0001868275-24-000069 | 10-Q | XBRL Viewer | Constellation Energy Corp

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

We recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that we expect to be entitled to in exchange for those goods or services. Our primary sources of revenue include competitive sales of power, natural gas, and other energy-related products and sustainable solutions.

See Note 4 — Revenue from Contracts with Customers of our 2023 Form 10-K for additional information regarding the performance obligations, revenue recognition, and payment terms associated with these 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, net, 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 nine months ended September 30, 2024 and 2023.


	2024		2023
Beginning balance as of January 1	$	82	$	130
Amounts reclassified to receivables	(15)		(11)
Revenues recognized	14		31

Ending balance as of March 31	81		150
Amounts reclassified to receivables	(4)		(76)
Revenues recognized	16		15
Ending balance as of June 30	93		89
Amounts reclassified to receivables	(44)		(32)
Revenues recognized	37		12
Ending balance as of September 30	$	86	$	69

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, the Mystic COS, and the Illinois ZEC program. The Mystic COS, which ended in May 2024, included upfront consideration received that differs from the recognized earnings over the cost of the service period. The Illinois ZEC program introduces an annual cap on the total consideration to be received by us for each delivery period. The ZEC price is established on a per MWh of production basis with a maximum annual cap for total compensation to be received for each planning year (June through May), while requiring delivery of all ZECs produced by our participating facilities during each delivery period. ZECs delivered to Illinois utilities in excess of the annual cost cap may be paid in subsequent years if the payments do not exceed the prescribed annual cost cap for that year. The balance as of September 30, 2024 primarily related to equipment service plans. The balance as of December 31, 2023 primarily related to equipment services plans and the Mystic COS.

The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and nine months ended September 30, 2024 and 2023.


	2024		2023
Beginning balance as of January 1	$	40	$	47
Consideration received or due	49		131
Revenues recognized	(55)		(115)
Ending balance as of March 31	34		63
Consideration received or due	47		81
Revenues recognized	(46)		(92)
Ending balance as of June 30	35		52
Consideration received or due	11		56
Revenues recognized	(11)		(68)
Ending balance as of September 30	$	35	$	40

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 September 30, 2024. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes mark-to-market derivatives and certain power and gas sales contracts which contain variable volumes and/or variable pricing.


	2024		2025		2026		2027		2028 and thereafter		Total
Remaining performance obligations	$	47	$	139	$	98	$	86	$	295	$	665

Transaction Price Allocated to Previously Satisfied Performance Obligations

Our Clinton and Quad Cities units contract with certain utilities in Illinois which requires delivery of all ZECs produced during each planning year (June through May), with total compensation limited by an annual cap for each planning year designed to limit the cost of ZECs to each utility's customers. ZECs delivered that, if paid, would result in the annual cap being exceeded may be paid in subsequent years at the vintage year price as long as the payments would not exceed the annual cap in the year paid. In each planning year since the program commenced June 2017, we delivered ZECs to the utilities in excess of the annual compensation cap.

The ZEC price and annual compensation cap effective for each planning year are administratively determined by the IPA. For the June 2023 through May 2024 planning year, the ZEC price has been established at $0.30 per ZEC, subject to an annual cap of $224 million. ZECs generated and delivered during this planning year will not exceed the annual cap, providing capacity to compensate for ZECs delivered in prior planning years in excess of the compensation cap. During the second quarter of 2023, we recognized $218 million of revenue as a receivable for ZECs delivered in prior planning years, with payment received in the third quarter of 2024. For the June 2024 through May 2025 planning year, the ZEC price has been established at $9.38 per ZEC, subject to an annual cap of $222 million. Revenue recognized during the second quarter of 2024 for ZECs delivered in prior planning years was not material.

Revenue Disaggregation

We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of revenue disaggregation.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities - Narrative (Details) - Constellation Energy Generation, LLC	Sep. 30, 2024	Dec. 31, 2023
EGRP
Variable Interest Entity [Line Items]
Equity ownership	51.00%	51.00%
Antelope Valley
Variable Interest Entity [Line Items]
Equity ownership	100.00%	100.00%
NER
Variable Interest Entity [Line Items]
Equity ownership	100.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

We measure and classify fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to liquidate as of the reporting date.

•Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability.

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following table presents the carrying amounts and fair values of our long-term debt and SNF obligation as of September 30, 2024 and December 31, 2023. 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.


	September 30, 2024								December 31, 2023
	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	$	8,412	$	8,205	$	737	$	8,942	$	7,617	$	7,140	$	774	$	7,914
SNF Obligation	1,349		1,310		—		1,310		1,296		1,222		—		1,222

Valuation Techniques Used to Determine Fair Value and Net Asset Value

Our valuation techniques used to measure the fair value and net asset value of the assets and liabilities are in accordance with the policies discussed in Note 18 — Fair Value of Financial Assets and Liabilities of our 2023 Form 10-K.

Recurring Fair Value Measurements

The following table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024								As of December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	130	$	—	$	—	$	130	$	42	$	—	$	—	$	42
NDT fund investments
Cash equivalents(b)	267		152		—		419		356		87		—		443
Equities	5,567		2,021		1		7,589		4,574		1,990		1		6,565
Fixed income	2,209		1,467		365		4,041		2,043		1,523		277		3,843
Private credit	—		—		133		133		—		—		151		151
Assets measured at NAV	—		—		—		5,616		—		—		—		5,396

NDT fund investments subtotal(c)	8,043		3,640		499		17,798		6,973		3,600		429		16,398
Rabbi trust investments	55		38		1		94		48		33		1		82
Investments in equities	258		—		—		258		372		—		—		372
Mark-to-market derivative assets
Economic hedges	1,412		4,466		3,558		9,436		2,330		5,821		3,143		11,294
Proprietary trading	—		—		1		1		—		—		2		2
Effect of netting and allocation of collateral(d)	(1,300)		(4,003)		(2,770)		(8,073)		(1,996)		(5,195)		(1,931)		(9,122)
Mark-to-market derivative assets subtotal	112		463		789		1,364		334		626		1,214		2,174
DPP consideration	—		1,766		—		1,766		—		1,216		—		1,216
Total assets measured at fair value	8,598		5,907		1,289		21,410		7,769		5,475		1,644		20,284



Liabilities
Mark-to-market derivative liabilities
Economic hedges	(1,509)		(4,657)		(3,640)		(9,806)		(2,681)		(7,154)		(2,736)		(12,571)
Proprietary trading	—		—		(1)		(1)		—		—		(2)		(2)
Effect of netting and allocation of collateral(d)	1,443		4,463		3,058		8,964		2,587		6,542		2,393		11,522
Mark-to-market derivative liabilities subtotal	(66)		(194)		(583)		(843)		(94)		(612)		(345)		(1,051)
Deferred compensation obligation	—		(98)		—		(98)		—		(69)		—		(69)
Total liabilities measured at fair value	(66)		(292)		(583)		(941)		(94)		(681)		(345)		(1,120)
Total net assets	$	8,532	$	5,615	$	706	$	20,469	$	7,675	$	4,794	$	1,299	$	19,164

__________

(a)CEG Parent has $142 million and $54 million of Level 1 cash equivalents as of September 30, 2024 and December 31, 2023, respectively. We exclude cash of $1,676 million and $349 million as of September 30, 2024 and December 31, 2023, respectively, and restricted cash of $64 million and $49 million as of September 30, 2024 and December 31, 2023, respectively. CEG Parent has excluded an additional $1 million and $2 million of cash as of September 30, 2024 and December 31, 2023, respectively.

(b)Includes net liabilities of $131 million and $115 million as of September 30, 2024 and December 31, 2023, respectively, which consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less.

(c)Includes total NDT derivative assets and liabilities that are not material, which have notional amounts of $1,068 million and $948 million as of September 30, 2024 and December 31, 2023, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss.

(d)Includes $606 million and $1,712 million of variation margin posted on the exchanges as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024, our NDTs have outstanding commitments to invest in private credit, private equity, and real assets of $378 million, $337 million, and $734 million, respectively. These commitments will be funded by our existing NDT funds.

Equity Security Investments without Readily Determinable Fair Values. We hold investments without readily determinable fair values with carrying amounts of $135 million and $103 million as of September 30, 2024 and December 31, 2023, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three and nine months ended September 30, 2024 and the year ended December 31, 2023.

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 nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30, 2024
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of July 1, 2024	$	492	$	312		$	1	$	805

Total realized / unrealized gains (losses)
Included in net income (loss)	4		58		(a)	—		62
Included in Payable related to Regulatory Agreement Units	9		—			—		9
Change in collateral	—		(166)					(166)

Purchases, sales, issuances and settlements
Purchases	—		14			—		14
Sales	—		—			—		—
Settlements	(7)		—			—		(7)
Transfers into Level 3	1		(12)		(b)	—		(11)
Transfers out of Level 3	—		—		(b)	—		—
Balance as of September 30, 2024	$	499	$	206		$	1	$	706
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2024	$	4	$	191		$	—	$	195


	For the Three Months Ended September 30, 2023
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of July 1, 2023	$	421	$	651		$	1	$	1,073

Total realized / unrealized gains (losses)
Included in net income (loss)	—		(236)		(a)	—		(236)
Included in Payable related to Regulatory Agreement Units	—		—			—		—
Change in collateral	—		(7)			—		(7)

Purchases, sales, issuances and settlements
Purchases	—		35			—		35
Sales	—		(3)			—		(3)
Settlements	—		32			—		32
Transfers into Level 3	—		—		(b)	—		—
Transfers out of Level 3	—		(91)		(b)	—		(91)

Balance as of September 30, 2023	$	421	$	381		$	1	$	803
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2023	$	—	$	54		$	—	$	54


	For the Nine Months Ended September 30, 2024
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of January 1, 2024	$	429	$	869		$	1	$	1,299

Total realized / unrealized gains (losses)
Included in net income (loss)	4		(433)		(a)	—		(429)
Included in Payable related to Regulatory Agreement Units	13		—			—		13
Change in collateral	—		(173)			—		(173)

Purchases, sales, issuances and settlements
Purchases	66		32			—		98
Sales	—		(83)			—		(83)
Settlements	(14)		(2)			—		(16)
Transfers into Level 3	1		27		(b)	—		28
Transfers out of Level 3	—		(31)		(b)	—		(31)
Balance as of September 30, 2024	$	499	$	206		$	1	$	706
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2024	$	4	$	216		$	—	$	220


	For the Nine Months Ended September 30, 2023
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of January 1, 2023	$	423	$	219		$	1	$	643

Total realized / unrealized gains (losses)
Included in net income (loss)	1		24		(a)	—		25
Included in Payable related to Regulatory Agreement Units	4		—			—		4
Change in collateral	—		99			—		99

Purchases, sales, issuances and settlements
Purchases	—		120			—		120
Sales	—		(9)			—		(9)
Settlements	(7)		32			—		25
Transfers into Level 3	—		59		(b)	—		59
Transfers out of Level 3	—		(163)		(b)	—		(163)

Balance as of September 30, 2023	$	421	$	381		$	1	$	803
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2023	$	1	$	759		$	—	$	760

__________

(a)Includes a reduction of $133 million and $651 million for realized gains due to the settlement of derivative contracts for the three and nine months ended September 30, 2024, respectively. Includes a reduction of $258 million and $703 million for realized gains due to the settlement of derivative contracts for the three and nine months ended September 30, 2023, 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 nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,
	Operating Revenues				Purchased Power and Fuel				Other, net
	2024		2023		2024		2023		2024		2023
Total gains (losses) included in net income	$	177	$	(129)	$	(119)	$	(75)	$	4	$	—
Total unrealized gains (losses)	300		97		(109)		(43)		—		—


	For the Nine Months Ended September 30,
	Operating Revenues				Purchased Power and Fuel				Other, net
	2024		2023		2024		2023		2024		2023
Total gains (losses) included in net income	$	(97)	$	388	$	(338)	$	(332)	$	4	$	1
Total unrealized gains (losses)	561		1,144		(345)		(385)		—		1

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 September 30, 2024		Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	2024 Range & Arithmetic Average		2023 Range & Arithmetic Average
Mark-to market derivatives—Economic hedges(a)(b)	$	(82)	$	407	Discounted Cash Flow	Forward power price	$4.28 - $138	$47	$9.64 - $216	$48
						Forward gas price	$1.07 - $13	$3.41	$1.20 - $14	$3.09
					Option Model	Volatility percentage	11% - 75%	45%	23% - 200%	87%

__________

(a)The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions.

(b)The fair values do not include cash collateral posted on Level 3 positions of $288 million and $462 million as of September 30, 2024 and December 31, 2023, respectively.

The inputs listed above, which are as of the balance sheet date, would have a direct impact on the fair values of the above instruments if they were adjusted. The significant unobservable inputs used in the fair value measurement of our commodity derivatives are forward commodity prices and for options is price volatility. Increases (decreases) in the forward commodity price in isolation would result in significantly higher (lower) fair values for long positions (contracts that give us the obligation or option to purchase a commodity), with offsetting impacts to short positions (contracts that give us the obligation or right to sell a commodity). Increases (decreases) in volatility would increase (decrease) the value for the holder of the option (writer of the option). Generally, a change in the estimate of forward commodity prices is unrelated to a change in the estimate of volatility of prices. An increase to the heat rate 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.

- Definition

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.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Government Assistance (Details) - Nuclear PTCs $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Government Assistance [Line Items]
Estimate	$ 670	$ 1,380
Consideration from sale	1,000
Cash proceeds received	670
Estimated nuclear PTCs credits used	140
Estimated refunds recognized	720	720
Government assistance, operating income, increase (decrease)	(115)	10
Deferred Costs and Other Assets
Government Assistance [Line Items]
Estimated nuclear PTC receivable	240	240
Other Current Assets
Government Assistance [Line Items]
Estimated nuclear PTC receivable	$ 290	$ 290

Income Taxes - Reconciliation to Effective Tax Rate (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%	21.00%
(Decrease) increase due to:
State income taxes, net of federal income tax benefit	4.80%	4.30%	1.10%	4.10%
Qualified NDT fund income and losses	8.20%	(2.60%)	6.60%	4.70%
Amortization of ITC, including deferred taxes on basis differences	(0.30%)	(0.50%)	(0.20%)	(0.50%)
PTCs and other credits	(8.10%)	(0.60%)	(8.10%)	(0.60%)
Noncontrolling interests	0.10%	0.70%	0.10%	0.30%
Other	1.60%	0.60%	0.50%	0.40%
Effective income tax rate	27.30%	22.90%	21.00%	29.40%

Commitments and Contingencies - Schedule of Commercial Commitments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Guarantor Obligations [Line Items]
2024	$ 1,521
2025	1,354
2026	1
2027	1
2028	121
2029 and beyond	1
Total	2,999
Letters of credit
Guarantor Obligations [Line Items]
2024	1,202
2025	990
2026	1
2027	1
2028	121
2029 and beyond	1
Total	2,316
Surety bonds
Guarantor Obligations [Line Items]
2024	319
2025	364
2026	0
2027	0
2028	0
2029 and beyond	0
Total	$ 683

Consolidated Statements of Changes in Equity, Parent - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss), net	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2022		327,130
Beginning balance at Dec. 31, 2022	$ 11,372	$ 13,274	$ (496)	$ (1,760)	$ 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	102		96		6
Employee incentive plan (in shares)		528
Employee incentive plans	6	$ 6
Changes in equity of noncontrolling interests	(2)				(2)
Common stock dividends	(93)		(93)
Common stock repurchased (in shares)		(3,239)
Common stock repurchased	(251)	$ (251)
Other comprehensive income (loss), net of income taxes	(48)			(48)
Ending Balance (in shares) at Mar. 31, 2023		324,419
Ending balance at Mar. 31, 2023	11,086	$ 13,029	(493)	(1,808)	358
Beginning Balance (in shares) at Dec. 31, 2022		327,130
Beginning balance at Dec. 31, 2022	11,372	$ 13,274	(496)	(1,760)	354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,616
Other comprehensive income (loss), net of income taxes	(37)
Ending Balance (in shares) at Sep. 30, 2023		319,382
Ending balance at Sep. 30, 2023	12,000	$ 12,576	887	(1,797)	334
Beginning Balance (in shares) at Mar. 31, 2023		324,419
Beginning balance at Mar. 31, 2023	11,086	$ 13,029	(493)	(1,808)	358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	824		833		(9)
Employee incentive plan (in shares)		115
Employee incentive plans	31	$ 31
Changes in equity of noncontrolling interests	7				7
Common stock dividends	(92)		(92)
Common stock repurchased (in shares)		(2,958)
Common stock repurchased	(252)	$ (252)
Other comprehensive income (loss), net of income taxes	8			8
Ending Balance (in shares) at Jun. 30, 2023		321,576
Ending balance at Jun. 30, 2023	11,612	$ 12,808	248	(1,800)	356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	690		731		(41)
Employee incentive plan (in shares)		144
Employee incentive plans	21	$ 21
Changes in equity of noncontrolling interests	19				19
Common stock dividends	(92)		(92)
Common stock repurchased (in shares)		(2,338)
Common stock repurchased	(253)	$ (253)
Other comprehensive income (loss), net of income taxes	3			3
Ending Balance (in shares) at Sep. 30, 2023		319,382
Ending balance at Sep. 30, 2023	$ 12,000	$ 12,576	887	(1,797)	334
Beginning Balance (in shares) at Dec. 31, 2023	317,000	317,472
Beginning balance at Dec. 31, 2023	$ 11,286	$ 12,355	761	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	883		883
Employee incentive plan (in shares)		661
Employee incentive plans	(4)	$ (4)
Common stock dividends	(112)		(112)
Common stock repurchased (in shares)		(2,900)
Common stock repurchased	(504)	$ (504)
Other comprehensive income (loss), net of income taxes	11			11
Ending Balance (in shares) at Mar. 31, 2024		315,233
Ending balance at Mar. 31, 2024	$ 11,560	$ 11,847	1,532	(2,180)	361
Beginning Balance (in shares) at Dec. 31, 2023	317,000	317,472
Beginning balance at Dec. 31, 2023	$ 11,286	$ 12,355	761	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2,888
Other comprehensive income (loss), net of income taxes	$ 57
Ending Balance (in shares) at Sep. 30, 2024	313,000	312,764
Ending balance at Sep. 30, 2024	$ 12,941	$ 11,379	3,325	(2,134)	371
Beginning Balance (in shares) at Mar. 31, 2024		315,233
Beginning balance at Mar. 31, 2024	11,560	$ 11,847	1,532	(2,180)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	809		814		(5)
Employee incentive plan (in shares)		72
Employee incentive plans	8	$ 8
Common stock dividends	(110)		(110)
Common stock repurchased (in shares)		(2,091)
Common stock repurchased	(505)	$ (505)
Other comprehensive income (loss), net of income taxes	19			19
Ending Balance (in shares) at Jun. 30, 2024		313,214
Ending balance at Jun. 30, 2024	11,781	$ 11,350	2,236	(2,161)	356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,196		1,200		(4)
Employee incentive plan (in shares)		78
Employee incentive plans	29	$ 29
Changes in equity of noncontrolling interests	19				19
Common stock dividends	(111)		(111)
Common stock repurchased (in shares)		(528)
Other comprehensive income (loss), net of income taxes	$ 27			27
Ending Balance (in shares) at Sep. 30, 2024	313,000	312,764
Ending balance at Sep. 30, 2024	$ 12,941	$ 11,379	$ 3,325	$ (2,134)	$ 371

Retirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Retirement Benefits

Components of Net Periodic Benefit (Credits) Costs

See Note 1 — Basis of Presentation of our 2023 Form 10-K for additional information on where we report the service cost and other non-service cost (credit) components for all plans.

