Constellation Energy (CEG) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		321,591,672
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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 Exelon 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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income, Parent - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues
Total operating revenues	$ 5,446	$ 5,465	$ 13,011	$ 11,056
Operating expenses
Purchased power and fuel	2,887	3,508	8,616	7,054
Purchased power and fuel from affiliates	0	0	0	5
Operating and maintenance	1,477	1,273	2,908	2,433
Operating and maintenance from affiliates	0	0	0	44
Depreciation and amortization	274	277	542	557
Taxes other than income taxes	139	133	271	268
Total operating expenses	4,777	5,191	12,337	10,361
(Loss) gain on sales of assets and businesses	0	(2)	26	13
Operating income	669	272	700	708
Other income and (deductions)
Interest expense, net	(103)	(56)	(210)	(111)
Interest expense to affiliates	0	0	0	(1)
Other, net	605	(654)	919	(973)
Total other income and (deductions)	502	(710)	709	(1,085)
Income (loss) before income taxes	1,171	(438)	1,409	(377)
Income taxes	342	(328)	472	(381)
Equity in losses of unconsolidated affiliates	(5)	(3)	(11)	(6)
Net income (loss)	824	(113)	926	(2)
Net (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Net income (loss) attributable to common shareholders	833	(111)	929	(5)
Comprehensive income (loss), net of income taxes
Net income (loss)	824	(113)	926	(2)
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(3)	(1)	(3)	(3)
Actuarial loss reclassified to periodic cost	8	27	13	46
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(53)	0
Unrealized gain (loss) on foreign currency translation	3	(2)	3	2
Other comprehensive income (loss), net of income taxes	8	24	(40)	45
Comprehensive income (loss)	832	(89)	886	43
Comprehensive (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Comprehensive income (loss) attributable to common shareholders	$ 841	$ (87)	$ 889	$ 40
Average shares of common stock outstanding:
Basic (in shares)	324	327	326	327
Assumed exercise and/or distributions of stock-based awards (in shares)	1	1	1	1
Diluted (in shares)	325	328	327	328
Earnings per average common share
Basic (in dollars per share)	$ 2.57	$ (0.34)	$ 2.85	$ (0.02)
Diluted (in dollars per share)	$ 2.56	$ (0.34)	$ 2.84	$ (0.02)
Nonrelated Party
Operating revenues
Operating revenues	$ 5,446	$ 5,465	$ 13,011	$ 10,896
Affiliated Entities
Operating revenues
Operating revenues	$ 0	$ 0	$ 0	$ 160

Consolidated Statements of Cash

Consolidated Statements of Cash Flows, Parent - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 926	$ (2)
Adjustments to reconcile net income (loss) to net cash flows (used in) provided by operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,219	1,207
Gain on sales of assets and businesses	(26)	(13)
Deferred income taxes and amortization of ITCs	189	(707)
Net fair value changes related to derivatives	281	31
Net realized and unrealized (gains) losses on NDT funds	(270)	800
Net realized and unrealized (gains) losses on equity investments	(414)	25
Other non-cash operating activities	103	459
Changes in assets and liabilities:
Accounts receivable	1,298	60
Receivables from and payables to affiliates, net	0	20
Inventories	124	(88)
Accounts payable and accrued expenses	(1,725)	385
Option premiums paid, net	(48)	(167)
Collateral (posted) received, net	(474)	1,123
Income taxes	160	289
Pension and non-pension postretirement benefit contributions	(18)	(213)
Other assets and liabilities	(2,451)	(1,946)
Net cash flows (used in) provided by operating activities	(1,126)	1,263
Cash flows from investing activities
Capital expenditures	(1,336)	(800)
Proceeds from NDT fund sales	3,116	2,188
Investment in NDT funds	(3,203)	(2,323)
Collection of DPP, net	1,582	1,595
Proceeds from sales of assets and businesses	24	39
Other investing activities	(12)	2
Net cash flows provided by investing activities	171	701
Cash flows from financing activities
Change in short-term borrowings	(524)	(702)
Proceeds from short-term borrowings with maturities greater than 90 days	500	0
Repayments of short-term borrowings with maturities greater than 90 days	(200)	(1,180)
Issuance of long-term debt	1,791	6
Retirement of long-term debt	(121)	(1,109)
Retirement of long-term debt to affiliate	0	(258)
Contributions from Exelon	0	1,750
Dividends paid on common stock	(185)	(93)
Repurchases of common stock	(499)	0
Other financing activities	(10)	(28)
Net cash flows provided by (used in) financing activities	752	(1,614)
(Decrease) increase in cash, restricted cash, and cash equivalents	(203)	350
Cash, restricted cash, and cash equivalents at beginning of period	528	576
Cash, restricted cash, and cash equivalents at end of period	325	926
Supplemental cash flow information
Decrease in capital expenditures not paid	(44)	(141)
Increase in DPP	2,335	1,860
Increase in PP&E related to ARO update	$ 0	$ 333

Consolidated Balance Sheets, Pa

Consolidated Balance Sheets, Parent - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents		$ 269	$ 422
Restricted cash and cash equivalents		56	106
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $51 and $46 as of June 30, 2023 and December 31, 2022, respectively)		1,306	2,585
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2023 and December 31, 2022)		646	731
Mark-to-market derivative assets		1,733	2,368
Inventories, net
Natural gas, oil, and emission allowances		278	429
Materials and supplies		1,109	1,076
Renewable energy credits		436	617
Other		1,742	1,026
Total current assets		7,575	9,360
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,923 and $16,726 as of June 30, 2023 and December 31, 2022, respectively)		20,239	19,822
Deferred debits and other assets
Nuclear decommissioning trust funds		14,821	14,114
Investments		647	202
Mark-to-market derivative assets		1,067	1,261
Deferred income taxes		43	44
Other		2,167	2,106
Total deferred debits and other assets		18,745	17,727
Total assets	[1]	46,559	46,909
Current liabilities
Short-term borrowings		935	1,159
Long-term debt due within one year		110	143
Accounts payable		1,260	2,828
Accrued expenses		744	906
Mark-to-market derivative liabilities		1,179	1,558
Renewable energy credit obligation		673	901
Other		324	344
Total current liabilities		5,225	7,839
Long-term debt		6,156	4,466
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,203	3,031
Asset retirement obligations		12,971	12,699
Pension obligations		638	605
Non-pension postretirement benefit obligations		638	609
Spent nuclear fuel obligation		1,260	1,230
Payables related to Regulatory Agreement Units		3,120	2,897
Mark-to-market derivative liabilities		613	983
Other		1,123	1,178
Total deferred credits and other liabilities		23,566	23,232
Total liabilities	[1]	34,947	35,537
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock (No par value, 1,000 shares authorized, 322 shares and 327 shares outstanding as of June 30, 2023 and December 31, 2022, respectively)		12,808	13,274
Retained earnings (deficit)		248	(496)
Accumulated other comprehensive loss, net		(1,800)	(1,760)
Total shareholders’ equity		11,256	11,018
Noncontrolling interests		356	354
Total equity		11,612	11,372
Total liabilities and equity		$ 46,559	$ 46,909
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets, _2

Consolidated Balance Sheets, Parent (Parenthetical) - USD ($) shares in Millions, $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Allowance for credit losses		$ 51	$ 46
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		$ 16,923	$ 16,726
Common stock, par value (in dollars per share)		$ 0	$ 0
Common stock, shares authorized (in shares)		1,000	1,000
Common stock, shares outstanding (in shares)		322	327
Total assets	[1]	$ 46,559	$ 46,909
Total liabilities	[1]	34,947	35,537
Variable Interest Entity, Primary Beneficiary
Total assets		3,581	2,842
Total liabilities		1,025	1,042
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		1,024	1,041
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,392	$ 2,641
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity, Parent - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss, net	Noncontrolling Interests	Predecessor Member's Equity
Beginning Balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 11,614	$ 0	$ 0	$ (31)	$ 395	$ 11,250	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	151					151	[1]
Separation-related adjustments	(197)			(2,006)	7	1,802	[1]
Changes in equity of noncontrolling interests	(7)				(7)
Ending Balance (in shares) at Jan. 31, 2022		326,664
Ending balance at Jan. 31, 2022	0	$ 13,203	0	0	0	(13,203)	[1]
Beginning Balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	11,614	$ 0	0	(31)	395	11,250	[1]
Ending Balance (in shares) at Mar. 31, 2022		326,699
Ending balance at Mar. 31, 2022	11,505	$ 13,212	(91)	(2,016)	400	0	[1]
Beginning Balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	11,614	$ 0	0	(31)	395	11,250	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(2)
Other comprehensive income (loss), net of income taxes	45
Ending Balance (in shares) at Jun. 30, 2022		326,845
Ending balance at Jun. 30, 2022	11,389	$ 13,241	(249)	(1,992)	389	0
Beginning Balance (in shares) at Jan. 31, 2022		326,664
Beginning balance at Jan. 31, 2022	0	$ 13,203	0	0	0	(13,203)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(40)		(45)		5
Employee incentive plan (in shares)		35
Employee incentive plans	9	$ 9
Common stock dividends	(46)		(46)
Other comprehensive income (loss), net of income taxes	21			21
Ending Balance (in shares) at Mar. 31, 2022		326,699
Ending balance at Mar. 31, 2022	11,505	$ 13,212	(91)	(2,016)	400	0	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(113)		(111)		(2)
Employee incentive plan (in shares)		146
Employee incentive plans	29	$ 29
Changes in equity of noncontrolling interests	(9)				(9)
Common stock dividends	(47)		(47)
Other comprehensive income (loss), net of income taxes	24			24
Ending Balance (in shares) at Jun. 30, 2022		326,845
Ending balance at Jun. 30, 2022	$ 11,389	$ 13,241	(249)	(1,992)	389	$ 0
Beginning Balance (in shares) at Dec. 31, 2022	327,000	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	327,000	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	$ 926
Common stock repurchased (in shares)	(6,200)
Common stock repurchased	$ (503)
Other comprehensive income (loss), net of income taxes	$ (40)
Ending Balance (in shares) at Jun. 30, 2023	322,000	321,576
Ending balance at Jun. 30, 2023	$ 11,612	$ 12,808	248	(1,800)	356
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)	(3,000)	(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	322,000	321,576
Ending balance at Jun. 30, 2023	$ 11,612	$ 12,808	$ 248	$ (1,800)	$ 356
[1]Represents Constellation’s predecessor member's equity prior to the separation transaction. Upon completion of the separation, the predecessor member's equity was transferred to CEG Parent’s Common stock. See Note 1 — Basis of Presentation for additional information on the separation.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity, Parent (Parenthetical) - $ / shares	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.14	$ 0.28	$ 0.28	$ 0.14

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues
Total operating revenues	$ 5,446	$ 5,465	$ 13,011	$ 11,056
Operating expenses
Purchased power and fuel	2,887	3,508	8,616	7,054
Purchased power and fuel from affiliates	0	0	0	5
Operating and maintenance	1,477	1,273	2,908	2,433
Operating and maintenance from affiliates	0	0	0	44
Depreciation and amortization	274	277	542	557
Taxes other than income taxes	139	133	271	268
Total operating expenses	4,777	5,191	12,337	10,361
(Loss) gain on sales of assets and businesses	0	(2)	26	13
Operating income	669	272	700	708
Other income and (deductions)
Interest expense, net	(103)	(56)	(210)	(111)
Interest expense to affiliates	0	0	0	(1)
Other, net	605	(654)	919	(973)
Total other income and (deductions)	502	(710)	709	(1,085)
Income (loss) before income taxes	1,171	(438)	1,409	(377)
Income taxes	342	(328)	472	(381)
Equity in losses of unconsolidated affiliates	(5)	(3)	(11)	(6)
Net income (loss)	824	(113)	926	(2)
Net (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Net income (loss) attributable to common shareholders	833	(111)	929	(5)
Comprehensive income (loss), net of income taxes
Net income (loss)	824	(113)	926	(2)
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(3)	(1)	(3)	(3)
Actuarial loss reclassified to periodic cost	8	27	13	46
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(53)	0
Unrealized gain (loss) on foreign currency translation	3	(2)	3	2
Other comprehensive income (loss), net of income taxes	8	24	(40)	45
Comprehensive income (loss)	832	(89)	886	43
Comprehensive (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Comprehensive income (loss) attributable to common shareholders	841	(87)	889	40
Nonrelated Party
Operating revenues
Operating revenues	5,446	5,465	13,011	10,896
Affiliated Entities
Operating revenues
Operating revenues	0	0	0	160
Constellation Energy Generation, LLC
Operating revenues
Total operating revenues	5,446	5,465	13,011	11,056
Operating expenses
Purchased power and fuel	2,887	3,508	8,616	7,054
Purchased power and fuel from affiliates	0	0	0	5
Operating and maintenance	1,477	1,273	2,908	2,433
Operating and maintenance from affiliates	0	0	0	44
Depreciation and amortization	274	277	542	557
Taxes other than income taxes	139	133	271	268
Total operating expenses	4,777	5,191	12,337	10,361
(Loss) gain on sales of assets and businesses	0	(2)	26	13
Operating income	669	272	700	708
Other income and (deductions)
Interest expense, net	(103)	(56)	(210)	(111)
Interest expense to affiliates	0	0	0	(1)
Other, net	605	(654)	919	(973)
Total other income and (deductions)	502	(710)	709	(1,085)
Income (loss) before income taxes	1,171	(438)	1,409	(377)
Income taxes	342	(328)	472	(381)
Equity in losses of unconsolidated affiliates	(5)	(3)	(11)	(6)
Net income (loss)	824	(113)	926	(2)
Net (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Net income (loss) attributable to common shareholders	833	(111)	929	(5)
Comprehensive income (loss), net of income taxes
Net income (loss)	824	(113)	926	(2)
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(3)	(1)	(3)	(3)
Actuarial loss reclassified to periodic cost	8	27	13	46
Pension and non-pension postretirement benefit plan valuation adjustment	0	0	(53)	0
Unrealized gain (loss) on foreign currency translation	3	(2)	3	2
Other comprehensive income (loss), net of income taxes	8	24	(40)	45
Comprehensive income (loss)	832	(89)	886	43
Comprehensive (loss) income attributable to noncontrolling interests	(9)	(2)	(3)	3
Comprehensive income (loss) attributable to common shareholders	841	(87)	889	40
Constellation Energy Generation, LLC | Nonrelated Party
Operating revenues
Operating revenues	5,446	5,465	13,011	10,896
Constellation Energy Generation, LLC | Affiliated Entities
Operating revenues
Operating revenues	$ 0	$ 0	$ 0	$ 160

