon each 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 such, our Consolidated Balance Sheets reflected a payable of $103 million upon separation for tax liabilities where we maintain contractual responsibility to Exelon, with $53 million recognized in Accounts payable and $50 million in Noncurrent other liabilities as of March 31, 2022. As of June 30, 2022, the remaining amounts of the Accounts payable and Noncurrent other liabilities are $31 million and $50 million, respectively.

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 Exelon tax sharing agreement then existing, 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 credit carryforwards that may be used to offset Exelon’s future tax liabilities. A significant portion of such carryforwards were generated by our business. Upon separation we reclassified $508 million from Deferred income taxes to reflect receivables of $11 million and $497 million in Other accounts receivable and Other deferred debits and other assets, respectively, in the Consolidated Balance Sheets for the tax credit carryforwards expected to be utilized by Exelon after separation in accordance with the terms of the TMA. As of June 30, 2022, we had no receivables in Other accounts receivable and $464 million in Other deferred debits and other assets for the reclassified tax credit carryforwards.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Retirement Benefits

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Retirement Benefits

Defined Benefit Pension and OPEB

Effective February 1, 2022, in connection with the separation, pension and OPEB obligations and the related plan assets for current participants (inclusive of employees transferred to us from Exelon upon separation), were transferred to pension and OPEB plans established by us as the plan sponsor. Most current employees participate in the defined benefit pension and OPEB plans that we sponsor. Newly hired employees are generally not eligible for either pension or OPEB benefits; instead, these employees are eligible to receive an enhanced non-discretionary fixed employer contribution under our sponsored defined contribution savings plan.

As the plan sponsor, effective February 1, 2022, our Consolidated Balance Sheets reflect an unfunded PBO equal to an excess of the PBO over the fair value of the plan assets, consistent with a single-employer benefit plan. We no longer account for our interest in Exelon sponsored pension and OPEB plans under the multi-employer benefit plan guidance as we are no longer participants. That previous approach historically resulted in the recognition of a net prepaid pension asset in our Consolidated Balance Sheets representing an excess of contributions over cumulative costs.

Benefit Obligations, Plan Assets, and Funded Status

As of February 1, 2022, we assumed from Exelon the PBO, APBO, and plan assets for our plan participants in connection with the separation. The pension and OPEB plans were remeasured to determine the obligations and related plan assets to be transferred to us as of that date. The pension assets allocated to us were based on the rules prescribed by ERISA for transfers of assets in connection with a pension plan separation. A portion of the Exelon OPEB plan assets, which are held in VEBA trusts, were also allocated to us separately for each funding vehicle based on the ratio of the APBO assumed by us to the total APBO attributed to each funding vehicle.

The remeasurement completed at separation resulted in the recognition of pension obligations of $953 million, net of pension plan assets of $8,267 million, and OPEB obligations of $876 million, net of OPEB plan assets of $904 million. Additionally, we recognized $2,006 million (after-tax) in Accumulated other comprehensive loss for actuarial losses and prior service costs that had accrued over the lives of the plans prior to separation, primarily based on our proportionate share of the total projected pension and OPEB obligations at Exelon prior to separation.

We present our benefit obligations net of plan assets on our balance sheet within the following line items:


	June 30, 2022				December 31, 2021
	Pension Benefits		OPEB		Pension Benefits		OPEB
Prepaid pension asset	$	—	$	—	$	1,683	$	—
Other current liabilities	(10)		(17)		—		—
Pension obligations	(682)		—		—		—
Non-pension postretirement benefit obligations	—		(860)		—		(847)
(Unfunded) funded status (net benefit obligation less plan assets)	$	(692)	$	(877)	$	1,683	$	(847)

Assumptions

The measurement of the plan obligations and costs of providing benefits under our defined benefit and OPEB plans involves various factors, including the development of valuation assumptions and inputs and accounting policy elections. The measurement of benefit obligations and costs is impacted by several assumptions and inputs, as shown below, among other factors. When developing the required assumptions, we consider historical information as well as future expectations.

Expected Rate of Return. In determining the EROA, we consider historical economic indicators (including inflation and GDP growth) that impact asset returns, as well as expectations regarding future long-term capital market performance, weighted by our target asset class allocations.

Discount Rate. The discount rates are determined by developing a spot rate curve based on the yield to maturity of a universe of high-quality non-callable (or callable with make whole provisions) bonds with similar maturities to the related pension and OPEB obligations. The spot rates are used to discount the estimated future benefit distribution amounts under the pension and OPEB plans. The discount rate is the single level rate that produces the same result as the spot rate curve. We utilize an analytical tool developed by our actuaries to determine the discount rates.

Mortality. The mortality assumption is composed of a base table that represents the current expectation of life expectancy of the population adjusted by an improvement scale that attempts to anticipate future improvements in life expectancy. In 2022, we adopted the revised mortality tables and projection scales released by the SOA.

The following table summarizes the assumptions we used to determine the benefit obligations as of February 1, 2022 and costs for 2022:


	Pension		OPEB
Discount rate(a)	3.23	%	3.21	%
Investment crediting rate(b)	3.86	%	N/A
Expected return on plan assets(c)	7.00	%	6.50	%
Rate of compensation increase	3.75	%	3.75	%
Mortality table	Pri-2012 table with MP-2021 improvement scale (adjusted)		Pri-2012 table with MP-2021 improvement scale (adjusted)
Healthcare cost trend on covered charges	N/A		Initial and ultimate rate of 5.00%

__________

(a)The discount rates above represent the blended rates used to establish the majority of Constellation's pension and OPEB costs.

(b)The investment crediting rate above represents a weighted average rate.

(c)Applicable to our pension and OPEB plans with plan assets, with the OPEB rate representing a weighted average.

Components of Net Periodic Benefit Costs (Credits)

We report the service cost and other non-service cost (credit) components of net periodic benefit costs (credits) for all plans separately in our Consolidated Statements of Operations and Comprehensive Income. Effective February 1, 2022, the service cost component will continue to be included in Operating and maintenance expense and Property, plant, and equipment, net (where criteria for capitalization of direct labor has been met) while the non-service cost (credit) components will now be included in Other, net, in accordance with single employer plan accounting.

Historically, we were allocated our portion of pension and OPEB service and non-service costs (credits) from Exelon, which was included in Operating and maintenance expense. Our portion of the total net periodic benefit costs allocated to us from Exelon in 2022 prior to separation was not material and remains in total Operating and maintenance expense.

The following tables present the components of our net periodic benefit costs (credits), prior to capitalization and co-owner allocations, for the three and six months ended June 30, 2022 and 2021:


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit)
Service cost	$	30	$	37	$	6	$	7	$	36	$	44
Non-service components of pension benefits & OPEB cost (credit)
Interest cost	73		59		15		11		88		70
Expected return on assets	(143)		(124)		(14)		(14)		(157)		(138)
Amortization of:
Prior service cost (credit)	1		—		(1)		(2)		—		(2)
Actuarial loss (gain)	36		50		(1)		2		35		52
Settlement charges	—		4		—		—		—		4

Non-service components of pension benefits & OPEB credit(a)	(33)		(11)		(1)		(3)		(34)		(14)
Net periodic benefit (credit) cost(b,c)	$	(3)	$	26	$	5	$	4	$	2	$	30


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit)
Service cost	$	63	$	73	$	12	$	14	$	75	$	87
Non-service components of pension benefits & OPEB cost (credit)
Interest cost	143		118		28		22		171		140
Expected return on assets	(280)		(247)		(28)		(29)		(308)		(276)
Amortization of:
Prior service cost (credit)	1		—		(3)		(4)		(2)		(4)
Actuarial loss (gain)	74		100		(1)		5		73		105
Settlement charges	—		4		—		—		—		4

Non-service components of pension benefits & OPEB credit(a)	(62)		(25)		(4)		(6)		(66)		(31)
Net periodic benefit cost(b,c)	$	1	$	48	$	8	$	8	$	9	$	56

__________

(a)The pension benefit and OPEB non-service costs (credits) for the three and six months ended June 30, 2021 are reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Effective February 1, 2022, these non-service costs (credits) are reflected in Other, net in the Consolidated Statements of Operations and Comprehensive Income.

(b)The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled $34 million and $64 million, respectively. The pension benefit and OPEB non-service credits reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled ($33) million and ($58) million, respectively.

(c)The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021 totaled $38 million and $71 million, respectively. The pension benefit and OPEB non-service credits reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021 totaled ($14) million and ($25) million, respectively.

Average Remaining Service Period

For pension benefits, we amortize the unrecognized prior service costs (credits) and certain actuarial gains and losses reflected in AOCI, as applicable, based on participants’ average remaining service periods.

For OPEB, we amortize the unrecognized prior service costs (credits) reflected in AOCI over participants’ average remaining service period to benefit eligibility age, and amortize certain actuarial gains and losses reflected in AOCI over participants’ average remaining service period to expected retirement.

The resulting average remaining service periods for pension and OPEB were as follows as of June 30, 2022:


			June 30, 2022
Pension plans			12.2
OPEB plans:
Benefit Eligibility Age			7.5
Expected Retirement			8.3

Contributions

We consider various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), and management of the pension obligation. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump

sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The contributions below reflect a funding strategy to make levelized annual contributions with the objective of achieving 100% funded status on an ABO basis over time. This level funding strategy helps minimize the volatility of future period required pension contributions. Based on this funding strategy and current market conditions, which are both subject to change, we made our annual qualified pension contribution totaling $192 million in February 2022. There are no additional contributions expected for the remainder of 2022.

Our non-qualified pension plans are not funded given that they are not subject to statutory minimum contribution requirements. While OPEB plans are also not subject to statutory minimum contribution requirements, we do fund certain plans. For our funded OPEB plans, contributions generally equal accounting costs; however, we consider several factors in determining the level of contributions to our OPEB plans, including liabilities management and levels of benefit claims paid. The planned benefit payments to the non-qualified pension plans in 2022 are $9 million and the planned contributions to the OPEB plans, including benefit payments to unfunded plans is $27 million. The benefit payments to the non-qualified pension plans and OPEB plans were $2 million and $7 million for the three months ended June 30, 2022, respectively. The benefit payments to the non-qualified pension plans and OPEB plans were $8 million and $13 million for the six months ended June 30, 2022, respectively.

Estimated Future Benefit Payments

Estimated future benefit payments to participants in all pension and OPEB plans as of June 30, 2022 were:


	Pension Benefits		OPEB
2022	$	532	$	108
2023	521		108
2024	524		108
2025	536		107
2026	533		107
2027 through 2031	2,710		540
Total estimated future benefits payments through 2031	$	5,356	$	1,078

Plan Assets

On a regular basis, we evaluate our investment strategy to ensure that plan assets will be sufficient to pay plan benefits when due. We have developed and implemented a liability hedging investment strategy for our qualified pension plans that has reduced the volatility of these pension assets relative to the associated pension liabilities. We are likely to continue to gradually increase the liability hedging portfolio as the funded status of the plans improve. The overall objective is to achieve attractive risk-adjusted returns that will balance the liquidity requirements of the plans’ liabilities while striving to minimize the risk of significant losses. Trust assets for our OPEB plans are managed in a diversified investment strategy that prioritizes maximizing liquidity and returns while minimizing asset volatility.

Defined Contribution Savings Plans

We sponsor the Constellation Employee Savings Plan, a 401(k) defined contribution savings plan. The plan allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. We match a percentage of the employee contributions up to certain limits. In addition, certain employees are eligible for a fixed non-discretionary employer contribution in lieu of a pension benefit. The matching contributions to the savings plan were $15 million and $13 million for the three months ended June 30, 2022 and 2021, respectively, and $28 million and $26 million for the six months ended June 30, 2022 and 2021, respectively.

The entire disclosure for retirement benefits.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2022

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 are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. All derivative economic hedges related to commodities, referred to as economic hedges, 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 sold or consumed.