The following tables present the components of our net periodic benefit (credit) cost, prior to capitalization and co-owner allocations, for the three and nine months ended September 30, 2024 and 2023:


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2024		2023		2024		2023		2024		2023
Components of net periodic benefit (credit) cost
Service cost	$	22	$	22	$	4	$	4	$	26	$	26
Non-service components of pension benefits & OPEB (credit) cost
Interest cost	95		99		18		19		113		118
Expected return on assets	(123)		(127)		(11)		(11)		(134)		(138)
Amortization of:
Prior service (credit) cost	1		—		(2)		(2)		(1)		(2)
Actuarial (gain) loss	25		12		(3)		(3)		22		9
Settlement charges	3		—		—		—		3		—

Non-service components of pension benefits & OPEB (credit) cost	1		(16)		2		3		3		(13)
Net periodic benefit (credit) cost(a)	$	23	$	6	$	6	$	7	$	29	$	13


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
Components of net periodic benefit (credit) cost:
Service cost	$	67	$	67	$	13	$	12	$	80	$	79
Non-service components of pension benefits & OPEB (credit) cost:
Interest cost	286		296		54		56		340		352
Expected return on assets	(371)		(381)		(32)		(34)		(403)		(415)
Amortization of:
Prior service (credit) cost	1		—		(5)		(5)		(4)		(5)
Actuarial (gain) loss	76		35		(7)		(10)		69		25
Settlement charges	7		—		—		—		7		—

Non-service components of pension benefits & OPEB (credit) cost	(1)		(50)		10		7		9		(43)
Net periodic benefit (credit) cost(a)	$	66	$	17	$	23	$	19	$	89	$	36

__________

(a)The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income is $24 million and $74 million for the three and nine months ended September 30, 2024, respectively, and $24 million and $71 million for the three and nine months ended September 30, 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2025	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenues	$ 175			$ 372
Credit facility	7,458			$ 6,108
Cash proceeds received upon sale	7,682	$ 5,288
Collection of DPP, net	7,104	4,058
Total receivables sold	$ 228	$ 274
Sale of Accounts Receivable \| Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit facility			$ 1,100

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Purchases and Sales of Accounts Receivable

The following tables summarize the impact of the sale of certain receivables:


	As of September 30, 2024		As of December 31, 2023
Derecognized receivables transferred at fair value	$	1,766	$	1,516
Less: Cash proceeds received	—		300
DPP	$	1,766	$	1,216


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Loss on sale of receivables(a)	$	11	$	12	$	43	$	58

__________

(a)Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. This represents the amount by which the accounts receivable sold into the Facility are discounted, limited to credit losses.


	Nine Months Ended September 30,
	2024		2023
Proceeds from new transfers(a)	$	1,688	$	3,632
Cash collections received on DPP(b)	7,404		5,158
Cash collections reinvested in the Facility	$	9,092	$	8,790

__________

(a)Customer accounts receivable sold into the Facility were $9,370 million and $8,920 million for the nine months ended September 30, 2024 and 2023, respectively.

(b)Does not include the $300 million and $1,100 million net cash payments to the Purchasers for the nine months ended September 30, 2024 and 2023, respectively.

Derivative Financial Instruments - Summary of Cash Collateral and Letters of Credit (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 917	$ 2,449
Letters of credit posted	868	777
Cash collateral held	26	64
Letters of credit held	87	61
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)	$ 1,873	$ 1,914

Derivative Financial Instruments - Summary of Economic Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Total			$ 1,161	$ (146)
Not Designated as Hedging Instrument, Economic Hedge \| Commodity Contract
Derivative [Line Items]
Total	$ 400	$ 137	1,178	(131)
Not Designated as Hedging Instrument, Economic Hedge \| Commodity Contract \| Operating revenues
Derivative [Line Items]
Total	519	173	774	1,317
Not Designated as Hedging Instrument, Economic Hedge \| Commodity Contract \| Purchased power and fuel
Derivative [Line Items]
Total	$ (119)	$ (36)	$ 404	$ (1,448)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Accounts Receivable

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts Receivable

Unbilled Customer Revenue

We recorded $175 million and $372 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively.

Sales of Customer Accounts Receivable

In 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). The maximum funding limit of the Facility is $1.1 billion through August 2025. 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 tables summarize the impact of the sale of certain receivables:


	As of September 30, 2024		As of December 31, 2023
Derecognized receivables transferred at fair value	$	1,766	$	1,516
Less: Cash proceeds received	—		300
DPP	$	1,766	$	1,216


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Loss on sale of receivables(a)	$	11	$	12	$	43	$	58

__________


	Nine Months Ended September 30,
	2024		2023
Proceeds from new transfers(a)	$	1,688	$	3,632
Cash collections received on DPP(b)	7,404		5,158
Cash collections reinvested in the Facility	$	9,092	$	8,790

__________

(a)Customer accounts receivable sold into the Facility were $9,370 million and $8,920 million for the nine months ended September 30, 2024 and 2023, respectively.

(b)Does not include the $300 million and $1,100 million net cash payments to the Purchasers for the nine months ended September 30, 2024 and 2023, respectively.

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.

We recognize the cash proceeds received upon sale in Cash flows from operating activities within the Changes in Other assets and liabilities line in the Consolidated Statements of Cash Flows, which were ($7,682) million and ($5,288) million for the nine months ended September 30, 2024 and 2023, respectively. The collection and reinvestment of DPP is recognized in Cash flows from investing activities in the Collection of DPP, net line in the Consolidated Statements of Cash Flows, which were $7,104 million and $4,058 million for the nine months ended September 30, 2024 and 2023, respectively.

See Note 12 — Fair Value of Financial Assets and Liabilities and Note 15 — Variable Interest Entities for additional information.

Other Sales of Customer Accounts Receivables

We are required, under supplier tariffs, to sell customer receivables to utility companies. The total receivables sold was $228 million and $274 million for the nine months ended September 30, 2024 and 2023, respectively

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Other Commitments

Commercial commitments as of September 30, 2024, representing commitments potentially triggered by future events, were as follows:


	Expiration within
	2024		2025		2026		2027		2028		2029 and beyond		Total
Letters of credit	$	1,202	$	990	$	1	$	1	$	121	$	1	$	2,316
Surety bonds(a)	319		364		—		—		—		—		683
Total commercial commitments	$	1,521	$	1,354	$	1	$	1	$	121	$	1	$	2,999

__________

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

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument, Economic Hedge \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 883	$ 562

Mergers, Acquisitions, and Dispositions	9 Months Ended
Mergers, Acquisitions, and Dispositions	Sep. 30, 2024
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions	Mergers, Acquisitions, and Dispositions Acquisition of Joint Ownership in South Texas Project In November 2023, we completed the acquisition of NRG South Texas LP (renamed and converted as Constellation South Texas, LLC), which owns a 44% undivided ownership interest in the jointly owned STP, a 2,645 MW, dual-unit nuclear plant located in Bay City, Texas. The net cash paid was $1.65 billion, after certain purchase price adjustments. Other owners include City Public Service Board of San Antonio (CPS, 40%) and the City of Austin, Texas (Austin, 16%). See Note 2 — Mergers, Acquisitions, and Dispositions of our 2023 Form 10-K for additional information. In May 2024, we executed a settlement agreement with all parties (CPS/City of San Antonio, Austin, and NRG), resolving all litigation involving our purchase of the ownership interest in STP, which was initiated by CPS and Austin in Texas state court and before the NRC. The terms of the settlement include us selling a 2% ownership interest in STP to CPS at the same price and terms that we paid NRG for our 44% interest, subject to regulatory approvals from the NRC and the Public Utility Commission of Texas. Pursuant to the settlement, CPS and Austin filed Notices of Dismissal with Prejudice with the Court, which ends the litigation, and likewise withdrew their pending objections to the sale with the NRC. As a result of the settlement, we have reflected assets and liabilities associated with a 2% undivided ownership interest in STP as held for sale. The held for sale amounts are included in the Other current assets and Other current liabilities balances in the Consolidated Balance Sheets as of September 30, 2024. Closing is expected to occur within the first half of 2025. Upon closing of the sale, we and CPS will each own a 42% interest in STP, and Austin’s interest will remain at 16%. The terms of settlement are not expected to have a material impact on our consolidated financial statements.

Segment Information - Generation Total Revenues Net of Purchased Power and Fuel Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	$ 2,886	$ 2,477	$ 7,589	$ 6,820
Other	545	267	1,769	319
Total RNF	3,431	2,744	9,358	7,139
Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	809	744	2,242	2,158
Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	884	778	2,352	2,441
New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	357	317	1,074	897
ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	403	207	826	423
Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	433	431	1,095	901
Operating Segments
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	2,893	2,479	7,612	6,830
Operating Segments \| Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	806	747	2,235	2,202
Operating Segments \| Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	881	776	2,345	2,439
Operating Segments \| New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	361	311	1,070	851
Operating Segments \| ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	404	211	836	429
Operating Segments \| Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	441	434	1,126	909
Intersegment Revenues
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(7)	(2)	(23)	(10)
Other	(7)	(2)	(23)	(10)
Intersegment Revenues \| Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	3	(3)	7	(44)
Intersegment Revenues \| Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	3	2	7	2
Intersegment Revenues \| New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(4)	6	4	46
Intersegment Revenues \| ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(1)	(4)	(10)	(6)
Intersegment Revenues \| Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(8)	(3)	(31)	(8)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other	$ 538	$ 265	$ 1,746	$ 309

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Variable Interest Entity [Abstract]

Variable Interest Entities

At September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023. 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.


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	61	$	48
Restricted cash and cash equivalents	51		47
Accounts receivable
Customer accounts receivable, net	41		19
Other accounts receivable, net	10		10
Inventories, net
Materials and supplies	13		14
Other current assets	1,811		1,249
Total current assets	1,987		1,387
Property, plant, and equipment, net	2,017		1,979
Other noncurrent assets	149		166
Total noncurrent assets	2,166		2,145
Total assets(a)	$	4,153	$	3,532

Long-term debt due within one year	$	64	$	63
Accounts payable and accrued expenses	59		31
Total current liabilities	123		94
Long-term debt	653		704
Asset retirement obligations	204		190
Other noncurrent liabilities	2		2
Total noncurrent liabilities	859		896
Total liabilities	$	982	$	990

__________

(a)Our balances include unrestricted assets for current unamortized energy contract assets of $22 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $139 million and $155 million, disclosed within other noncurrent assets in the table above as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, 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.

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 September 30, 2024 and December 31, 2023, 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:


	September 30, 2024						December 31, 2023
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	671	$	—	$	671	$	704	$	—	$	704
Total liabilities(a)	55		—		55		77		—		77

Other ownership interests in VIE(a)	616		—		616		627		—		627

__________

(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 September 30, 2024 and December 31, 2023.

As of September 30, 2024 and December 31, 2023 the unconsolidated VIEs consist of:

Unconsolidated VIE groups:

Reason entity is a VIE:

Reason we are not the primary beneficiary:

Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities.

PPA contracts that absorb variability through fixed pricing.

We do not conduct the operational activities.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 2,888	$ 1,616
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	2,049	1,840
Deferred income taxes and amortization of ITCs	358	189
Net fair value changes related to derivatives	(1,161)	146
Net realized and unrealized (gains) losses on NDT funds	(475)	(154)
Net realized and unrealized (gains) losses on equity investments	115	(490)
Other non-cash operating activities	(161)	147
Changes in assets and liabilities:
Accounts receivable	1,083	942
Inventories	31	90
Accounts payable and accrued expenses	(38)	(1,526)
Option premiums received (paid), net	159	(36)
Collateral received (posted), net	1,495	(222)
Income taxes	154	277
Pension and non-pension postretirement benefit contributions	(178)	(46)
Other assets and liabilities	(7,767)	(4,892)
Net cash flows provided by (used in) operating activities	(1,448)	(2,119)
Cash flows from investing activities
Capital expenditures	(1,836)	(1,735)
Proceeds from NDT fund sales	4,934	4,221
Investment in NDT funds	(5,140)	(4,374)
Collection of DPP, net	7,104	4,058
Acquisitions of assets and businesses	(22)	(21)
Other investing activities	16	30
Net cash flows provided by (used in) investing activities	5,056	2,179
Cash flows from financing activities
Change in short-term borrowings	(1,105)	(959)
Proceeds from short-term borrowings with maturities greater than 90 days	200	527
Repayments of short-term borrowings with maturities greater than 90 days	(739)	(200)
Issuance of long-term debt	900	3,192
Retirement of long-term debt	(99)	(150)
Other financing activities	(5)	6
Net cash flows provided by (used in) financing activities	(2,180)	1,389
Increase (decrease) in cash, restricted cash, and cash equivalents	1,428	1,449
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	1,882	1,977
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	20	(63)
Increase (decrease) in DPP	7,682	5,288
Increase (decrease) in PP&E related to ARO update	(1,475)	762
Constellation Energy Generation, LLC
Cash flows from operating activities
Net income (loss)	2,888	1,616
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	2,049	1,840
Deferred income taxes and amortization of ITCs	358	189
Net fair value changes related to derivatives	(1,161)	146
Net realized and unrealized (gains) losses on NDT funds	(475)	(154)
Net realized and unrealized (gains) losses on equity investments	115	(490)
Other non-cash operating activities	(195)	99
Changes in assets and liabilities:
Accounts receivable	1,085	936
Receivables from and payables to affiliates, net	238	23
Inventories	31	90
Accounts payable and accrued expenses	(38)	(1,546)
Option premiums received (paid), net	159	(36)
Collateral received (posted), net	1,495	(222)
Income taxes	154	277
Pension and non-pension postretirement benefit contributions	(178)	(46)
Other assets and liabilities	(7,977)	(4,953)
Net cash flows provided by (used in) operating activities	(1,452)	(2,231)
Cash flows from investing activities
Capital expenditures	(1,836)	(1,735)
Proceeds from NDT fund sales	4,934	4,221
Investment in NDT funds	(5,140)	(4,374)
Collection of DPP, net	7,104	4,058
Acquisitions of assets and businesses	(22)	(21)
Other investing activities	16	30
Net cash flows provided by (used in) investing activities	5,056	2,179
Cash flows from financing activities
Change in short-term borrowings	(1,105)	(959)
Proceeds from short-term borrowings with maturities greater than 90 days	200	527
Repayments of short-term borrowings with maturities greater than 90 days	(739)	(200)
Issuance of long-term debt	900	3,192
Retirement of long-term debt	(99)	(150)
Distributions to member	(1,331)	(909)
Other financing activities	0	(3)
Net cash flows provided by (used in) financing activities	(2,174)	1,498
Increase (decrease) in cash, restricted cash, and cash equivalents	1,430	1,446
Cash, restricted cash, and cash equivalents at beginning of period	440	501
Cash, restricted cash, and cash equivalents at end of period	1,870	1,947
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	20	(63)
Increase (decrease) in DPP	7,682	5,288
Increase (decrease) in PP&E related to ARO update	$ (1,475)	$ 762

Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
	Apr. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased			$ 505	$ 504	$ 253	$ 252	$ 251
Capital Allocation Plan
Equity, Class of Treasury Stock [Line Items]
Value of stock authorized for repurchase	$ 3,000									$ 2,000
Increase in value of stock authorized for repurchase	$ 1,000
Remaining repurchase amount		$ 991						$ 991
Common stock repurchased (in shares)		0			2,300,000			1,200,000	8,500,000
Common stock repurchased					$ 253			$ 150	$ 756
Shares received, percentage of agreement cost		80.00%						80.00%

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Financial Information [Abstract]

Supplemental Statement of Operations Information

The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income.


	Operating revenues
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease income	$	29	$	29	$	47	$	46
Variable lease income	69		73		189		197


	Taxes other than income taxes
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gross receipts(a)	$	37	$	37	$	102	$	105
Property	76		67		215		188
Payroll	48		39		122		108

__________

(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.

Schedule of Other Nonoperating Income, by Component


	Other, net
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Decommissioning-related activities:
Net realized income on NDT funds(a)
Regulatory Agreement Units	$	203	$	126	$	460	$	575
Non-Regulatory Agreement Units	118		37		233		322
Net unrealized gain (loss) on NDT funds
Regulatory Agreement Units	337		(242)		548		(156)
Non-Regulatory Agreement Units	190		(123)		329		(78)
Regulatory offset to NDT fund-related activities(b)	(433)		93		(808)		(335)
Total decommissioning-related activities	415		(109)		762		328


Non-service net periodic benefit credit(c)	2		14		(4)		41
Net realized and unrealized gains (losses) from equity investments	(104)		76		(115)		490

Other	12		19		50		60
Total Other, net	$	325	$	—	$	693	$	919

__________

(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 and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units.

(c)The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 15 — Retirement Benefits of our 2023 Form 10-K for additional information.

Cash Flow Supplemental Disclosures

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


	Depreciation, amortization, and accretion
	Nine Months Ended September 30,
	2024		2023
Property, plant, and equipment(a)	$	850	$	791
Amortization of intangible assets, net(a)	18		17
Amortization of energy contract assets and liabilities(b)	27		26
Nuclear fuel(c)	656		573
ARO accretion(d)	498		433
Total depreciation, amortization, and accretion	$	2,049	$	1,840

__________

(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
	Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Other decommissioning-related activity(a)	$	(488)	$	(330)	$	(488)	$	(330)
Energy-related options(b)	40		159		40		159
Asset impairments	6		71		6		71
(Gain) loss on sale of receivables	43		58		43		58
Amortization of operating ROU asset	57		57		57		57
Long-term incentive plan	31		44		—		—
Pension and OPEB costs	81		36		81		36

__________

(a)Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income, and income taxes related to all NDT fund activity for these 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.