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 926	$ (2)
Adjustments to reconcile net income (loss) to net cash flows (used in) provided by operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,219	1,207
Gain on sales of assets and businesses	(26)	(13)
Deferred income taxes and amortization of ITCs	189	(707)
Net fair value changes related to derivatives	281	31
Net realized and unrealized (gains) losses on NDT funds	(270)	800
Net realized and unrealized (gains) losses on equity investments	(414)	25
Other non-cash operating activities	103	459
Changes in assets and liabilities:
Accounts receivable	1,298	60
Receivables from and payables to affiliates, net	0	20
Inventories	124	(88)
Accounts payable and accrued expenses	(1,725)	385
Option premiums paid, net	(48)	(167)
Collateral (posted) received, net	(474)	1,123
Income taxes	160	289
Pension and non-pension postretirement benefit contributions	(18)	(213)
Other assets and liabilities	(2,451)	(1,946)
Net cash flows (used in) provided by operating activities	(1,126)	1,263
Cash flows from investing activities
Capital expenditures	(1,336)	(800)
Proceeds from NDT fund sales	3,116	2,188
Investment in NDT funds	(3,203)	(2,323)
Collection of DPP, net	1,582	1,595
Proceeds from sales of assets and businesses	24	39
Other investing activities	(12)	2
Net cash flows provided by investing activities	171	701
Cash flows from financing activities
Change in short-term borrowings	(524)	(702)
Proceeds from short-term borrowings with maturities greater than 90 days	500	0
Repayments of short-term borrowings with maturities greater than 90 days	(200)	(1,180)
Issuance of long-term debt	1,791	6
Retirement of long-term debt	(121)	(1,109)
Retirement of long-term debt to affiliate	0	(258)
Contributions from Exelon	0	1,750
Other financing activities	(10)	(28)
Net cash flows provided by (used in) financing activities	752	(1,614)
(Decrease) increase in cash, restricted cash, and cash equivalents	(203)	350
Cash, restricted cash, and cash equivalents at beginning of period	528	576
Cash, restricted cash, and cash equivalents at end of period	325	926
Supplemental cash flow information
Decrease in capital expenditures not paid	(44)	(141)
Increase in DPP	2,335	1,860
Increase in PP&E related to ARO update	0	333
Constellation Energy Generation, LLC
Cash flows from operating activities
Net income (loss)	926	(2)
Adjustments to reconcile net income (loss) to net cash flows (used in) provided by operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,219	1,207
Gain on sales of assets and businesses	(26)	(13)
Deferred income taxes and amortization of ITCs	189	(707)
Net fair value changes related to derivatives	281	31
Net realized and unrealized (gains) losses on NDT funds	(270)	800
Net realized and unrealized (gains) losses on equity investments	(414)	25
Other non-cash operating activities	66	425
Changes in assets and liabilities:
Accounts receivable	1,303	74
Receivables from and payables to affiliates, net	(39)	55
Inventories	124	(88)
Accounts payable and accrued expenses	(1,728)	317
Option premiums paid, net	(48)	(167)
Collateral (posted) received, net	(474)	1,123
Income taxes	160	289
Pension and non-pension postretirement benefit contributions	(18)	(213)
Other assets and liabilities	(2,458)	(1,943)
Net cash flows (used in) provided by operating activities	(1,207)	1,213
Cash flows from investing activities
Capital expenditures	(1,336)	(800)
Proceeds from NDT fund sales	3,116	2,188
Investment in NDT funds	(3,203)	(2,323)
Collection of DPP, net	1,582	1,595
Proceeds from sales of assets and businesses	24	39
Other investing activities	(12)	2
Net cash flows provided by investing activities	171	701
Cash flows from financing activities
Change in short-term borrowings	(524)	(702)
Proceeds from short-term borrowings with maturities greater than 90 days	500	0
Repayments of short-term borrowings with maturities greater than 90 days	(200)	(1,180)
Issuance of long-term debt	1,791	6
Retirement of long-term debt	(121)	(1,109)
Retirement of long-term debt to affiliate	0	(258)
Distributions to member	(584)	(93)
Contributions from Exelon	0	1,750
Other financing activities	(10)	(34)
Net cash flows provided by (used in) financing activities	852	(1,620)
(Decrease) increase in cash, restricted cash, and cash equivalents	(184)	294
Cash, restricted cash, and cash equivalents at beginning of period	501	576
Cash, restricted cash, and cash equivalents at end of period	317	870
Supplemental cash flow information
Decrease in capital expenditures not paid	(44)	(141)
Increase in DPP	2,335	1,860
Increase in PP&E related to ARO update	$ 0	$ 333

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents		$ 269	$ 422
Restricted cash and cash equivalents		56	106
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $51 and $46 as of June 30, 2023 and December 31, 2022, respectively)		1,306	2,585
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2023 and December 31, 2022)		646	731
Mark-to-market derivative assets		1,733	2,368
Inventories, net
Natural gas, oil, and emission allowances		278	429
Materials and supplies		1,109	1,076
Renewable energy credits		436	617
Other		1,742	1,026
Total current assets		7,575	9,360
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,923 and $16,726 as of June 30, 2023 and December 31, 2022, respectively)		20,239	19,822
Deferred debits and other assets
Nuclear decommissioning trust funds		14,821	14,114
Investments		647	202
Mark-to-market derivative assets		1,067	1,261
Deferred income taxes		43	44
Other		2,167	2,106
Total deferred debits and other assets		18,745	17,727
Total assets	[1]	46,559	46,909
Current liabilities
Short-term borrowings		935	1,159
Long-term debt due within one year		110	143
Accounts payable		1,260	2,828
Accrued expenses		744	906
Mark-to-market derivative liabilities		1,179	1,558
Renewable energy credit obligation		673	901
Other		324	344
Total current liabilities		5,225	7,839
Long-term debt		6,156	4,466
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,203	3,031
Asset retirement obligations		12,971	12,699
Pension obligations		638	605
Non-pension postretirement benefit obligations		638	609
Spent nuclear fuel obligation		1,260	1,230
Payables related to Regulatory Agreement Units		3,120	2,897
Mark-to-market derivative liabilities		613	983
Other		1,123	1,178
Total deferred credits and other liabilities		23,566	23,232
Total liabilities	[1]	34,947	35,537
Commitments and contingencies (Note 13)
Member’s equity
Undistributed earnings		248	(496)
Accumulated other comprehensive loss, net		(1,800)	(1,760)
Total liabilities and equity		46,559	46,909
Constellation Energy Generation, LLC
Current assets
Cash and cash equivalents		269	403
Restricted cash and cash equivalents		48	98
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $51 and $46 as of June 30, 2023 and December 31, 2022, respectively)		1,306	2,585
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2023 and December 31, 2022)		628	718
Mark-to-market derivative assets		1,733	2,368
Inventories, net
Natural gas, oil, and emission allowances		278	429
Materials and supplies		1,109	1,076
Renewable energy credits		436	617
Other		1,742	1,026
Total current assets		7,550	9,320
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,923 and $16,726 as of June 30, 2023 and December 31, 2022, respectively)		20,239	19,822
Deferred debits and other assets
Nuclear decommissioning trust funds		14,821	14,114
Investments		647	202
Mark-to-market derivative assets		1,067	1,261
Deferred income taxes		43	44
Other		2,167	2,106
Total deferred debits and other assets		18,745	17,727
Total assets	[2]	46,534	46,869
Current liabilities
Short-term borrowings		935	1,159
Long-term debt due within one year		110	143
Accrued expenses		670	869
Mark-to-market derivative liabilities		1,179	1,558
Renewable energy credit obligation		673	901
Other		324	344
Total current liabilities		5,138	7,829
Long-term debt		6,156	4,466
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,203	3,031
Asset retirement obligations		12,971	12,699
Pension obligations		638	605
Non-pension postretirement benefit obligations		638	609
Spent nuclear fuel obligation		1,260	1,230
Payables related to Regulatory Agreement Units		3,120	2,897
Mark-to-market derivative liabilities		613	983
Other		1,076	1,106
Total deferred credits and other liabilities		23,519	23,160
Total liabilities	[2]	34,813	35,455
Commitments and contingencies (Note 13)
Member’s equity
Membership interest		12,012	12,408
Undistributed earnings		1,153	412
Accumulated other comprehensive loss, net		(1,800)	(1,760)
Total member’s equity		11,365	11,060
Noncontrolling interests		356	354
Total equity		11,721	11,414
Total liabilities and equity		46,534	46,869
Constellation Energy Generation, LLC | Nonrelated Party
Current liabilities
Accounts payable		1,240	2,810
Constellation Energy Generation, LLC | Affiliated Entities
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $51 and $46 as of June 30, 2023 and December 31, 2022, respectively)		1	0
Current liabilities
Accounts payable		$ 7	$ 45
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.[2]Our consolidated assets include $3,392 million and $2,641 million as of June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million as of June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Allowance for credit losses		$ 51	$ 46
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		16,923	16,726
Total assets	[1]	46,559	46,909
Total liabilities	[1]	34,947	35,537
Variable Interest Entity, Primary Beneficiary
Total assets		3,581	2,842
Total liabilities		1,025	1,042
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		1,024	1,041
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		3,392	2,641
Constellation Energy Generation, LLC
Allowance for credit losses		51	46
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		16,923	16,726
Total assets	[2]	46,534	46,869
Total liabilities	[2]	34,813	35,455
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		1,024	1,041
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,392	$ 2,641
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.[2]Our consolidated assets include $3,392 million and $2,641 million as of June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million as of June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Undistributed Earnings	Accumulated Other Comprehensive Loss, net	Noncontrolling Interests	Constellation Energy Generation, LLC	Constellation Energy Generation, LLC Membership Interest	Constellation Energy Generation, LLC Undistributed Earnings	Constellation Energy Generation, LLC Accumulated Other Comprehensive Loss, net	Constellation Energy Generation, LLC Noncontrolling Interests
Beginning Balance at Dec. 31, 2021					$ 11,614	$ 10,482	$ 768	$ (31)	$ 395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					111		106		5
Separation-related adjustments					(166)	1,844	(11)	(2,006)	7
Changes in equity of noncontrolling interests					(7)				(7)
Distributions to member					(46)		(46)
Other comprehensive income (loss), net of income taxes					21			21
Ending Balance at Mar. 31, 2022					11,527	12,326	817	(2,016)	400
Beginning Balance at Dec. 31, 2021					11,614	10,482	768	(31)	395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (2)				(2)
Other comprehensive income (loss), net of income taxes	45				45
Ending Balance at Jun. 30, 2022					11,382	12,326	659	(1,992)	389
Beginning Balance at Mar. 31, 2022					11,527	12,326	817	(2,016)	400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(113)	$ (111)		$ (2)	(113)		(111)		(2)
Changes in equity of noncontrolling interests	(9)			(9)	(9)				(9)
Distributions to member					(47)		(47)
Other comprehensive income (loss), net of income taxes	24		$ 24		24			24
Ending Balance at Jun. 30, 2022					11,382	12,326	659	(1,992)	389
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)	926				926
Other comprehensive income (loss), net of income taxes	(40)				(40)
Ending Balance at Jun. 30, 2023					11,721	12,012	1,153	(1,800)	356
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