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 and proprietary trading derivatives 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 are downgraded 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 commodity 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.

To the extent the amount of energy we produce 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 oil, 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.

Additionally, we are exposed to certain market risks through our proprietary trading activities. The proprietary trading activities are a complement to our energy marketing portfolio but represent a small portion of our overall energy marketing activities and are subject to limits established by our RMC.

The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2022 and December 31, 2021:


June 30, 2022	Economic Hedges		Proprietary Trading		Collateral (a)(b)		Netting(a)		Total
Mark-to-market derivative assets (current assets)	$	27,862	$	51	$	(310)	$	(25,624)	$	1,979
Mark-to-market derivative assets (noncurrent assets)	5,708		2		(153)		(4,452)		1,105
Total mark-to-market derivative assets	33,570		53		(463)		(30,076)		3,084
Mark-to-market derivative liabilities (current liabilities)	(27,085)		(48)		(160)		25,624		(1,669)
Mark-to-market derivative liabilities (noncurrent liabilities)	(5,518)		(1)		(2)		4,452		(1,069)
Total mark-to-market derivative liabilities	(32,603)		(49)		(162)		30,076		(2,738)
Total mark-to-market derivative net assets (liabilities)	$	967	$	4	$	(625)	$	—	$	346

December 31, 2021
Mark-to-market derivative assets (current assets)	$	10,915	$	25	$	152	$	(8,923)	$	2,169
Mark-to-market derivative assets (noncurrent assets)	3,224		2		15		(2,298)		943
Total mark-to-market derivative assets	14,139		27		167		(11,221)		3,112
Mark-to-market derivative liabilities (current liabilities)	(10,143)		(19)		262		8,923		(977)
Mark-to-market derivative liabilities (noncurrent liabilities)	(2,893)		(1)		83		2,298		(513)
Total mark-to-market derivative liabilities	(13,036)		(20)		345		11,221		(1,490)
Total mark-to-market derivative net assets (liabilities)	$	1,103	$	7	$	512	$	—	$	1,622

_________

(a)We net all available amounts allowed under the derivative authoritative guidance in our Consolidated Balance Sheets. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases we may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral. These amounts are not material as of June 30, 2022 and December 31, 2021 and not reflected in the tables above.

(b)Includes $1,467 million and $897 million of variation margin held from the exchanges as of June 30, 2022 and December 31, 2021, respectively.

Economic Hedges (Commodity Price Risk)

For the three and six months ended June 30, 2022 and 2021, we recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located 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,
	2022		2021		2022		2021
Income Statement Location	(Losses) Gains				(Losses) Gains
Operating revenues	$	(303)	$	(240)	$	(1,222)	$	(323)
Purchased power and fuel	348		552		1,174		817
Total	$	45	$	312	$	(48)	$	494

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. For merchant revenues not already hedged via comprehensive state programs, such as the CMC in Illinois, we utilize a three-year ratable sales plan to align our hedging strategy with our financial objectives. The prompt three-year merchant revenues are hedged on an approximate rolling 90%/60%/30% basis. We may also enter into transactions that are outside of this ratable hedging program. As of June 30, 2022, the percentage of expected generation hedged for the Mid-Atlantic, Midwest, New York, and ERCOT reportable segments is 95%-98% and 88%-91% for 2022 and 2023, respectively.

Proprietary Trading (Commodity Price Risk)

We also execute commodity derivatives for proprietary trading purposes. Proprietary trading includes all contracts executed with the intent of benefiting from shifts or changes in market prices as opposed to those executed with the intent of hedging or managing risk. Gains and losses associated with proprietary trading are reported as Operating revenues in the Consolidated Statements of Operations and Comprehensive Income and are included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. For the three and six months ended June 30, 2022 and 2021, net pre-tax commodity mark-to-market gains and losses associated with proprietary trading activities were not material.

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 $546 million and $486 million as of June 30, 2022 and December 31, 2021, respectively.

The mark-to-market derivative assets and liabilities as of June 30, 2022 and December 31, 2021 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, 2022 and 2021 were not material.

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 transactions involving that specific commodity product, except where master netting agreements exist with a counterparty that allows for cross commodity 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 risk management capabilities. 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.

The following tables provide information on the credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 2022. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts, and exposure through RTOs, ISOs, NYMEX, ICE, NGX, and Nodal commodity exchanges.


Rating as of June 30, 2022	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	$	1,138	$	217	$	921	—	$	—
Non-investment grade	22		—		22		—	—
No external ratings
Internally rated — investment grade	115		—		115		—	—
Internally rated — non-investment grade	239		32		207		—	—
Total	$	1,514	$	249	$	1,265	—	$	—


Net Credit Exposure by Type of Counterparty	As of June 30, 2022
Financial institutions	$	2
Investor-owned utilities, marketers, power producers	1,071
Energy cooperatives and municipalities	78
Other	114
Total	$	1,265

__________

(a)As of June 30, 2022, credit collateral held from counterparties where we had credit exposure included $186 million of cash and $63 million of letters of credit. The credit collateral does not include non-liquid collateral.

Credit-Risk-Related Contingent Features

As part of the normal course of business, we routinely enter into physically or financially settled contracts for the purchase and sale of electric 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 rating from each of the major credit rating agencies. 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 rating (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 this case, we believe a combination of several months of future payments (e.g., capacity payments) and a calculation of fair value is the best estimate for the contingent collateral obligation, which has been factored into the disclosure below.

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, 2022		December 31, 2021
Gross fair value of derivative contracts containing this feature(a)	$	(6,445)	$	(3,872)
Offsetting fair value of in-the-money contracts under master netting arrangements(b)	3,826		2,424
Net fair value of derivative contracts containing this feature(c)	$	(2,619)	$	(1,448)

__________

(a)Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features ignoring the effects of master netting agreements.

(b)Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which we could potentially be required to post collateral.

(c)Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based.

As of June 30, 2022 and December 31, 2021, 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, 2022		December 31, 2021
Cash collateral posted	$	501	$	713
Letters of credit posted	1,340		755
Cash collateral held	1,093		182
Letters of credit held	65		124
Additional collateral required in the event of a credit downgrade below investment grade	2,917		2,113

We entered 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, counterparty suppliers, including us, are required to post collateral once certain unsecured credit limits are exceeded.

Debt and Credit Agreements

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

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.

Commercial Paper

The following table reflects our commercial paper program supported by the revolving credit agreements and bilateral credit agreements as of June 30, 2022 and December 31, 2021:


Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
$	—	$	702	—	%	0.66	%

Credit Agreements

In connection with our separation from Exelon, we entered into two new credit agreements that replaced our $5.3 billion syndicated revolving credit facility. On February 1, 2022, we entered into a new credit agreement establishing a $3.5 billion revolving credit facility at a variable interest rate of SOFR plus 1.275%, with a maturity of February 1, 2027 and on February 9, 2022, we entered into a $1 billion liquidity facility with the primary purpose of supporting our letter of credit issuances with a maturity of January 31, 2027.

As of June 30, 2022, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:


							Available Capacity as of June 30, 2022
Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper
Syndicated Revolver(a)	$	3,500	$	—	$	1,676	$	1,824	$	1,824
Bilaterals(b)	1,100		—		960		140		—
Liquidity Facility(c)	971		—		801		170		—
Project Finance	131		—		110		21		—
Total	$	5,702	$	—	$	3,547	$	2,155	$	1,824

__________

(a)Excludes $44 million of credit facility agreements arranged at minority and community banks. These facilities expire on October 7, 2022 and are solely utilized to issue letters of credit. As of June 30, 2022, letters of credit issued under these facilities totaled $5 million.

(b)On July 15, 2022, a bilateral credit agreement initiated on November 21, 2019 decreased from $150 million to $100 million.

(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, 2022, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $897 million.

Short-Term Loan Agreements

On March 19, 2020, we entered into a term loan agreement for $200 million. The loan agreement was renewed on March 17, 2021 with an expiration date of March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.875% and all indebtedness thereunder is unsecured. In connection with the separation, we repaid the term loan on January 26, 2022. The loan agreement was reflected in Short-term borrowings in the Consolidated Balance Sheet as of December 31, 2021.

On March 31, 2020, we entered into a term loan agreement for $300 million. We repaid $100 million of the term loan on March 29, 2022. The remaining $200 million from the loan agreement was renewed on March 29, 2022 and will expire on March 29, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.80% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in the Consolidated Balance Sheets.

On August 6, 2021, we entered into a 364-day term loan agreement for $880 million to fund the purchase of EDF's equity interest in CENG. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate of LIBOR plus 0.875% until March 31, 2022 and a rate of LIBOR plus 1% thereafter and all indebtedness thereunder is unsecured. The loan agreement was amended on January 24, 2022 to change the maturity date to June 30, 2022 from August 5, 2022. We repaid the term loan on April 15, 2022 that was reflected in Short-term borrowings in the Consolidated Balance Sheet as of December 31, 2021. See Note 2 — Mergers, Acquisitions, and Dispositions of our 2021 Form 10-K for additional information.

Long-Term Debt

Debt Issuances and Redemptions

During the six months ended June 30, 2022, the following long-term debt was issued:

Type

Interest Rate

Maturity

Amount

Use of Proceeds

Energy Efficiency Project Financing(a)

2.20% - 2.44%

March 31, 2023 - February 29, 2024

Funding to install energy conservation measures.

__________

(a)For Energy Efficiency Project Financing, the maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.

During the six months ended June 30, 2022, the following long-term debt was retired and/or redeemed:


Type	Interest Rate	Maturity	Amount
Senior Notes	3.40%	March 15, 2022	$	500
Senior Notes	4.25%	June 15, 2022	523
CR Nonrecourse Debt	3 month LIBOR + 2.50%	December 15, 2027	41
Continental Wind Nonrecourse Debt	6.00%	February 28, 2033	20
West Medway II Nonrecourse Debt	1 month LIBOR + 2.875%	March 31, 2026	11
Antelope Valley DOE Nonrecourse Debt	2.29% - 3.56%	January 5, 2037	8
RPG Nonrecourse Debt	4.11%	March 31, 2035	3
Energy Efficiency Project Financing	3.71%	December 31, 2022	3

Long-Term Debt from Affiliates

In connection with the debt obligations assumed by Exelon as part of the 2012 merger, Exelon and our subsidiaries assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes payable to Exelon. As of December 31, 2021, we had $319 million recorded to intercompany notes payable to Exelon Corporate. In connection with the separation, on January 31, 2022, we paid cash to Exelon Corporate in the amount of $258 million to settle the intercompany loan with the difference of $61 million recorded to membership interest.