September 30, 2024	CEG Parent		Constellation
Cash and cash equivalents	$	1,793	$	1,793
Restricted cash and cash equivalents	89		77

Total cash, restricted cash, and cash equivalents	$	1,882	$	1,870

December 31, 2023
Cash and cash equivalents	$	368	$	366
Restricted cash and cash equivalents	86		74

Total cash, restricted cash, and cash equivalents	$	454	$	440

September 30, 2023
Cash and cash equivalents	$	1,889	$	1,888
Restricted cash and cash equivalents	88		59

Total cash, restricted cash, and cash equivalents	$	1,977	$	1,947

Supplemental Balance Sheet Information

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


	Accounts payable and accrued expenses
September 30, 2024	CEG Parent		Constellation
Accounts payable	$	1,302	$	1,286
Compensation-related accruals(a)	797		555
Taxes accrued(b)	219		201


December 31, 2023
Accounts payable	$	1,302	$	1,289
Compensation-related accruals(a)	680		576
Taxes accrued	399		390

__________

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

(b)Includes $140 million related to nuclear PTC that was used to offset the current tax liability. See Note 5 — Government Assistance for additional information on the nuclear PTC.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Other accounts receivable, net	$ 557	$ 917
Other deferred debits and other assets	2,297	1,910
Separation from Parent
Income Taxes [Line Items]
Other accounts receivable, net	130	336
Other deferred debits and other assets	201	178
Separation from Parent \| Other Noncurrent Liabilities \| Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	$ 39	$ 37

- Definition

Amount of liabilities classified as other.

+ References + Details

Nuclear Decommissioning (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023 to September 30, 2024:


Balance as of December 31, 2023(a)	$	13,891
Net decrease due to changes in, and timing of, estimated future cash flows	(2,275)
Accretion expense	488
ARO transferred to Liabilities held for sale	(22)
Costs incurred related to decommissioning plants	(21)
Balance as of September 30, 2024(a)	$	12,061

__________

(a)Includes $14 million and $30 million as the current portion of the ARO as of September 30, 2024 and December 31, 2023, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets.

The following table presents our noncurrent payables to ComEd, PECO, CenterPoint, and AEP Texas reflected as Payables related to Regulatory Agreement Units in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
ComEd	$	3,983	$	2,955
PECO	338		278
CenterPoint	375		338
AEP Texas	132		117
Payables related to Regulatory Agreement Units	$	4,828	$	3,688

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accelerated Share Repurchases

The following table summarizes each ASR agreement for the nine months ended September 30, 2024:


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

__________

(a)The 0.6 million additional shares received and settled in July 2024 were rounded for footing.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

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


Three Months Ended September 30, 2024	Gains (losses) on Cash Flow Hedges		Pension and OPEB Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	(2,125)	$	(28)	$	(2,161)

OCI before reclassifications	—		—		12		12
Amounts reclassified from AOCI	1		14		—		15
Net current-period OCI	1		14		12		27
Ending balance	$	(7)	$	(2,111)	$	(16)	$	(2,134)

Three Months Ended September 30, 2023
Beginning balance	$	(9)	$	(1,768)	$	(23)	$	(1,800)

OCI before reclassifications	—		—		(2)		(2)
Amounts reclassified from AOCI	—		5		—		5
Net current-period OCI	—		5		(2)		3
Ending balance	$	(9)	$	(1,763)	$	(25)	$	(1,797)


Nine Months Ended September 30, 2024
Beginning balance	$	(10)	$	(2,157)	$	(24)	$	(2,191)

OCI before reclassifications	—		(4)		8		4
Amounts reclassified from AOCI	3		50		—		53
Net current-period OCI	3		46		8		57
Ending balance	$	(7)	$	(2,111)	$	(16)	$	(2,134)


Nine Months Ended September 30, 2023
Beginning balance	$	(9)	$	(1,725)	$	(26)	$	(1,760)

OCI before reclassifications	(1)		(53)		1		(53)
Amounts reclassified from AOCI	1		15		—		16
Net current-period OCI	—		(38)		1		(37)
Ending balance	$	(9)	$	(1,763)	$	(25)	$	(1,797)

__________

(a)AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 9 — Retirement Benefits for additional information. See our Statements of Operations and Comprehensive Income for individual components of AOCI.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pension and OPEB plans:

Actuarial loss reclassified to periodic benefit cost	$	(5)	$	(3)	$	(18)	$	(8)
Pension and OPEB plans valuation adjustment	—		—		2		18

Supplemental Financial Information

9 Months Ended

Sep. 30, 2024

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Supplemental Statement of Operations and Comprehensive Income Information

The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income.


	Operating revenues
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease income	$	29	$	29	$	47	$	46
Variable lease income	69		73		189		197


	Taxes other than income taxes
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gross receipts(a)	$	37	$	37	$	102	$	105
Property	76		67		215		188
Payroll	48		39		122		108

__________


	Other, net
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Decommissioning-related activities:
Net realized income on NDT funds(a)
Regulatory Agreement Units	$	203	$	126	$	460	$	575
Non-Regulatory Agreement Units	118		37		233		322
Net unrealized gain (loss) on NDT funds
Regulatory Agreement Units	337		(242)		548		(156)
Non-Regulatory Agreement Units	190		(123)		329		(78)
Regulatory offset to NDT fund-related activities(b)	(433)		93		(808)		(335)
Total decommissioning-related activities	415		(109)		762		328


Non-service net periodic benefit credit(c)	2		14		(4)		41
Net realized and unrealized gains (losses) from equity investments	(104)		76		(115)		490

Other	12		19		50		60
Total Other, net	$	325	$	—	$	693	$	919

__________

(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 and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units.

Supplemental Cash Flow Information

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


	Depreciation, amortization, and accretion
	Nine Months Ended September 30,
	2024		2023
Property, plant, and equipment(a)	$	850	$	791
Amortization of intangible assets, net(a)	18		17
Amortization of energy contract assets and liabilities(b)	27		26
Nuclear fuel(c)	656		573
ARO accretion(d)	498		433
Total depreciation, amortization, and accretion	$	2,049	$	1,840

__________

(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
	Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Other decommissioning-related activity(a)	$	(488)	$	(330)	$	(488)	$	(330)
Energy-related options(b)	40		159		40		159
Asset impairments	6		71		6		71
(Gain) loss on sale of receivables	43		58		43		58
Amortization of operating ROU asset	57		57		57		57
Long-term incentive plan	31		44		—		—
Pension and OPEB costs	81		36		81		36

__________

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


September 30, 2024	CEG Parent		Constellation
Cash and cash equivalents	$	1,793	$	1,793
Restricted cash and cash equivalents	89		77

Total cash, restricted cash, and cash equivalents	$	1,882	$	1,870

December 31, 2023
Cash and cash equivalents	$	368	$	366
Restricted cash and cash equivalents	86		74

Total cash, restricted cash, and cash equivalents	$	454	$	440

September 30, 2023
Cash and cash equivalents	$	1,889	$	1,888
Restricted cash and cash equivalents	88		59

Total cash, restricted cash, and cash equivalents	$	1,977	$	1,947

For additional information on restricted cash, see Note 1 — Basis of Presentation of our 2023 Form 10-K.

Supplemental Balance Sheet Information

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


	Accounts payable and accrued expenses
September 30, 2024	CEG Parent		Constellation
Accounts payable	$	1,302	$	1,286
Compensation-related accruals(a)	797		555
Taxes accrued(b)	219		201


December 31, 2023
Accounts payable	$	1,302	$	1,289
Compensation-related accruals(a)	680		576
Taxes accrued	399		390

__________

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

(b)Includes $140 million related to nuclear PTC that was used to offset the current tax liability. See Note 5 — Government Assistance for additional information on the nuclear PTC.

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Undistributed Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss), net	Noncontrolling Interests	Constellation Energy Generation, LLC	Constellation Energy Generation, LLC Membership Interest	Constellation Energy Generation, LLC Undistributed Earnings (Deficit)	Constellation Energy Generation, LLC Accumulated Other Comprehensive Income (Loss), net	Constellation Energy Generation, LLC Noncontrolling Interests
Beginning Balance at Dec. 31, 2022					$ 11,414	$ 12,408	$ 412	$ (1,760)	$ 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 102	$ 96		$ 6	102		96		6
Changes in equity of noncontrolling interests	(2)			(2)	(2)				(2)
Distributions to member					(249)	(152)	(97)
Other comprehensive income (loss), net of income taxes	(48)		$ (48)		(48)			(48)
Ending Balance at Mar. 31, 2023					11,217	12,256	411	(1,808)	358
Beginning Balance at Dec. 31, 2022					11,414	12,408	412	(1,760)	354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,616				1,616
Other comprehensive income (loss), net of income taxes	(37)				(37)
Ending Balance at Sep. 30, 2023					12,108	11,778	1,793	(1,797)	334
Beginning Balance at Mar. 31, 2023					11,217	12,256	411	(1,808)	358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	824	833		(9)	824		833		(9)
Changes in equity of noncontrolling interests	7			7	7				7
Distributions to member					(335)	(244)	(91)
Other comprehensive income (loss), net of income taxes	8		8		8			8
Ending Balance at Jun. 30, 2023					11,721	12,012	1,153	(1,800)	356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	690	731		(41)	690		731		(41)
Changes in equity of noncontrolling interests	19			19	19				19
Distributions to member					(325)	(234)	(91)
Other comprehensive income (loss), net of income taxes	3		3		3			3
Ending Balance at Sep. 30, 2023					12,108	11,778	1,793	(1,797)	334
Beginning Balance at Dec. 31, 2023					11,374	11,537	1,667	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	883	883			883		883
Distributions to member					(610)	(499)	(111)
Other comprehensive income (loss), net of income taxes	11		11		11			11
Ending Balance at Mar. 31, 2024					11,658	11,038	2,439	(2,180)	361
Beginning Balance at Dec. 31, 2023					11,374	11,537	1,667	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,888				2,888
Other comprehensive income (loss), net of income taxes	57				57
Ending Balance at Sep. 30, 2024					13,007	10,538	4,232	(2,134)	371
Beginning Balance at Mar. 31, 2024					11,658	11,038	2,439	(2,180)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	809	814		(5)	809		814		(5)
Distributions to member					(610)	(500)	(110)
Other comprehensive income (loss), net of income taxes	19		19		19			19
Ending Balance at Jun. 30, 2024					11,876	10,538	3,143	(2,161)	356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,196	$ 1,200		(4)	1,196		1,200		(4)
Changes in equity of noncontrolling interests	19			$ 19	19				19
Distributions to member					(111)		(111)
Other comprehensive income (loss), net of income taxes	$ 27		$ 27		27			27
Ending Balance at Sep. 30, 2024					$ 13,007	$ 10,538	$ 4,232	$ (2,134)	$ 371

- Definition

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

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- Definition

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

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+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 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, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 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, 2024. 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.

Revenue from Contracts with Customer - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Contract with Customer, Liability [Roll Forward]
Beginning Balance - Contract Liabilities	$ 35	$ 34	$ 40	$ 52	$ 63	$ 47
Consideration received or due	11	47	49	56	81	131
Revenues recognized	(11)	(46)	(55)	(68)	(92)	(115)
Ending Balance - Contract Liabilities	$ 35	$ 35	$ 34	$ 40	$ 52	$ 63

Nuclear Decommissioning - Noncurrent Related Party Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 4,828	$ 3,688
Affiliated Entities \| ComEd
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	3,983	2,955
Affiliated Entities \| PECO
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	338	278
Affiliated Entities \| CenterPoint
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	375	338
Affiliated Entities \| AEP Texas
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 132	$ 117

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 instruments, excluding NPNS and cash flow 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 delivered.

Authoritative guidance about offsetting assets and liabilities requires the fair value of derivative instruments to be shown in the Combined Notes to Consolidated Financial Statements on a gross basis, even when the derivative instruments are subject to legally enforceable master netting agreements and qualify for net presentation in the Consolidated Balance Sheets. A master netting agreement is an agreement between two counterparties that may have derivative and non-derivative contracts with each other providing for the net settlement of all referenced contracts via one payment stream, which takes place as the contracts deliver, when collateral is requested or in the event of default. In the tables below, which present fair value balances, our energy-related economic hedges 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 were downgraded below investment grade. As our senior unsecured debt rating is currently rated at BBB+ and Baa1 by S&P and Moody's, respectively, it would take a three notch downgrade by S&P or Moody's for us to go below investment grade.

Commodity Price Risk

We employ established policies and procedures to manage our risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, including swaps, futures, forwards, options, and short-term and long-term commitments to purchase and sell energy and energy-related products. We believe these instruments, which are either determined to be non-derivative or classified as economic hedges, mitigate exposure to fluctuations in commodity prices.

To the extent the amount of energy we produce or procure differs from the amount of energy we have contracted to sell and in connection with portfolio optimization, we are exposed to market fluctuations in the prices of electricity, natural gas, and other commodities. We use a variety of derivative and non-derivative instruments to manage the commodity price risk of our electric generation facilities, including power and gas sales, fuel and power purchases, natural gas transportation and pipeline capacity agreements, and other energy-related products marketed and purchased. To manage these risks, we may enter into fixed-price derivative or non-derivative contracts to hedge the variability in future cash flows from expected sales of power and gas and purchases of power and fuel. The objectives for executing such hedges include fixing the price for a portion of anticipated future electricity sales at a level that provides an acceptable return. We are also exposed to differences between the locational settlement prices of certain economic hedges and the hedged generating units. This price difference is actively managed through other instruments which include derivative congestion products, whose changes in fair value are recognized in earnings each period, and auction revenue rights, which are accounted for on an accrual basis.

In general, increases and decreases in forward market prices have a positive and negative impact, respectively, on owned and contracted generation positions that have not been hedged. Beginning in 2024, our nuclear fleet is eligible for the nuclear PTC provided by the IRA, an important tool in managing commodity price risk for each nuclear unit not already receiving state support. The nuclear PTC provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. See Note 5 — Government Assistance for additional information on the nuclear PTC.

In locations and periods where our load serving activities do not naturally offset existing generation portfolio risk, remaining commodity price exposure is managed through portfolio hedging activities. Portfolio hedging activities are generally concentrated in the prompt three years, when customer demand and market liquidity enable effective price risk mitigation. During this prompt three-year period, we seek to mitigate the price risk associated with our load serving contracts, non-nuclear generation, and any residual price risk for our nuclear generation that the nuclear PTC and state programs may not fully mitigate. We also enter transactions that further optimize the economic benefits of our overall portfolio.

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 the Executive Committee. 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 nine months ended September 30, 2024 and 2023, net pre-tax commodity mark-to-market gains and losses associated with proprietary trading activities were not material.

The following tables provide a summary of the derivative fair value balances recorded as of September 30, 2024 and December 31, 2023:


September 30, 2024	Economic Hedges		Proprietary Trading		Collateral (a)(b)		Netting(a)		Total
Mark-to-market derivative assets (current)	$	5,514	$	1	$	228	$	(5,120)	$	623
Mark-to-market derivative assets (noncurrent)	3,911		—		193		(3,373)		731
Total mark-to-market derivative assets	9,425		1		421		(8,493)		1,354
Mark-to-market derivative liabilities (current)	(5,866)		(1)		258		5,120		(489)
Mark-to-market derivative liabilities (noncurrent)	(3,923)		—		212		3,373		(338)
Total mark-to-market derivative liabilities	(9,789)		(1)		470		8,493		(827)
Total mark-to-market derivative net assets (liabilities)	$	(364)	$	—	$	891	$	—	$	527

December 31, 2023
Mark-to-market derivative assets (current)	$	7,927	$	2	$	703	$	(7,472)	$	1,160
Mark-to-market derivative assets (noncurrent)	3,345		—		330		(2,682)		993
Total mark-to-market derivative assets	11,272		2		1,033		(10,154)		2,153
Mark-to-market derivative liabilities (current)	(9,019)		(2)		922		7,472		(627)
Mark-to-market derivative liabilities (noncurrent)	(3,545)		—		445		2,682		(418)
Total mark-to-market derivative liabilities	(12,564)		(2)		1,367		10,154		(1,045)
Total mark-to-market derivative net assets (liabilities)	$	(1,292)	$	—	$	2,400	$	—	$	1,108

_________

(a)We net all available amounts allowed in our Consolidated Balance Sheets in accordance with authoritative guidance for derivatives. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral.

(b)Includes $606 million and $1,712 million of variation margin posted on the exchanges as of September 30, 2024 and December 31, 2023, respectively.

Economic Hedges (Commodity Price Risk)

For the three and nine months ended September 30, 2024 and 2023, 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 September 30,				Nine Months Ended September 30,
Income Statement Location	2024		2023		2024		2023
Operating revenues	$	519	$	173	$	774	$	1,317
Purchased power and fuel	(119)		(36)		404		(1,448)
Total	$	400	$	137	$	1,178	$	(131)

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 $883 million and $562 million as of September 30, 2024 and December 31, 2023, respectively.

The mark-to-market derivative assets and liabilities as of September 30, 2024 and December 31, 2023 and the mark-to-market gains and losses associated with management of interest rate and foreign currency risk for the three and nine months ended September 30, 2024 and 2023 were not material. The mark-to-market gains and losses associated with management of interest rate and foreign currency exchange rate risk are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows.

Credit Risk

We would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts as of the reporting date.

For commodity derivatives, we enter into enabling agreements that allow for payment netting with our counterparties, which reduces our exposure to counterparty risk by providing for the offset of amounts payable to the counterparty against amounts receivable from the counterparty. Typically, each enabling agreement is for a specific commodity and, with respect to each individual counterparty, netting is limited to transactions involving that specific commodity product, except where master netting agreements exist with a counterparty that allows for cross product netting. In addition to payment netting language in the enabling agreement, our credit department establishes credit limits, margining thresholds and collateral requirements for each counterparty, which are defined in the derivative contracts. Counterparty credit limits are based on an internal credit review process that considers a variety of factors, including the results of a scoring model, leverage, liquidity, profitability, credit ratings by credit rating agencies, and other risk management criteria. To the extent that a counterparty’s margining thresholds are exceeded, the counterparty is required to post collateral with us, as specified in each enabling agreement. Our credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis.

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 September 30, 2024. 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 and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges.


Rating as of September 30, 2024	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	$	722	$	17	$	705	—	$	—
Non-investment grade	13		3		10		—	—
No external ratings
Internally rated — investment grade	120		—		120		—	—
Internally rated — non-investment grade	207		43		164		—	—
Total	$	1,062	$	63	$	999	—	$	—

__________

(a)As of September 30, 2024, credit collateral held from counterparties where we had credit exposure included $8 million of cash and $55 million of letters of credit.


Net Credit Exposure by Type of Counterparty	As of September 30, 2024
Investor-owned utilities, marketers, power producers	$	733
Energy cooperatives and municipalities	130
Financial Institutions	48
Other	88
Total	$	999

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

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	September 30, 2024		December 31, 2023
Gross fair value of derivative contracts containing this feature	$	(1,285)	$	(1,894)
Offsetting fair value of in-the-money contracts under master netting arrangements	578		925
Net fair value of derivative contracts containing this feature	$	(707)	$	(969)

As of September 30, 2024 and December 31, 2023, 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.


	September 30, 2024		December 31, 2023
Cash collateral posted(a)	$	917	$	2,449
Letters of credit posted(a)	868		777
Cash collateral held(a)	26		64
Letters of credit held(a)	87		61
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)(b)(c)(d)	1,873		1,914

__________

(a)The cash collateral and letters of credit amounts are inclusive of NPNS contracts.

(b)Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty.

(c)The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties.

(d)A loss of investment grade credit rating would require a three notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively.