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business We are a producer of clean 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 On February 21, 2021, the board of directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses (separation), conducted through Constellation Energy Generation, LLC (“Constellation”, formerly Exelon Generation Company, LLC) and its subsidiaries, into an independent, publicly-traded company. CEG Parent, a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of consummating the separation and had not engaged in any business activities nor had any assets or liabilities prior to the separation. On February 1, 2022, the separation was completed and CEG Parent holds all the interests in Constellation previously held by Exelon. As an individual registrant, Constellation has historically filed consolidated financial statements to reflect its financial position and operating results as a stand-alone, wholly owned subsidiary of Exelon. The accompanying Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. CEG Parent's prior period financial statements have been adjusted to reflect the balances of Constellation in accordance with applicable guidance. Constellation's December 31, 2022 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, 2023. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation. Separation from Exelon On February 1, 2022, Exelon completed the separation through a pro-rata distribution of all of the outstanding shares of CEG Parent's common stock, no par value, on the basis of one such share for every three shares of Exelon common stock held on January 20, 2022, the record date of the distribution. CEG Parent is an independent, publicly traded company listed on the Nasdaq Stock Market under the symbol “CEG”, and regular-way trading began on February 2, 2022. Exelon no longer retains any ownership interest in CEG Parent or Constellation. Prior to completion of the separation, our financial statements include certain transactions with affiliates of Exelon, which are disclosed as related party transactions. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions. In order to govern the ongoing relationships with Exelon after the separation, and to facilitate an orderly transition, we entered into several agreements with Exelon, including a Separation Agreement, TSA, EMA, and TMA. Pursuant to the Separation Agreement, we received a cash contribution of $1.75 billion from Exelon on January 31, 2022, the proceeds of which were used to settle $258 million of an intercompany loan from Exelon and $200 million of short-term debt outstanding prior to separation, in addition to a $192 million contribution to our pension plans. We also entered into two new five-year facility agreements providing $4.5 billion of capacity. The amounts Exelon billed us for services pursuant to the TSA were $44 million and $69 million for the three months ended June 30, 2023 and 2022, respectively, and were $94 million and $125 million for the six months ended June 30, 2023 and 2022, respectively. The amounts we billed Exelon for services pursuant to the TSA were $3 million and $11 million for the three months ended June 30, 2023 and 2022, respectively, and were $9 million and $20 million for the six months ended June 30, 2023 and 2022, respectively. See Note 1 — Basis of Presentation of our 2022 Form 10-K for additional information on the separation from Exelon. Summary of Significant Accounting Policies See Note 1 — Basis of Presentation of our 2022 Form 10-K for additional information on significant accounting policies.

Mergers, Acquisitions, and Disp

Mergers, Acquisitions, and Dispositions	6 Months Ended
	Jun. 30, 2023
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions	Mergers, Acquisitions, and Dispositions Acquisition of Joint Ownership in South Texas Project On May 31, 2023, we entered into an Equity Purchase Agreement with Texas Genco GP, LLC and Texas Genco LP, LLC, subsidiaries of NRG Energy, Inc. (NRG), for the acquisition of NRG’s 44% undivided ownership interest in the jointly owned South Texas Project Nuclear Generating Station (STP), a 2,645-megawatt, dual-unit nuclear plant located in Bay City, Texas, for a cash purchase price of $1.75 billion. The current renewed NRC licenses for the STP units expire in 2047/2048 and the NRC licensed operator is STP Nuclear Operating Company (STPNOC), acting on behalf of the joint owners. Other owners include City Public Service Board of San Antonio (CPS, 40%) and the City of Austin, Texas (Austin Energy, 16%). This acquisition is complementary to and aligned strategically with our existing clean energy business operations. Closing of the transaction requires the receipt of certain regulatory approvals and is also subject to other customary closing conditions. The transaction is expected to be accounted for as a business combination and we would record the fair value of our proportionate share of the assets acquired and liabilities assumed as of the acquisition date. To the extent that the purchase price is greater than the fair value of the net assets acquired, goodwill will be recorded. To the extent the fair value of the net assets acquired is greater than the purchase price, a bargain purchase gain will be recorded. As part of the transaction, we would acquire ownership of NRG’s share of two qualified decommissioning trust funds established to provide funding for decontamination and decommissioning of STP. The trust funds have been funded with amounts collected from predecessor utilities. We expect to continue to maintain these funds and the ability to collect additional funds if needed in the future from ratepayers and any excess of funds upon completion of decommissioning are required to be returned to ratepayers. As such, our accounting for the future decommissioning of our interest in STP post acquisition is expected to mirror that of our existing Regulatory Agreement Units. Refer to Note 1 — Basis of Presentation and Note 10 – Asset Retirement Obligations of our 2022 Form 10-K for additional information on our accounting policy for Regulatory Agreement Units. On July 28, 2023 NRG accepted service of a lawsuit filed by the City of San Antonio, Texas, acting by and through CPS, in the 130th District Court of Matagorda County, Texas against NRG and certain of its subsidiaries, claiming the existence of a right of first refusal that applies to the transaction contemplated between us and NRG. On July 31, 2023 we intervened in the lawsuit and Austin Energy also intervened in the lawsuit claiming a similar right of first refusal. Per the terms of the Equity Purchase Agreement, NRG made representations that no right of first refusal applied to the transaction contemplated between us. Additionally, on July 31, 2023 CPS and Austin Energy jointly filed a motion with the NRC seeking to dismiss our pending license transfer application with NRG, or in the alternative, requested a stay of the NRC’s review pending resolution of CPS’s lawsuit in Texas state court. We continue to proceed with the actions necessary to close the transaction by the end of 2023. However, we cannot reasonably predict the outcome of this lawsuit or whether the lawsuit will affect the timing of closing the transaction or its ultimate consummation.