Debt Covenants

As of June 30, 2022, we are in compliance with all debt covenants.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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 the short-term liabilities, long-term debt, and the SNF obligation as of June 30, 2022 and December 31, 2021. 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, 2022								December 31, 2021
	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	$	4,691	$	3,677	$	970	$	4,647	$	6,114	$	5,749	$	1,093	$	6,842
SNF Obligation	1,213		945		—		945		1,210		1,060		—		1,060

Recurring Fair Value Measurements

The following tables 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, 2022 and December 31, 2021:


	As of June 30, 2022										As of December 31, 2021
	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	37	$	—	$	—	$	—	$	37	$	113	$	—	$	—	$	—	$	113
NDT fund investments
Cash equivalents(b)	411		88		—		—		499		465		116		—		—		581
Equities	3,414		1,432		—		1,231		6,077		4,564		1,805		—		1,645		8,014
Fixed income
Corporate debt(c)	—		1,012		263		—		1,275		—		1,145		286		—		1,431
U.S. Treasury and agencies	1,992		16		—		—		2,008		2,193		30		—		—		2,223
Foreign governments	—		44		—		—		44		—		60		—		—		60
State and municipal debt	—		47		—		—		47		—		26		—		—		26
Other	27		19		—		1,703		1,749		29		23		—		1,449		1,501
Fixed income subtotal	2,019		1,138		263		1,703		5,123		2,222		1,284		286		1,449		5,241
Private credit	—		—		168		630		798		—		—		178		624		802
Private equity	—		—		—		685		685		—		—		—		673		673
Real estate	—		—		—		964		964		—		—		—		864		864

NDT fund investments subtotal(d)(e)	5,844		2,658		431		5,213		14,146		7,251		3,205		464		5,255		16,175
Rabbi trust investments
Cash equivalents	1		—		—		—		1		3		—		—		—		3
Mutual funds	38		—		—		—		38		36		—		—		—		36
Life insurance contracts	—		27		1		—		28		—		33		—		—		33
Rabbi trust investments subtotal	39		27		1		—		67		39		33		—		—		72
Investments in equities	8		—		—		—		8		43		—		—		—		43
Commodity derivative assets
Economic hedges	5,438		19,411		8,721		—		33,570		3,017		7,223		3,899		—		14,139
Proprietary trading	—		34		19		—		53		—		19		8		—		27
Effect of netting and allocation of collateral(f)(g)	(4,281)		(19,073)		(7,185)		—		(30,539)		(2,108)		(6,177)		(2,769)		—		(11,054)
Commodity derivative assets subtotal	1,157		372		1,555		—		3,084		909		1,065		1,138		—		3,112
DPP consideration	—		605		—		—		605		—		365		—		—		365
Total assets	7,085		3,662		1,987		5,213		17,947		8,355		4,668		1,602		5,255		19,880

Liabilities
Commodity derivative liabilities
Economic hedges	(4,429)		(18,991)		(9,183)		—		(32,603)		(2,201)		(6,870)		(3,965)		—		(13,036)
Proprietary trading	—		(37)		(12)		—		(49)		—		(18)		(2)		—		(20)
Effect of netting and allocation of collateral(f)(g)	4,383		18,634		6,897		—		29,914		2,189		6,642		2,735		—		11,566
Commodity derivative liabilities subtotal	(46)		(394)		(2,298)		—		(2,738)		(12)		(246)		(1,232)		—		(1,490)
Deferred compensation obligation	—		(50)		—		—		(50)		—		(43)		—		—		(43)
Total liabilities	(46)		(444)		(2,298)		—		(2,788)		(12)		(289)		(1,232)		—		(1,533)
Total net assets (liabilities)	$	7,039	$	3,218	$	(311)	$	5,213	$	15,159	$	8,343	$	4,379	$	370	$	5,255	$	18,347

__________

(a)CEG Parent has $90 million of Level 1 cash equivalents as of June 30, 2022. We exclude cash of $793 million and $417 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $40 million and $46 million as of June 30, 2022 and December 31, 2021, respectively. CEG Parent has excluded an additional $3 million of cash as of June 30, 2022.

(b)Includes $90 million and $116 million of cash received from outstanding repurchase agreements as of June 30, 2022 and December 31, 2021, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (e) below.

(c)Includes investments in equities sold short of ($45) million and ($55) million as of June 30, 2022 and December 31, 2021, respectively, held in an investment vehicle primarily to hedge the equity option component of convertible debt.

(d)Includes net derivative assets of less than $1 million and net derivative liabilities of $1 million, which have total notional amounts of $527 million and $687 million as of June 30, 2022 and December 31, 2021, respectively. The notional principal amounts for these instruments 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.

(e)Excludes net liabilities of $30 million and $111 million as of June 30, 2022 and December 31, 2021, respectively, which include certain derivative assets that have notional amounts of $164 million and $182 million as of June 30, 2022 and December 31, 2021, respectively. These items 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.

(f)Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled $102 million, ($439) million, and ($288) million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of June 30, 2022. Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled $81 million, $465 million, and ($34) million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of December 31, 2021.

(g)Includes $1,467 million and $897 million of variation margin held from the exchanges as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022, we have outstanding commitments to invest in private credit, private equity, and real estate investments of $272 million, $150 million, and $443 million, respectively. These commitments will be funded by our existing NDT funds.

We hold investments without readily determinable fair values with carrying amounts of $56 million and $33 million as of June 30, 2022 and December 31, 2021, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three months ended June 30, 2022 and the year ended December 31, 2021.

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, 2022 and 2021:


	For the Three Months Ended June 30, 2022
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of March 31, 2022	$	462	$	(1,278)		$	3	$	(813)

Total realized / unrealized (losses) gains
Included in net income	(1)		204		(a)	(2)		201
Included in Payable related to Regulatory Agreement Units	(7)		—			—		(7)
Change in collateral	—		8			—		8

Purchases, sales, issuances and settlements
Purchases	5		25			—		30
Sales	—		(10)			—		(10)
Settlements	(28)		(30)			—		(58)
Transfers into Level 3	—		316		(b)	—		316
Transfers out of Level 3	—		22		(b)	—		22
Balance as of June 30, 2022	$	431	$	(743)		$	1	$	(311)
The amount of total (losses) gains included in income attributed to the change in unrealized (losses) gains related to assets and liabilities as of June 30, 2022	$	(1)	$	48		$	(2)	$	45


	For the Three Months Ended June 30, 2021
	NDT Fund Investments		Mark-to-Market Derivatives			Total
Balance as of March 31, 2021	$	479	$	207		$	686

Total realized / unrealized gains (losses)
Included in net income	1		(359)		(a)	(358)
Included in noncurrent payables to affiliates	6		—			6
Change in collateral	—		(282)			(282)
Purchases, sales, issuances and settlements
Purchases	1		6			7
Sales	—		1			1
Settlements	(26)		—			(26)
Transfers into Level 3	—		1		(b)	1
Transfers out of Level 3	—		(39)		(b)	(39)

Balance as of June 30, 2021	$	461	$	(465)		$	(4)
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, 2021	$	1	$	(374)		$	(373)


	For the Six Months Ended June 30, 2022
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of December 31, 2021	$	464	$	(94)		$	—	$	370

Total realized / unrealized losses
Included in net income	(1)		(898)		(a)	(2)		(901)
Included in Payable related to Regulatory Agreement Units	(9)		—			—		(9)
Change in collateral	—		(254)			—		(254)
Impacts of separation	—		—			3		3
Purchases, sales, issuances and settlements
Purchases	5		166			—		171
Sales	—		(37)			—		(37)
Settlements	(28)		(30)			—		(58)
Transfers into Level 3	—		417		(b)	—		417
Transfers out of Level 3	—		(13)		(b)	—		(13)
Balance as of June 30, 2022	$	431	$	(743)		$	1	$	(311)
The amount of total losses included in income attributed to the change in unrealized losses related to assets and liabilities as of June 30, 2022	$	(2)	$	(1,062)		$	(2)	$	(1,066)


	For the Six Months Ended June 30, 2021
	NDT Fund Investments		Mark-to-Market Derivatives			Total
Balance as of December 31, 2020	$	497	$	430		$	927

Total realized / unrealized gains (losses)
Included in net income	2		(636)		(a)	(634)
Included in noncurrent payables to affiliates	7		—			7
Change in collateral	—		(338)			(338)
Purchases, sales, issuances and settlements
Purchases	1		114			115
Sales	—		1			1
Settlements	(46)		—			(46)
Transfers into Level 3	—		1		(b)	1
Transfers out of Level 3	—		(37)		(b)	(37)

Balance as of June 30, 2021	$	461	$	(465)		$	(4)
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, 2021	$	2	$	(522)		$	(520)

__________

(a)Includes an addition of $126 million and $135 million for realized losses due to the settlement of derivative contracts for the three and six months ended June 30, 2022, respectively. Includes an addition of $15 million for realized losses and a reduction of $114 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2021, 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 tables present 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, 2022 and 2021:


	For the Three Months Ended June 30,
	Operating Revenues					Purchased Power and Fuel				Other, net
	2022		2021			2022		2021		2022		2021
Total (losses) gains included in net income	$	(220)	$	(555)	1	$	394	$	196	$	(3)	$	1
Total unrealized (losses) gains	(364)		(543)			412		169		(3)		1


	For the Six Months Ended June 30,
	Operating Revenues					Purchased Power and Fuel				Other, net
	2022		2021			2022		2021		2022		2021
Total (losses) gains included in net income	$	(1,241)	$	(670)	1	$	313	$	34	$	(3)	$	2
Total unrealized (losses) gains	(1,585)		(608)			523		86		(4)		2

Valuation Techniques Used to Determine Fair Value

Our valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 18 — Fair Value of Financial Assets and Liabilities of our 2021 Form 10-K.

Valuation Techniques Used to Determine Net Asset Value

Certain NDT Fund Investments are not classified within the fair value hierarchy and are included under the heading “Not subject to leveling” in the table above. These investments are measured at fair value using NAV per share as a practical expedient and include commingled funds, mutual funds which are not publicly quoted, managed private credit funds, private equity and real estate funds.

For commingled funds and mutual funds, which are not publicly quoted, the fair value is primarily derived from the quoted prices in active markets on the underlying securities and can typically be redeemed monthly with 30 or less days of notice and without further restrictions. For managed private credit funds, the fair value is determined using a combination of valuation models including cost models, market models, and income models and typically cannot be redeemed until maturity of the term loan. Private equity and real estate investments include those in limited partnerships that invest in operating companies and real estate holding companies that are not publicly traded on a stock exchange, such as, leveraged buyouts, growth capital, venture capital, distressed investments, investments in natural resources, and direct investments in pools of real estate properties. These investments typically cannot be redeemed and are generally liquidated over a period of 8 to 10 years from the initial investment date, which is based on our understanding of the investment funds. Private equity and real estate valuations are reported by the fund manager and are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows, market based comparable data, and independent appraisals from sources with professional qualifications. These valuation inputs are unobservable.

Mark-to-Market Derivatives

See Note 12 — Derivative Financial Instruments for additional information on 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, 2022		Fair Value as of December 31, 2021		Valuation Technique	Unobservable Input	2022 Range & Arithmetic Average				2021 Range & Arithmetic Average
Mark-to-market derivatives—Economic hedges(a)(b)	$	(462)	$	(66)	Discounted Cash Flow	Forward power price	$10	-	$537	$81	$8.86	$481	$55
						Forward gas price	$2.24	-	$34	$5.10	$1.69	$17	$3.50
					Option Model	Volatility percentage	80%	-	136%	108%	24%	284%	56%

__________

(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 received on level 3 positions of $288 million and $34 million as of June 30, 2022 and December 31, 2021, 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 reserves listed above would decrease the fair value of the positions. An increase to the heat rate or renewable factors 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.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Commercial Commitments. Commercial commitments as of June 30, 2022, representing commitments potentially triggered by future events, were as follows:


			Expiration within
	Total		2022		2023		2024		2025		2026		2027 and beyond
Letters of credit	$	3,552	$	2,379	$	1,173	$	—	$	—	$	—	$	—
Surety bonds(a)	831		479		352		—		—		—		—
Total commercial commitments	$	4,383	$	2,858	$	1,525	$	—	$	—	$	—	$	—

__________

(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 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 financial statements.

We had accrued undiscounted amounts for environmental liabilities of $120 million as of both June 30, 2022 and December 31, 2021 in Accrued expenses and Other deferred credits and other liabilities in the Consolidated Balance Sheets.

Cotter Corporation. The EPA has advised Cotter Corporation (N.S.L.) (Cotter), a former ComEd subsidiary, that it is potentially liable in connection with radiological contamination at two sites in Missouri. In 2000, ComEd sold Cotter to an unaffiliated third-party. As part of the sale, ComEd agreed to indemnify Cotter for any liability arising from these two Missouri superfund sites, West Lake Landfill and Latty Avenue. In connection with Exelon’s 2001 corporate restructuring, this responsibility to indemnify Cotter was transferred to us, and ultimately retained by us per the terms of our separation from Exelon. Refer to Note 1 — Basis of Presentation for additional information on the separation.