We routinely enter into supply forward contracts with certain utilities with one-sided collateral postings only from us. If market prices fall below the benchmark price levels in these contracts, the utilities are not required to post collateral. However, when market prices rise above the benchmark price levels, we are required to post collateral once certain unsecured credit limits are exceeded.

Consolidated Statements of Cash Flows, Parent - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 2,888	$ 1,616
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	2,049	1,840
Deferred income taxes and amortization of ITCs	358	189
Net fair value changes related to derivatives	(1,161)	146
Net realized and unrealized (gains) losses on NDT funds	(475)	(154)
Net realized and unrealized (gains) losses on equity investments	115	(490)
Other non-cash operating activities	(161)	147
Changes in assets and liabilities:
Accounts receivable	1,083	942
Inventories	31	90
Accounts payable and accrued expenses	(38)	(1,526)
Option premiums received (paid), net	159	(36)
Collateral received (posted), net	1,495	(222)
Income taxes	154	277
Pension and non-pension postretirement benefit contributions	(178)	(46)
Other assets and liabilities	(7,767)	(4,892)
Net cash flows provided by (used in) operating activities	(1,448)	(2,119)
Cash flows from investing activities
Capital expenditures	(1,836)	(1,735)
Proceeds from NDT fund sales	4,934	4,221
Investment in NDT funds	(5,140)	(4,374)
Collection of DPP, net	7,104	4,058
Acquisitions of assets and businesses	(22)	(21)
Other investing activities	16	30
Net cash flows provided by (used in) investing activities	5,056	2,179
Cash flows from financing activities
Change in short-term borrowings	(1,105)	(959)
Proceeds from short-term borrowings with maturities greater than 90 days	200	527
Repayments of short-term borrowings with maturities greater than 90 days	(739)	(200)
Issuance of long-term debt	900	3,192
Retirement of long-term debt	(99)	(150)
Dividends paid on common stock	(333)	(277)
Repurchases of common stock	(999)	(750)
Other financing activities	(5)	6
Net cash flows provided by (used in) financing activities	(2,180)	1,389
Increase (decrease) in cash, restricted cash, and cash equivalents	1,428	1,449
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	1,882	1,977
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	20	(63)
Increase (decrease) in DPP	7,682	5,288
Increase (decrease) in PP&E related to ARO update	$ (1,475)	$ 762

Segment Information - Narrative (Details) - 9 months ended Sep. 30, 2024	segment	Reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	5	5

Consolidated Balance Sheets, Parent - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 1,793

$ 368

Restricted cash and cash equivalents

Accounts receivable

Customer accounts receivable (net of allowance for credit losses of $55 and $56 as of September 30, 2024 and December 31, 2023, respectively)

1,208

1,934

Other accounts receivable (net of allowance for credit losses of $6 and $5 as of September 30, 2024 and December 31, 2023)

557

917

Mark-to-market derivative assets

632

1,179

Inventories, net

Natural gas, oil, and emission allowances

209

284

Materials and supplies

1,263

1,216

Renewable energy credits

700

660

Other

2,819

1,655

Total current assets

9,270

8,299

Property, plant, and equipment (net of accumulated depreciation and amortization of $17,972 and $17,423 as of September 30, 2024 and December 31, 2023, respectively)

20,892

22,116

Deferred debits and other assets

Nuclear decommissioning trust funds

17,694

16,398

Investments

494

563

Goodwill

420

425

Mark-to-market derivative assets

732

995

Deferred income taxes

Other

2,297

1,910

Total deferred debits and other assets

21,672

20,343

Total assets

^[1]

51,834

50,758

Current liabilities

Short-term borrowings

1,644

Long-term debt due within one year

1,034

121

Accounts payable and accrued expenses

2,685

2,612

Mark-to-market derivative liabilities

502

632

Renewable energy credit obligation

909

972

Other

322

338

Total current liabilities

5,452

6,319

Long-term debt

7,378

7,496

Deferred credits and other liabilities

Deferred income taxes and unamortized ITCs

3,554

3,209

Asset retirement obligations

12,322

14,118

Pension obligations

867

1,070

Non-pension postretirement benefit obligations

774

732

Spent nuclear fuel obligation

1,349

1,296

4,828

3,688

Mark-to-market derivative liabilities

341

419

Other

2,028

1,125

Total deferred credits and other liabilities

26,063

25,657

Total liabilities

^[1]

38,893

39,472

Commitments and contingencies (Note 13)

Shareholders' equity

Common stock (No par value, 1,000 shares authorized, 313 shares and 317 shares outstanding as of September 30, 2024 and December 31, 2023, respectively)

11,379

12,355

Retained earnings (deficit)

3,325

761

Accumulated other comprehensive income (loss), net

(2,134)

(2,191)

Total shareholders’ equity

12,570

10,925

Noncontrolling interests

371

361

Total equity

12,941

11,286

Total liabilities and equity

$ 51,834

$ 50,758

[1]

Our consolidated assets include $3,992 million and $3,355 million at September 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $982 million and $990 million at September 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Revenue from Contracts with Customers - Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Change in Contract with Customer [Roll Forward]
Beginning Balance - Contract Assets	$ 93	$ 81	$ 82	$ 89	$ 150	$ 130
Amounts reclassified to receivables	(44)	(4)	(15)	(32)	(76)	(11)
Revenues recognized	37	16	14	12	15	31
Ending Balance - Contract Assets	$ 86	$ 93	$ 81	$ 69	$ 89	$ 150

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023.


	2024		2023
Beginning balance as of January 1	$	82	$	130
Amounts reclassified to receivables	(15)		(11)
Revenues recognized	14		31

Ending balance as of March 31	81		150
Amounts reclassified to receivables	(4)		(76)
Revenues recognized	16		15
Ending balance as of June 30	93		89
Amounts reclassified to receivables	(44)		(32)
Revenues recognized	37		12
Ending balance as of September 30	$	86	$	69

The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and nine months ended September 30, 2024 and 2023.


	2024		2023
Beginning balance as of January 1	$	40	$	47
Consideration received or due	49		131
Revenues recognized	(55)		(115)
Ending balance as of March 31	34		63
Consideration received or due	47		81
Revenues recognized	(46)		(92)
Ending balance as of June 30	35		52
Consideration received or due	11		56
Revenues recognized	(11)		(68)
Ending balance as of September 30	$	35	$	40

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction


	2024		2025		2026		2027		2028 and thereafter		Total
Remaining performance obligations	$	47	$	139	$	98	$	86	$	295	$	665

Derivative Financial Instruments - Summary of Derivative Fair Value Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Mark-to-market derivative assets (current)	$ 632	$ 1,179
Mark-to-market derivative assets (noncurrent)	732	995
Mark-to-market derivative liabilities (current)	(502)	(632)
Mark-to-market derivative liabilities (noncurrent)	(341)	(419)
Variation margin	606	1,712
Commodity Contract
Derivative [Line Items]
Mark-to-market derivative assets (current)	623	1,160
Mark-to-market derivative assets (noncurrent)	731	993
Total mark-to-market derivative assets	1,354	2,153
Mark-to-market derivative liabilities (current)	(489)	(627)
Mark-to-market derivative liabilities (noncurrent)	(338)	(418)
Total mark-to-market derivative liabilities	(827)	(1,045)
Total mark-to-market derivative net assets (liabilities)	527	1,108
Commodity Contract \| Collateral
Derivative [Line Items]
Mark-to-market derivative assets (current)	228	703
Mark-to-market derivative assets (noncurrent)	193	330
Total mark-to-market derivative assets	421	1,033
Mark-to-market derivative liabilities (current)	258	922
Mark-to-market derivative liabilities (noncurrent)	212	445
Total mark-to-market derivative liabilities	470	1,367
Total mark-to-market derivative net assets (liabilities)	891	2,400
Commodity Contract \| Netting
Derivative [Line Items]
Mark-to-market derivative assets (current)	(5,120)	(7,472)
Mark-to-market derivative assets (noncurrent)	(3,373)	(2,682)
Total mark-to-market derivative assets	(8,493)	(10,154)
Mark-to-market derivative liabilities (current)	5,120	7,472
Mark-to-market derivative liabilities (noncurrent)	3,373	2,682
Total mark-to-market derivative liabilities	8,493	10,154
Total mark-to-market derivative net assets (liabilities)	0	0
Commodity Contract \| Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Mark-to-market derivative assets (current)	5,514	7,927
Mark-to-market derivative assets (noncurrent)	3,911	3,345
Total mark-to-market derivative assets	9,425	11,272
Mark-to-market derivative liabilities (current)	(5,866)	(9,019)
Mark-to-market derivative liabilities (noncurrent)	(3,923)	(3,545)
Total mark-to-market derivative liabilities	(9,789)	(12,564)
Total mark-to-market derivative net assets (liabilities)	(364)	(1,292)
Commodity Contract \| Not Designated as Hedging Instrument, Propriety Trading
Derivative [Line Items]
Mark-to-market derivative assets (current)	1	2
Mark-to-market derivative assets (noncurrent)	0	0
Total mark-to-market derivative assets	1	2
Mark-to-market derivative liabilities (current)	(1)	(2)
Mark-to-market derivative liabilities (noncurrent)	0	0
Total mark-to-market derivative liabilities	(1)	(2)
Total mark-to-market derivative net assets (liabilities)	$ 0	$ 0

Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2024		2023		2024		2023		2024		2023
Components of net periodic benefit (credit) cost
Service cost	$	22	$	22	$	4	$	4	$	26	$	26
Non-service components of pension benefits & OPEB (credit) cost
Interest cost	95		99		18		19		113		118
Expected return on assets	(123)		(127)		(11)		(11)		(134)		(138)
Amortization of:
Prior service (credit) cost	1		—		(2)		(2)		(1)		(2)
Actuarial (gain) loss	25		12		(3)		(3)		22		9
Settlement charges	3		—		—		—		3		—

Non-service components of pension benefits & OPEB (credit) cost	1		(16)		2		3		3		(13)
Net periodic benefit (credit) cost(a)	$	23	$	6	$	6	$	7	$	29	$	13


	Pension Benefits				OPEB				Total Pension Benefits and OPEB
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
Components of net periodic benefit (credit) cost:
Service cost	$	67	$	67	$	13	$	12	$	80	$	79
Non-service components of pension benefits & OPEB (credit) cost:
Interest cost	286		296		54		56		340		352
Expected return on assets	(371)		(381)		(32)		(34)		(403)		(415)
Amortization of:
Prior service (credit) cost	1		—		(5)		(5)		(4)		(5)
Actuarial (gain) loss	76		35		(7)		(10)		69		25
Settlement charges	7		—		—		—		7		—

Non-service components of pension benefits & OPEB (credit) cost	(1)		(50)		10		7		9		(43)
Net periodic benefit (credit) cost(a)	$	66	$	17	$	23	$	19	$	89	$	36

__________

Debt and Credit Agreements - Summary of Bank Commitments, Credit Facility Borrowings and Available Capacity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	May 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 7,458				$ 6,108
Facility Draws	0				0
Outstanding Letters of Credit	2,316				1,775
Actual Available Capacity	0				1,107
Total Available Capacity	5,104				3,166
Commercial Paper
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 4,500				$ 3,500
Weighted average interest rate	5.48%				5.66%
Revolving Credit Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 4,500	$ 4,500	$ 3,500		$ 3,500
Facility Draws	0				0
Outstanding Letters of Credit	51				60
Actual Available Capacity	0				1,107
Total Available Capacity	4,449				2,333
Bilateral Credit Agreements
Short-term Debt [Line Items]
Aggregate Bank Commitment	1,850				1,500
Facility Draws	0				0
Outstanding Letters of Credit	1,317				878
Actual Available Capacity	0				0
Total Available Capacity	533				622
Liquidity Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	971				971
Facility Draws	0				0
Outstanding Letters of Credit	827				720
Actual Available Capacity	0				0
Total Available Capacity	106				191
Liquidity Facility \| No Additional Collateral Posted
Short-term Debt [Line Items]
Actual Available Capacity	933				911
Secured debt
Short-term Debt [Line Items]
Aggregate Bank Commitment	137				137
Facility Draws	0				0
Outstanding Letters of Credit	121				117
Actual Available Capacity	0				0
Total Available Capacity	$ 16				$ 20
Bilateral Credit Agreement, March 2024
Short-term Debt [Line Items]
Aggregate Bank Commitment				$ 200
Bilateral Credit Agreement, May 2024
Short-term Debt [Line Items]
Aggregate Bank Commitment			$ 150
Bilateral Credit Agreement, November 2019
Short-term Debt [Line Items]
Extended period term	2 years

Fair Value of Financial Assets and Liabilities - Fair Value Measurement of Assets and Liabilities, Recurring (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Derivative asset notational amounts	$ 1,068	$ 948
Variation margin	606	1,712
Cash and Cash Equivalents \| Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1,676	349
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1,676	349
Cash and Cash Equivalents \| CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	142	54
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	142	54
Restricted cash \| Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	64	49
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	64	49
Cash \| CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1	2
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1	2
NDT fund investments subtotal
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Net liabilities	131	115
Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	130	42
DPP consideration	1,766	1,216
Deferred compensation obligation	(98)	(69)
Total liabilities measured at fair value	(941)	(1,120)
Total net assets	20,469	19,164
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	130	42
Fair Value, Recurring \| Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(843)	(1,051)
Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(9,806)	(12,571)
Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1)	(2)
Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	8,964	11,522
Fair Value, Recurring \| NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	17,798	16,398
Fair Value, Recurring \| Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	419	443
Fair Value, Recurring \| Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	7,589	6,565
Fair Value, Recurring \| Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	4,041	3,843
Fair Value, Recurring \| Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	133	151
Fair Value, Recurring \| Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	94	82
Fair Value, Recurring \| Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	258	372
Fair Value, Recurring \| Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1,364	2,174
Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	9,436	11,294
Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1	2
Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(8,073)	(9,122)
Total assets measured at fair value \| Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total assets	21,410	20,284
Level 1 \| Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	130	42
DPP consideration	0	0
Total assets	8,598	7,769
Deferred compensation obligation	0	0
Total liabilities measured at fair value	(66)	(94)
Total net assets	8,532	7,675
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	130	42
Level 1 \| Fair Value, Recurring \| Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(66)	(94)
Level 1 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1,509)	(2,681)
Level 1 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Level 1 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	1,443	2,587
Level 1 \| Fair Value, Recurring \| NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	8,043	6,973
Level 1 \| Fair Value, Recurring \| Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	267	356
Level 1 \| Fair Value, Recurring \| Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	5,567	4,574
Level 1 \| Fair Value, Recurring \| Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	2,209	2,043
Level 1 \| Fair Value, Recurring \| Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 \| Fair Value, Recurring \| Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	55	48
Level 1 \| Fair Value, Recurring \| Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	258	372
Level 1 \| Fair Value, Recurring \| Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	112	334
Level 1 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1,412	2,330
Level 1 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Level 1 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(1,300)	(1,996)
Level 2 \| Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
DPP consideration	1,766	1,216
Total assets	5,907	5,475
Deferred compensation obligation	(98)	(69)
Total liabilities measured at fair value	(292)	(681)
Total net assets	5,615	4,794
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
Level 2 \| Fair Value, Recurring \| Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(194)	(612)
Level 2 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(4,657)	(7,154)
Level 2 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Level 2 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	4,463	6,542
Level 2 \| Fair Value, Recurring \| NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	3,640	3,600
Level 2 \| Fair Value, Recurring \| Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	152	87
Level 2 \| Fair Value, Recurring \| Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	2,021	1,990
Level 2 \| Fair Value, Recurring \| Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,467	1,523
Level 2 \| Fair Value, Recurring \| Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 \| Fair Value, Recurring \| Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	38	33
Level 2 \| Fair Value, Recurring \| Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 \| Fair Value, Recurring \| Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	463	626
Level 2 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	4,466	5,821
Level 2 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Level 2 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(4,003)	(5,195)
Level 3 \| Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
DPP consideration	0	0
Total assets	1,289	1,644
Deferred compensation obligation	0	0
Total liabilities measured at fair value	(583)	(345)
Total net assets	706	1,299
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
Level 3 \| Fair Value, Recurring \| Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(583)	(345)
Level 3 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(3,640)	(2,736)
Level 3 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1)	(2)
Level 3 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	3,058	2,393
Level 3 \| Fair Value, Recurring \| NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	499	429
Level 3 \| Fair Value, Recurring \| Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 \| Fair Value, Recurring \| Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
Level 3 \| Fair Value, Recurring \| Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	365	277
Level 3 \| Fair Value, Recurring \| Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	133	151
Level 3 \| Fair Value, Recurring \| Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
Level 3 \| Fair Value, Recurring \| Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 \| Fair Value, Recurring \| Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	789	1,214
Level 3 \| Fair Value, Recurring \| Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	3,558	3,143
Level 3 \| Fair Value, Recurring \| Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1	2
Level 3 \| Fair Value, Recurring \| Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(2,770)	(1,931)
Assets measured at NAV \| Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total assets	$ 5,616	$ 5,396

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
ZEC revenue recognized	$ 218

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41137
Entity Registrant Name	CONSTELLATION ENERGY CORPORATION
Entity Tax Identification Number	87-1210716
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	1310 Point Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21231-3380
City Area Code	(833)
Local Phone Number	883-0162
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	CEG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		312,766,599
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001868275
Amendment Flag	false
Constellation Energy Generation, LLC
Document Information [Line Items]
Entity File Number	333-85496
Entity Registrant Name	CONSTELLATION ENERGY GENERATION, LLC
Entity Tax Identification Number	23-3064219
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	200 Energy Way
Entity Address, City or Town	Kennett Square
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19348-2473
City Area Code	(833)
Local Phone Number	883-0162
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001168165

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Rate Reconciliation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
(Decrease) increase due to:
State income taxes, net of federal income tax benefit	4.8		4.3		1.1		4.1
Qualified NDT fund income and losses	8.2		(2.6)		6.6		4.7
Amortization of ITC, including deferred taxes on basis differences	(0.3)		(0.5)		(0.2)		(0.5)
PTCs and other credits	(8.1)		(0.6)		(8.1)		(0.6)
Noncontrolling interests	0.1		0.7		0.1		0.3
Other	1.6		0.6		0.5		0.4
Effective income tax rate	27.3	%	22.9	%	21.0	%	29.4	%

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. See Note 14 — Income Taxes of our 2023 Form 10-K for additional information on the separation.

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 will bear contractual responsibility, and we and Exelon agreed to indemnify each other against any amounts for which such indemnified party is not responsible. Specifically, we will be liable for taxes due and payable in connection with tax returns that we are required to file. We will also be liable for our share of certain taxes required to be paid by Exelon with respect to taxable years or periods (or portions thereof) ending on or prior to the separation to the extent that we would have been responsible for such taxes under the Exelon tax sharing agreement then existing. As of September 30, 2024 and December 31, 2023, our Consolidated Balance Sheets reflect $39 million and $37 million in Other deferred credits and other liabilities, respectively, for tax liabilities where we maintain contractual responsibility to Exelon.