Regulatory Matters

Regulatory Matters	6 Months Ended
	Jun. 30, 2023
Regulated Operations [Abstract]
Regulatory Matters	Regulatory Matters As discussed in Note 3 — Regulatory Matters of our 2022 Form 10-K, we are involved in various regulatory and legislative proceedings. The following discusses developments in 2023 and updates to the 2022 Form 10-K. PJM Performance Bonuses On December 23, 2022, and continuing through the morning of December 25, 2022, winter storm Elliott blanketed the entirety of PJM’s footprint with record low temperatures and extreme weather conditions. A significant portion of PJM's fossil generation fleet failed to perform as reserves were called. In accordance with PJM's tariff, funds collected from non-performance charges are redistributed as bonuses to generating resources that overperformed during the event, including our nuclear fleet. Our estimated receivable for performance bonuses (net of non-performance charges) requires the application of significant judgement and assumptions that include potential impacts of generator defaults and litigation. At least 15 complaints have been filed at FERC by underperforming generators alleging, among other things, that PJM’s tariff is unjust and unreasonable, and that PJM violated its tariff or otherwise acted negligently in operating the system during that period and seeking to reduce or eliminate any penalty. We are actively engaged in these proceedings. On June 5, 2023, FERC established settlement judge procedures to assist the parties to these proceedings in reaching a satisfactory resolution of the issues raised, which are expected to conclude on August 14, 2023, if no agreement is reached (subject to a 30-day extension if the parties are significantly progressing towards settlement). We cannot reasonably predict the outcome of the complaints or settlement discussions; however, i t is reasonably possible that the ultimate impact to our consolidated financial statements could differ materially once these uncertainties are resolved. New England Regulatory Matters Mystic Units 8 and 9 Cost of Service Agreement. The Mystic Cost of Service Agreement (Mystic COS) requires an annual process whereby we identify and support our projected costs under the agreement and/or true-up previous projections to the actual costs incurred. The first annual process resulted in a filing at FERC on September 15, 2021 and included our projection of capital expenditures to be recovered under the Mystic COS between June 1, 2022 and December 31, 2022. On April 28, 2022, FERC issued an order setting for settlement and/or hearing the issue of whether our projected 2022 capital expenditures can be recovered. On February 6, 2023, we reached a settlement in principle with certain parties to the proceeding, and an offer of settlement was filed at FERC on March 15, 2023. On August 1, 2023, FERC approved the settlement without modification. The settlement reduces the recovery we receive for capital projects over the term of the Mystic COS. The settlement also eliminates the possibility that we would need to refund certain costs recovered under the COS Agreement for the EMT facility if the EMT facility continues operating post-Cost-of-Service (EMT Clawback Issue), thus resolving an issue remanded to FERC by the D.C. Circuit in the August 2022 decision. The approval of this offer of settlement does not have a material financial statement impact. On September 15, 2022, we made our second annual filing at FERC, which included (1) our projection of capital expenditures to be recovered under the Mystic COS between January 1, 2023 and December 31, 2023, and (2) an updated projection of the Annual Fixed Revenue Requirement, the Maximum Monthly Fixed Cost Payment, and the Fixed Operating and Maintenance/Return on Investment component of the Monthly Fuel Cost Charge, including an update to rate base for the period between January 1, 2018 and December 31, 2021. That filing is currently pending at FERC. On March 28, 2023, FERC issued an order on remand from the D.C. Circuit’s August 2022 decision (FERC Remand Order). The D.C. Circuit’s August 2022 decision remanded back to FERC certain issues related to the Mystic COS. The FERC Remand Order affirmed that 91% of EMT’s fixed costs will be recovered via the Mystic COS, subject to the reinstatement of a margin sharing mechanism on forward sales of vapor. It also granted our motion to hold in abeyance the EMT Clawback issue, as that matter will be resolved by the settlement agreement filed at FERC in March 2023 if FERC approves the settlement. No party sought rehearing of the FERC Remand Order. Operating License Renewals Conowingo Hydroelectric Project (Conowingo). On December 20, 2022, the U.S. Court of Appeals for the D.C. Circuit issued a decision vacating FERC’s decision to grant Conowingo its 50-year license renewal and sending the matter back to FERC for further proceedings. Upon issuance of the mandate from the U.S. Court of Appeals for the D.C. Circuit, we began operating under an annual license, which renews automatically, containing the same terms as the license that was in effect prior to the March 19, 2021 FERC order. We and MDE previously filed with FERC a Joint Offer of Settlement (Offer of Settlement) that would resolve all outstanding issues relating to the water quality certification pursuant to Section 401 of the Clean Water Act (401 Certification) for Conowingo. On June 1, 2023, MDE informed us that as a result of the U.S. Court of Appeals decision, they would be resuming their administrative reconsideration of the 401 Certification. The parties were invited to make supplemental submittals by August 1, 2023. We are unable to further predict the outcome of these proceedings at this time. Impacts of the February 2021 Extreme Cold Weather Event and Texas-based Generating Assets Outages In February 2021, our Texas-based generating assets within the ERCOT market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced outages because of extreme cold weather conditions. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and increased gas prices in certain regions. In response to the high demand and significantly reduced total generation on the system during the event, the PUCT directed ERCOT to use an administrative price cap of $9,000/MWh during firm load shedding. We intervened in a third-party notice of appeal in the Court of Appeals for the Third District of Texas (Third Court of Appeals) challenging the validity of the PUCT’s action administratively setting prices at $9,000/MWh. Additionally, we filed a request for declaratory judgment in Texas district court, which is being stayed pending the outcome of the appeal. On March 17, 2023, the Third Court of Appeals reversed the PUCT’s orders directing ERCOT to use an administrative price cap of $9,000/MWh during firm load shedding, finding that the PUCT violated Texas law by exceeding its authority granted by the legislature. The PUCT and aligned parties appealed the decision to the Supreme Court of Texas. We cannot reasonably predict the outcome of these proceedings or the potential financial statement impact.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers We recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that we expect to be entitled to in exchange for those goods or services. Our primary sources of revenue include competitive sales of power, natural gas, and other energy-related products and sustainable solutions. See Note 4 — Revenue from Contracts with Customers of our 2022 Form 10-K for additional information regarding the primary sources of revenue. Contract Balances Contract Assets We record contract assets for the revenue recognized on the construction and installation of energy efficiency assets and new power generating facilities before we have an unconditional right to bill for and receive the consideration from the customer. These contract assets are subsequently reclassified to receivables when the right to payment becomes unconditional. We record contract assets and contract receivables in Other current assets and Customer accounts receivable, 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 six months ended June 30, 2023 and 2022. Contract Assets Balance as of December 31, 2022 $ 130 Amounts reclassified to receivables (11) Revenues recognized 31 Balance as of March 31, 2023 150 Amounts reclassified to receivables (76) Revenues recognized 15 Balance as of June 30, 2023 $ 89 Balance as of December 31, 2021 $ 149 Amounts reclassified to receivables (16) Revenues recognized 9 Balance as of March 31, 2022 142 Amounts reclassified to receivables (13) Revenues recognized 10 Balance as of June 30, 2022 $ 139 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 includes upfront consideration received or due 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, 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. As of June 30, 2023, there were no outstanding contract liabilities included in Other current liabilities and Other deferred credits and other liabilities in the Consolidated Balance Sheets for the Illinois ZEC program. The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2023 and 2022. Contract Liabilities Balance as of December 31, 2022 $ 47 Consideration received or due 131 Revenues recognized (115) Balance as of March 31, 2023 63 Consideration received or due 81 Revenues recognized (92) Balance as of June 30, 2023 $ 52 Balance as of December 31, 2021 $ 75 Consideration received or due 50 Revenues recognized (63) Balance as of March 31, 2022 62 Consideration received or due 27 Revenues recognized (63) Balance as of June 30, 2022 $ 26 The following table reflects revenues recognized in the three and six months ended June 30, 2023 and 2022, which were included in contract liabilities at December 31, 2022 and 2021, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues recognized $ 14 $ 39 $ 24 $ 68 Transaction Price Allocated to Remaining Performance Obligations The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2023. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity, but ranges from one month to several years. This disclosure excludes our power and gas sales contracts as they contain variable volumes and/or variable pricing. 2023 2024 2025 2026 2027 and thereafter Total Remaining performance obligations $ 144 $ 102 $ 38 $ 18 $ 136 $ 438 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 1 to May 31), 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 on June 1, 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 1, 2023 to May 31, 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 expected in the third quarter of 2024. As of June 30, 2023, this receivable is included within Other deferred debits and other assets in the Consolidated Balance Sheets. Revenue Disaggregation We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 5 — Segment Information for the presentation of revenue disaggregation.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	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 of similarly titled measures or deemed more useful than the GAAP information provided elsewhere in these financial statements. Our operating revenues include all sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation. 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, as well as other miscellaneous business activities 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 six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,235 $ (27) $ 1,208 $ (10) $ 1,198 Midwest 1,352 (23) 1,329 1 1,330 New York 438 30 468 3 471 ERCOT 291 36 327 1 328 Other Power Regions 962 144 1,106 5 1,111 Total Competitive Businesses Electric Revenues 4,278 160 4,438 — 4,438 Competitive Businesses Natural Gas Revenues 280 376 656 — 656 Competitive Businesses Other Revenues (b) 143 209 352 — 352 Total Consolidated Operating Revenues $ 4,701 $ 745 $ 5,446 $ — $ 5,446 Three Months Ended June 30, 2022 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,178 $ 22 $ 1,200 $ 2 $ 1,202 Midwest 1,319 (217) 1,102 (1) 1,101 New York 461 (68) 393 (3) 390 ERCOT 252 237 489 (4) 485 Other Power Regions 1,021 300 1,321 6 1,327 Total Competitive Businesses Electric Revenues 4,231 274 4,505 — 4,505 Competitive Businesses Natural Gas Revenues 490 545 1,035 — 1,035 Competitive Businesses Other Revenues (b) 175 (250) (75) — (75) Total Consolidated Operating Revenues $ 4,896 $ 569 $ 5,465 $ — $ 5,465 Six Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,648 $ (163) $ 2,485 $ (41) $ 2,444 Midwest 2,546 (188) 2,358 3 2,361 New York 901 67 968 37 1,005 ERCOT 490 5 495 2 497 Other Power Regions 2,481 423 2,904 (1) 2,903 Total Competitive Businesses Electric Revenues 9,066 144 9,210 — 9,210 Competitive Businesses Natural Gas Revenues 1,176 966 2,142 — 2,142 Competitive Businesses Other Revenues (b) 290 1,369 1,659 — 1,659 Total Consolidated Operating Revenues $ 10,532 $ 2,479 $ 13,011 $ — $ 13,011 Six Months Ended June 30, 2022 Revenues from external customers (c) Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,332 $ (27) $ 2,305 $ 2 $ 2,307 Midwest 2,566 (267) 2,299 (1) 2,298 New York 955 (203) 752 3 755 ERCOT 415 309 724 (4) 720 Other Power Regions 2,441 813 3,254 — 3,254 Total Competitive Businesses Electric Revenues 8,709 625 9,334 — 9,334 Competitive Businesses Natural Gas Revenues 1,300 1,179 2,479 — 2,479 Competitive Businesses Other Revenues (b) 261 (1,018) (757) — (757) Total Consolidated Operating Revenues $ 10,270 $ 786 $ 11,056 $ — $ 11,056 __________ (a) Includes revenues from derivatives and leases. (b) Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $211 million and losses of $299 million for the three months ended June 30, 2023 and 2022, respectively, and unrealized mark-to-market gains of $1,140 million and losses of $1,219 million for the six months ended June 30, 2023 and 2022, respectively. (c) Includes all wholesale and retail electric sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022. See Note 17 - Related Party Transactions for additional information. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 RNF from external customers Intersegment RNF Total RNF from Intersegment Total Mid-Atlantic $ 732 $ (9) $ 723 $ 542 $ 3 $ 545 Midwest 973 2 975 651 1 652 New York 314 5 319 294 (1) 293 ERCOT 166 (2) 164 110 (21) 89 Other Power Regions 218 3 221 175 (6) 169 Total RNF for Reportable Segments 2,403 (1) 2,402 1,772 (24) 1,748 Other (b) 156 1 157 185 24 209 Total RNF $ 2,559 $ — $ 2,559 $ 1,957 $ — $ 1,957 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 RNF from external customers Intersegment RNF Total RNF from external customers (a) Intersegment Total Mid-Atlantic $ 1,455 $ (41) $ 1,414 $ 1,051 $ 4 $ 1,055 Midwest 1,662 1 1,663 1,435 2 1,437 New York 538 40 578 554 6 560 ERCOT 220 (3) 217 216 (47) 169 Other Power Regions 474 (4) 470 470 (15) 455 Total RNF for Reportable Segments 4,349 (7) 4,342 3,726 (50) 3,676 Other (b) 46 7 53 271 50 321 Total RNF $ 4,395 $ — $ 4,395 $ 3,997 $ — $ 3,997 __________ (a) Includes purchases and sales from/to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022. See Note 17 - Related Party Transactions for additional information. (b) Other represents activities not allocated to a region. See text above for a description of included activities.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Unbilled Customer Revenue We recorded $185 million and $564 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, respectively. Sales of Customer Accounts Receivable On April 8, 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). On August 16, 2022, we entered into an amendment on the Facility, which increased the maximum funding limit of the Facility from $900 million to $1.1 billion and extended the term of the Facility through August 15, 2025, unless renewed by the mutual consent of the parties in accordance with its terms. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are reported as sales of receivables in the consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP, which is reflected in Other current assets in the Consolidated Balance Sheets. The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, we have the ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP. The following tables summarize the impact of the sale of certain receivables: As of June 30, 2023 As of December 31, 2022 Derecognized receivables transferred at fair value $ 1,489 $ 1,615 Cash proceeds received 250 1,100 DPP 1,239 515 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Loss on sale of receivables (a) $ 26 $ 14 $ 46 $ 24 __________ (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. Six Months Ended June 30, 2023 2022 Proceeds from new transfers (a) $ 3,181 $ 3,393 Cash collections received on DPP (b) 2,432 1,595 Cash collections reinvested in the Facility 5,613 4,988 __________ (a) Customer accounts receivable sold into the Facility were $5,516 million and $5,253 million for the six months ended June 30, 2023 and 2022, respectively. (b) Does not include $850 million cash payments to the Purchasers in the second quarter of 2023. 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 continue to service the receivables sold in exchange for a servicing fee. We did not record a servicing asset or liability as the servicing fees were not material. We recognize the cash proceeds received upon sale in Cash flows from operating activities in the Consolidated Statements of Cash Flows. The collection and reinvestment of DPP is recognized in Cash flows from investing activities in the Consolidated Statements of Cash Flows. 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 following table presents the total receivables sold. Six Months Ended June 30, 2023 2022 Total receivables sold $ 249 $ 96