West Lake Landfill. Including Cotter, there are three PRPs currently participating in the West Lake Landfill remediation proceeding.

In September 2018, the EPA issued its Record of Decision Amendment (RODA) for the selection of a final remedy that requires partial excavation of the radiological materials and capping the landfill. The EPA and the PRPs have entered into a Consent Agreement to perform the Remedial Design, which is expected to be completed in the middle of 2024. In March 2019, the PRPs received Special Notice Letters from the EPA to perform the Remedial Action work. The total estimated cost of the remedy, considering the current EPA technical requirements, is approximately $290 million, including cost escalation on an undiscounted basis. Our investigation has identified several other parties who also may be PRPs and could be liable to contribute to the final remedy. We have determined that a loss associated with the EPA’s partial excavation and landfill cover remedy is probable and have recorded a liability, included in the total amount as discussed above, that reflects management’s best estimate of Cotter’s allocable share of the ultimate cost. Given the joint and several nature of this liability, the magnitude of our ultimate liability will depend on the actual costs incurred to implement the required remedy as well as on the nature and terms of any cost-sharing arrangements with the final group of PRPs. Therefore, it is reasonably possible that the ultimate cost and Cotter's associated allocable share could differ significantly once these uncertainties are resolved, which could have a material impact on our financial statements.

In September 2018, the three identified PRPs, including Cotter, signed an Administrative Settlement Agreement and Order on Consent for the performance by the PRPs of the groundwater Remedial Investigation Feasibility Study (RI/FS). The purpose of this RI/FS is to define the nature and extent of any groundwater contamination from the West Lake Landfill site and evaluate remedial alternatives. We estimate the undiscounted cost for the groundwater RI/FS to be approximately $40 million. We determined a loss associated with the RI/FS is probable and have recorded a liability, included in the total amount as discussed above, that reflects management’s best estimate of Cotter’s allocable share of the cost among the PRPs. At this time we cannot predict the likelihood, or the extent to which, if any, remediation activities may be required and therefore cannot estimate a reasonably possible range of loss for response costs beyond those associated with the RI/FS component. It is reasonably possible, however, that resolution of this matter could have a material, unfavorable impact on our financial statements.

Latty Avenue. In August 2011, Cotter was notified by the DOJ that Cotter is considered a PRP with respect to the government’s clean-up costs for contamination attributable to low level radioactive residues at a former storage and reprocessing facility named Latty Avenue near St. Louis, Missouri. Latty Avenue was investigated and remediated by the United States Army Corps of Engineers pursuant to funding under the Formerly Utilized Sites Remedial Action Program. On August 3, 2020, the DOJ advised Cotter that it is seeking approximately $90 million from all the PRPs. In December 2021, a good faith offer was submitted to the government. After subsequent communications with DOJ, Cotter proposed that the parties enter mediation to facilitate a settlement. Pursuant to a series of agreements since 2011, the DOJ and the PRPs have extended the statute of limitations until August 31, 2022, which can be further extended by agreement. We have determined that a loss associated with this matter is probable and have recorded an estimated liability, included in the total amount as discussed above, that reflects management's best estimate of Cotter's allocable share of the cost. It is reasonably possible that Cotter's allocable share could differ significantly, which could have a material impact on our financial statements.

Litigation and Regulatory Matters

Asbestos Personal Injury Claims. We maintain a reserve for claims associated with asbestos-related personal injury actions at certain facilities that are currently owned by us or were previously owned by ComEd, PECO, or BGE. The estimated liabilities are recorded on an undiscounted basis and exclude the estimated legal costs associated with handling these matters, which could be material.

At June 30, 2022 and December 31, 2021, we recorded estimated liabilities of approximately $98 million and $81 million, respectively, in total for asbestos-related bodily injury claims. As of June 30, 2022, approximately $22 million of this amount related to 244 open claims presented to us, while the remaining $76 million is for estimated future asbestos-related bodily injury claims anticipated to arise through 2055, based on actuarial assumptions and analyses, which are updated on an annual basis. On a quarterly basis, we monitor actual experience against the number of forecasted claims to be received and expected claim payments and evaluate whether adjustments to the estimated liabilities are necessary.

Impacts of the February 2021 Extreme Cold Weather Event and Texas-based Generating Assets Outages. Beginning on February 15, 2021, our Texas-based generating assets within the ERCOT market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced outages as a result of extreme cold weather conditions. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and also increased gas prices in certain regions. See Note 3 — Regulatory Matters for additional information.

Various lawsuits have been filed against us since March 2021 related to these events, including:

•On March 5, 2021, we, along with more than 150 power generators and transmission and distribution companies, were sued by approximately 160 individually named plaintiffs, purportedly on behalf of all Texans who allegedly suffered loss of life or sustained personal injury, property damage or other losses as a result of the weather events. The plaintiffs allege that the defendants failed to properly prepare for the cold weather and failed to properly conduct their operations, seeking compensatory as well as punitive damages. On April 26, 2021, another multi-plaintiff lawsuit was filed on behalf of approximately 90 plaintiffs against more than 300 defendants, including us, involving similar allegations of liability and claims of personal injury and property damage. Since March 2021, approximately 60 additional lawsuits, naming multiple defendants including us, were filed by individual or multiple plaintiffs in different Texas counties, all arising out of the February weather events. These additional lawsuits allege wrongful death, property damage, or other losses. Co-defendants in these lawsuits include ERCOT, transmission and distribution utilities and other generators. On December 28, 2021, approximately 130 insurance companies which insured Texas homeowners and businesses filed a subrogation lawsuit against multiple defendants alleging that defendants were at fault for the energy failure that resulted from the winter storm, causing significant property damage to the insureds. Additionally, as of January 28, 2022, we have been added to approximately 80 additional wrongful death, personal injury, and property damage lawsuits through the Multi-District-Litigation (MDL) pending in Texas state court. The MDL now includes all of the above-described Texas state court matters. We are now defendants in approximately 150 lawsuits in the MDL brought by several hundred plaintiffs and more than 130 insurance companies. Defendants filed Motions to Dismiss the amended complaints in five bellwether cases in July 2022. Briefing is expected to be completed in September 2022. On June 27, 2022, a new group of 24 plaintiff customers filed a petition in Starr County seeking damages and redress for property damage and other injury. One plaintiff household was a customer of Constellation NewEnergy, Inc. as the Retail Electricity Provider (REP). This is the first time that Constellation has been named in a winter storm lawsuit as a REP. We dispute liability and deny that we are responsible for any of plaintiffs’ alleged claims and are vigorously contesting them. No loss contingencies have been reflected in the consolidated financial statements with respect to these matters, as such contingencies are neither probable nor reasonably estimable at this time.

•On March 22, 2021, an LDC filed a lawsuit in Missouri federal court against us for breach of contract and unjust enrichment, seeking damages of approximately $40 million. The plaintiff claims that we failed to deliver gas to our customers in February of 2021, causing the plaintiff to incur damages by forcing it to purchase gas for our customers and by our refusal to pay the resulting penalties. On March 26, 2021, we filed a complaint with the MPSC against the LDC to void the OFO penalties, or alternatively to grant a waiver or variance from the tariff requirements, to prohibit the LDC from billing or otherwise attempting

to collect from us or any Missouri customer any portion of the penalties claimed by the LDC until the resolution of the complaint, and to prohibit the LDC from taking any retaliatory measure, including termination of service. On September 1, 2021, the MPSC consolidated our complaint with two other similar complaints from other companies. On January 4, 2022, the court denied our motion to dismiss, but in the alternative granted its motion to stay pending MPSC resolution of our complaint. Based on the penalty provisions within the tariff that was in effect at the relevant time, we recorded a liability of approximately $40 million as of December 31, 2021. On May 25, 2022, a settlement was approved by the MPSC. In connection with the settlement, the liability was revised to $11 million as of June 30, 2022. On June 14, 2022, the lawsuit in Missouri federal court was dismissed.

General. We are involved in various other 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.

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation

Effective February 1, 2022, we established our own LTIP and began granting cash and stock-based awards that primarily include performance share awards and restricted stock units. Our LTIP authorized 20,000,000 shares of common stock for these awards. The existing, unvested cash and stock-based awards issued through the Exelon LTIP were modified in connection with the separation to align with our performance metrics and maintain an equivalent value immediately before and after separation. The impact of this modification was not material to our stock-based compensation expense for the three and six months ended June 30, 2022.

The following table presents the stock-based compensation expense included in our Consolidated Statements of Operations and Comprehensive Income. The information does not include expenses related to the cash awards as they are not considered stock-based compensation plans under the applicable authoritative guidance.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total stock-based compensation expense included in operating and maintenance expense	$	18	$	10	$	32	$	22
Income tax benefit	(5)		(3)		(8)		(6)
Total after-tax stock-based compensation expense	$	13	$	7	$	24	$	16

Performance Share Awards

Performance share awards are granted under the LTIP. The performance share awards are typically settled 50% in common stock and 50% in cash at the end of the three-year performance period, subject to certain ownership thresholds that, if met, may result in cash settlement of the entire award.

The common stock portion of the performance share awards is considered an equity award and is valued based on our stock price on the grant date. The cash portion of the performance share awards is considered a liability award which is remeasured each reporting period based on the current stock price. As the value of the common stock and cash portions of the awards are based on the stock price during the performance period, coupled with changes in the total expected payout of the award, the compensation costs are subject to volatility until payout is established.

For nonretirement-eligible employees, stock-based compensation costs are recognized over the vesting period of three years using the straight-line method. For performance share awards granted to retirement-eligible employees, the value of the performance shares is recognized ratably over the vesting period, which is the year of grant. We process forfeitures as they occur for employees who do not complete the requisite service period.

During the six months ended June 30, 2022, we granted performance share awards, inclusive of those converted at separation, totaling 1,467,820 with a weighted-average grant date fair value of $46.94. As of June 30, 2022, $31 million of total unrecognized compensation costs related to nonvested performance shares are expected to be recognized over the remaining weighted-average period of 2.2 years.

Restricted Stock Units

Restricted stock units are granted under the LTIP with the majority being settled in a specific number of shares of common stock after the service condition has been met. The corresponding cost is measured based on the grant date fair value of the restricted stock unit issued.

The value of the restricted stock units is expensed over the requisite service period using the straight-line method. The requisite service period for restricted stock units is generally three to five years. However, certain restricted stock unit awards become fully vested upon the employee reaching retirement eligibility. The value of the restricted stock units granted to retirement-eligible employees is either recognized ratably over the first six months in the year of grant if the employee reaches retirement eligibility prior to July 1st of the grant year or through the date of which the employee reaches retirement eligibility. We process forfeitures as they occur for employees who do not complete the requisite service period.

During the six months ended June 30, 2022, we granted restricted stock units, inclusive of those converted at separation, totaling 1,332,967 with a grant date fair value of $44.27. As of June 30, 2022, $27 million of total unrecognized compensation costs related to nonvested restricted stock units are expected to be recognized over the remaining weighted-average period of 2.4 years.

Changes in Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The following tables present changes in AOCI, net of tax, by component:


Three Months Ended June 30, 2022	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	(1,989)	$	(19)	$	(2,016)

OCI before reclassifications	(1)		—		(2)		(3)
Amounts reclassified from AOCI	1		26		—		27
Net current-period OCI	—		26		(2)		24
Ending balance	$	(8)	$	(1,963)	$	(21)	$	(1,992)


Three Months Ended June 30, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(7)	$	—	$	(22)	$	(29)
OCI before reclassifications	—		—		2		2

Net current-period OCI	—		—		2		2
Ending balance	$	(7)	$	—	$	(20)	$	(27)


Six Months Ended June 30, 2022	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	—	$	(23)	$	(31)
Separation-related adjustments	—		(2,006)		—		(2,006)
OCI before reclassifications	(1)		—		2		1
Amounts reclassified from AOCI	1		43		—		44
Net current-period OCI	—		(1,963)		2		(1,961)
Ending balance	$	(8)	$	(1,963)	$	(21)	$	(1,992)


Six Months Ended June 30, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(7)	$	—	$	(23)	$	(30)
OCI before reclassifications	—		—		3		3

Net current-period OCI	—		—		3		3
Ending balance	$	(7)	$	—	$	(20)	$	(27)

__________

(a)AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 11 — Retirement Benefits for additional information. See our Statements of Operations and Comprehensive Income for individual components of AOCI.