Tax Refunds and Attributes. The TMA provides for the allocation of certain pre-closing tax attributes between us and Exelon. Tax attributes will be allocated in accordance with the principles set forth in the existing Exelon tax sharing agreement, unless otherwise required by law. Under the TMA, we will be entitled to refunds for taxes for which we are responsible. In addition, it is expected that Exelon will have tax attributes that may be used to offset Exelon’s future tax liabilities. A significant portion of such attributes were generated by our business. In February 2024, we executed an amendment to the TMA that modified the timing of Exelon's payment of amounts due to us. As of September 30, 2024, our Consolidated Balance Sheets reflects receivables of $130 million and $201 million in Other accounts receivable and Other deferred debits and other assets, respectively. As of December 31, 2023, our Consolidated Balance Sheets reflected receivables of $336 million and $178 million in Other accounts receivable and Other deferred debits and other assets, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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+ Details

Debt and Credit Agreements - Short Term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	$ 0	$ 1,644
Term Loan Due January 2024 \| Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Basis spread	0.80%
Short term loan agreement	$ 0	100
Term Loan Due February 2024 \| Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Basis spread	1.05%
Short term loan agreement	$ 0	$ 400

Segment Information

9 Months Ended

Sep. 30, 2024

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

•West represents operations in WECC, which includes CAISO.

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

The CODM evaluates the performance of our electric business activities and allocates resources based on Operating revenues net of 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 as well as government assistance. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy, and ancillary services. Fuel expense includes the fuel costs for our owned generation and fuel costs associated with tolling agreements. The results of our other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, as well as sales of other energy-related products and sustainable solutions that are not significant to our overall results of operations. Further, our unrealized mark-to-market gains and losses on economic hedging activities and our amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. The CODM does not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments.

The following tables disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues reflects our 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 nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30, 2024
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,504	$	97	$	1,601	$	2	$	1,603
Midwest	958		316		1,274		1		1,275
New York	472		39		511		(4)		507
ERCOT	307		215		522		1		523
Other Power Regions	1,213		230		1,443		—		1,443
Total Reportable Segment Power Revenues	4,454		897		5,351		—		5,351
Total Natural Gas Revenues	184		349		533		—		533
Total Other Revenues(b)	135		531		666		—		666
Total Consolidated Operating Revenues	$	4,773	$	1,777	$	6,550	$	—	$	6,550










	Three Months Ended September 30, 2023
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,493	$	(78)	$	1,415	$	(4)	$	1,411
Midwest	1,160		(43)		1,117		—		1,117
New York	522		(14)		508		4		512
ERCOT	489		69		558		1		559
Other Power Regions	1,284		309		1,593		(1)		1,592
Total Reportable Segment Power Revenues	4,948		243		5,191		—		5,191
Total Natural Gas Revenues	220		385		605		—		605
Total Other Revenues(b)	145		170		315		—		315
Total Consolidated Operating Revenues	$	5,313	$	798	$	6,111	$	—	$	6,111


	Nine Months Ended September 30, 2024
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	4,154	$	(10)	$	4,144	$	4	$	4,148
Midwest	2,951		584		3,535		2		3,537
New York	1,428		102		1,530		4		1,534
ERCOT	819		378		1,197		4		1,201
Other Power Regions	3,673		593		4,266		(14)		4,252
Total Reportable Segment Power Revenues	13,025		1,647		14,672		—		14,672
Total Natural Gas Revenues	1,024		1,252		2,276		—		2,276
Total Other Revenues(b)	389		849		1,238		—		1,238
Total Consolidated Operating Revenues	$	14,438	$	3,748	$	18,186	$	—	$	18,186


	Nine Months Ended September 30, 2023
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	4,140	$	(241)	$	3,899	$	(45)	$	3,854
Midwest	3,707		(231)		3,476		3		3,479
New York	1,424		53		1,477		41		1,518
ERCOT	979		73		1,052		4		1,056
Other Power Regions	3,766		732		4,498		(3)		4,495
Total Reportable Segment Power Revenues	14,016		386		14,402		—		14,402
Total Natural Gas Revenues	1,394		1,352		2,746		—		2,746
Total Other Revenues(b)	435		1,539		1,974		—		1,974
Total Consolidated Operating Revenues	$	15,845	$	3,277	$	19,122	$	—	$	19,122

__________

(a)Includes revenues from nuclear PTCs beginning in 2024 as well as derivatives and leases in all periods presented.

(b)Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $516 million and $177 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized mark-to-market gains of $769 million and $1,317 million for the nine months ended September 30, 2024 and 2023, respectively. See Note 10 — Derivative Financial Instruments for additional information on mark-to-market derivatives.


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	RNF from external customers		Intersegment RNF		Total RNF		RNF from external customers		Intersegment RNF		Total RNF
Mid-Atlantic	$	806	$	3	$	809	$	747	$	(3)	$	744
Midwest	881		3		884		776		2		778
New York	361		(4)		357		311		6		317
ERCOT	404		(1)		403		211		(4)		207
Other Power Regions	441		(8)		433		434		(3)		431
Total RNF for Reportable Segments	2,893		(7)		2,886		2,479		(2)		2,477
Other(a)	538		7		545		265		2		267
Total RNF	$	3,431	$	—	$	3,431	$	2,744	$	—	$	2,744

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	RNF from external customers		Intersegment RNF		Total RNF		RNF from external customers		Intersegment RNF		Total RNF
Mid-Atlantic	$	2,235	$	7	$	2,242	$	2,202	$	(44)	$	2,158
Midwest	2,345		7		2,352		2,439		2		2,441
New York	1,070		4		1,074		851		46		897
ERCOT	836		(10)		826		429		(6)		423
Other Power Regions	1,126		(31)		1,095		909		(8)		901
Total RNF for Reportable Segments	7,612		(23)		7,589		6,830		(10)		6,820
Other(a)	1,746		23		1,769		309		10		319
Total RNF	$	9,358	$	—	$	9,358	$	7,139	$	—	$	7,139

__________

(a)Other represents activities not allocated to a region. See text above for a description of included activities. See Note 10 — Derivative Financial Instruments for additional information on mark-to-market derivatives.

- Definition

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.

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+ Details

Debt and Credit Agreements

9 Months Ended

Sep. 30, 2024

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.

Credit Agreements

In June 2024, we amended our existing $3.5 billion revolving credit facility (RCF), to increase the available aggregate commitment to $4.5 billion and extend the maturity date from January 2027 to June 2029. The RCF may be drawn down in the form of loans and/or to support commercial paper and letters of credit issuances.

The RCF fixed facility fee rate is 0.175% and borrowings under the RCF bear interest at a rate based upon either the Daily Simple SOFR rate or a Term SOFR rate, plus an adder based upon our credit ratings. The adders for the Daily Simple SOFR-based borrowings and Term SOFR borrowings are 7.5 basis points and 107.5 basis points, respectively. The letters of credit bear interest at a rate of 1.075%.

If we were to lose our investment grade credit rating, the maximum adders for Daily Simple SOFR rate borrowings and Term SOFR rate borrowings would be 100 basis points and 200 basis points, respectively. The credit agreements also require us to pay facility fees based upon the aggregate commitments. The fees vary depending upon our credit rating.

As of September 30, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:


September 30, 2024
Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Outstanding Commercial Paper(a)		Total Available Capacity
Revolving Credit Facility	$	4,500	$	—	$	51	$	—	$	4,449
Bilaterals(b)	1,850		—		1,317		—		533
Liquidity Facility	971		—		827		—		106		(c)
Project Finance	137		—		121		—		16
Total	$	7,458	$	—	$	2,316	$	—	$	5,104


December 31, 2023
Revolving Credit Facility	$	3,500	$	—	$	60	$	1,107	$	2,333
Bilaterals	1,500		—		878		—		622
Liquidity Facility	971		—		720		—		191		(c)
Project Finance	137		—		117		—		20
Total	$	6,108	$	—	$	1,775	$	1,107	$	3,166

__________

(a)Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of September 30, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $4.5 billion and $3.5 billion, respectively. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.48% and 5.66% as of September 30, 2024 and December 31, 2023, respectively.

(b)In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In May 2024, we initiated a new bilateral credit agreement for $150 million, with no maturity date. In June 2024, a bilateral credit agreement initiated in November 2019 was extended for an additional two years to June 2026.

(c)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of September 30, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $933 million and $911 million, respectively.

Short-Term Loan Agreements

As of September 30, 2024 and December 31, 2023, we had the following short-term loan agreements:

Month Initiated

Interest Rate

Maturity

Outstanding Amount as of September 30, 2024

Outstanding Amount as of December 31, 2023

January 2023

1-month SOFR + 0.80%

January 2024

—

100

February 2023

1-month SOFR + 1.05%

February 2024

—

400

Long-Term Debt

Debt Issuances and Redemptions

During the nine months ended September 30, 2024, the following long-term debt was issued (redeemed):


Type	Interest Rate		Maturity	Amount
Green Senior Notes(a)	5.75	%	March 2054	$	900
Energy Efficiency Project Financing(b)	2.20% - 4.96%		March 2025	1

CR Nonrecourse Debt	3-month SOFR + 2.25% (c)		December 2027	(22)
Continental Wind Nonrecourse Debt	6.00	%	February 2033	(28)
West Medway II Nonrecourse Debt	1-month SOFR + 3.225%		March 2026	(25)
Antelope Valley DOE Nonrecourse Debt	2.29% - 3.56%		January 2037	(15)
RPG Nonrecourse Debt	4.11	%	March 2035	(9)
Total long-term debt issued (redeemed)				$	802

__________

(a)The Green Senior Notes were issued to finance or refinance, in whole or in part, one or more new or existing Eligible Projects. Eligible Projects are defined as investments and expenditures made by us in the 24 months prior to or after the issuance of the notes within the following eligible green categories: clean generation fleet, clean hydrogen, energy storage, and clean commercial offerings.

(b)Energy Efficiency Project Financing represents funding to install energy conservation measures. The maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt.

(c)The interest rate for long-term debt redemptions prior to July 19, 2024 were based on SOFR + 2.76%. Beginning on July 19, 2024 these redemptions are based on SOFR + 2.25%.

Debt Covenants

As of September 30, 2024, we are in compliance with all debt covenants.

- Definition

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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
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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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Fair Value of Financial Assets and Liabilities - Fair Value Inputs Assets Quantitative Information (Details) - Level 3 $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Cash collateral received	$ 288	$ 462
Economic Hedges
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mark-to-market derivatives—Economic hedges	$ (82)	$ 407
Economic Hedges \| Minimum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	4.28	9.64
Forward gas price	1.07	1.20
Economic Hedges \| Minimum \| Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.11	0.23
Economic Hedges \| Maximum \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	138	216
Forward gas price	13	14
Economic Hedges \| Maximum \| Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.75	2
Economic Hedges \| Average \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	47	48
Forward gas price	3.41	3.09
Economic Hedges \| Average \| Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.45	0.87

Accounts Receivable - Purchases and Sales of Accounts Receivable (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of receivables	$ 11	$ 12	$ 43	$ 58
Proceeds from new transfers			1,688	3,632
Cash collections received on DPP and reinvested in the Facility			7,404	5,158
Cash collections reinvested in the Facility			9,092	8,790
Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collections received on DPP and reinvested in the Facility			300	1,100
Sale of Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derecognized receivables transferred at fair value	1,766		1,766		$ 1,516
Less: Cash proceeds received	0		0		300
DPP	$ 1,766		1,766		$ 1,216
Customer accounts receivable sold into the Facility			$ 9,370	$ 8,920

Derivative Financial Instruments - Summary of Credit Risk Exposure (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) counterparty
Derivative [Line Items]
Cash collateral	$ 8
Letters of credit held	55
Total Exposure Before Credit Collateral
Derivative [Line Items]
Maximum exposure	1,062
Total Exposure Before Credit Collateral \| Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	120
Total Exposure Before Credit Collateral \| Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	207
Total Exposure Before Credit Collateral \| Investment grade
Derivative [Line Items]
Maximum exposure	722
Total Exposure Before Credit Collateral \| Non-investment grade
Derivative [Line Items]
Maximum exposure	13
Credit Collateral
Derivative [Line Items]
Maximum exposure	63
Credit Collateral \| Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	0
Credit Collateral \| Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	43
Credit Collateral \| Investment grade
Derivative [Line Items]
Maximum exposure	17
Credit Collateral \| Non-investment grade
Derivative [Line Items]
Maximum exposure	3
Net Exposure
Derivative [Line Items]
Maximum exposure	999
Net Exposure \| Investor-owned utilities, marketers, power producers
Derivative [Line Items]
Maximum exposure	733
Net Exposure \| Energy cooperatives and municipalities
Derivative [Line Items]
Maximum exposure	130
Net Exposure \| Financial Institutions
Derivative [Line Items]
Maximum exposure	48
Net Exposure \| Other
Derivative [Line Items]
Maximum exposure	88
Net Exposure \| Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	120
Net Exposure \| Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	164
Net Exposure \| Investment grade
Derivative [Line Items]
Maximum exposure	705
Net Exposure \| Non-investment grade
Derivative [Line Items]
Maximum exposure	$ 10
Number of Counterparties Greater than 10% of Net Exposure
Derivative [Line Items]
Number of counterparties \| counterparty	0
Number of Counterparties Greater than 10% of Net Exposure \| Internally rated — investment grade
Derivative [Line Items]
Number of counterparties \| counterparty	0
Number of Counterparties Greater than 10% of Net Exposure \| Internally rated — non-investment grade
Derivative [Line Items]
Number of counterparties \| counterparty	0
Number of Counterparties Greater than 10% of Net Exposure \| Investment grade
Derivative [Line Items]
Number of counterparties \| counterparty	0
Number of Counterparties Greater than 10% of Net Exposure \| Non-investment grade
Derivative [Line Items]
Number of counterparties \| counterparty	0
Net Exposure of Counterparties Greater than 10% of Net Exposure
Derivative [Line Items]
Maximum exposure	$ 0
Net Exposure of Counterparties Greater than 10% of Net Exposure \| Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	0
Net Exposure of Counterparties Greater than 10% of Net Exposure \| Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	0
Net Exposure of Counterparties Greater than 10% of Net Exposure \| Investment grade
Derivative [Line Items]
Maximum exposure	0
Net Exposure of Counterparties Greater than 10% of Net Exposure \| Non-investment grade
Derivative [Line Items]
Maximum exposure	$ 0

Consolidated Statements of Changes in Equity, Parent (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.3525	$ 0.3525	$ 0.3525	$ 0.2820	$ 0.2820	$ 0.2820

Fair Value of Financial Assets and Liabilities - Fair Value Reconciliation of Level 3 Assets and Liabilities Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 805	$ 1,073	$ 1,299	$ 643
Total realized / unrealized gains (losses)
Included in net income (loss)	62	(236)	(429)	25
Included in Payable related to Regulatory Agreement Units	9	0	13	4
Change in collateral	(166)	(7)	(173)	99
Purchases, sales, issuances and settlements
Purchases	14	35	98	120
Sales	0	(3)	(83)	(9)
Settlements	(7)	32	(16)	25
Transfers into Level 3	(11)	0	28	59
Transfers out of Level 3	0	(91)	(31)	(163)
Ending Balance	706	803	706	803
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	195	54	220	760
NDT Fund Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	492	421	429	423
Total realized / unrealized gains (losses)
Included in net income (loss)	4	0	4	1
Included in Payable related to Regulatory Agreement Units	9	0	13	4
Change in collateral	0	0	0	0
Purchases, sales, issuances and settlements
Purchases	0	0	66	0
Sales	0	0	0	0
Settlements	(7)	0	(14)	(7)
Transfers into Level 3	1	0	1	0
Transfers out of Level 3	0	0	0	0
Ending Balance	499	421	499	421
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	4	0	4	1
Mark-to-Market Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	312	651	869	219
Total realized / unrealized gains (losses)
Included in net income (loss)	58	(236)	(433)	24
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral	(166)	(7)	(173)	99
Purchases, sales, issuances and settlements
Purchases	14	35	32	120
Sales	0	(3)	(83)	(9)
Settlements	0	32	(2)	32
Transfers into Level 3	(12)	0	27	59
Transfers out of Level 3	0	(91)	(31)	(163)
Ending Balance	206	381	206	381
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	191	54	216	759
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Realized gains (losses)	133	258	651	703
Life Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	1	1	1
Total realized / unrealized gains (losses)
Included in net income (loss)	0	0	0	0
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral		0	0	0
Purchases, sales, issuances and settlements
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending Balance	1	1	1	1
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	$ 0	$ 0	$ 0	$ 0

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 665
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 47
Remaining performance obligations, timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 139
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 98
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 86
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 295
Remaining performance obligations, timing	1 year

Nuclear Decommissioning - Nuclear Decommissioning Asset Retirement Obligation Rollforward (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Accretion expense	$ 498	$ 433
Nuclear Decommissioning
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO beginning balance	13,891
Net decrease due to changes in, and timing of, estimated future cash flows	2,275
Accretion expense	488
ARO transferred to Liabilities held for sale	(22)
Costs incurred related to decommissioning plants	(21)
ARO ending balance	12,061
Current portion of ARO	$ 14		$ 30

Basis of Presentation (Details) - 9 months ended Sep. 30, 2024	segment	Reportable_segment
Accounting Policies [Abstract]
Number of reportable segments	5	5

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
(Decrease) increase due to:
State income taxes, net of federal income tax benefit	4.8		4.3		1.1		4.1
Qualified NDT fund income and losses	8.2		(2.6)		6.6		4.7
Amortization of ITC, including deferred taxes on basis differences	(0.3)		(0.5)		(0.2)		(0.5)
PTCs and other credits	(8.1)		(0.6)		(8.1)		(0.6)
Noncontrolling interests	0.1		0.7		0.1		0.3
Other	1.6		0.6		0.5		0.4
Effective income tax rate	27.3	%	22.9	%	21.0	%	29.4	%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

The following tables also show the reconciliation of reportable segment revenues and RNF to our total revenues and RNF for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30, 2024
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,504	$	97	$	1,601	$	2	$	1,603
Midwest	958		316		1,274		1		1,275
New York	472		39		511		(4)		507
ERCOT	307		215		522		1		523
Other Power Regions	1,213		230		1,443		—		1,443
Total Reportable Segment Power Revenues	4,454		897		5,351		—		5,351
Total Natural Gas Revenues	184		349		533		—		533
Total Other Revenues(b)	135		531		666		—		666
Total Consolidated Operating Revenues	$	4,773	$	1,777	$	6,550	$	—	$	6,550










	Three Months Ended September 30, 2023
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	1,493	$	(78)	$	1,415	$	(4)	$	1,411
Midwest	1,160		(43)		1,117		—		1,117
New York	522		(14)		508		4		512
ERCOT	489		69		558		1		559
Other Power Regions	1,284		309		1,593		(1)		1,592
Total Reportable Segment Power Revenues	4,948		243		5,191		—		5,191
Total Natural Gas Revenues	220		385		605		—		605
Total Other Revenues(b)	145		170		315		—		315
Total Consolidated Operating Revenues	$	5,313	$	798	$	6,111	$	—	$	6,111


	Nine Months Ended September 30, 2024
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	4,154	$	(10)	$	4,144	$	4	$	4,148
Midwest	2,951		584		3,535		2		3,537
New York	1,428		102		1,530		4		1,534
ERCOT	819		378		1,197		4		1,201
Other Power Regions	3,673		593		4,266		(14)		4,252
Total Reportable Segment Power Revenues	13,025		1,647		14,672		—		14,672
Total Natural Gas Revenues	1,024		1,252		2,276		—		2,276
Total Other Revenues(b)	389		849		1,238		—		1,238
Total Consolidated Operating Revenues	$	14,438	$	3,748	$	18,186	$	—	$	18,186


	Nine Months Ended September 30, 2023
	Revenues from external customers
	Contracts with customers		Other(a)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	4,140	$	(241)	$	3,899	$	(45)	$	3,854
Midwest	3,707		(231)		3,476		3		3,479
New York	1,424		53		1,477		41		1,518
ERCOT	979		73		1,052		4		1,056
Other Power Regions	3,766		732		4,498		(3)		4,495
Total Reportable Segment Power Revenues	14,016		386		14,402		—		14,402
Total Natural Gas Revenues	1,394		1,352		2,746		—		2,746
Total Other Revenues(b)	435		1,539		1,974		—		1,974
Total Consolidated Operating Revenues	$	15,845	$	3,277	$	19,122	$	—	$	19,122

__________

(a)Includes revenues from nuclear PTCs beginning in 2024 as well as derivatives and leases in all periods presented.