Nuclear Decommissioning

Nuclear Decommissioning	6 Months Ended
	Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Nuclear Decommissioning	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 2022 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, 2022 to June 30, 2023: Balance as of December 31, 2022 (a) $ 12,500 Accretion expense 280 Costs incurred related to decommissioning plants (16) Balance as of June 30, 2023 (a) $ 12,764 __________ (a) Includes $32 million and $40 million as the current portion of the ARO as of June 30, 2023 and December 31, 2022, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets. NDT Funds We had NDT funds totaling $14,828 million and $14,127 million as of June 30, 2023 and December 31, 2022, respectively. The NDT funds also include $7 million and $13 million for the current portion of the NDT funds as of June 30, 2023 and December 31, 2022, respectively, which are included in Other current assets in the Consolidated Balance Sheets. 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 2022 Form 10-K for additional information on the Regulatory Agreement Units. The following table presents our noncurrent payables to ComEd and PECO which are recorded as Payables related to Regulatory Agreement Units as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 ComEd $ 2,857 $ 2,660 PECO 263 237 Payables related to Regulatory Agreement Units $ 3,120 $ 2,897 NRC Minimum Funding Requirements NRC regulations require that licensees of nuclear generating facilities demonstrate reasonable assurance that funds will be available in specified minimum amounts for radiological decommissioning of the facility at the end of its life. We filed our biennial decommissioning funding status report with the NRC on March 23, 2023 for all units, including our shutdown units, except for Zion Station which is included in a separate report to the NRC submitted by ZionSolutions, LLC. The status report demonstrated adequate decommissioning funding assurance as of December 31, 2022 for all units except for Peach Bottom Unit 1. As a former PECO plant, financial assurance for decommissioning Peach Bottom Unit 1 is provided by the NDT fund, collections from PECO customers, and the ability to adjust those collections in accordance with the approved PAPUC tariff. See Note 10 — Asset Retirement Obligations of our 2022 Form 10-K for information regarding the amount collected from PECO customers for decommissioning costs. Impact of Separation from Exelon Satisfying a condition precedent, on December 16, 2021, the NYPSC authorized our separation from Exelon and accepted the terms of a Joint Proposal that became binding upon closing of the separation on February 1, 2022. As part of the Joint Proposal, among other items, we have projected completion of radiological decommissioning and site restoration activities necessary to achieve a partial site release from the NRC (release of the site for unrestricted use, except for any on-site dry cask storage) within 20 years from the end of licensed life for each of our Ginna and FitzPatrick units and from the end of licensed life for the last of the NMP operating units. While there is flexibility under the Joint Proposal, there was an increase to the AROs associated with our New York nuclear plants during the first quarter of 2022. The Joint Proposal also required a contribution of $15 million to the NDT for NMP Unit 2 in January 2022 and requires various financial assurance mechanisms through the duration of decommissioning and site restoration, including a minimum NDT balance for each unit, adjusted for specific stages of decommissioning, and a parent guaranty for site restoration costs updated annually as site restoration progresses, which must be replaced with a third-party surety bond or equivalent financial instrument in the event we fall below investment grade. See Note 1 — Basis of Presentation for additional information.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Rate Reconciliation The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following: Three Months Ended June 30, 2023 (a) 2022 (b) U.S. federal statutory rate 21.0 % 21.0 % Increase (decrease) due to: State income taxes, net of federal income tax benefit 4.2 0.3 Qualified NDT fund income and losses 4.4 42.9 Amortization of investment tax credit, including deferred taxes on basis differences (0.4) 0.6 Production tax credits and other credits (0.5) 2.4 Noncontrolling interests 0.1 0.2 Other (c) 0.4 7.5 Effective income tax rate (d) 29.2 % 74.9 % Six Months Ended June 30, 2023 (a) 2022 (b) U.S. federal statutory rate 21.0 % 21.0 % Increase (decrease) due to: State income taxes, net of federal income tax benefit 4.0 (8.6) Qualified NDT fund income and losses 9.4 70.6 Amortization of investment tax credit, including deferred taxes on basis differences (0.5) 2.2 Production tax credits and other credits (0.5) 8.5 Noncontrolling interests — 0.4 Other (c) 0.1 7.0 Effective income tax rate (d) 33.5 % 101.1 % __________ (a) Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b) As there was a pre-tax loss during 2022, negative percentages represent income tax expense. Positive percentages represent income tax benefit. (c) In 2022, primarily related to a $50 million return to provision adjustment recorded in the second quarter. (d) Constellation does not expect the effective tax rate to deviate from the statutory tax rate with the exception of realized and unrealized gains and losses of the nuclear decommissioning trust funds. In 2022, the rate was also impacted by one-time adjustments. Other Tax Matters Tax Matters Agreement In connection with the separation, we entered into a TMA with Exelon. The TMA governs the respective rights, responsibilities, and obligations between us and Exelon after the separation with respect to tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. Responsibility and Indemnification for Taxes . As a former subsidiary of Exelon, we have joint and several liability with Exelon to the IRS and certain state jurisdictions relating to federal and state tax filings we were included in prior to the separation. The TMA specifies the portion of this tax liability for which we bear contractual responsibility. Specifically, we are liable for our share of certain taxes required to be paid by Exelon with respect to taxable years or periods (or portions thereof) ending on or prior to the separation to the extent that we would have been responsible for such taxes under the Exelon tax sharing agreement then existing. As of June 30, 2023 and December 31, 2022, our Consolidated Balance Sheets reflect a payable of $32 million for tax liabilities where we maintain contractual responsibility to Exelon, with $18 million in Other accounts receivable and $50 million in Noncurrent other liabilities. Tax Refunds and Attributes . The TMA provides for the allocation of certain pre-closing tax attributes between us and Exelon, along with our share of refunds for taxes claimed by Exelon for periods prior to separation. Upon separation, certain attributes that were generated by our business were allocated to Exelon, and under the TMA, Exelon will reimburse Constellation when those attributes are utilized. As of June 30, 2023 , our Consolidated Balance Sheet reflects receivables of $257 million and $273 million in Other accounts receivable and Other deferred debits and other assets, respectively. As of December 31, 2022 , our Consolidated Balance Sheet reflected receivables of $168 million and $362 million in Other accounts receivable and Other deferred debits and other assets, respectively.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits Defined Benefit Pension and OPEB During the first quarter of 2023, we received an updated valuation of our pension and OPEB obligations to reflect actual census data as of January 1, 2023. This valuation resulted in increases to the pension and OPEB obligations totaling $48 million and $21 million, respectively, with an offset to accumulated other comprehensive loss of $53 million (after-tax). The key assumptions used in the updated valuation of our pension and OPEB obligations, such as discount rate and expected long-term rate of return on plan assets, were unchanged from those used as of December 31, 2022. Components of Net Periodic Benefit Costs (Credits) We report the service cost and other non-service cost (credit) components of net periodic benefit costs (credits) for all plans separately in our Consolidated Statements of Operations and Comprehensive Income. Effective February 1, 2022, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net (where criteria for capitalization of direct labor has been met) while the non-service cost (credit) components are included in Other, net, in accordance with single employer plan accounting. Prior to separation, we were allocated our portion of pension and OPEB service and non-service costs (credits) from Exelon, which was included in Operating and maintenance expense. Our portion of the total net periodic benefit costs allocated to us from Exelon in 2022 prior to separation was not material and remains in total Operating and maintenance expense. The following tables present the components of our net periodic benefit costs (credits), prior to capitalization and co-owner allocations, for the six months ended June 30, 2023 and 2022: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 23 $ 30 $ 4 $ 6 $ 27 $ 36 Non-service components of pension benefits & OPEB cost (credit) Interest cost 98 73 19 15 117 88 Expected return on assets (127) (143) (11) (14) (138) (157) Amortization of: Prior service cost (credit) — 1 (2) (1) (2) — Actuarial loss (gain) 11 36 (4) (1) 7 35 Non-service components of pension benefits & OPEB (credit) cost (18) (33) 2 (1) (16) (34) Net periodic benefit (credit) cost (a,b) $ 5 $ (3) $ 6 $ 5 $ 11 $ 2 Pension Benefits OPEB Total Pension Benefits and OPEB Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost (credit) Service cost $ 45 $ 63 $ 8 $ 12 $ 53 $ 75 Non-service components of pension benefits & OPEB cost (credit) Interest cost 197 143 37 28 234 171 Expected return on assets (254) (280) (22) (28) (276) (308) Amortization of: Prior service cost (credit) — 1 (4) (3) (4) (2) Actuarial loss (gain) 23 74 (7) (1) 16 73 Non-service components of pension benefits & OPEB (credit) cost (34) (62) 4 (4) (30) (66) Net periodic benefit cost (a,b) $ 11 $ 1 $ 12 $ 8 $ 23 $ 9 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled $23 million and $47 million, respectively. The pension benefit and OPEB non-service costs (credits) reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled ($14) million and ($27) million, respectively. (b) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled $34 million and $64 million, respectively. The pension benefit and OPEB non-service (credits) costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled ($33) million and ($58) million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We use derivative instruments to manage commodity price risk, interest rate risk, and foreign exchange risk related to ongoing business operations. Authoritative guidance requires that derivative instruments be recognized as either assets or liabilities at fair value, with changes in fair value of the derivative recognized in earnings immediately. Other accounting treatments are available through special election and designation, provided they meet specific, restrictive criteria both at the time of designation and on an ongoing basis. These alternative permissible accounting treatments include NPNS, cash flow hedges, and fair value hedges. All derivative economic hedges related to commodities, referred to as economic hedges, are recorded at fair value through earnings. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle and revenue or expense is recognized in earnings as the underlying physical commodity is sold or 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 are downgraded below investment grade. Commodity Price Risk We employ established policies and procedures to manage our risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, including swaps, futures, forwards, options, and short-term and long-term commitments to purchase and sell energy and commodity products. We believe these instruments, which are either determined to be non-derivative or classified as economic hedges, mitigate exposure to fluctuations in commodity prices. To the extent the amount of energy we produce or procure differs from the amount of energy we have contracted to sell, we are exposed to market fluctuations in the prices of electricity, natural gas and oil, and other commodities. We use a variety of derivative and non-derivative instruments to manage the commodity price risk of our electric generation facilities, including power and gas sales, fuel and power purchases, natural gas transportation and pipeline capacity agreements, and other energy-related products marketed and purchased. To manage these risks, we may enter into fixed-price derivative or non-derivative contracts to hedge the variability in future cash flows from expected sales of power and gas and purchases of power and fuel. The objectives for executing such hedges include fixing the price for a portion of anticipated future electricity sales at a level that provides an acceptable return. We are also exposed to differences between the locational settlement prices of certain economic hedges and the hedged generating units. This price difference is actively managed through other instruments which include derivative congestion products, whose changes in fair value are recognized in earnings each period, and auction revenue rights, which are accounted for on an accrual basis. Additionally, we are exposed to certain market risks through our proprietary trading activities. The proprietary trading activities are a complement to our energy marketing portfolio but represent a small portion of our overall energy marketing activities and are subject to limits established by our RMC. The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2023 and December 31, 2022: June 30, 2023 Economic Proprietary Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current assets) $ 8,639 $ 5 $ 410 $ (7,344) $ 1,710 Mark-to-market derivative assets (noncurrent assets) 3,836 — 188 (2,966) 1,058 Total mark-to-market derivative assets 12,475 5 598 (10,310) 2,768 Mark-to-market derivative liabilities (current liabilities) (9,041) (4) 522 7,344 (1,179) Mark-to-market derivative liabilities (noncurrent liabilities) (3,844) — 266 2,966 (612) Total mark-to-market derivative liabilities (12,885) (4) 788 10,310 (1,791) Total mark-to-market derivative net assets (liabilities) $ (410) $ 1 $ 1,386 $ — $ 977 December 31, 2022 Mark-to-market derivative assets (current assets) $ 15,296 $ 10 $ 161 $ (13,123) $ 2,344 Mark-to-market derivative assets (noncurrent assets) 5,100 — 217 (4,074) 1,243 Total mark-to-market derivative assets 20,396 10 378 (17,197) 3,587 Mark-to-market derivative liabilities (current liabilities) (15,049) (6) 374 13,123 (1,558) Mark-to-market derivative liabilities (noncurrent liabilities) (5,203) — 146 4,074 (983) Total mark-to-market derivative liabilities (20,252) (6) 520 17,197 (2,541) Total mark-to-market derivative net assets (liabilities) $ 144 $ 4 $ 898 $ — $ 1,046 _________ (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 $654 million of variation margin posted and $836 million of variation margin held from the exchanges as of June 30, 2023 and December 31, 2022, respectively. Economic Hedges (Commodity Price Risk) For the three and six months ended June 30, 2023 and 2022, we recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Statement Location Gains (Losses) Gains (Losses) Operating revenues $ 214 $ (303) $ 1,145 $ (1,222) Purchased power and fuel (218) 348 (1,412) 1,174 Total $ (4) $ 45 $ (267) $ (48) In general, increases and decreases in forward market prices have a positive and negative impact, respectively, on owned and contracted generation positions that have not been hedged. For merchant revenues not already hedged via comprehensive state programs, such as the CMC in Illinois, historically we have used a three-year ratable sales plan to align our hedging strategy with our financial objectives. As a result, our prompt three-year merchant revenues have been hedged on an approximate rolling 90%/60%/30% basis. We may also enter into transactions that are outside of this ratable hedging program. As of June 30, 2023, the percentage of expected generation hedged for the Mid-Atlantic, Midwest, New York, and ERCOT reportable segments is 95%-98% and 77%-80% for 2023 and 2024, respectively. 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 $451 million and $524 million as of June 30, 2023 and December 31, 2022, respectively. The following table provides the mark-to-market derivative assets and liabilities as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Economic Netting (a) Total Economic Netting (a) Total Mark-to-market derivative assets (current assets) $ 25 $ (2) $ 23 $ 29 $ (5) $ 24 Mark-to-market derivative assets (noncurrent assets) 9 — 9 18 — 18 Total mark-to-market derivative assets 34 (2) 32 47 (5) 42 Mark-to-market derivative liabilities (current liabilities) (2) 2 — (5) 5 — Mark-to-market derivative liabilities (noncurrent liabilities) (1) — (1) — — — Total mark-to-market derivative liabilities (3) 2 (1) (5) 5 — Total mark-to-market derivative net assets (liabilities) $ 31 $ — $ 31 $ 42 $ — $ 42 _________ (a) We net all available amounts 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. The mark-to-market gains and losses associated with management of interest rate and foreign currency exchange rate risk for the three and six months ended June 30, 2023 and 2022 were not material. Credit Risk We would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts as of the reporting date. For commodity derivatives, we enter into enabling agreements that allow for payment netting with our counterparties, which reduces our exposure to counterparty risk by providing for the offset of amounts payable to the counterparty against amounts receivable from the counterparty. Typically, each enabling agreement is for a specific commodity and, with respect to each individual counterparty, netting is limited to t ransactions involving that specific commodity product, except where master netting agreements exist with a counterparty that allows for cross product netting. In addition to payment netting language in the enabling agreement, our credit department establishes credit limits, margining thresholds and collateral requirements for each counterparty, which are defined in the derivative contracts. Counterparty credit limits are based on an internal credit review process that considers a variety of factors, including the results of a scoring model, leverage, liquidity, profitability, credit ratings by credit rating agencies, and risk management capabilities. To the extent that a counterparty’s margining thresholds are exceeded, the counterparty is required to post collateral with us as specified in each enabling agreement. Our credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis. The following tables provide information on the credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 2023. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts, and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. Rating as of June 30, 2023 Total Credit Collateral (a) Net Number of Net Exposure of Investment grade $ 958 $ 47 $ 911 1 $ 223 Non-investment grade 15 7 8 — — No external ratings Internally rated — investment grade 117 — 117 — — Internally rated — non-investment grade 258 44 214 — — Total $ 1,348 $ 98 $ 1,250 1 $ 223 Net Credit Exposure by Type of Counterparty As of June 30, 2023 Investor-owned utilities, marketers, power producers $ 1,004 Energy cooperatives and municipalities 115 Financial Institutions 33 Other 98 Total $ 1,250 __________ (a) As of June 30, 2023, credit collateral held from counterparties where we had credit exposure included $47 million of cash and $51 million of letters of credit. The credit collateral does not include non-liquid collateral. Credit-Risk-Related Contingent Features As part of the normal course of business, we routinely enter into physically or financially settled contracts for the purchase and sale of electric capacity, electricity, fuels, emissions allowances, and other energy-related products. Certain of our derivative instruments contain provisions that require us to post collateral. We also enter into commodity transactions on exchanges where the exchanges act as the counterparty to each trade. Transactions on the exchanges must adhere to comprehensive collateral and margining requirements. This collateral may be posted in the form of cash or credit support with thresholds contingent upon our credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit-risk-related contingent features stipulate that if we were to be downgraded or lose our investment grade credit rating (based on our senior unsecured debt rating), we would be required to provide additional collateral. This incremental collateral requirement allows for the offsetting of derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master netting agreements. In the absence of expressly agreed-to provisions that specify the collateral that must be provided, collateral requested will be a function of the facts and circumstances of the situation at the time of the demand. In this case, we believe an amount of several months of future payments (i.e., capacity payments) rather than a calculation of fair value is the best estimate for the contingent collateral obligation, which has been factored into the disclosure below. The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below: Credit-Risk-Related Contingent Features June 30, 2023 December 31, 2022 Gross fair value of derivative contracts containing this feature (a) $ (2,231) $ (4,736) Offsetting fair value of in-the-money contracts under master netting arrangements (b) 941 2,048 Net fair value of derivative contracts containing this feature (c) $ (1,290) $ (2,688) __________ (a) Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features ignoring the effects of master netting agreements. (b) Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which we could potentially be required to post collateral. (c) Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based. As of June 30, 2023 and December 31, 2022, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. June 30, 2023 December 31, 2022 Cash collateral posted (a) $ 2,097 $ 1,636 Letters of credit posted (a) 761 947 Cash collateral held (a) 728 765 Letters of credit held (a) 59 115 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c) 2,172 3,337 __________ (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. We entered into supply forward contracts with certain utilities with one-sided collateral postings only from us. If market prices fall below the benchmark price levels in these contracts, the utilities are not required to post collateral. However, when market prices rise above the benchmark price levels, counterparty suppliers, including us, are required to post collateral once certain unsecured credit limits are exceeded.