The following table presents income tax benefit (expense) allocated to each component of our other comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Pension and non-pension postretirement benefit plans:

Actuarial loss reclassified to periodic benefit cost	$	(9)	$	—	$	(15)	$	—
Pension and non-pension postretirement benefit plans valuation adjustment	—		—		680		—

Variable Interest Entities

6 Months Ended

Jun. 30, 2022

Variable Interest Entity [Abstract]

Variable Interest Entities

Variable Interest Entities At June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021. 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, 2022		December 31, 2021
Cash and cash equivalents	$	71	$	35
Restricted cash and cash equivalents	58		48
Accounts receivable
Customer	29		24
Other	8		6

Inventories, net

Materials and supplies	13		14

Other current assets	653		405
Total current assets	832		532

Property, plant and equipment, net	1,976		2,027



Other noncurrent assets	202		215
Total noncurrent assets	2,178		2,242
Total assets(a)	$	3,010	$	2,774

Long-term debt due within one year	$	65	$	70
Accounts payable	13		10
Accrued expenses	22		21



Other current liabilities	1		1
Total current liabilities	101		102

Long-term debt	797		822
Asset retirement obligations	154		151




Other noncurrent liabilities	3		3
Total noncurrent liabilities	954		976
Total liabilities(b)	$	1,055	$	1,078

__________

(a)Our balances include unrestricted assets for current unamortized energy contract assets of $23 million and $23 million, disclosed within other current assets in the table above, noncurrent unamortized energy contract assets of $189 million and $202 million, disclosed within other noncurrent assets in the table above as of June 30, 2022 and December 31, 2021, respectively.

(b)Our balances include liabilities with recourse of $1 million and $1 million as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and December 31, 2021, 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. 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.

CRP - CRP is a collection of wind and solar project entities and some of these project entities are VIEs that are consolidated by CRP. While we or CRP own 100% of the solar entities and 100% of the majority of the wind entities, it has been determined that the wholly owned solar and wind entities are VIEs because the entities' customers absorb price variability from the entities through fixed price power and/or REC purchase agreements. Additionally, for the wind entities that have minority interests, it has been determined that these entities are VIEs because the governance rights of some investors are not proportional to their financial rights. We are the primary beneficiary of these solar and wind entities that qualify as VIEs because we control operations and direct all activities of the facilities. There is limited recourse to us related to certain solar and wind entities.

In 2017, our interests in CRP were contributed to and are pledged for the CR non-recourse debt project financing structure. Refer to Note 17 — Debt and Credit Agreements of our 2021 Form 10-K for additional information.

Unconsolidated VIEs

Our variable interests in unconsolidated VIEs generally include equity investments and energy purchase and sale contracts. For the equity investments, the carrying amount of the investments is reflected in the Consolidated Balance Sheets in Investments. 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, 2022 and December 31, 2021, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain equity method investments and certain commercial agreements.

The following table presents summary information about our significant unconsolidated VIE entities:


	June 30, 2022						December 31, 2021
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	741	$	354	$	1,095	$	772	$	372	$	1,144
Total liabilities(a)	73		210		283		80		216		296
Our ownership interest in VIE(a)	—		128		128		—		139		139
Other ownership interests in VIE(a)	668		16		684		692		17		709

__________

(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. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as of June 30, 2022 and December 31, 2021.

As of June 30, 2022 and December 31, 2021 the unconsolidated VIEs consist of:


Unconsolidated VIE groups:	Reason entity is a VIE:	Reason we are not the primary beneficiary:
Equity investments in distributed energy companies.	Similar structures to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.	We do not conduct the operational activities.
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.

Supplemental Financial Information

6 Months Ended

Jun. 30, 2022

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Supplemental Statement of Operations Information

The following tables provide additional information about material items recorded within our Consolidated Statements of Operations and Comprehensive Income.


	Operating revenues
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease income	$	13	$	12	$	17	$	15
Variable lease income	71		74		127		137


	Taxes other than income taxes
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gross receipts(a)	$	31	$	22	$	61	$	46
Property	69		66		138		133
Payroll	30		30		63		58

__________

(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.


	Other, net
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Decommissioning-related activities:
Net realized income on NDT funds(a)
Regulatory Agreement Units	$	97	$	144	$	271	$	435
Non-Regulatory Agreement Units	15		87		100		290
Net unrealized (losses) gains on NDT funds
Regulatory Agreement Units	(853)		361		(1,390)		279
Non-Regulatory Agreement Units	(515)		193		(852)		126
Regulatory offset to NDT fund-related activities(b)	607		(402)		899		(569)
Decommissioning-related activities	(649)		383		(972)		561

Non-service net periodic benefit credit(c)	33		—		52		—
Net unrealized (losses) gains from equity investments(d)	(5)		119		(25)		96
Return to provision adjustment(e)	(58)		—		(58)		—

__________

(a)Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments.

(b)Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units except for decommissioning-related impacts that were not offset for the Byron units starting in the second quarter of 2021, including the elimination of income taxes related to all NDT fund activity for those units. With our September 15, 2021 reversal of the previous decision to retire Byron, we resumed contractual offset for Byron as of that date. See Note 10 — Asset Retirement Obligations of our 2021 Form 10-K for additional information regarding the accounting for nuclear decommissioning and the contractual offset suspension for the Byron units.

(c)Historically, we were allocated our portion of pension and OPEB non-service credits (costs) from Exelon, which was included in Operating and maintenance expense. Effective February 1, 2022, the non-service credit (cost) components will now be included in Other, net, in accordance with single employer plan accounting. See Note 11 — Retirement Benefits for additional information.

(d)Net unrealized (losses) gains from equity investments that became publicly traded in the fourth quarter of 2020 and the first half of 2021.

(e)This reflects amounts contractually owed to Exelon under the tax matters agreement, which is offset in Income taxes.

Supplemental Cash Flow Information

The following tables provide additional information about material items recorded within our Consolidated Statements of Cash Flows.


	Depreciation, amortization and accretion
	Six Months Ended June 30,
	2022		2021
Property, plant, and equipment(a)	$	542	$	1,844
Amortization of intangible assets, net(a)	15		25
Amortization of energy contract assets and liabilities(b)	17		13
Nuclear fuel(c)	367		549
ARO accretion(d)	266		255
Total depreciation, amortization, and accretion	$	1,207	$	2,686

__________

(a)Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income.

(b)Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income.

(c)Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income.

(d)Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.


	Other non-cash operating activities
	CEG Parent				Constellation
	Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Pension and non-pension postretirement benefit costs	$	9	$	56	$	9	$	56
Allowance for credit losses	3		46		3		46
Other decommissioning-related activity(a)	107		(636)		107		(636)
Energy-related options(b)	211		20		211		20
Long-term incentive plan	32		—		—		—
Amortization of operating ROU asset	33		51		33		51
Fair value adjustments related to gas imbalances	41		—		41		—

__________

(a)Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units except for decommissioning-related impacts that were not offset for the Byron units starting in the second quarter of 2021, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income, and income taxes related to all NDT fund activity for these units. With our September 15, 2021 reversal of the previous decision to retire Byron, we resumed contractual offset for Byron as of that date. See Note 10 — Asset Retirement Obligations of our 2021 Form 10-K for additional information regarding the accounting for nuclear decommissioning and the contractual offset suspension for the Byron units.

(b)Includes option premiums reclassified to realized at the settlement of the underlying contracts and recorded to results of operations.

The following table provides a reconciliation of cash, restricted cash, and cash equivalents reported within our Consolidated Balance Sheets that sum to the total of the same amounts in the Consolidated Statements of Cash Flows.


	CEG Parent		Constellation
June 30, 2022
Cash and cash equivalents	$	806	$	803
Restricted cash and cash equivalents	120		67

Total cash, restricted cash, and cash equivalents	$	926	$	870

December 31, 2021
Cash and cash equivalents	$	504	$	504
Restricted cash and cash equivalents	72		72

Total cash, restricted cash, and cash equivalents	$	576	$	576

June 30, 2021
Cash and cash equivalents	$	542	$	542
Restricted cash and cash equivalents	59		59

Total cash, restricted cash, and cash equivalents	$	601	$	601

December 31, 2020
Cash and cash equivalents	$	226	$	226
Restricted cash and cash equivalents	89		89
Cash, restricted cash, and cash equivalents - Held for Sale	12		12
Total cash, restricted cash, and cash equivalents	$	327	$	327

For additional information on restricted cash see Note 1 — Significant Accounting Policies of our 2021 Form 10-K.

Supplemental Balance Sheet Information

The following table provides additional information about material items recorded within our Consolidated Balance Sheets.


	Accrued expenses
June 30, 2022	CEG Parent		Constellation
Compensation-related accruals(a)	$	296	$	270
Taxes accrued	349		349


December 31, 2021
Compensation-related accruals(a)	$	356	$	356
Taxes accrued	272		272

__________

(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

Prior to completion of the separation on February 1, 2022, we engaged in transactions with affiliates of Exelon in the normal course of business, these affiliate transactions are summarized in the tables below. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions.

Operating Revenues from Affiliates

The following table presents our Operating revenues from affiliates:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022(g)		2021
ComEd(a)	$	—	$	75	$	58	$	153
PECO(b)	—		41		33		83
BGE(c)	—		58		18		130
PHI	—		77		51		176
Pepco(d)	—		55		39		130
DPL(e)	—		17		10		37
ACE(f)	—		5		2		9
Other	—		3		—		7
Total operating revenues from affiliates	$	—	$	254	$	160	$	549

__________

(a)We have an ICC-approved RFP contract with ComEd to provide a portion of ComEd’s electricity supply requirements. We also sell RECs and ZECs to ComEd.

(b)We provide electric supply to PECO under contracts executed through PECO’s competitive procurement process. In addition, we have a ten-year agreement with PECO to sell solar AECs.

(c)We provide a portion of BGE’s energy requirements under its MDPSC-approved market-based SOS and gas commodity programs.

(d)We provide electric supply to Pepco under contracts executed through Pepco's competitive procurement process approved by the MDPSC and DCPSC.

(e)We provide a portion of DPL's energy requirements under its MDPSC and DEPSC approved market-based SOS commodity programs.

(f)We provide electric supply to ACE under contracts executed through ACE's competitive procurement process.

(g)Represents only January 2022 costs prior to separation on February 1, 2022.

Service Company Costs for Corporate Support

We received a variety of corporate support services from Exelon. Through its business services subsidiary, BSC, Exelon provided support services at cost, including legal, human resources, financial, information technology, and supply management services. The costs of BSC were directly charged or allocated to us. Certain of these services continue after the separation and are covered by the TSA. See Note 1 — Basis of Presentation for additional information.

The following table presents the service company costs allocated to us:


Operating and maintenance from affiliates								Capitalized costs
Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,
2022		2021		2022(a)		2021		2022		2021		2022(a)		2021
$	—	$	135	$	44	$	280	$	—	$	10	$	15	$	33

__________

(a)Represents only January 2022 costs prior to separation on February 1, 2022.

Current Receivables from/Payables to Affiliates

The following tables present Current receivables from affiliates and Current payables to affiliates:


	December 31, 2021
	Receivables from affiliates:		Payables to affiliates:
ComEd	$	84	$	13
PECO	30		—
BGE	4		—
Pepco	20		—
DPL	4		—
ACE	7		—
BSC	—		102
Other	11		16
Total(a)	$	160	$	131

__________

(a)Prior to the completion of the separation on February 1, 2022, we engaged in transactions with affiliates of Exelon in the normal course of business. As of June 30, 2022, all transactions with Exelon or its affiliates are third party transactions.