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	RNF from external customers		Intersegment RNF		Total RNF		RNF from external customers		Intersegment RNF		Total RNF
Mid-Atlantic	$	806	$	3	$	809	$	747	$	(3)	$	744
Midwest	881		3		884		776		2		778
New York	361		(4)		357		311		6		317
ERCOT	404		(1)		403		211		(4)		207
Other Power Regions	441		(8)		433		434		(3)		431
Total RNF for Reportable Segments	2,893		(7)		2,886		2,479		(2)		2,477
Other(a)	538		7		545		265		2		267
Total RNF	$	3,431	$	—	$	3,431	$	2,744	$	—	$	2,744

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	RNF from external customers		Intersegment RNF		Total RNF		RNF from external customers		Intersegment RNF		Total RNF
Mid-Atlantic	$	2,235	$	7	$	2,242	$	2,202	$	(44)	$	2,158
Midwest	2,345		7		2,352		2,439		2		2,441
New York	1,070		4		1,074		851		46		897
ERCOT	836		(10)		826		429		(6)		423
Other Power Regions	1,126		(31)		1,095		909		(8)		901
Total RNF for Reportable Segments	7,612		(23)		7,589		6,830		(10)		6,820
Other(a)	1,746		23		1,769		309		10		319
Total RNF	$	9,358	$	—	$	9,358	$	7,139	$	—	$	7,139

__________

Consolidated Statements of Operations and Comprehensive Income, Parent - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating revenues	$ 6,550	$ 6,111	$ 18,186	$ 19,122
Operating expenses
Purchased power and fuel	3,119	3,367	8,828	11,983
Operating and maintenance	1,535	1,353	4,666	4,263
Depreciation and amortization	266	266	868	808
Taxes other than income taxes	165	148	446	419
Total operating expenses	5,085	5,134	14,808	17,473
Gain (loss) on sales of assets and businesses	2	0	2	28
Operating income (loss)	1,467	977	3,380	1,677
Other income and (deductions)
Interest expense, net	(147)	(82)	(416)	(292)
Other, net	325	0	693	919
Total other income and (deductions)	178	(82)	277	627
Income (loss) before income taxes	1,645	895	3,657	2,304
Income tax (benefit) expense	449	205	768	677
Equity in income (losses) of unconsolidated affiliates	0	0	(1)	(11)
Net income (loss)	1,196	690	2,888	1,616
Net income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Net income (loss) attributable to common shareholders	1,200	731	2,897	1,660
Comprehensive income (loss), net of income taxes
Net income (loss)	1,196	690	2,888	1,616
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	0	(3)	(3)
Actuarial loss reclassified to periodic cost	15	5	53	18
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(4)	(53)
Unrealized gain (loss) on cash flow hedges	1	0	3	0
Unrealized gain (loss) on foreign currency translation	12	(2)	8	1
Other comprehensive income (loss), net of income taxes	27	3	57	(37)
Comprehensive income (loss)	1,223	693	2,945	1,579
Comprehensive income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Comprehensive income (loss) attributable to common shareholders	$ 1,227	$ 734	$ 2,954	$ 1,623
Average shares of common stock outstanding:
Basic (in shares)	313	322	315	324
Assumed exercise and/or distributions of stock-based awards (in shares)	1	1	1	1
Diluted (in shares)	314	323	316	325
Earnings per average common share
Basic (in dollars per share)	$ 3.83	$ 2.27	$ 9.20	$ 5.12
Diluted (in dollars per share)	$ 3.82	$ 2.26	$ 9.17	$ 5.11

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Variable Interest Entity [Abstract]

Consolidated VIEs- Assets and Liabilities


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	61	$	48
Restricted cash and cash equivalents	51		47
Accounts receivable
Customer accounts receivable, net	41		19
Other accounts receivable, net	10		10
Inventories, net
Materials and supplies	13		14
Other current assets	1,811		1,249
Total current assets	1,987		1,387
Property, plant, and equipment, net	2,017		1,979
Other noncurrent assets	149		166
Total noncurrent assets	2,166		2,145
Total assets(a)	$	4,153	$	3,532

Long-term debt due within one year	$	64	$	63
Accounts payable and accrued expenses	59		31
Total current liabilities	123		94
Long-term debt	653		704
Asset retirement obligations	204		190
Other noncurrent liabilities	2		2
Total noncurrent liabilities	859		896
Total liabilities	$	982	$	990

__________

Schedule of Variable Interest Entities

As of September 30, 2024 and December 31, 2023, 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:


	September 30, 2024						December 31, 2023
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	671	$	—	$	671	$	704	$	—	$	704
Total liabilities(a)	55		—		55		77		—		77

Other ownership interests in VIE(a)	616		—		616		627		—		627

__________

As of September 30, 2024 and December 31, 2023 the unconsolidated VIEs consist of:

Unconsolidated VIE groups:

Reason entity is a VIE:

Reason we are not the primary beneficiary:

Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities.

PPA contracts that absorb variability through fixed pricing.

We do not conduct the operational activities.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Depreciation, amortization, and accretion
Property, plant, and equipment			$ 850	$ 791
Amortization of intangible assets, net			18	17
Nuclear fuel			656	573
ARO accretion			498	433
Total depreciation, amortization, and accretion			2,049	1,840
Other non-cash operating activities
Other decommissioning related-activity			(488)	(330)
Energy-related options			40	159
Asset impairments			6	71
(Gain) loss on sale of receivables	$ 11	$ 12	43	58
Amortization of operating ROU asset			57	57
Long-term incentive plan			31	44
Pension and OPEB costs			81	36
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	1,793	1,889	1,793	1,889	$ 368
Restricted cash and cash equivalents	89	88	89	88	86
Total cash, restricted cash, and cash equivalents	1,882	1,977	1,882	1,977	454	$ 528
Constellation Energy Generation, LLC
Depreciation, amortization, and accretion
Total depreciation, amortization, and accretion			2,049	1,840
Other non-cash operating activities
Other decommissioning related-activity			(488)	(330)
Energy-related options			40	159
Asset impairments			6	71
(Gain) loss on sale of receivables			43	58
Amortization of operating ROU asset			57	57
Long-term incentive plan			0	0
Pension and OPEB costs			81	36
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	1,793	1,888	1,793	1,888	366
Restricted cash and cash equivalents	77	59	77	59	74
Total cash, restricted cash, and cash equivalents	$ 1,870	$ 1,947	1,870	1,947	$ 440	$ 501
Unamortized Energy Contracts
Depreciation, amortization, and accretion
Amortization of energy contract assets and liabilities			$ 27	$ 26

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023:


September 30, 2024	Economic Hedges		Proprietary Trading		Collateral (a)(b)		Netting(a)		Total
Mark-to-market derivative assets (current)	$	5,514	$	1	$	228	$	(5,120)	$	623
Mark-to-market derivative assets (noncurrent)	3,911		—		193		(3,373)		731
Total mark-to-market derivative assets	9,425		1		421		(8,493)		1,354
Mark-to-market derivative liabilities (current)	(5,866)		(1)		258		5,120		(489)
Mark-to-market derivative liabilities (noncurrent)	(3,923)		—		212		3,373		(338)
Total mark-to-market derivative liabilities	(9,789)		(1)		470		8,493		(827)
Total mark-to-market derivative net assets (liabilities)	$	(364)	$	—	$	891	$	—	$	527

December 31, 2023
Mark-to-market derivative assets (current)	$	7,927	$	2	$	703	$	(7,472)	$	1,160
Mark-to-market derivative assets (noncurrent)	3,345		—		330		(2,682)		993
Total mark-to-market derivative assets	11,272		2		1,033		(10,154)		2,153
Mark-to-market derivative liabilities (current)	(9,019)		(2)		922		7,472		(627)
Mark-to-market derivative liabilities (noncurrent)	(3,545)		—		445		2,682		(418)
Total mark-to-market derivative liabilities	(12,564)		(2)		1,367		10,154		(1,045)
Total mark-to-market derivative net assets (liabilities)	$	(1,292)	$	—	$	2,400	$	—	$	1,108

_________

(b)Includes $606 million and $1,712 million of variation margin posted on the exchanges as of September 30, 2024 and December 31, 2023, respectively.

Economic Hedges (Commodity Price Risk)


	Three Months Ended September 30,				Nine Months Ended September 30,
Income Statement Location	2024		2023		2024		2023
Operating revenues	$	519	$	173	$	774	$	1,317
Purchased power and fuel	(119)		(36)		404		(1,448)
Total	$	400	$	137	$	1,178	$	(131)

Disclosure of Credit Derivatives


Rating as of September 30, 2024	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	$	722	$	17	$	705	—	$	—
Non-investment grade	13		3		10		—	—
No external ratings
Internally rated — investment grade	120		—		120		—	—
Internally rated — non-investment grade	207		43		164		—	—
Total	$	1,062	$	63	$	999	—	$	—

__________

(a)As of September 30, 2024, credit collateral held from counterparties where we had credit exposure included $8 million of cash and $55 million of letters of credit.


Net Credit Exposure by Type of Counterparty	As of September 30, 2024
Investor-owned utilities, marketers, power producers	$	733
Energy cooperatives and municipalities	130
Financial Institutions	48
Other	88
Total	$	999

Fair Value of Derivatives with Credit- Risk Related Contingent Features


Credit-Risk-Related Contingent Features	September 30, 2024		December 31, 2023
Gross fair value of derivative contracts containing this feature	$	(1,285)	$	(1,894)
Offsetting fair value of in-the-money contracts under master netting arrangements	578		925
Net fair value of derivative contracts containing this feature	$	(707)	$	(969)

Cash Collateral and Letters of Credit on Derivative Contracts


	September 30, 2024		December 31, 2023
Cash collateral posted(a)	$	917	$	2,449
Letters of credit posted(a)	868		777
Cash collateral held(a)	26		64
Letters of credit held(a)	87		61
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)(b)(c)(d)	1,873		1,914

__________

(a)The cash collateral and letters of credit amounts are inclusive of NPNS contracts.

(c)The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties.

(d)A loss of investment grade credit rating would require a three notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively.

- Definition

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

Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) Open_claim	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 126	$ 131
Accounts Payable and Accrued Liabilities
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	56	61
Other Liabilities
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	167	$ 88
Open Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 14
Number of claims \| Open_claim	201
Estimated Future Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 112

Derivative Financial Instruments - Summary of Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative contracts containing this feature	$ (1,285)	$ (1,894)
Offsetting fair value of in-the-money contracts under master netting arrangements	578	925
Net fair value of derivative contracts containing this feature	$ (707)	$ (969)

Supplemental Financial Information - Summary of Taxes other than income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Financial Information [Abstract]
Operating lease income	$ 29	$ 29	$ 47	$ 46
Variable lease income	69	73	189	197
Gross receipts	37	37	102	105
Property	76	67	215	188
Payroll	$ 48	$ 39	$ 122	$ 108

Mergers, Acquisitions, and Dispositions - Narrative (Details) $ in Millions	1 Months Ended
	Nov. 30, 2023 USD ($) MW	Jun. 30, 2025	May 31, 2024
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
MW of generation \| MW	2,645
Consideration \| $	$ 1,650
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	44.00%
Sale of equity ownership			2.00%
Constellation South Texas LLP \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership		42.00%
Constellation South Texas LLP \| City of Austin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	16.00%
Constellation South Texas LLP \| CPS \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership		42.00%
Constellation South Texas LLP \| STP Nuclear Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	40.00%

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business We are a producer of carbon-free energy and a supplier of energy products and services. Our generating capacity includes primarily nuclear, wind, solar, natural gas and hydroelectric assets. Through our integrated business operations, we sell electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, 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 The accompanying Consolidated Financial Statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 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, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 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, 2024. 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. Summary of Significant Accounting Policies See Note 1 — Basis of Presentation of our 2023 Form 10-K for additional information on significant accounting policies.

Shareholders' Equity - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Actuarial loss reclassified to periodic benefit cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ (5)	$ (3)	$ (18)	$ (8)
Pension and OPEB plans valuation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ 0	$ 0	$ 2	$ 18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Shareholders' Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 11,781	$ 11,560	$ 11,286	$ 11,612	$ 11,086	$ 11,372	$ 11,286	$ 11,372
Other comprehensive income (loss), net of income taxes	27	19	11	3	8	(48)	57	(37)
Ending balance	12,941	11,781	11,560	12,000	11,612	11,086	12,941	12,000
Gains (losses) on Cash Flow Hedges
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(8)		(10)	(9)		(9)	(10)	(9)
OCI before reclassifications	0			0			0	(1)
Amounts reclassified from AOCI	1			0			3	1
Other comprehensive income (loss), net of income taxes	1			0			3	0
Ending balance	(7)	(8)		(9)	(9)		(7)	(9)
Pension and OPEB Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,125)		(2,157)	(1,768)		(1,725)	(2,157)	(1,725)
OCI before reclassifications	0			0			(4)	(53)
Amounts reclassified from AOCI	14			5			50	15
Other comprehensive income (loss), net of income taxes	14			5			46	(38)
Ending balance	(2,111)	(2,125)		(1,763)	(1,768)		(2,111)	(1,763)
Foreign Currency Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(28)		(24)	(23)		(26)	(24)	(26)
OCI before reclassifications	12			(2)			8	1
Amounts reclassified from AOCI	0			0			0	0
Other comprehensive income (loss), net of income taxes	12			(2)			8	1
Ending balance	(16)	(28)		(25)	(23)		(16)	(25)
Total
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,161)		$ (2,191)	(1,800)		$ (1,760)	(2,191)	(1,760)
OCI before reclassifications	12			(2)			4	(53)
Amounts reclassified from AOCI	15			5			53	16
Other comprehensive income (loss), net of income taxes	27			3			57	(37)
Ending balance	$ (2,134)	$ (2,161)		$ (1,797)	$ (1,800)		$ (2,134)	$ (1,797)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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+ Details

Segment Information - Generation Total Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 4,773	$ 5,313	$ 14,438	$ 15,845
Revenues not from contracts	1,777	798	3,748	3,277
Operating revenues	6,550	6,111	18,186	19,122
Electricity
Segment Reporting Information [Line Items]
Operating revenues	5,351	5,191	14,672	14,402
Mid-Atlantic \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,603	1,411	4,148	3,854
Midwest \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,275	1,117	3,537	3,479
New York \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	507	512	1,534	1,518
ERCOT \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	523	559	1,201	1,056
Other Power Regions \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,443	1,592	4,252	4,495
Operating Segments \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	4,454	4,948	13,025	14,016
Revenues not from contracts	897	243	1,647	386
Operating revenues	5,351	5,191	14,672	14,402
Operating Segments \| Mid-Atlantic \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,504	1,493	4,154	4,140
Revenues not from contracts	97	(78)	(10)	(241)
Operating revenues	1,601	1,415	4,144	3,899
Operating Segments \| Midwest \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	958	1,160	2,951	3,707
Revenues not from contracts	316	(43)	584	(231)
Operating revenues	1,274	1,117	3,535	3,476
Operating Segments \| New York \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	472	522	1,428	1,424
Revenues not from contracts	39	(14)	102	53
Operating revenues	511	508	1,530	1,477
Operating Segments \| ERCOT \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	307	489	819	979
Revenues not from contracts	215	69	378	73
Operating revenues	522	558	1,197	1,052
Operating Segments \| Other Power Regions \| Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,213	1,284	3,673	3,766
Revenues not from contracts	230	309	593	732
Operating revenues	1,443	1,593	4,266	4,498
Intersegment Revenues \| Mid-Atlantic \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	2	(4)	4	(45)
Intersegment Revenues \| Midwest \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	1	0	2	3
Intersegment Revenues \| New York \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	(4)	4	4	41
Intersegment Revenues \| ERCOT \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	1	1	4	4
Intersegment Revenues \| Other Power Regions \| Electricity
Segment Reporting Information [Line Items]
Operating revenues	0	(1)	(14)	(3)
Segment Reconciling Items \| Natural Gas
Segment Reporting Information [Line Items]
Revenues from contracts with customers	184	220	1,024	1,394
Revenues not from contracts	349	385	1,252	1,352
Operating revenues	533	605	2,276	2,746
Segment Reconciling Items \| Product and Service, Other
Segment Reporting Information [Line Items]
Revenues from contracts with customers	135	145	389	435
Revenues not from contracts	531	170	849	1,539
Operating revenues	666	315	1,238	1,974
Unrealized mark-to-market gains (losses)	$ 516	$ 177	$ 769	$ 1,317

Nuclear Decommissioning - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Nuclear Decommissioning - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 17,694,000,000		$ 17,694,000,000		$ 16,398,000,000
Nuclear Decommissioning
Asset Retirement Obligations [Line Items]
Net decrease due to changes in, and timing of, estimated future cash flows			2,275,000,000
Net decrease due to changes in assumed retirement dates			(2,940,000,000)
Net decrease related to changes in timing assumptions			(138,000,000)
Net increase due to increase in cost escalation rates and lower discount rates			803,000,000
Net increase (decrease) in operating and maintenance expense	78,000,000	$ 68,000,000	78,000,000	$ 68,000,000
Assets, Total
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	17,798,000,000		17,798,000,000		16,398,000,000
Other Current Assets
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 104,000,000		$ 104,000,000		$ 0

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

Share Repurchase Program (CEG Parent)

During 2023, our Board of Directors authorized the repurchase of up to $2 billion of the Company's outstanding common stock. In April 2024, our Board of Directors approved a $1 billion increase to the program, authorizing up to $3 billion in total repurchases. As of September 30, 2024, there was approximately $991 million of remaining authority to repurchase shares of the Company's outstanding common stock. No other repurchase plans or programs have been authorized. See Note 20 — Shareholders' Equity of our 2023 Form 10-K for additional information on our share repurchase program.