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements Short-Term Borrowings We meet our short-term liquidity requirements primarily through the issuance of commercial paper. We may use our credit facility for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit. Commercial Paper The following table reflects our commercial paper program supported by the revolving credit agreements as of June 30, 2023 and December 31, 2022: Outstanding Commercial Weighted Average Interest Rate on June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 $ 435 $ 959 5.33 % 4.90 % Credit Agreements On February 1, 2022, we entered into a new credit agreement establishing a $3.5 billion five-year revolving credit facility at a variable interest rate of SOFR plus 1.275% and on February 9, 2022 we entered into a $1 billion five-year liquidity facility with the primary purpose of supporting our letter of credit issuances. Many of our bilateral credit agreements remain in effect. See below for additional details. As of June 30, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities: Available Capacity as of June 30, 2023 Facility Type Aggregate Bank Facility Draws Outstanding Actual To Support Syndicated Revolver $ 3,500 $ — $ 249 $ 3,251 $ 2,816 Bilaterals (a) 1,310 — 735 575 — Liquidity Facility 971 — 567 322 (b) — Project Finance 137 — 110 27 — Total $ 5,918 $ — $ 1,661 $ 4,175 $ 2,816 __________ (a) On January 20, 2023, a bilateral credit agreement initiated on August 24, 2022 decreased from $100 million to $10 million. On March 29, 2023, we initiated a new bilateral credit agreement for $100 million, with a maturity date of March 29, 2025. On January 31, 2023, a bilateral credit agreement initiated on May 15, 2020 increased from $200 million to $250 million, and on March 31, 2023 this agreement increased to $300 million. On April 4, 2023, a bilateral credit agreement initiated on January 5, 2016 was extended for three years to April 3, 2026. (b) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $889 million. Short-Term Loan Agreements On March 31, 2020, we entered into a term loan agreement for $300 million. We repaid $100 million of the term loan on March 29, 2022. The remaining $200 million from the loan agreement was renewed on March 29, 2022 and repaid on March 29, 2023. Pursuant to the loan agreement, loans made thereunder bore interest at a variable rate equal to SOFR plus 0.80% and all indebtedness thereunder was unsecured. The loan was reflected in Short-term borrowings in the Consolidated Balance Sheet as of December 31, 2022. On January 26, 2023, we entered into a term loan agreement for $100 million. The loan agreement has an expiration of January 24, 2024. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.80% and all indebtedness thereunder is unsecured. The loan was reflected in Short-term borrowings in the Consolidated Balance Sheet as of June 30, 2023. On February 9, 2023, we entered into a term loan agreement for $400 million. The loan agreement has an expiration of February 8, 2024. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 1.05% and all indebtedness thereunder is unsecured. The loan was reflected in Short-term borrowings in the Consolidated Balance Sheet as of June 30, 2023. Long-Term Debt Debt Issuances and Redemptions During the six months ended June 30, 2023, the following long-term debt was issued: Type Interest Rate Maturity Amount Use of Proceeds 2028 Senior Notes 5.60 % March 1, 2028 $ 750 To fund general corporate purposes, including repayment of short-term borrowings 2033 Senior Notes 5.80 % March 1, 2033 600 To fund general corporate purposes, including repayment of short-term borrowings Tax-Exempt Notes Reoffering 4.10% - 4.45% 2025-2053 (a) 435 To fund general corporate purposes, including repayment of short-term borrowings Energy Efficiency Project Financing (b) 2.20% - 4.96% May 31, 2023 - May 1, 2024 6 Funding to install energy conservation measures __________ (a) The Tax Exempt Notes have a maturity date of March 1, 2025 - April 1, 2053, and a mandatory purchase date that ranges from March 1, 2025 - June 1, 2029. (b) For Energy Efficiency Project Financing, the maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt. During the six months ended June 30, 2023, the following long-term debt was redeemed: Type Interest Rate Maturity Amount Energy Efficiency Project Financing 3.71% May 31, 2023 $ 43 CR Nonrecourse Debt 3-month LIBOR + 2.50% December 15, 2027 39 Continental Wind Nonrecourse Debt 6.00% February 28, 2033 15 West Medway II Nonrecourse Debt 1-month SOFR + 2.975% - 3.225% (a) March 31, 2026 13 Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 5, 2037 8 RPG Nonrecourse Debt 4.11% March 31, 2035 3 __________ (a) The interest rate for long-term debt redemptions prior to May 2023 were based on LIBOR + 2.875%. Beginning in May 2023 these redemptions are based on SOFR + the variable interest rate of 2.975% - 3.225%. Long-Term Debt from Affiliates In connection with the debt obligations assumed by Exelon as part of the 2012 merger, Exelon and our subsidiaries assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes payable to Exelon. In connection with the separation, on January 31, 2022, we paid cash to Exelon Corporate in the amount of $258 million to settle the intercompany loan with the difference of $61 million recorded to membership interest. Debt Covenants As of June 30, 2023, we are in compliance with all debt covenants.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	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 the short-term liabilities, long-term debt, and the SNF obligation as of June 30, 2023 and December 31, 2022. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. June 30, 2023 December 31, 2022 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 $ 6,266 $ 5,455 $ 803 $ 6,258 $ 4,609 $ 3,688 $ 859 $ 4,547 SNF Obligation 1,260 1,128 — 1,128 1,230 1,021 — 1,021 Valuation Techniques Used to Determine Fair Value Our valuation techniques used to measure the fair 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 2022 Form 10-K. Valuation Techniques Used to Determine Net Asset Value Certain NDT Fund Investments are not classified within the fair value hierarchy and are included under the heading “Not subject to leveling” in the table below. These investments are measured at fair value using NAV per share as a practical expedient and include commingled funds, mutual funds which are not publicly quoted, managed private credit funds, private equity and real estate funds. For commingled funds and mutual funds, which are not publicly quoted, the fair value is primarily derived from the quoted prices in active markets on the underlying securities and can typically be redeemed monthly with 30 or less days of notice and without further restrictions. For managed private credit funds, the fair value is determined using a combination of valuation models including cost models, market models, and income models and typically cannot be redeemed until maturity of the term loan. Private equity and real estate investments include those in limited partnerships that invest in operating companies and real estate holding companies that are not publicly traded on a stock exchange, such as, leveraged buyouts, growth capital, venture capital, distressed investments, investments in natural resources, and direct investments in pools of real estate properties. These investments typically cannot be redeemed and are generally liquidated over a period of 8 to 10 years from the initial investment date, which is based on our understanding of the investment funds. Private equity and real estate valuations are reported by the fund manager and are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows, market based comparable data, and independent appraisals from sources with professional qualifications. These valuation inputs are unobservable. Recurring Fair Value Measurements The following tables present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 Level 1 Level 2 Level 3 Not subject to leveling Total Level 1 Level 2 Level 3 Not subject to leveling Total Assets Cash equivalents (a) $ 33 $ — $ — $ — $ 33 $ 41 $ — $ — $ — $ 41 NDT fund investments Cash equivalents (b) 485 93 — — 578 349 88 — — 437 Equities 3,990 1,644 1 1,089 6,724 3,462 1,498 — 1,421 6,381 Fixed income Corporate debt (c) — 919 271 — 1,190 — 885 264 — 1,149 U.S. Treasury and agencies 1,923 72 — — 1,995 1,996 46 — — 2,042 Foreign governments — 42 — — 42 — 39 — — 39 State and municipal debt — 56 — — 56 — 53 — — 53 Other 11 18 — 1,860 1,889 21 21 — 1,649 1,691 Fixed income subtotal 1,934 1,107 271 1,860 5,172 2,017 1,044 264 1,649 4,974 Private credit — — 149 611 760 — — 159 643 802 Private equity — — — 721 721 — — — 687 687 Real estate — — — 997 997 — — — 1014 1,014 NDT fund investments subtotal (d)(e) 6,409 2,844 421 5,278 14,952 5,828 2,630 423 5,414 14,295 Rabbi trust investments Cash equivalents 1 — — — 1 1 — — — 1 Mutual funds 42 — — — 42 39 — — — 39 Life insurance contracts — 29 1 — 30 — 27 1 — 28 Rabbi trust investments subtotal 43 29 1 — 73 40 27 1 — 68 Investments in equities (f) 480 — — — 480 6 — — — 6 Mark-to-market derivative assets Economic hedges 2,052 6,085 4,372 — 12,509 3,505 11,353 5,585 — 20,443 Proprietary trading — 2 3 — 5 — 4 6 — 10 Effect of netting and allocation of (g)(h) (1,937) (5,099) (2,678) — (9,714) (2,951) (10,348) (3,525) — (16,824) Mark-to-market derivative assets subtotal 115 988 1,697 — 2,800 554 1,009 2,066 — 3,629 DPP consideration — 1,239 — — 1,239 — 515 — — 515 Total assets 7,080 5,100 2,119 5,278 19,577 6,469 4,181 2,490 5,414 18,554 Liabilities Mark-to-market derivative liabilities Economic hedges (2,176) (6,666) (4,046) — (12,888) (3,171) (11,498) (5,588) — (20,257) Proprietary trading — (2) (2) — (4) — (4) (2) — (6) Effect of netting and allocation of collateral (g)(h) 2,331 5,767 3,002 — 11,100 3,279 10,700 3,743 — 17,722 Mark-to-market derivative liabilities subtotal 155 (901) (1,046) — (1,792) 108 (802) (1,847) — (2,541) Deferred compensation obligation — (57) — — (57) — (57) — — (57) Total liabilities 155 (958) (1,046) — (1,849) 108 (859) (1,847) — (2,598) Total net assets (liabilities) $ 7,235 $ 4,142 $ 1,073 $ 5,278 $ 17,728 $ 6,577 $ 3,322 $ 643 $ 5,414 $ 15,956 __________ (a) CEG Parent has $40 million and $49 million of Level 1 cash equivalents as of June 30, 2023 and December 31, 2022, respectively. We exclude cash of $255 million and $390 million as of June 30, 2023 and December 31, 2022, respectively, and restricted cash of $29 million and $70 million as of June 30, 2023 and December 31, 2022, respectively. CEG Parent excludes an additional $1 million and $19 million of cash as of June 30, 2023 and December 31, 2022, respectively. (b) Includes $115 million and $99 million of cash received from outstanding repurchase agreements as of June 30, 2023 and December 31, 2022, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (e) below. (c) Includes investments in equities sold short of ($40) million and ($45) million as of June 30, 2023 and December 31, 2022, respectively, held in an investment vehicle primarily to hedge the equity option component of convertible debt. (d) Includes net derivative assets of $1 million and net derivative liabilities of $1 million, which have total notional amounts of $600 million and $494 million as of June 30, 2023 and December 31, 2022, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (e) Excludes net liabilities of $124 million and $168 million as of June 30, 2023 and December 31, 2022, respectively, which include certain derivative assets that have notional amounts of $156 million and $59 million as of June 30, 2023 and December 31, 2022, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less. (f) Includes an equity investment that became publicly traded in the second quarter of 2023 and now has a readily determinable fair value (and no longer is accounted for as an equity method investment due to lack of significant influence). We recorded the fair value of this investment in Investments on the Consolidated Balance Sheets based on the quoted market price of the stock at June 30, 2023, which resulted in an unrealized gain of $419 million within Other, net in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023. (g) Net collateral posted to counterparties totaled $394 million, $668 million, and $324 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of June 30, 2023. Net collateral posted to counterparties totaled $328 million, $352 million, and $218 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of December 31, 2022. (h) Includes $654 million of variation margin posted and $836 million of variation margin held from the exchanges as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, we have outstanding commitments to invest in private credit, private equity, and real estate investments of $225 million, $104 million, and $328 million, respectively. These commitments will be funded by our existing NDT funds. We hold investments without readily determinable fair values with carrying amounts of $89 million and $46 million as of June 30, 2023 and December 31, 2022, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three months ended June 30, 2023 and the year ended December 31, 2022. Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of April 1, 2023 $ 421 $ 747 $ 1 $ 1,169 Total realized / unrealized gains (losses) Included in net income 1 (245) (a) — (244) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 70 — 70 Purchases, sales, issuances and settlements Purchases — 19 — 19 Sales — (1) — (1) Settlements (5) — — (5) Transfers into Level 3 — 67 (b) — 67 Transfers out of Level 3 — (6) (b) — (6) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ (6) $ — $ (5) For the Three Months Ended June 30, 2022 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of April 1, 2022 $ 462 $ (1,278) $ 3 $ (813) Total realized / unrealized (losses) gains Included in net income (1) 204 (a) (2) 201 Included in Payable related to Regulatory Agreement Units (7) — — (7) Change in collateral — 8 8 Purchases, sales, issuances and settlements Purchases 5 25 — 30 Sales — (10) — (10) Settlements (28) (30) — (58) Transfers into Level 3 — 316 (b) — 316 Transfers out of Level 3 — 22 (b) — 22 Balance as of June 30, 2022 $ 431 $ (743) $ 1 $ (311) The amount of total (losses) gains included in income attributed to the change in unrealized (losses) gains related to assets and liabilities as of June 30, 2022 $ (1) $ 48 $ (2) $ 45 For the Six Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains Included in net income 1 260 (a) — 261 Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 105 — 105 Purchases, sales, issuances and settlements Purchases — 85 — 85 Sales — (5) — (5) Settlements (7) — — (7) Transfers into Level 3 — 59 (b) — 59 Transfers out of Level 3 — (72) (b) — (72) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of June 30, 2023 $ 1 $ 705 $ — $ 706 For the Six Months Ended June 30, 2022 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of January 1, 2022 $ 464 $ (94) $ — $ 370 Total realized / unrealized losses Included in net income (1) (898) (a) (2) (901) Included in Payable related to Regulatory Agreement Units (9) — — (9) Change in collateral — (254) — (254) Impacts of separation — — 3 3 Purchases, sales, issuances and settlements Purchases 5 166 — 171 Sales — (37) — (37) Settlements (28) (30) — (58) Transfers into Level 3 — 417 (b) — 417 Transfers out of Level 3 — (13) (b) — (13) Balance as of June 30, 2022 $ 431 $ (743) $ 1 $ (311) The amount of total losses included in income attributed to the change in unrealized losses related to assets and liabilities as of June 30, 2022 $ (2) $ (1,062) $ (2) $ (1,066) __________ (a) Includes a reduction of $239 million and $445 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2023, respectively. Includes an addition of $126 million and $135 million for realized losses due to the settlement of derivative contracts for the three and six months ended June 30, 2022, respectively. (b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less or more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts. The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, Operating Purchased Other, net 2023 2022 2023 2022 2023 2022 Total (losses) gains included in net income $ (29) $ (220) $ (216) $ 394 $ 1 $ (3) Total unrealized gains (losses) 209 (364) (215) 412 1 (3) For the Six Months Ended June 30, Operating Purchased Other, net 2023 2022 2023 2022 2023 2022 Total gains (losses) included in net income $ 517 $ (1,241) 1 $ (257) $ 313 $ 1 $ (3) Total unrealized gains (losses) 1,047 (1,585) (342) 523 1 (4) Mark-to-Market Derivatives The following table presents the significant inputs to the forward curve used to value level 3 mark-to-market derivative positions: Type of trade Fair Value as of June 30, 2023 Fair Value as of December 31, 2022 Valuation Unobservable 2023 Range & Arithmetic Average 2022 Range & Arithmetic Average Mark-to-market derivatives—Economic hedges (a)(b) $ 326 $ (3) Discounted Cash Flow Forward power $10 - $243 $50 $0.63 - $283 $72 Forward gas $1.20 - $17 $3.79 $1.67 - $26 $4.57 Option Volatility 122% - 128% 124% 97% - 119% 111% __________ (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 $324 million and $218 million as of June 30, 2023 and December 31, 2022, 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 price volatility for options. 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; i.e. an increase in natural gas pricing would have a similar impact on forward power markets. See Note 10 — Derivative Financial Instruments for additional information on mark-to-market derivatives.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Commercial Commitments. Commercial commitments as of June 30, 2023, representing commitments potentially triggered by future events, were as follows: Expiration within Total 2023 2024 2025 2026 2027 2028 and beyond Letters of credit $ 1,661 $ 1,131 $ 530 $ — $ — $ — $ — Surety bonds (a) 910 657 253 — — — — Total commercial commitments $ 2,571 $ 1,788 $ 783 $ — $ — $ — $ — __________ (a) Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Environmental Remediation Matters General. Our operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under Federal and state environmental laws, we are generally liable for the costs of remediating environmental contamination of property now or formerly owned by us and of property contaminated by hazardous substances generated by us. We own or lease several real estate parcels, including parcels on which our operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, we are currently involved in proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, we cannot reasonably estimate whether we will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by us, environmental agencies, or others. Additional costs could have a material, unfavorable impact on our financial statements. We had accrued undiscounted amounts for environmental liabilities of $127 million and $119 million as of June 30, 2023 and December 31, 2022, respectively, in Accrued expenses and Other deferred credits and other liabilities in the Consolidated Balance Sheets. Cotter Corporation. The EPA has advised Cotter Corporation (N.S.L.) (Cotter), a former ComEd subsidiary, that it is potentially liable in connection with radiological contamination at two sites in Missouri. In 2000, ComEd sold Cotter to an unaffiliated third-party. As part of the sale, ComEd agreed to indemnify Cotter for any liability arising from these two Missouri superfund sites, West Lake Landfill and Latty Avenue. In connection with Exelon’s 2001 corporate restructuring, this responsibility to indemnify Cotter was transferred to us, and ultimately retained by us per the terms of our separation from Exelon. See Note 1 — Basis of Presentation for additional information on the separation and Note 19 - Commitments and Contingencies of our 2022 Form 10-K for additional information on the West Lake Landfill. Latty Avenue and Vicinity Properties. In August 2011, Cotter was notified by the DOJ that Cotter is considered a PRP with respect to the government’s clean-up costs for contamination attributable to low level radioactive residues at a former storage and reprocessing facility named Latty Avenue near St. Louis, Missouri. Latty Avenue was investigated and remediated by the United States Army Corps of Engineers pursuant to funding under the Formerly Utilized Sites Remedial Action Program. On August 3, 2020, the DOJ advised Cotter that it is seeking approximately $90 million from all the PRPs. In December 2021, a good faith offer was submitted to the government. After subsequent communications with DOJ, Cotter proposed, and DOJ agreed to consider mediation to facilitate a settlement. Pursuant to a series of agreements since 2011, the DOJ and Cotter have extended the Statute of Limitations through August 31, 2023. We have determined that a loss associated with this matter is probable and have recorded an estimated liability, included in the total amount as discussed above, that reflects management's best estimate of Cotter's allocable share of the cost. It is reasonably possible that Cotter's allocable share could differ significantly, which could have a material impact on our consolidated financial statements. In April 2023, Cotter was informed by the DOJ about potential additional liability for all PRPs of approximately $90 million associated with the Latty Avenue site as well as certain allegedly contaminated properties in the vicinity of Latty Avenue, for which the government claims that Cotter is a PRP. We are in the process of evaluating this potential liability. It is reasonably possible that Cotter's allocable share could have a material unfavorable impact on our consolidated financial statements. Litigation and Regulatory Matters Asbestos Personal Injury Claims. We maintain a reserve for claims associated with asbestos-related personal injury actions at certain facilities that are currently owned by us or were previously owned by ComEd, PECO, or BGE. The estimated liabilities are recorded on an undiscounted basis and exclude the estimated legal costs associated with handling these matters, which could be material. At June 30, 2023 and December 31, 2022, we recorded estimated liabilities of approximately $109 million and $95 million, respectively, in total for asbestos-related bodily injury claims. As of June 30, 2023, approximately $28 million of this amount related to 250 open claims presented to us, while the remaining $81 million is for estimated future asbestos-related bodily injury claims anticipated to arise through 2055, based on actuarial assumptions and analyses, which are updated on an annual basis. On a quarterly basis, we monitor actual experience against the number of forecasted claims to be received and expected claim payments and evaluate whether adjustments to the estimated liabilities are necessary. Impacts of the February 2021 Extreme Cold Weather Event and Texas-based Generating Assets Outages. Beginning on February 15, 2021, our Texas-based generating assets within the ERCOT market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced outages as a result of extreme cold weather conditions. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and also increased gas prices in certain regions. See Note 3 — Regulatory Matters for additional information. Various lawsuits have been filed against us since March 2021 related to these events, including: • On March 5, 2021, we, along with more than 150 power generators and transmission and distribution companies, were sued by approximately 160 individually named plaintiffs, purportedly on behalf of all Texans who allegedly suffered loss of life or sustained personal injury, property damage or other losses as a result of the weather events. The plaintiffs alleged that the defendants failed to properly prepare for the cold weather and failed to properly conduct their operations, seeking compensatory as well as punitive damages. Thereafter, numerous other plaintiffs filed multiple lawsuits against more than 300 defendants, including us, involving similar allegations of liability and claims of personal injury and property damage all arising out of the February weather events. These additional lawsuits allege wrongful death, property damage, or other losses. Co-defendants in these lawsuits include ERCOT, transmission and distribution utilities and other generators. On December 28, 2021, approximately 130 insurance companies which insured Texas homeowners and businesses filed a subrogation lawsuit against multiple defendants alleging that defendants were at fault for the energy failure that resulted from the winter storm, causing significant property damage to the insureds. Subsequently, several hundred other insurance companies filed similar claims. All of these cases were combined in a Multi-District-Litigation (MDL) pending in Texas state court, which established a bellwether process to consider initial motions to dismiss by the different industry groups of defendants. Defendants filed Motions to Dismiss the amended complaints in five bellwether cases in July 2022. Briefing was completed in September 2022, and oral argument was held on October 11 and 12, 2022. On February 3, 2023, the court granted the motions to dismiss pertaining to us in part and denied them in part, leaving the plaintiffs' negligence and nuisance claims to proceed. As a result, we remain a defendant in the lawsuits, although we, along with the other generators, have sought relief from the court of appeals in Texas. Since the motions to dismiss were partially denied, thousands of new claimants, many in multiple mass tort actions, have filed lawsuits in various Texas state courts naming us, among other defendants. The expectation is these lawsuits will be transferred to the MDL. To date, we have been served with only some of the newly filed claims. Once reconstituted, the MDL is expected to now involve over 200 cases brought by over 20,000 plaintiffs, including more than 500 insurance companies, and we are defendants in the majority of them. We dispute liability and deny that we are responsible for any of plaintiffs’ alleged claims and are vigorously contesting them. No loss contingencies have been reflected in the consolidated financial statements with respect to these matters, nor can we currently estimate a range of loss. It is reasonably possible, however, that resolution of these matters could have a material, unfavorable impact on our consolidated financial statements. 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.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchase Program (CEG Parent) On February 16, 2023, as part of our capital allocation plan, our Board of Directors announced a share repurchase program with a $1 billion authority without expiration. Share repurchases may be made through a variety of methods, which may include open market or privately negotiated transactions, provided that the amounts spent do not exceed what is authorized. Any repurchased shares are constructively retired and cancelled. The program does not obligate us to acquire a minimum number of shares during any period and our repurchase of CEG's common stock may be limited, suspended, or discounted at any time at our discretion and without prior notice. Repurchases under this program commenced in March 2023. During the three and six months ended June 30, 2023, we repurchased from the open market 3.0 million and 6.2 million shares of our common stock for a total cost of $252 million and $503 million at an average price per share of $84.49 and $80.44, respectively. As of June 30, 2023, there was $497 million of remaining authority to repurchase shares. No other repurchase plans or programs have been authorized by our Board of Directors. Changes in Accumulated Other Comprehensive Loss (All Registrants) The following tables present changes in AOCI, net of tax, by component: Three Months Ended June 30, 2023 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (9) $ (1,773) $ (26) $ (1,808) OCI before reclassifications (1) — 3 2 Amounts reclassified from AOCI 1 5 — 6 Net current-period OCI — 5 3 8 Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Three Months Ended June 30, 2022 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (8) $ (1,989) $ (19) $ (2,016) OCI before reclassifications (1) — (2) (3) Amounts reclassified from AOCI 1 26 — 27 Net current-period OCI — 26 (2) 24 Ending balance $ (8) $ (1,963) $ (21) $ (1,992) Six Months Ended June 30, 2023 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (9) $ (1,725) $ (26) $ (1,760) OCI before reclassifications (1) (53) 3 (51) Amounts reclassified from AOCI 1 10 — 11 Net current-period OCI — (43) 3 (40) Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Six Months Ended June 30, 2022 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (8) $ — $ (23) $ (31) Separation-related adjustments — (2,006) — (2,006) OCI before reclassifications (1) — 2 1 Amounts reclassified from AOCI 1 43 — 44 Net current-period OCI — (1,963) 2 (1,961) Ending balance $ (8) $ (1,963) $ (21) $ (1,992) __________ (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 loss: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (3) $ (9) $ (5) $ (15) Pension and non-pension postretirement benefit plans valuation adjustment — — 18 680