Payables Related to Regulatory Agreement Units

We have Noncurrent payables to ComEd and PECO as a result of the nuclear decommissioning contractual construct whereby, to the extent NDT funds are greater than the underlying ARO at the end of decommissioning, such amounts are due back to ComEd and PECO, as applicable, for payment to their respective customers. See Note 8 — Nuclear Decommissioning for additional information.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On February 21, 2021, the board of directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses (the separation), conducted through Constellation Energy Generation, LLC (“Constellation”, formerly Exelon Generation Company, LLC) and its subsidiaries, into an independent, publicly-traded company. CEG Parent, a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of separation and had not engaged in any business activities nor had any assets or liabilities prior to the separation. On February 1, 2022, the separation was completed and CEG Parent holds all the interests in Constellation previously held by Exelon. As an individual registrant, Constellation has historically filed consolidated financial statements to reflect its financial position and operating results as a stand-alone, wholly owned subsidiary of Exelon. The accompanying Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. CEG Parent's prior period financial statements have been adjusted to reflect the balances of Constellation in accordance with applicable guidance. Constellation's December 31, 2021 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, 2022. 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. 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.
Separation from Exelon	Separation from Exelon On February 1, 2022, Exelon completed the separation through a pro-rata distribution of all of the outstanding shares of our common stock, no par value, on the basis of one such share for every three shares of Exelon common stock held on January 20, 2022, the record date of the distribution. We are now an independent, publicly traded company listed on the Nasdaq Stock Market under the symbol “CEG”, and regular-way trading began on February 2, 2022. Exelon no longer retains any ownership interest in CEG Parent or Constellation. Prior to completion of the separation, our financial statements include certain transactions with affiliates of Exelon, which are disclosed as related party transactions. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions. In order to govern the ongoing relationships with Exelon after the separation, and to facilitate an orderly transition, we entered into several agreements with Exelon, including the following: •Separation Agreement – sets forth the principal actions to be taken in connection with the separation, including the transfer of assets and assumption of liabilities and establishes certain rights and obligations between us following the distribution • Transition Services Agreement (TSA) – governs all matters relating to the provision of services between us and Exelon on a transitional basis, in addition to providing us with certain services for an expected period of two-years, provided that certain services may be longer than the term and services may be extended with approval from both parties; the services include support for information technology, accounting, finance, human resources, security, and various other administrative and operational services • Employee Matters Agreement (EMA) – addresses certain employment, compensation and benefits matters, including the allocation of employees between us and Exelon and the allocation and treatment of certain assets and liabilities relating to our employees and former employees • Tax Matters Agreement (TMA) - governs the respective rights, responsibilities, and obligations between us and Exelon with respect to all tax matters (excluding employee-related taxes covered under EMA), in addition to certain restrictions which generally prohibit us from taking or failing to take any action in the two-year period following the distribution that would prevent the distribution from qualifying as tax-free for U.S. federal income tax purposes, including limitations on our ability to pursue certain equity issuances, strategic transactions, repurchases or other transactions
Retirement Benefits	Retirement Benefits Effective upon separation, we sponsor defined benefit pension plans and OPEB plans as described in Note 11 — Retirement Benefits. The plan obligations and costs of providing benefits under these plans were measured as of February 1, 2022. The measurement involved various factors, assumptions, and accounting elections. The impact of assumption changes or experience different from that assumed on pension and OPEB obligations is recognized over time rather than immediately recognized in the Consolidated Statements of Operations and Comprehensive Income. Gains or losses more than the greater of ten percent of the projected benefit obligation or the MRV of plan assets are amortized over the expected average remaining service period of plan participants.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2022 and 2021.


	Contract Assets
Balance as of December 31, 2021	$	149
Amounts reclassified to receivables	(16)
Revenues recognized	9

Balance as of March 31, 2022	142
Amounts reclassified to receivables	(13)
Revenues recognized	10
Balance as of June 30, 2022	$	139




Balance as of December 31, 2020	$	144
Amounts reclassified to receivables	(16)
Revenues recognized	13
Amounts previously held-for-sale	12
Balance as of March 31, 2021	153
Amounts reclassified to receivables	(12)
Revenues recognized	9
Balance as of June 30, 2021	$	150

The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2022 and 2021.


	Contract Liabilities
Balance as of December 31, 2021	$	75
Consideration received or due	50
Revenues recognized	(63)
Balance as of March 31, 2022	$	62
Consideration received or due	27
Revenues recognized	(63)
Balance as of June 30, 2022	$	26




Balance as of December 31, 2020	$	84
Consideration received or due	31
Revenues recognized	(64)
Amounts previously held-for-sale	3
Balance as of March 31, 2021	$	54
Consideration received or due	39
Revenues recognized	(68)
Balance as of June 30, 2021	$	25

Contract with Customer, Prior Year Contract Revenues Recognized in Current Year

The following table reflects revenues recognized in the three and six months ended June 30, 2022 and 2021, which were included in contract liabilities at December 31, 2021 and 2020, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues recognized	$	39	$	41	$	68	$	79

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction


	2022		2023		2024		2025		2026 and thereafter		Total
Remaining performance obligations	$	141	$	142	$	55	$	32	$	152	$	522

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas


	Three Months Ended June 30, 2022
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,178	$	22	$	1,200	$	2	$	1,202
Midwest	1,319		(217)		1,102		(1)		1,101
New York	461		(68)		393		(3)		390
ERCOT	252		237		489		(4)		485
Other Power Regions	1,021		300		1,321		6		1,327
Total Competitive Businesses Electric Revenues	4,231		274		4,505		—		4,505
Competitive Businesses Natural Gas Revenues	490		545		1,035		—		1,035
Competitive Businesses Other Revenues(c)	175		(250)		(75)		—		(75)
Total Consolidated Operating Revenues	$	4,896	$	569	$	5,465	$	—	$	5,465


	Three Months Ended June 30, 2021
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,062	$	24	$	1,086	$	5	$	1,091
Midwest	975		(13)		962		—		962
New York	376		5		381		—		381
ERCOT	179		92		271		4		275
Other Power Regions	921		126		1,047		(9)		1,038
Total Competitive Businesses Electric Revenues	3,513		234		3,747		—		3,747
Competitive Businesses Natural Gas Revenues	253		254		507		—		507
Competitive Businesses Other Revenues(c)	107		(208)		(101)		—		(101)
Total Consolidated Operating Revenues	$	3,873	$	280	$	4,153	$	—	$	4,153


	Six Months Ended June 30, 2022
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	2,332	$	(27)	$	2,305	$	2	$	2,307
Midwest	2,566		(267)		2,299		(1)		2,298
New York	955		(203)		752		3		755
ERCOT	415		309		724		(4)		720
Other Power Regions	2,441		813		3,254		—		3,254
Total Competitive Businesses Electric Revenues	8,709		625		9,334		—		9,334
Competitive Businesses Natural Gas Revenues	1,300		1,179		2,479		—		2,479
Competitive Businesses Other Revenues(c)	261		(1,018)		(757)		—		(757)
Total Consolidated Operating Revenues	$	10,270	$	786	$	11,056	$	—	$	11,056


	Six Months Ended June 30, 2021
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	2,233	$	11	$	2,244	$	11	$	2,255
Midwest	1,983		(24)		1,959		1		1,960
New York	759		(40)		719		—		719
ERCOT	533		(10)		523		9		532
Other Power Regions	2,095		395		2,490		(21)		2,469
Total Competitive Businesses Electric Revenues	7,603		332		7,935		—		7,935
Competitive Businesses Natural Gas Revenues	1,117		716		1,833		—		1,833
Competitive Businesses Other Revenues(c)	195		(251)		(56)		—		(56)
Total Consolidated Operating Revenues	$	8,915	$	797	$	9,712	$	—	$	9,712

__________

(a)Includes all wholesale and retail electric sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022.

(b)Includes revenues from derivatives and leases.


	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
	RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF
Mid-Atlantic	$	542	$	3	$	545	$	567	$	5	$	572
Midwest	651		1		652		658		—		658
New York	294		(1)		293		289		3		292
ERCOT	110		(21)		89		80		3		83
Other Power Regions	175		(6)		169		157		(21)		136
Total RNF for Reportable Segments	1,772		(24)		1,748		1,751		(10)		1,741
Other(b)	185		24		209		455		10		465
Total RNF	$	1,957	$	—	$	1,957	$	2,206	$	—	$	2,206


	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
	RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF
Mid-Atlantic	$	1,051	$	4	$	1,055	$	1,130	$	11	$	1,141
Midwest	1,435		2		1,437		1,359		1		1,360
New York	554		6		560		531		5		536
ERCOT	216		(47)		169		(957)		(145)		(1,102)
Other Power Regions	470		(15)		455		409		(56)		353
Total RNF for Reportable Segments	3,726		(50)		3,676		2,472		(184)		2,288
Other(b)	271		50		321		683		184		867
Total RNF	$	3,997	$	—	$	3,997	$	3,155	$	—	$	3,155

__________

(a)Includes purchases and sales from/to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022.

(b)Other represents activities not allocated to a region. See text above for a description of included activities. Primarily includes:

•The elimination of intersegment RNF.

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Allowance for Credit Losses Rollforward

The following table presents the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.


	Three Months Ended June 30, 2022
Balance as of March 31, 2022(a)	$	50
Plus: Current period provision for expected credit losses	3
Less: Write-offs, net of recoveries(b)	4

Balance as of June 30, 2022(a)	$	49

	Three Months Ended June 30, 2021
Balance as of March 31, 2021(a)	$	65
Plus: Current period provision for expected credit losses	13
Less: Write-offs, net of recoveries(b)	3

Balance as of June 30, 2021(a)	$	75

	Six Months Ended June 30, 2022
Balance as of December 31, 2021(a)	$	55
Plus: Current period provision for expected credit losses	3
Less: Write-offs, net of recoveries(b)	9
Balance as of June 30, 2022(a)	$	49

	Six Months Ended June 30, 2021
Balance as of December 31, 2020(a)	$	32
Plus: Current period provision for expected credit losses(c)	47
Less: Write-offs, net of recoveries(b)	4
Balance as of June 30, 2021(a)	$	75

__________

(a)Allowance for Credit Losses on Other Accounts Receivable were not material as of the balance sheet dates.

(b)Recoveries were not material.

(c)Primarily relates to the impacts of the February 2021 extreme cold weather event. See Note 3 — Regulatory Matters for additional information.

Purchases and Sales of Accounts Receivable

The following table summarizes the impact of the sale of certain receivables:


	June 30, 2022		December 31, 2021
Derecognized receivables transferred at fair value	$	1,505	$	1,265
Cash proceeds received	900		900
DPP	605		365


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Loss on sale of receivables(a)	$	14	$	8	$	24	$	25

__________

(a)Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.


	Six Months Ended June 30,
	2022		2021
Proceeds from new transfers(a)	$	3,393	$	2,689
Cash collections received on DPP and reinvested in the Facility(b)	1,595		1,809
Cash collections reinvested in the Facility	4,988		4,498

__________

(a)Customer accounts receivable sold into the Facility were $5,253 million and $4,647 million for the six months ended June 30, 2022 and 2021, respectively.

(b)Does not include $400 million in cash proceeds received from the Purchasers in the first quarter of 2021.

The following table presents the total receivables sold.