During the nine months ended September 30, 2024, we repurchased from the open market 1.2 million shares of our common stock for a total cost, inclusive of taxes and transaction costs, of $150 million. There were no open market repurchases for the three months ended September 30, 2024. During the three and nine months ended September 30, 2023, we repurchased from the open market 2.3 million and 8.5 million shares, respectively, of our common stock for a total cost, inclusive of taxes and transaction costs, of $253 million and $756 million, respectively.

In 2024, we entered into ASR agreements with financial institutions to initiate share repurchases of our common stock. Under the ASR agreements, we paid a specified amount to the financial institution and received an initial delivery of shares of common stock, which resulted in an immediate reduction in the number of our shares outstanding. Based on the terms of the ASR agreements below, we received an initial share delivery based on 80% of the ASR agreements' cost. Upon settlement of the ASR agreements, the financial institution delivers additional incremental shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the average of the daily-volume weighted average share price, less a discount.

The following table summarizes each ASR agreement for the nine months ended September 30, 2024:


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

__________

(a)The 0.6 million additional shares received and settled in July 2024 were rounded for footing.

Changes in Accumulated Other Comprehensive Loss (All Registrants)

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


Three Months Ended September 30, 2024	Gains (losses) on Cash Flow Hedges		Pension and OPEB Items(a)		Foreign Currency Items		Total
Beginning balance	$	(8)	$	(2,125)	$	(28)	$	(2,161)

OCI before reclassifications	—		—		12		12
Amounts reclassified from AOCI	1		14		—		15
Net current-period OCI	1		14		12		27
Ending balance	$	(7)	$	(2,111)	$	(16)	$	(2,134)

Three Months Ended September 30, 2023
Beginning balance	$	(9)	$	(1,768)	$	(23)	$	(1,800)

OCI before reclassifications	—		—		(2)		(2)
Amounts reclassified from AOCI	—		5		—		5
Net current-period OCI	—		5		(2)		3
Ending balance	$	(9)	$	(1,763)	$	(25)	$	(1,797)


Nine Months Ended September 30, 2024
Beginning balance	$	(10)	$	(2,157)	$	(24)	$	(2,191)

OCI before reclassifications	—		(4)		8		4
Amounts reclassified from AOCI	3		50		—		53
Net current-period OCI	3		46		8		57
Ending balance	$	(7)	$	(2,111)	$	(16)	$	(2,134)


Nine Months Ended September 30, 2023
Beginning balance	$	(9)	$	(1,725)	$	(26)	$	(1,760)

OCI before reclassifications	(1)		(53)		1		(53)
Amounts reclassified from AOCI	1		15		—		16
Net current-period OCI	—		(38)		1		(37)
Ending balance	$	(9)	$	(1,763)	$	(25)	$	(1,797)

__________

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pension and OPEB plans:

Actuarial loss reclassified to periodic benefit cost	$	(5)	$	(3)	$	(18)	$	(8)
Pension and OPEB plans valuation adjustment	—		—		2		18

Debt and Credit Agreements (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

As of September 30, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:


September 30, 2024
Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Outstanding Commercial Paper(a)		Total Available Capacity
Revolving Credit Facility	$	4,500	$	—	$	51	$	—	$	4,449
Bilaterals(b)	1,850		—		1,317		—		533
Liquidity Facility	971		—		827		—		106		(c)
Project Finance	137		—		121		—		16
Total	$	7,458	$	—	$	2,316	$	—	$	5,104


December 31, 2023
Revolving Credit Facility	$	3,500	$	—	$	60	$	1,107	$	2,333
Bilaterals	1,500		—		878		—		622
Liquidity Facility	971		—		720		—		191		(c)
Project Finance	137		—		117		—		20
Total	$	6,108	$	—	$	1,775	$	1,107	$	3,166

__________

Schedule of Short-term Debt

As of September 30, 2024 and December 31, 2023, we had the following short-term loan agreements:

Month Initiated

Interest Rate

Maturity

Outstanding Amount as of September 30, 2024

Outstanding Amount as of December 31, 2023

January 2023

1-month SOFR + 0.80%

January 2024

—

100

February 2023

1-month SOFR + 1.05%

February 2024

—

400

Schedule of Long-term Debt Instruments

During the nine months ended September 30, 2024, the following long-term debt was issued (redeemed):


Type	Interest Rate		Maturity	Amount
Green Senior Notes(a)	5.75	%	March 2054	$	900
Energy Efficiency Project Financing(b)	2.20% - 4.96%		March 2025	1

CR Nonrecourse Debt	3-month SOFR + 2.25% (c)		December 2027	(22)
Continental Wind Nonrecourse Debt	6.00	%	February 2033	(28)
West Medway II Nonrecourse Debt	1-month SOFR + 3.225%		March 2026	(25)
Antelope Valley DOE Nonrecourse Debt	2.29% - 3.56%		January 2037	(15)
RPG Nonrecourse Debt	4.11	%	March 2035	(9)
Total long-term debt issued (redeemed)				$	802

__________

(c)The interest rate for long-term debt redemptions prior to July 19, 2024 were based on SOFR + 2.76%. Beginning on July 19, 2024 these redemptions are based on SOFR + 2.25%.

- Definition

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.

+ References

+ Details

Supplemental Financial Information - Summary of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Decommissioning-related activities:
Regulatory Agreement Units	$ 203	$ 126	$ 460	$ 575
Non-Regulatory Agreement Units	118	37	233	322
Regulatory Agreement Units	337	(242)	548	(156)
Non-Regulatory Agreement Units	190	(123)	329	(78)
Regulatory offset to NDT fund-related activities	(433)	93	(808)	(335)
Total decommissioning-related activities	415	(109)	762	328
Non-service net periodic benefit credit	2	14	(4)	41
Net realized and unrealized gains (losses) from equity investments	(104)	76	(115)	490
Other	12	19	50	60
Total Other, net	$ 325	$ 0	$ 693	$ 919

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Liabilities Recorded at Amortized Cost


	September 30, 2024								December 31, 2023
	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	$	8,412	$	8,205	$	737	$	8,942	$	7,617	$	7,140	$	774	$	7,914
SNF Obligation	1,349		1,310		—		1,310		1,296		1,222		—		1,222

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


	As of September 30, 2024								As of December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents(a)	$	130	$	—	$	—	$	130	$	42	$	—	$	—	$	42
NDT fund investments
Cash equivalents(b)	267		152		—		419		356		87		—		443
Equities	5,567		2,021		1		7,589		4,574		1,990		1		6,565
Fixed income	2,209		1,467		365		4,041		2,043		1,523		277		3,843
Private credit	—		—		133		133		—		—		151		151
Assets measured at NAV	—		—		—		5,616		—		—		—		5,396

NDT fund investments subtotal(c)	8,043		3,640		499		17,798		6,973		3,600		429		16,398
Rabbi trust investments	55		38		1		94		48		33		1		82
Investments in equities	258		—		—		258		372		—		—		372
Mark-to-market derivative assets
Economic hedges	1,412		4,466		3,558		9,436		2,330		5,821		3,143		11,294
Proprietary trading	—		—		1		1		—		—		2		2
Effect of netting and allocation of collateral(d)	(1,300)		(4,003)		(2,770)		(8,073)		(1,996)		(5,195)		(1,931)		(9,122)
Mark-to-market derivative assets subtotal	112		463		789		1,364		334		626		1,214		2,174
DPP consideration	—		1,766		—		1,766		—		1,216		—		1,216
Total assets measured at fair value	8,598		5,907		1,289		21,410		7,769		5,475		1,644		20,284



Liabilities
Mark-to-market derivative liabilities
Economic hedges	(1,509)		(4,657)		(3,640)		(9,806)		(2,681)		(7,154)		(2,736)		(12,571)
Proprietary trading	—		—		(1)		(1)		—		—		(2)		(2)
Effect of netting and allocation of collateral(d)	1,443		4,463		3,058		8,964		2,587		6,542		2,393		11,522
Mark-to-market derivative liabilities subtotal	(66)		(194)		(583)		(843)		(94)		(612)		(345)		(1,051)
Deferred compensation obligation	—		(98)		—		(98)		—		(69)		—		(69)
Total liabilities measured at fair value	(66)		(292)		(583)		(941)		(94)		(681)		(345)		(1,120)
Total net assets	$	8,532	$	5,615	$	706	$	20,469	$	7,675	$	4,794	$	1,299	$	19,164

__________

(d)Includes $606 million and $1,712 million of variation margin posted on the exchanges as of September 30, 2024 and December 31, 2023, respectively.

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


	For the Three Months Ended September 30, 2024
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of July 1, 2024	$	492	$	312		$	1	$	805

Total realized / unrealized gains (losses)
Included in net income (loss)	4		58		(a)	—		62
Included in Payable related to Regulatory Agreement Units	9		—			—		9
Change in collateral	—		(166)					(166)

Purchases, sales, issuances and settlements
Purchases	—		14			—		14
Sales	—		—			—		—
Settlements	(7)		—			—		(7)
Transfers into Level 3	1		(12)		(b)	—		(11)
Transfers out of Level 3	—		—		(b)	—		—
Balance as of September 30, 2024	$	499	$	206		$	1	$	706
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2024	$	4	$	191		$	—	$	195


	For the Three Months Ended September 30, 2023
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of July 1, 2023	$	421	$	651		$	1	$	1,073

Total realized / unrealized gains (losses)
Included in net income (loss)	—		(236)		(a)	—		(236)
Included in Payable related to Regulatory Agreement Units	—		—			—		—
Change in collateral	—		(7)			—		(7)

Purchases, sales, issuances and settlements
Purchases	—		35			—		35
Sales	—		(3)			—		(3)
Settlements	—		32			—		32
Transfers into Level 3	—		—		(b)	—		—
Transfers out of Level 3	—		(91)		(b)	—		(91)

Balance as of September 30, 2023	$	421	$	381		$	1	$	803
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2023	$	—	$	54		$	—	$	54


	For the Nine Months Ended September 30, 2024
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of January 1, 2024	$	429	$	869		$	1	$	1,299

Total realized / unrealized gains (losses)
Included in net income (loss)	4		(433)		(a)	—		(429)
Included in Payable related to Regulatory Agreement Units	13		—			—		13
Change in collateral	—		(173)			—		(173)

Purchases, sales, issuances and settlements
Purchases	66		32			—		98
Sales	—		(83)			—		(83)
Settlements	(14)		(2)			—		(16)
Transfers into Level 3	1		27		(b)	—		28
Transfers out of Level 3	—		(31)		(b)	—		(31)
Balance as of September 30, 2024	$	499	$	206		$	1	$	706
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2024	$	4	$	216		$	—	$	220


	For the Nine Months Ended September 30, 2023
	NDT Fund Investments		Mark-to-Market Derivatives			Life Insurance Contracts		Total
Balance as of January 1, 2023	$	423	$	219		$	1	$	643

Total realized / unrealized gains (losses)
Included in net income (loss)	1		24		(a)	—		25
Included in Payable related to Regulatory Agreement Units	4		—			—		4
Change in collateral	—		99			—		99

Purchases, sales, issuances and settlements
Purchases	—		120			—		120
Sales	—		(9)			—		(9)
Settlements	(7)		32			—		25
Transfers into Level 3	—		59		(b)	—		59
Transfers out of Level 3	—		(163)		(b)	—		(163)

Balance as of September 30, 2023	$	421	$	381		$	1	$	803
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2023	$	1	$	759		$	—	$	760

__________

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 September 30,
	Operating Revenues				Purchased Power and Fuel				Other, net
	2024		2023		2024		2023		2024		2023
Total gains (losses) included in net income	$	177	$	(129)	$	(119)	$	(75)	$	4	$	—
Total unrealized gains (losses)	300		97		(109)		(43)		—		—


	For the Nine Months Ended September 30,
	Operating Revenues				Purchased Power and Fuel				Other, net
	2024		2023		2024		2023		2024		2023
Total gains (losses) included in net income	$	(97)	$	388	$	(338)	$	(332)	$	4	$	1
Total unrealized gains (losses)	561		1,144		(345)		(385)		—		1

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 September 30, 2024		Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	2024 Range & Arithmetic Average		2023 Range & Arithmetic Average
Mark-to market derivatives—Economic hedges(a)(b)	$	(82)	$	407	Discounted Cash Flow	Forward power price	$4.28 - $138	$47	$9.64 - $216	$48
						Forward gas price	$1.07 - $13	$3.41	$1.20 - $14	$3.09
					Option Model	Volatility percentage	11% - 75%	45%	23% - 200%	87%

__________

(a)The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions.

(b)The fair values do not include cash collateral posted on Level 3 positions of $288 million and $462 million as of September 30, 2024 and December 31, 2023, respectively.

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues	$ 6,550	$ 6,111	$ 18,186	$ 19,122
Operating expenses
Purchased power and fuel	3,119	3,367	8,828	11,983
Operating and maintenance	1,535	1,353	4,666	4,263
Depreciation and amortization	266	266	868	808
Taxes other than income taxes	165	148	446	419
Total operating expenses	5,085	5,134	14,808	17,473
Gain (loss) on sales of assets and businesses	2	0	2	28
Operating income (loss)	1,467	977	3,380	1,677
Other income and (deductions)
Interest expense, net	(147)	(82)	(416)	(292)
Other, net	325	0	693	919
Total other income and (deductions)	178	(82)	277	627
Income (loss) before income taxes	1,645	895	3,657	2,304
Income tax (benefit) expense	449	205	768	677
Equity in income (losses) of unconsolidated affiliates	0	0	(1)	(11)
Net income (loss)	1,196	690	2,888	1,616
Net income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Net income (loss) attributable to common shareholders	1,200	731	2,897	1,660
Comprehensive income (loss), net of income taxes
Net income (loss)	1,196	690	2,888	1,616
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	0	(3)	(3)
Actuarial loss reclassified to periodic cost	15	5	53	18
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(4)	(53)
Unrealized gain (loss) on cash flow hedges	1	0	3	0
Unrealized gain (loss) on foreign currency translation	12	(2)	8	1
Other comprehensive income (loss), net of income taxes	27	3	57	(37)
Comprehensive income (loss)	1,223	693	2,945	1,579
Comprehensive income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Comprehensive income (loss) attributable to common shareholders	1,227	734	2,954	1,623
Constellation Energy Generation, LLC
Operating revenues	6,550	6,111	18,186	19,122
Operating expenses
Purchased power and fuel	3,119	3,367	8,828	11,983
Operating and maintenance	1,535	1,353	4,666	4,263
Depreciation and amortization	266	266	868	808
Taxes other than income taxes	165	148	446	419
Total operating expenses	5,085	5,134	14,808	17,473
Gain (loss) on sales of assets and businesses	2	0	2	28
Operating income (loss)	1,467	977	3,380	1,677
Other income and (deductions)
Interest expense, net	(147)	(82)	(416)	(292)
Other, net	325	0	693	919
Total other income and (deductions)	178	(82)	277	627
Income (loss) before income taxes	1,645	895	3,657	2,304
Income tax (benefit) expense	449	205	768	677
Equity in income (losses) of unconsolidated affiliates	0	0	(1)	(11)
Net income (loss)	1,196	690	2,888	1,616
Net income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Net income (loss) attributable to common shareholders	1,200	731	2,897	1,660
Comprehensive income (loss), net of income taxes
Net income (loss)	1,196	690	2,888	1,616
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	0	(3)	(3)
Actuarial loss reclassified to periodic cost	15	5	53	18
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(4)	(53)
Unrealized gain (loss) on cash flow hedges	1	0	3	0
Unrealized gain (loss) on foreign currency translation	12	(2)	8	1
Other comprehensive income (loss), net of income taxes	27	3	57	(37)
Comprehensive income (loss)	1,223	693	2,945	1,579
Comprehensive income (loss) attributable to noncontrolling interests	(4)	(41)	(9)	(44)
Comprehensive income (loss) attributable to common shareholders	$ 1,227	$ 734	$ 2,954	$ 1,623

Debt and Credit Agreements - Summary of Outstanding Long-term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jul. 19, 2024	Jul. 18, 2024
Debt Instrument [Line Items]
Amount	$ 900	$ 3,192
Amount	(99)	$ (150)
Total long-term debt issued (redeemed)	$ 802
Green Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.75%
Amount	$ 900
Energy Efficiency Project Financing
Debt Instrument [Line Items]
Amount	$ 1
Minimum \| Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	2.20%
Maximum \| Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	4.96%
Nonrecourse \| CR Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	2.25%		2.25%	2.76%
Amount	$ (22)
Nonrecourse \| Continental Wind Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	6.00%
Amount	$ (28)
Nonrecourse \| West Medway II Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	3.225%
Amount	$ (25)
Nonrecourse \| Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Amount	$ (15)
Nonrecourse \| RPG Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	4.11%
Amount	$ (9)
Nonrecourse \| Minimum \| Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	2.29%
Nonrecourse \| Maximum \| Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	3.56%

Retirement Benefits - Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Service cost	$ 26	$ 26	$ 80	$ 79
Interest cost	113	118	340	352
Expected return on assets	(134)	(138)	(403)	(415)
Prior service (credit) cost	(1)	(2)	(4)	(5)
Actuarial (gain) loss	22	9	69	25
Settlement charges	3	0	7	0
Non-service components of pension benefits & OPEB (credit) cost	3	(13)	9	(43)
Net periodic benefit cost	29	13	89	36
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Service cost	22	22	67	67
Interest cost	95	99	286	296
Expected return on assets	(123)	(127)	(371)	(381)
Prior service (credit) cost	1	0	1	0
Actuarial (gain) loss	25	12	76	35
Settlement charges	3	0	7	0
Non-service components of pension benefits & OPEB (credit) cost	1	(16)	(1)	(50)
Net periodic benefit cost	23	6	66	17
OPEB
Defined Contribution Plan Disclosure [Line Items]
Service cost	4	4	13	12
Interest cost	18	19	54	56
Expected return on assets	(11)	(11)	(32)	(34)
Prior service (credit) cost	(2)	(2)	(5)	(5)
Actuarial (gain) loss	(3)	(3)	(7)	(10)
Settlement charges	0	0	0	0
Non-service components of pension benefits & OPEB (credit) cost	2	3	10	7
Net periodic benefit cost	6	7	23	19
Pension Plan and Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Net periodic benefit cost	$ 24	$ 24	$ 74	$ 71

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments without determinable fair values	$ 135	$ 103
Private Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	378
Private Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	337
Real Estate Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	$ 734