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable Interest Entities At June 30, 2023 and December 31, 2022, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles. Consolidated VIEs The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of June 30, 2023 and December 31, 2022. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. June 30, 2023 December 31, 2022 Cash and cash equivalents $ 65 $ 51 Restricted cash and cash equivalents 46 46 Accounts receivable Customer accounts receivable 26 20 Other accounts receivable 9 9 Inventories, net Materials and supplies 14 12 Other current assets 1,273 549 Total current assets 1,433 687 Property, plant, and equipment, net 1,970 1,965 Other noncurrent assets 178 190 Total noncurrent assets 2,148 2,155 Total assets (a) $ 3,581 $ 2,842 Long-term debt due within one year $ 61 $ 60 Accounts payable 23 17 Accrued expenses 22 23 Other current liabilities 1 2 Total current liabilities 107 102 Long-term debt 738 764 Asset retirement obligations 177 173 Other noncurrent liabilities 3 3 Total noncurrent liabilities 918 940 Total liabilities (b) $ 1,025 $ 1,042 __________ (a) Our balances include unrestricted assets for current unamortized energy contract assets of $23 million and $23 million, disclosed within other current assets in the table above, noncurrent unamortized energy contract assets of $166 million and $178 million, disclosed within other noncurrent assets in the table above as of June 30, 2023 and December 31, 2022, respectively. (b) Our balances include liabilities with recourse of $1 million as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. CRP - CRP is a collection of wind and solar project entities and some of these project entities are VIEs that are consolidated by CRP. While we or CRP own 100% of the solar entities and 100% of the majority of the wind entities, it has been determined that the wholly owned solar and wind entities are VIEs because the entities' customers absorb price variability from the entities through fixed price power and/or REC purchase agreements. Additionally, for the wind entities that have minority interests, it has been determined that these entities are VIEs because the governance rights of some investors are not proportional to their financial rights. We are the primary beneficiary of these solar and wind entities that qualify as VIEs because we control operations and direct all activities of the facilities. There is limited recourse to us related to certain solar and wind entities. In 2017, our interests in CRP were contributed to and are pledged for the CR non-recourse debt project financing structure. Refer to Note 17 — Debt and Credit Agreements of our 2022 Form 10-K for additional information. Unconsolidated VIEs Our variable interests in unconsolidated VIEs generally include equity investments and energy purchase and sale contracts. For the equity investments, the carrying amount of the investments is reflected in the Consolidated Balance Sheets in Investments. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements. As of June 30, 2023 and December 31, 2022, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain equity method investments and certain commercial agreements. The following table presents summary information about our significant unconsolidated VIE entities: June 30, 2023 December 31, 2022 Commercial Equity Total Commercial Equity Total Total assets (a) $ 700 $ — $ 700 $ 716 $ — $ 716 Total liabilities (a) 61 — 61 55 — 55 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 639 — 639 661 — 661 __________ (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 o f June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: Equity investments in distributed energy companies. We sold this investment in the fourth quarter of 2022 resulting in it no longer being classified as an unconsolidated VIE. Similar structures to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner. We do not conduct the operational activities. Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. PPA contracts that absorb variability through fixed pricing. We do not conduct the operational activities.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Supplemental Statement of Operations Information The following tables provide additional information about material items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease income $ 13 $ 13 $ 17 $ 17 Variable lease income 66 71 124 127 Taxes other than income taxes Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross receipts (a) $ 35 $ 31 $ 68 $ 61 Property 65 69 121 138 Payroll 36 30 70 63 __________ (a) Represent gross receipts taxes related to our retail operations. The offsetting collection of gross receipts taxes from customers is recorded in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income. Other, net Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 135 $ 97 $ 449 $ 271 Non-Regulatory Agreement Units 91 15 285 100 Net unrealized gains (losses) on NDT funds Regulatory Agreement Units 56 (853) 85 (1,390) Non-Regulatory Agreement Units 27 (515) 45 (852) Regulatory offset to NDT fund-related activities (b) (154) 607 (429) 899 Decommissioning-related activities 155 (649) 435 (972) Non-service net periodic benefit credit (c) 14 33 27 52 Net realized and unrealized gains (losses) from equity investments (d) 419 (5) 414 (25) Return to provision adjustment (e) — (58) — (58) __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) Prior to separation, we were allocated our portion of pension and OPEB non-service credits (costs) from Exelon, which was included in Operating and maintenance expense. Effective February 1, 2022, the non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information. (d) For 2023, includes unrealized gain resulting from equity investment that became publicly traded in the second quarter of 2023 and now has a readily determinable fair value (and no longer is accounted for as an equity method investment due to lack of significant influence). We recorded the fair value of this investment in Investments on the Consolidated Balance Sheets based on quoted market price of the stock as of June 30, 2023. See Note 12 — Fair Value of Financial Assets and Liabilities for additional information. (e) This reflects amounts contractually owed to Exelon under the tax matters agreement, which is offset in Income taxes. Supplemental Cash Flow Information The following tables provide additional information about material items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Six Months Ended June 30, 2023 2022 Property, plant, and equipment (a) $ 531 $ 542 Amortization of intangible assets, net (a) 11 15 Amortization of energy contract assets and liabilities (b) 17 17 Nuclear fuel (c) 373 367 ARO accretion (d) 287 266 Total depreciation, amortization, and accretion $ 1,219 $ 1,207 __________ (a) Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income. (b) Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (c) Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (d) Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Other non-cash operating activities CEG Parent Constellation Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and non-pension postretirement benefit costs $ 23 $ 9 $ 23 $ 9 Other decommissioning-related activity (a) (217) 107 (217) 107 Energy-related options (b) 121 211 121 211 Long-term incentive plan 34 32 — — Amortization of operating ROU asset 24 33 24 33 Loss on sale of receivables 46 24 46 24 Fair value adjustments related to gas imbalances 14 41 14 41 __________ (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. CEG Parent Constellation June 30, 2023 Cash and cash equivalents $ 269 $ 269 Restricted cash and cash equivalents 56 48 Total cash, restricted cash, and cash equivalents $ 325 $ 317 December 31, 2022 Cash and cash equivalents $ 422 $ 403 Restricted cash and cash equivalents 106 98 Total cash, restricted cash, and cash equivalents $ 528 $ 501 June 30, 2022 Cash and cash equivalents $ 806 $ 803 Restricted cash and cash equivalents 120 67 Total cash, restricted cash, and cash equivalents $ 926 $ 870 December 31, 2021 Cash and cash equivalents $ 504 $ 504 Restricted cash and cash equivalents 72 72 Total cash, restricted cash, and cash equivalents $ 576 $ 576 For additional information on restricted cash, see Note 1 — Basis of Presentation of our 2022 Form 10-K. Supplemental Balance Sheet Information The following table provides additional information about material items recorded within our Consolidated Balance Sheets. Accrued expenses June 30, 2023 CEG Parent Constellation Compensation-related accruals (a) $ 393 $ 323 Taxes accrued 210 206 December 31, 2022 Compensation-related accruals (a) $ 540 $ 502 Taxes accrued 257 257 __________ (a) Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to completion of the separation on February 1, 2022, we engaged in transactions with affiliates of Exelon in the normal course of business, these affiliate transactions are summarized in the tables below. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions. Operating Revenues from Affiliates The following table presents our Operating revenues from affiliates: Six Months Ended June 30, 2022 (a) ComEd (b) $ 58 PECO (b) 33 BGE (b) 18 PHI 51 Pepco (b) 39 DPL (b) 10 ACE (b) 2 Total operating revenues from affiliates $ 160 __________ (a) Represents only January 2022 activity prior to separation on February 1, 2022. (b) See Note 24 - Related Party Transactions of our 2022 Form 10-K for additional information on the Exelon utility subsidiaries. Service Company Costs for Corporate Support We received a variety of corporate support services from Exelon. Through its business services subsidiary, BSC, Exelon provided support services at cost, including legal, human resources, financial, information technology, and supply management services. The costs of BSC were directly charged or allocated to us. Certain of these services continue after the separation and are covered by the TSA. The operating and maintenance service company costs from affiliates allocated to us prior to the separation were $44 million for the six months ended June 30, 2022. The capitalized service company costs allocated to us prior to the separation were $15 million for the six months ended June 30, 2022. See Note 1 — Basis of Presentation for additional information on the separation from Exelon.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Loss Attributable to Parent	$ 833	$ (111)	$ 929	$ (5)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
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