	Six Months Ended June 30,
	2022		2021
Total receivables sold	$	96	$	107
Related party transactions:
Receivables sold to Exelon's utility subsidiaries prior to the separation on February 1, 2022	4		15

Early Plant Retirements (Tables)

6 Months Ended

Jun. 30, 2022

Implications of Potential Early Plant Retirements [Abstract]

Restructuring and Related Costs


Income statement expense (pre-tax)	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Depreciation and amortization
Accelerated depreciation(a)	$	611	$	1,230
Accelerated nuclear fuel amortization	52		106
Operating and maintenance

Other charges	2		4
Contractual offset(b)	(166)		(391)
Total	$	499	$	949

_________

(a)Includes the accelerated depreciation of plant assets including any ARC.

Nuclear Decommissioning (Tables)

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2021 to June 30, 2022:


Balance as of December 31, 2021(a)	$	12,676
Net increase due to changes in, and timing of, estimated future cash flows	335
Accretion expense	261
Costs incurred related to decommissioning plants	(39)
Balance as of June 30, 2022(a)	$	13,233

__________


	June 30, 2022		December 31, 2021
ComEd	$	1,973	$	2,760
PECO	292		597

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:


	Three Months Ended June 30,
	2022		2021(a)
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	0.3		(1.3)
Qualified NDT fund income and losses	42.9		85.2
Amortization of investment tax credit, including deferred taxes on basis differences	0.6		(1.8)
Production tax credits and other credits	2.4		(13.0)
Noncontrolling interests	0.2		(4.2)
Other(c)	7.5		2.8
Effective income tax rate(b)	74.9	%	88.7	%


	Six Months Ended June 30,
	2022		2021
U.S. federal statutory rate	21.0	%	21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	(8.6)		5.3
Qualified NDT fund income and losses	70.6		(18.3)
Amortization of investment tax credit, including deferred taxes on basis differences	2.2		0.7
Production tax credits and other credits	8.5		2.9
Noncontrolling interests	0.4		0.8
Other(c)	7.0		(3.9)
Effective income tax rate(b)	101.1	%	8.5	%

__________

(b)The change in effective tax rate in 2022 is primarily due to the impacts of higher unrealized NDT losses on Income before income taxes and one-time income tax adjustments.

(c)Primarily related to a $50 million return to provision adjustment recorded in the second quarter of 2022.

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

The following table presents the unrecognized tax benefits that, if recognized, would decrease the effective tax rate.


June 30, 2022	$	17
December 31, 2021	39

Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

We present our benefit obligations net of plan assets on our balance sheet within the following line items:


	June 30, 2022				December 31, 2021
	Pension Benefits		OPEB		Pension Benefits		OPEB
Prepaid pension asset	$	—	$	—	$	1,683	$	—
Other current liabilities	(10)		(17)		—		—
Pension obligations	(682)		—		—		—
Non-pension postretirement benefit obligations	—		(860)		—		(847)
(Unfunded) funded status (net benefit obligation less plan assets)	$	(692)	$	(877)	$	1,683	$	(847)

The following table summarizes the assumptions we used to determine the benefit obligations as of February 1, 2022 and costs for 2022:


	Pension		OPEB
Discount rate(a)	3.23	%	3.21	%
Investment crediting rate(b)	3.86	%	N/A
Expected return on plan assets(c)	7.00	%	6.50	%
Rate of compensation increase	3.75	%	3.75	%
Mortality table	Pri-2012 table with MP-2021 improvement scale (adjusted)		Pri-2012 table with MP-2021 improvement scale (adjusted)
Healthcare cost trend on covered charges	N/A		Initial and ultimate rate of 5.00%

__________

(a)The discount rates above represent the blended rates used to establish the majority of Constellation's pension and OPEB costs.

(b)The investment crediting rate above represents a weighted average rate.

(c)Applicable to our pension and OPEB plans with plan assets, with the OPEB rate representing a weighted average.

The resulting average remaining service periods for pension and OPEB were as follows as of June 30, 2022:


			June 30, 2022
Pension plans			12.2
OPEB plans:
Benefit Eligibility Age			7.5
Expected Retirement			8.3

Estimated future benefit payments to participants in all pension and OPEB plans as of June 30, 2022 were:


	Pension Benefits		OPEB
2022	$	532	$	108
2023	521		108
2024	524		108
2025	536		107
2026	533		107
2027 through 2031	2,710		540
Total estimated future benefits payments through 2031	$	5,356	$	1,078

Schedule of Net Benefit Costs

The following tables present the components of our net periodic benefit costs (credits), prior to capitalization and co-owner allocations, for the three and six months ended June 30, 2022 and 2021:


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit)
Service cost	$	30	$	37	$	6	$	7	$	36	$	44
Non-service components of pension benefits & OPEB cost (credit)
Interest cost	73		59		15		11		88		70
Expected return on assets	(143)		(124)		(14)		(14)		(157)		(138)
Amortization of:
Prior service cost (credit)	1		—		(1)		(2)		—		(2)
Actuarial loss (gain)	36		50		(1)		2		35		52
Settlement charges	—		4		—		—		—		4

Non-service components of pension benefits & OPEB credit(a)	(33)		(11)		(1)		(3)		(34)		(14)
Net periodic benefit (credit) cost(b,c)	$	(3)	$	26	$	5	$	4	$	2	$	30


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost (credit)
Service cost	$	63	$	73	$	12	$	14	$	75	$	87
Non-service components of pension benefits & OPEB cost (credit)
Interest cost	143		118		28		22		171		140
Expected return on assets	(280)		(247)		(28)		(29)		(308)		(276)
Amortization of:
Prior service cost (credit)	1		—		(3)		(4)		(2)		(4)
Actuarial loss (gain)	74		100		(1)		5		73		105
Settlement charges	—		4		—		—		—		4

Non-service components of pension benefits & OPEB credit(a)	(62)		(25)		(4)		(6)		(66)		(31)
Net periodic benefit cost(b,c)	$	1	$	48	$	8	$	8	$	9	$	56

__________

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the Derivative Fair Value

The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2022 and December 31, 2021:


June 30, 2022	Economic Hedges		Proprietary Trading		Collateral (a)(b)		Netting(a)		Total
Mark-to-market derivative assets (current assets)	$	27,862	$	51	$	(310)	$	(25,624)	$	1,979
Mark-to-market derivative assets (noncurrent assets)	5,708		2		(153)		(4,452)		1,105
Total mark-to-market derivative assets	33,570		53		(463)		(30,076)		3,084
Mark-to-market derivative liabilities (current liabilities)	(27,085)		(48)		(160)		25,624		(1,669)
Mark-to-market derivative liabilities (noncurrent liabilities)	(5,518)		(1)		(2)		4,452		(1,069)
Total mark-to-market derivative liabilities	(32,603)		(49)		(162)		30,076		(2,738)
Total mark-to-market derivative net assets (liabilities)	$	967	$	4	$	(625)	$	—	$	346

December 31, 2021
Mark-to-market derivative assets (current assets)	$	10,915	$	25	$	152	$	(8,923)	$	2,169
Mark-to-market derivative assets (noncurrent assets)	3,224		2		15		(2,298)		943
Total mark-to-market derivative assets	14,139		27		167		(11,221)		3,112
Mark-to-market derivative liabilities (current liabilities)	(10,143)		(19)		262		8,923		(977)
Mark-to-market derivative liabilities (noncurrent liabilities)	(2,893)		(1)		83		2,298		(513)
Total mark-to-market derivative liabilities	(13,036)		(20)		345		11,221		(1,490)
Total mark-to-market derivative net assets (liabilities)	$	1,103	$	7	$	512	$	—	$	1,622

_________

(b)Includes $1,467 million and $897 million of variation margin held from the exchanges as of June 30, 2022 and December 31, 2021, respectively.

Economic Hedges (Commodity Price Risk)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income Statement Location	(Losses) Gains				(Losses) Gains
Operating revenues	$	(303)	$	(240)	$	(1,222)	$	(323)
Purchased power and fuel	348		552		1,174		817
Total	$	45	$	312	$	(48)	$	494

Disclosure of Credit Derivatives


Rating as of June 30, 2022	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	$	1,138	$	217	$	921	—	$	—
Non-investment grade	22		—		22		—	—
No external ratings
Internally rated — investment grade	115		—		115		—	—
Internally rated — non-investment grade	239		32		207		—	—
Total	$	1,514	$	249	$	1,265	—	$	—


Net Credit Exposure by Type of Counterparty	As of June 30, 2022
Financial institutions	$	2
Investor-owned utilities, marketers, power producers	1,071
Energy cooperatives and municipalities	78
Other	114
Total	$	1,265

__________

Fair Value of Derivatives with Credit- Risk Related Contingent Features


Credit-Risk-Related Contingent Features	June 30, 2022		December 31, 2021
Gross fair value of derivative contracts containing this feature(a)	$	(6,445)	$	(3,872)
Offsetting fair value of in-the-money contracts under master netting arrangements(b)	3,826		2,424
Net fair value of derivative contracts containing this feature(c)	$	(2,619)	$	(1,448)

__________

(a)Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features ignoring the effects of master netting agreements.

Cash Collateral and Letters of Credit on Derivative Contracts


	June 30, 2022		December 31, 2021
Cash collateral posted	$	501	$	713
Letters of credit posted	1,340		755
Cash collateral held	1,093		182
Letters of credit held	65		124
Additional collateral required in the event of a credit downgrade below investment grade	2,917		2,113

Schedule of Short-term Debt

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

Debt and Credit Agreements (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

The following table reflects our commercial paper program supported by the revolving credit agreements and bilateral credit agreements as of June 30, 2022 and December 31, 2021:


Outstanding Commercial Paper as of				Average Interest Rate on Commercial Paper Borrowings as of
June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
$	—	$	702	—	%	0.66	%

Schedule of Line of Credit Facilities

As of June 30, 2022, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:


							Available Capacity as of June 30, 2022
Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper
Syndicated Revolver(a)	$	3,500	$	—	$	1,676	$	1,824	$	1,824
Bilaterals(b)	1,100		—		960		140		—
Liquidity Facility(c)	971		—		801		170		—
Project Finance	131		—		110		21		—
Total	$	5,702	$	—	$	3,547	$	2,155	$	1,824

__________

(b)On July 15, 2022, a bilateral credit agreement initiated on November 21, 2019 decreased from $150 million to $100 million.

Schedule of Long-term Debt Instruments

During the six months ended June 30, 2022, the following long-term debt was issued:

Type

Interest Rate

Maturity

Amount

Use of Proceeds

Energy Efficiency Project Financing(a)

2.20% - 2.44%

March 31, 2023 - February 29, 2024

Funding to install energy conservation measures.

__________

(a)For Energy Efficiency Project Financing, the maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.