Debt and Credit Agreements - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	May 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Credit facility		$ 7,458		$ 6,108
Daily Simple SOFR Rate \| Maximum \| Non-investment grade
Line of Credit Facility [Line Items]
Basis spread		1.00%
Term SOFR Rate \| Maximum \| Non-investment grade
Line of Credit Facility [Line Items]
Basis spread		2.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility	$ 4,500	$ 4,500	$ 3,500	$ 3,500
Line of credit facility, fee rate	0.175%
Revolving Credit Facility \| Daily Simple SOFR Rate
Line of Credit Facility [Line Items]
Basis spread	0.075%
Revolving Credit Facility \| Term SOFR Rate
Line of Credit Facility [Line Items]
Basis spread	1.075%
Letter of credit
Line of Credit Facility [Line Items]
Interest Rate	1.075%

Variable Interest Entities - Summary of Significant Unconsolidated VIEs (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Variable Interest Entity [Line Items]

Total assets

^[1]

$ 51,834

$ 50,758

Total liabilities

^[1]

38,893

39,472

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Total assets

671

704

Total liabilities

Other ownership interests in VIE

616

627

Commercial Agreement VIEs | Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Total assets

671

704

Total liabilities

Other ownership interests in VIE

616

627

Equity Investment VIEs | Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Total assets

Total liabilities

Other ownership interests in VIE

$ 0

[1]

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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+ Details

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Current assets

Cash and cash equivalents

$ 1,793

$ 368

$ 1,889

Restricted cash and cash equivalents

$ 88

Accounts receivable

Customer accounts receivable, net

1,208

1,934

Other accounts receivable, net

557

917

Inventories, net

Materials and supplies

1,263

1,216

Other current assets

2,819

1,655

Total current assets

9,270

8,299

Property, plant, and equipment, net

20,892

22,116

Other noncurrent assets

2,297

1,910

Total assets

^[1]

51,834

50,758

Current liabilities

Long-term debt due within one year

1,034

121

Accounts payable and accrued expenses

2,685

2,612

Total current liabilities

5,452

6,319

Long-term debt

7,378

7,496

Other noncurrent liabilities

2,028

1,125

Total deferred credits and other liabilities

26,063

25,657

Total liabilities

^[1]

38,893

39,472

Variable Interest Entity, Primary Beneficiary

Current assets

Cash and cash equivalents

Restricted cash and cash equivalents

Accounts receivable

Customer accounts receivable, net

Other accounts receivable, net

Inventories, net

Materials and supplies

Other current assets

1,811

1,249

Total current assets

1,987

1,387

Property, plant, and equipment, net

2,017

1,979

Other noncurrent assets

149

166

Total noncurrent assets

2,166

2,145

Total assets

4,153

3,532

Current liabilities

Long-term debt due within one year

Accounts payable and accrued expenses

Total current liabilities

123

Long-term debt

653

704

Asset retirement obligations

204

190

Other noncurrent liabilities

Total deferred credits and other liabilities

859

896

Total liabilities

982

990

Unamortized energy contract assets, current

Unamortized energy contract assets, noncurrent

$ 139

$ 155

[1]

Shareholders' Equity - ASR Agreement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended			3 Months Ended
	Jul. 31, 2024	May 31, 2024	Mar. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased					$ 505		$ 504	$ 253	$ 252	$ 251
March 2024
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased			$ 354
Common stock repurchased (in shares)		0.2	1.7			1.9
Common stock repurchased, average price (in dollars per share)			$ 182.65
May 2024
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased		$ 505
Common stock repurchased (in shares)	0.6	1.8		2.4
Common stock repurchased, average price (in dollars per share)		$ 211.40

- Definition

+ References + Details

- Definition

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

Commercial Commitments. Commercial commitments as of September 30, 2024, representing commitments potentially triggered by future events, were as follows:


	Expiration within
	2024		2025		2026		2027		2028		2029 and beyond		Total
Letters of credit	$	1,202	$	990	$	1	$	1	$	121	$	1	$	2,316
Surety bonds(a)	319		364		—		—		—		—		683
Total commercial commitments	$	1,521	$	1,354	$	1	$	1	$	121	$	1	$	2,999

__________

(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 consolidated financial statements.

As of September 30, 2024 and December 31, 2023, we had accrued undiscounted amounts for environmental liabilities of $56 million and $61 million, respectively, in Accounts payable and accrued expenses and $167 million and $88 million, respectively, in Other deferred credits and other liabilities in the Consolidated Balance Sheets. See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on environmental remediation matters. As of September 30, 2024, and through the date of filing, there have been no material changes in amounts recognized for the matters discussed in our 2023 Form 10-K.

Litigation

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.

See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on litigation matters. As of September 30, 2024, and through the date of filing, there have been no significant developments to the matters discussed in our 2023 Form 10-K.

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 September 30, 2024 and December 31, 2023, we recorded estimated liabilities of approximately $126 million and $131 million, respectively, in total for asbestos-related bodily injury claims. As of September 30, 2024, approximately $14 million of this amount related to 201 open claims presented to us, while the remaining $112 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.

Fair Value of Financial Assets and Liabilities - Fair Value of Financial Liabilities Recorded at Amortized Cost (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
SNF Obligation	$ 1,349	$ 1,296
Carrying Amount
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,412	7,617
SNF Obligation	1,349	1,296
Fair Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,942	7,914
SNF Obligation	1,310	1,222
Fair Value \| Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,205	7,140
SNF Obligation	1,310	1,222
Fair Value \| Level 3
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	737	774
SNF Obligation	$ 0	$ 0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

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+ Details

Fair Value of Financial Assets and Liabilities - Fair Value Assets and Liabilities Measure on a Recurring Basis Gain Loss Included in Earnings (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	$ 62	$ (236)	$ (429)	$ 25
Total unrealized (losses) gains	195	54	220	760
Operating revenues
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	177	(129)	(97)	388
Total unrealized (losses) gains	300	97	561	1,144
Purchased power and fuel
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	(119)	(75)	(338)	(332)
Total unrealized (losses) gains	(109)	(43)	(345)	(385)
Other, net
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	4	0	4	1
Total unrealized (losses) gains	$ 0	$ 0	$ 0	$ 1

Nuclear Decommissioning

9 Months Ended

Sep. 30, 2024

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. See Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information regarding AROs and the financial statement impact of changes in estimate.

The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2023 to September 30, 2024:


Balance as of December 31, 2023(a)	$	13,891
Net decrease due to changes in, and timing of, estimated future cash flows	(2,275)
Accretion expense	488
ARO transferred to Liabilities held for sale	(22)
Costs incurred related to decommissioning plants	(21)
Balance as of September 30, 2024(a)	$	12,061

__________

During the nine months ended September 30, 2024, the net $2,275 million decrease in the ARO for the changes in the amounts and timing of estimated decommissioning cash flows was driven by multiple adjustments, including the following:

•Net decrease of approximately $2,940 million due to changes in assumed retirement dates for various plants, including Braidwood, Byron, Calvert Cliffs, FitzPatrick, LaSalle, Limerick, NMP Unit 2, Quad Cities, and Crane.

•A decrease of approximately $138 million related to a change in assumed timing of DOE acceptance of SNF.

•An increase of approximately $803 million due to an increase in cost escalation rates and lower discount rates.

The 2024 ARO update resulted in a decrease of $78 million in Operating and maintenance expense for the three and nine months ended September 30, 2024 in the Consolidated Statements of Operations and Comprehensive Income. The 2023 ARO update resulted in a decrease of $68 million in Operating and maintenance expense for the three and nine months ended September 30, 2023 in the Consolidated Statements of Operations and Comprehensive Income.

NDT Funds

We had NDT funds totaling $17,798 million and $16,398 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, $104 million of the NDT funds were current and included in Other current assets in the Consolidated Balance Sheets. As of December 31, 2023, none of the NDT funds were reflected in Other current assets. See Note 16 — Supplemental Financial Information for additional information on activities of the NDT funds.

Accounting Implications of the Regulatory Agreement Units

See Note 1 — Basis of Presentation and Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information on the Regulatory Agreement Units.


	September 30, 2024		December 31, 2023
ComEd	$	3,983	$	2,955
PECO	338		278
CenterPoint	375		338
AEP Texas	132		117
Payables related to Regulatory Agreement Units	$	4,828	$	3,688

NRC Minimum Funding Requirements

NRC regulations require that licensees of nuclear generating facilities demonstrate reasonable assurance that funds will be available in specified minimum amounts for radiological decommissioning of the facility at the end of its life.

In March 2024, we filed our annual decommissioning funding status report with the NRC for our shutdown units, including Zion Station, which was transferred back to us in November 2023. The status report demonstrated adequate decommissioning funding assurance as of December 31, 2023 for all our shutdown units except for Peach Bottom Unit 1. Financial assurance for decommissioning Peach Bottom Unit 1 is provided by collections from PECO customers. Additionally in March 2024, STPNOC filed the decommissioning funding status report for STP. The status report demonstrated adequate funding assurance as of December 31, 2023. See Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Loss Attributable to Parent	$ 1,200	$ 731	$ 2,897	$ 1,660

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Balance Sheets, Parent (Parenthetical) - USD ($)
shares in Millions, $ in Millions

Sep. 30, 2024

Dec. 31, 2023

Allowance for credit losses

$ 55

$ 56

Allowance for other credit losses

Accumulated depreciation and amortization

$ 17,972

$ 17,423

Common stock, par value (in dollars per share)

$ 0

Common stock, shares authorized (in shares)

1,000

Common stock, shares outstanding (in shares)

313

317

Total assets

^[1]

$ 51,834

$ 50,758

Total liabilities

^[1]

38,893

39,472

Variable Interest Entity, Primary Beneficiary

Total assets

4,153

3,532

Total liabilities

982

990

Variable Interest Entity, Primary Beneficiary | Nonrecourse

Total liabilities

982

990

Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral

Total assets

$ 3,992

$ 3,355

[1]

Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 1,793

$ 368

Restricted cash and cash equivalents

Accounts receivable

Customer accounts receivable (net of allowance for credit losses of $55 and $56 as of September 30, 2024 and December 31, 2023, respectively)

1,208

1,934

Other accounts receivable (net of allowance for credit losses of $6 and $5 as of September 30, 2024 and December 31, 2023)

557

917

Mark-to-market derivative assets

632

1,179

Inventories, net

Natural gas, oil, and emission allowances

209

284

Materials and supplies

1,263

1,216

Renewable energy credits

700

660

Other

2,819

1,655

Total current assets

9,270

8,299

Property, plant, and equipment (net of accumulated depreciation and amortization of $17,972 and $17,423 as of September 30, 2024 and December 31, 2023, respectively)

20,892

22,116

Deferred debits and other assets

Nuclear decommissioning trust funds

17,694

16,398

Investments

494

563

Goodwill

420

425

Mark-to-market derivative assets

732

995

Deferred income taxes

Other

2,297

1,910

Total deferred debits and other assets

21,672

20,343

Total assets

^[1]

51,834

50,758

Current liabilities

Short-term borrowings

1,644

Long-term debt due within one year

1,034

121

Accounts payable and accrued expenses

2,685

2,612

Mark-to-market derivative liabilities

502

632

Renewable energy credit obligation

909

972

Other

322

338

Total current liabilities

5,452

6,319

Long-term debt

7,378

7,496

Deferred credits and other liabilities

Deferred income taxes and unamortized ITCs

3,554

3,209

Asset retirement obligations

12,322

14,118

Pension obligations

867

1,070

Non-pension postretirement benefit obligations

774

732

Spent nuclear fuel obligation

1,349

1,296

4,828

3,688

Mark-to-market derivative liabilities

341

419

Other

2,028

1,125

Total deferred credits and other liabilities

26,063

25,657

Total liabilities

^[1]

38,893

39,472

Commitments and contingencies (Note 13)

Member’s equity

Undistributed earnings (deficit)

3,325

761

Accumulated other comprehensive income (loss), net

(2,134)

(2,191)

Total liabilities and equity

51,834

50,758

Constellation Energy Generation, LLC

Current assets

Cash and cash equivalents

1,793

366

Restricted cash and cash equivalents

Accounts receivable

Other accounts receivable (net of allowance for credit losses of $6 and $5 as of September 30, 2024 and December 31, 2023)

549

911

Mark-to-market derivative assets

632

1,179

Inventories, net

Natural gas, oil, and emission allowances

209

284

Materials and supplies

1,263

1,216

Renewable energy credits

700

660

Other

2,819

1,655

Total current assets

9,250

8,279

Property, plant, and equipment (net of accumulated depreciation and amortization of $17,972 and $17,423 as of September 30, 2024 and December 31, 2023, respectively)

20,892

22,116

Deferred debits and other assets

Nuclear decommissioning trust funds

17,694

16,398

Investments

494

563

Goodwill

420

425

Mark-to-market derivative assets

732

995

Deferred income taxes

Other

2,294

1,910

Total deferred debits and other assets

21,669

20,343

Total assets

^[2]

51,811

50,738

Current liabilities

Short-term borrowings

1,644

Long-term debt due within one year

1,034

121

Mark-to-market derivative liabilities

502

632

Renewable energy credit obligation

909

972

Other

318

338

Total current liabilities

5,529

6,311

Long-term debt

7,378

7,496

Deferred credits and other liabilities

Deferred income taxes and unamortized ITCs

3,554

3,209

Asset retirement obligations

12,322

14,118

Pension obligations

867

1,070

Non-pension postretirement benefit obligations

774

732

Spent nuclear fuel obligation

1,349

1,296

4,828

3,688

Mark-to-market derivative liabilities

341

419

Other

1,862

1,025

Total deferred credits and other liabilities

25,897

25,557

Total liabilities

^[2]

38,804

39,364

Commitments and contingencies (Note 13)

Member’s equity

Membership interest

10,538

11,537

Undistributed earnings (deficit)

4,232

1,667

Accumulated other comprehensive income (loss), net

(2,134)

(2,191)

Total member’s equity

12,636

11,013

Noncontrolling interests

371

361

Total equity

13,007

11,374

Total liabilities and equity

51,811

50,738

Constellation Energy Generation, LLC | Nonrelated Party

Accounts receivable

Customer accounts receivable (net of allowance for credit losses of $55 and $56 as of September 30, 2024 and December 31, 2023, respectively)

1,208

1,934

Current liabilities

Accounts payable and accrued expenses

2,410

2,486

Constellation Energy Generation, LLC | Related Party

Current liabilities

Accounts payable and accrued expenses

$ 356

$ 118

[1]

[2]

Our consolidated assets include $3,992 million and $3,355 million as of September 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $982 million and $990 million as of September 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Government Assistance	9 Months Ended
Government Assistance	Sep. 30, 2024
Government Assistance [Abstract]
Government Assistance	Government Assistance As a result of the enactment of the IRA, we qualify for certain federal government incentives through eligible activities. These incentives include both refundable and transferable tax credits. The current GAAP framework does not address the receipt of government assistance by for-profit entities. We account for this government assistance by analogy to International Accounting Standard (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, and recognize the benefits when there is reasonable assurance that we will comply with the required conditions and that the benefits will be received. We believe the reasonable assurance term as used in IAS 20 is analogous to the term probable as defined in Accounting Standards Codification 450-20 of GAAP. Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032. The nuclear PTC provides a transferable credit up to $15 per MWh (a base credit of $3 per MWh with a five times multiplier provided certain prevailing wage requirements are met) and is subject to phase-out when annual gross receipts are between $25.00 per MWh and $43.75 per MWh. We have determined that we will meet the annual prevailing wage requirements at all our nuclear units and are eligible for the five times multiplier. Both the amount of the PTC and the gross receipts thresholds adjust for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. The benefits of the PTC may be realized through a credit against our federal income taxes or transferred via sale to an unrelated party. For the three and nine months ended September 30, 2024, our Consolidated Statements of Operations and Comprehensive Income include an estimated nuclear PTC benefit of approximately $670 million and $1,380 million, respectively. Our estimate required the exercise of judgment in determining the amount of nuclear PTC expected for each of our nuclear units. Since the amount of nuclear PTC is a function of annual gross receipts, the actual amount of PTC earned cannot be determined until 2025 and may be different from this initial estimate. Further, the nuclear PTC continues to be the subject of additional guidance expected to be issued from the U.S. Treasury and IRS that may materially impact the total amount of benefits we receive. Nuclear PTCs are initially recorded within Other deferred debits and other assets within the Consolidated Balance Sheets and reclassified as a reduction to Accounts payable and accrued expenses when used to reduce our federal income tax payable, or an increase in Cash and cash equivalents or Other current assets when sold, depending on the specific payment terms of each contract. During the third quarter of 2024, we executed agreements for the sale of $1 billion of nuclear PTCs to unaffiliated third parties at a nominal discount, with approximately $670 million of cash proceeds received upon sale (included within Cash flows from operating activities in our Consolidated Statements of Cash Flows) and approximately $290 million to be received over the course of the fourth quarter of 2024 and first quarter of 2025. As of September 30, 2024, our Consolidated Balance Sheets reflect approximately, $240 million of estimated nuclear PTCs within Other deferred debits and other assets, $290 million within Other current assets, and a reduction to Accounts payable and accrued expenses of $140 million for estimated nuclear PTCs that we have utilized as a credit against our current federal income taxes payable. Many of the state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual or other provisions that require us to refund that compensation up to the amount of the nuclear PTC received or pass through the entirety of the nuclear PTC received. As of September 30, 2024, we have recognized approximately $720 million of estimated payables within Other deferred credits and other liabilities on our Consolidated Balance Sheets and a reduction to net operating revenue of approximately $115 million (pre-tax) for the three months ended September 30, 2024 and recognized approximately $10 million of net operating revenue (pre-tax) for the nine months ended September 30, 2024 associated with programs requiring refunds or pass through of the nuclear PTC in our Consolidated Statements of Operations and Comprehensive Income. As with the actual amount of the PTC earned, which cannot be determined until after the end of the calendar year, the actual amounts due under state-sponsored programs may be different from our initial estimate.

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

Sep. 30, 2024

Dec. 31, 2023

Allowance for credit losses

$ 55

$ 56

Allowance for other credit losses

Accumulated depreciation and amortization

17,972

17,423

Total assets

^[1]

51,834

50,758

Total liabilities

^[1]

38,893

39,472

Variable Interest Entity, Primary Beneficiary

Total assets

4,153

3,532

Total liabilities

982

990

Variable Interest Entity, Primary Beneficiary | Nonrecourse

Total liabilities

982

990

Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral

Total assets

3,992

3,355

Constellation Energy Generation, LLC

Allowance for credit losses

Allowance for other credit losses

Accumulated depreciation and amortization

17,972

17,423

Total assets

^[2]

51,811

50,738

Total liabilities

^[2]

38,804

39,364

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

Total liabilities

982

990

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

Total assets

$ 3,992

$ 3,355

[1]

[2]

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

+ Details

Supplemental Financial Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Line Items]
Accounts payable	$ 1,302	$ 1,302
Compensation-related accruals	797	680
Taxes accrued	219	399
Nuclear PTCs
Supplemental Balance Sheet Information [Line Items]
Estimated nuclear PTCs credits used	140
Constellation Energy Generation, LLC
Supplemental Balance Sheet Information [Line Items]
Accounts payable	1,286	1,289
Compensation-related accruals	555	576
Taxes accrued	$ 201	$ 390