During the six months ended June 30, 2022, the following long-term debt was retired and/or redeemed:


Type	Interest Rate	Maturity	Amount
Senior Notes	3.40%	March 15, 2022	$	500
Senior Notes	4.25%	June 15, 2022	523
CR Nonrecourse Debt	3 month LIBOR + 2.50%	December 15, 2027	41
Continental Wind Nonrecourse Debt	6.00%	February 28, 2033	20
West Medway II Nonrecourse Debt	1 month LIBOR + 2.875%	March 31, 2026	11
Antelope Valley DOE Nonrecourse Debt	2.29% - 3.56%	January 5, 2037	8
RPG Nonrecourse Debt	4.11%	March 31, 2035	3
Energy Efficiency Project Financing	3.71%	December 31, 2022	3

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Fair Value of Financial Liabilities Recorded at Amortized Cost

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]


	June 30, 2022								December 31, 2021
	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	$	4,691	$	3,677	$	970	$	4,647	$	6,114	$	5,749	$	1,093	$	6,842
SNF Obligation	1,213		945		—		945		1,210		1,060		—		1,060

Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis


	As of June 30, 2022										As of December 31, 2021
	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	37	$	—	$	—	$	—	$	37	$	113	$	—	$	—	$	—	$	113
NDT fund investments
Cash equivalents(b)	411		88		—		—		499		465		116		—		—		581
Equities	3,414		1,432		—		1,231		6,077		4,564		1,805		—		1,645		8,014
Fixed income
Corporate debt(c)	—		1,012		263		—		1,275		—		1,145		286		—		1,431
U.S. Treasury and agencies	1,992		16		—		—		2,008		2,193		30		—		—		2,223
Foreign governments	—		44		—		—		44		—		60		—		—		60
State and municipal debt	—		47		—		—		47		—		26		—		—		26
Other	27		19		—		1,703		1,749		29		23		—		1,449		1,501
Fixed income subtotal	2,019		1,138		263		1,703		5,123		2,222		1,284		286		1,449		5,241
Private credit	—		—		168		630		798		—		—		178		624		802
Private equity	—		—		—		685		685		—		—		—		673		673
Real estate	—		—		—		964		964		—		—		—		864		864

NDT fund investments subtotal(d)(e)	5,844		2,658		431		5,213		14,146		7,251		3,205		464		5,255		16,175
Rabbi trust investments
Cash equivalents	1		—		—		—		1		3		—		—		—		3
Mutual funds	38		—		—		—		38		36		—		—		—		36
Life insurance contracts	—		27		1		—		28		—		33		—		—		33
Rabbi trust investments subtotal	39		27		1		—		67		39		33		—		—		72
Investments in equities	8		—		—		—		8		43		—		—		—		43
Commodity derivative assets
Economic hedges	5,438		19,411		8,721		—		33,570		3,017		7,223		3,899		—		14,139
Proprietary trading	—		34		19		—		53		—		19		8		—		27
Effect of netting and allocation of collateral(f)(g)	(4,281)		(19,073)		(7,185)		—		(30,539)		(2,108)		(6,177)		(2,769)		—		(11,054)
Commodity derivative assets subtotal	1,157		372		1,555		—		3,084		909		1,065		1,138		—		3,112
DPP consideration	—		605		—		—		605		—		365		—		—		365
Total assets	7,085		3,662		1,987		5,213		17,947		8,355		4,668		1,602		5,255		19,880

Liabilities
Commodity derivative liabilities
Economic hedges	(4,429)		(18,991)		(9,183)		—		(32,603)		(2,201)		(6,870)		(3,965)		—		(13,036)
Proprietary trading	—		(37)		(12)		—		(49)		—		(18)		(2)		—		(20)
Effect of netting and allocation of collateral(f)(g)	4,383		18,634		6,897		—		29,914		2,189		6,642		2,735		—		11,566
Commodity derivative liabilities subtotal	(46)		(394)		(2,298)		—		(2,738)		(12)		(246)		(1,232)		—		(1,490)
Deferred compensation obligation	—		(50)		—		—		(50)		—		(43)		—		—		(43)
Total liabilities	(46)		(444)		(2,298)		—		(2,788)		(12)		(289)		(1,232)		—		(1,533)
Total net assets (liabilities)	$	7,039	$	3,218	$	(311)	$	5,213	$	15,159	$	8,343	$	4,379	$	370	$	5,255	$	18,347

__________

(g)Includes $1,467 million and $897 million of variation margin held from the exchanges as of June 30, 2022 and December 31, 2021, respectively.

Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

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, 2022 and 2021:


	For the Three Months Ended June 30, 2022
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of March 31, 2022	$	462	$	(1,278)		$	3	$	(813)

Total realized / unrealized (losses) gains
Included in net income	(1)		204		(a)	(2)		201
Included in Payable related to Regulatory Agreement Units	(7)		—			—		(7)
Change in collateral	—		8			—		8

Purchases, sales, issuances and settlements
Purchases	5		25			—		30
Sales	—		(10)			—		(10)
Settlements	(28)		(30)			—		(58)
Transfers into Level 3	—		316		(b)	—		316
Transfers out of Level 3	—		22		(b)	—		22
Balance as of June 30, 2022	$	431	$	(743)		$	1	$	(311)
The amount of total (losses) gains included in income attributed to the change in unrealized (losses) gains related to assets and liabilities as of June 30, 2022	$	(1)	$	48		$	(2)	$	45


	For the Three Months Ended June 30, 2021
	NDT Fund Investments		Mark-to-Market Derivatives			Total
Balance as of March 31, 2021	$	479	$	207		$	686

Total realized / unrealized gains (losses)
Included in net income	1		(359)		(a)	(358)
Included in noncurrent payables to affiliates	6		—			6
Change in collateral	—		(282)			(282)
Purchases, sales, issuances and settlements
Purchases	1		6			7
Sales	—		1			1
Settlements	(26)		—			(26)
Transfers into Level 3	—		1		(b)	1
Transfers out of Level 3	—		(39)		(b)	(39)

Balance as of June 30, 2021	$	461	$	(465)		$	(4)
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, 2021	$	1	$	(374)		$	(373)


	For the Six Months Ended June 30, 2022
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of December 31, 2021	$	464	$	(94)		$	—	$	370

Total realized / unrealized losses
Included in net income	(1)		(898)		(a)	(2)		(901)
Included in Payable related to Regulatory Agreement Units	(9)		—			—		(9)
Change in collateral	—		(254)			—		(254)
Impacts of separation	—		—			3		3
Purchases, sales, issuances and settlements
Purchases	5		166			—		171
Sales	—		(37)			—		(37)
Settlements	(28)		(30)			—		(58)
Transfers into Level 3	—		417		(b)	—		417
Transfers out of Level 3	—		(13)		(b)	—		(13)
Balance as of June 30, 2022	$	431	$	(743)		$	1	$	(311)
The amount of total losses included in income attributed to the change in unrealized losses related to assets and liabilities as of June 30, 2022	$	(2)	$	(1,062)		$	(2)	$	(1,066)


	For the Six Months Ended June 30, 2021
	NDT Fund Investments		Mark-to-Market Derivatives			Total
Balance as of December 31, 2020	$	497	$	430		$	927

Total realized / unrealized gains (losses)
Included in net income	2		(636)		(a)	(634)
Included in noncurrent payables to affiliates	7		—			7
Change in collateral	—		(338)			(338)
Purchases, sales, issuances and settlements
Purchases	1		114			115
Sales	—		1			1
Settlements	(46)		—			(46)
Transfers into Level 3	—		1		(b)	1
Transfers out of Level 3	—		(37)		(b)	(37)

Balance as of June 30, 2021	$	461	$	(465)		$	(4)
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, 2021	$	2	$	(522)		$	(520)

__________

Total Realized and Unrealized Gains (Losses) Included in Income for Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis


	For the Three Months Ended June 30,
	Operating Revenues					Purchased Power and Fuel				Other, net
	2022		2021			2022		2021		2022		2021
Total (losses) gains included in net income	$	(220)	$	(555)	1	$	394	$	196	$	(3)	$	1
Total unrealized (losses) gains	(364)		(543)			412		169		(3)		1


	For the Six Months Ended June 30,
	Operating Revenues					Purchased Power and Fuel				Other, net
	2022		2021			2022		2021		2022		2021
Total (losses) gains included in net income	$	(1,241)	$	(670)	1	$	313	$	34	$	(3)	$	2
Total unrealized (losses) gains	(1,585)		(608)			523		86		(4)		2

Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique

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, 2022		Fair Value as of December 31, 2021		Valuation Technique	Unobservable Input	2022 Range & Arithmetic Average				2021 Range & Arithmetic Average
Mark-to-market derivatives—Economic hedges(a)(b)	$	(462)	$	(66)	Discounted Cash Flow	Forward power price	$10	-	$537	$81	$8.86	$481	$55
						Forward gas price	$2.24	-	$34	$5.10	$1.69	$17	$3.50
					Option Model	Volatility percentage	80%	-	136%	108%	24%	284%	56%

__________

(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 received on level 3 positions of $288 million and $34 million as of June 30, 2022 and December 31, 2021, respectively.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Other Commitments

Commercial commitments as of June 30, 2022, representing commitments potentially triggered by future events, were as follows:


			Expiration within
	Total		2022		2023		2024		2025		2026		2027 and beyond
Letters of credit	$	3,552	$	2,379	$	1,173	$	—	$	—	$	—	$	—
Surety bonds(a)	831		479		352		—		—		—		—
Total commercial commitments	$	4,383	$	2,858	$	1,525	$	—	$	—	$	—	$	—

__________

(a)Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds.

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total stock-based compensation expense included in operating and maintenance expense	$	18	$	10	$	32	$	22
Income tax benefit	(5)		(3)		(8)		(6)
Total after-tax stock-based compensation expense	$	13	$	7	$	24	$	16

Changes in Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following tables present changes in AOCI, net of tax, by component:


Three Months Ended June 30, 2022	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	(1,989)	$	(19)	$	(2,016)

OCI before reclassifications	(1)		—		(2)		(3)
Amounts reclassified from AOCI	1		26		—		27
Net current-period OCI	—		26		(2)		24
Ending balance	$	(8)	$	(1,963)	$	(21)	$	(1,992)


Three Months Ended June 30, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(7)	$	—	$	(22)	$	(29)
OCI before reclassifications	—		—		2		2

Net current-period OCI	—		—		2		2
Ending balance	$	(7)	$	—	$	(20)	$	(27)


Six Months Ended June 30, 2022	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	—	$	(23)	$	(31)
Separation-related adjustments	—		(2,006)		—		(2,006)
OCI before reclassifications	(1)		—		2		1
Amounts reclassified from AOCI	1		43		—		44
Net current-period OCI	—		(1,963)		2		(1,961)
Ending balance	$	(8)	$	(1,963)	$	(21)	$	(1,992)


Six Months Ended June 30, 2021	Losses on Cash Flow Hedges		Pension and Non-Pension Postretirement Benefit Plan Items(a)		Foreign Currency Items		Total
Beginning balance	$	(7)	$	—	$	(23)	$	(30)
OCI before reclassifications	—		—		3		3

Net current-period OCI	—		—		3		3
Ending balance	$	(7)	$	—	$	(20)	$	(27)

__________

The following table presents income tax benefit (expense) allocated to each component of our other comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Pension and non-pension postretirement benefit plans:

Actuarial loss reclassified to periodic benefit cost	$	(9)	$	—	$	(15)	$	—
Pension and non-pension postretirement benefit plans valuation adjustment	—		—		680		—

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2022

Variable Interest Entity [Abstract]

Consolidated VIEs- Assets and Liabilities


	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	71	$	35
Restricted cash and cash equivalents	58		48
Accounts receivable
Customer	29		24
Other	8		6

Inventories, net

Materials and supplies	13		14

Other current assets	653		405
Total current assets	832		532

Property, plant and equipment, net	1,976		2,027



Other noncurrent assets	202		215
Total noncurrent assets	2,178		2,242
Total assets(a)	$	3,010	$	2,774

Long-term debt due within one year	$	65	$	70
Accounts payable	13		10
Accrued expenses	22		21



Other current liabilities	1		1
Total current liabilities	101		102

Long-term debt	797		822
Asset retirement obligations	154		151




Other noncurrent liabilities	3		3
Total noncurrent liabilities	954		976
Total liabilities(b)	$	1,055	$	1,078

__________

(b)Our balances include liabilities with recourse of $1 million and $1 million as of June 30, 2022 and December 31, 2021, respectively.

Schedule of Variable Interest Entities

As of June 30, 2022 and December 31, 2021, 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. 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.

The following table presents summary information about our significant unconsolidated VIE entities:


	June 30, 2022						December 31, 2021
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	741	$	354	$	1,095	$	772	$	372	$	1,144
Total liabilities(a)	73		210		283		80		216		296
Our ownership interest in VIE(a)	—		128		128		—		139		139
Other ownership interests in VIE(a)	668		16		684		692		17		709

__________

As of June 30, 2022 and December 31, 2021 the unconsolidated VIEs consist of:


Unconsolidated VIE groups:	Reason entity is a VIE:	Reason we are not the primary beneficiary:
Equity investments in distributed energy companies.	Similar structures to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner.	We do not conduct the operational activities.
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.