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On February 21, 2021, the board of directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses (separation), conducted through Constellation Energy Generation, LLC (“Constellation”, formerly Exelon Generation Company, LLC) and its subsidiaries, into an independent, publicly-traded company. CEG Parent, a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of consummating the separation and had not engaged in any business activities nor had any assets or liabilities prior to the separation. On February 1, 2022, the separation was completed and CEG Parent holds all the interests in Constellation previously held by Exelon. As an individual registrant, Constellation has historically filed consolidated financial statements to reflect its financial position and operating results as a stand-alone, wholly owned subsidiary of Exelon. The accompanying Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. CEG Parent's prior period financial statements have been adjusted to reflect the balances of Constellation in accordance with applicable guidance. Constellation's December 31, 2022 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, 2023. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation.
Separation from Exelon	Separation from Exelon On February 1, 2022, Exelon completed the separation through a pro-rata distribution of all of the outstanding shares of CEG Parent's common stock, no par value, on the basis of one such share for every three shares of Exelon common stock held on January 20, 2022, the record date of the distribution. CEG Parent is an independent, publicly traded company listed on the Nasdaq Stock Market under the symbol “CEG”, and regular-way trading began on February 2, 2022. Exelon no longer retains any ownership interest in CEG Parent or Constellation. Prior to completion of the separation, our financial statements include certain transactions with affiliates of Exelon, which are disclosed as related party transactions. After February 1, 2022, all transactions with Exelon or its affiliates are no longer related party transactions.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2023 and 2022. Contract Assets Balance as of December 31, 2022 $ 130 Amounts reclassified to receivables (11) Revenues recognized 31 Balance as of March 31, 2023 150 Amounts reclassified to receivables (76) Revenues recognized 15 Balance as of June 30, 2023 $ 89 Balance as of December 31, 2021 $ 149 Amounts reclassified to receivables (16) Revenues recognized 9 Balance as of March 31, 2022 142 Amounts reclassified to receivables (13) Revenues recognized 10 Balance as of June 30, 2022 $ 139 The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2023 and 2022. Contract Liabilities Balance as of December 31, 2022 $ 47 Consideration received or due 131 Revenues recognized (115) Balance as of March 31, 2023 63 Consideration received or due 81 Revenues recognized (92) Balance as of June 30, 2023 $ 52 Balance as of December 31, 2021 $ 75 Consideration received or due 50 Revenues recognized (63) Balance as of March 31, 2022 62 Consideration received or due 27 Revenues recognized (63) Balance as of June 30, 2022 $ 26
Contract with Customer, Prior Year Contract Revenues Recognized in Current Year	The following table reflects revenues recognized in the three and six months ended June 30, 2023 and 2022, which were included in contract liabilities at December 31, 2022 and 2021, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues recognized $ 14 $ 39 $ 24 $ 68
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2023. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity, but ranges from one month to several years. This disclosure excludes our power and gas sales contracts as they contain variable volumes and/or variable pricing. 2023 2024 2025 2026 2027 and thereafter Total Remaining performance obligations $ 144 $ 102 $ 38 $ 18 $ 136 $ 438

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Revenue from External Customers by Geographic Areas	The following tables disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues reflects our two primary products of power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. The following tables also show the reconciliation of reportable segment revenues and RNF to our total revenues and RNF for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,235 $ (27) $ 1,208 $ (10) $ 1,198 Midwest 1,352 (23) 1,329 1 1,330 New York 438 30 468 3 471 ERCOT 291 36 327 1 328 Other Power Regions 962 144 1,106 5 1,111 Total Competitive Businesses Electric Revenues 4,278 160 4,438 — 4,438 Competitive Businesses Natural Gas Revenues 280 376 656 — 656 Competitive Businesses Other Revenues (b) 143 209 352 — 352 Total Consolidated Operating Revenues $ 4,701 $ 745 $ 5,446 $ — $ 5,446 Three Months Ended June 30, 2022 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,178 $ 22 $ 1,200 $ 2 $ 1,202 Midwest 1,319 (217) 1,102 (1) 1,101 New York 461 (68) 393 (3) 390 ERCOT 252 237 489 (4) 485 Other Power Regions 1,021 300 1,321 6 1,327 Total Competitive Businesses Electric Revenues 4,231 274 4,505 — 4,505 Competitive Businesses Natural Gas Revenues 490 545 1,035 — 1,035 Competitive Businesses Other Revenues (b) 175 (250) (75) — (75) Total Consolidated Operating Revenues $ 4,896 $ 569 $ 5,465 $ — $ 5,465 Six Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,648 $ (163) $ 2,485 $ (41) $ 2,444 Midwest 2,546 (188) 2,358 3 2,361 New York 901 67 968 37 1,005 ERCOT 490 5 495 2 497 Other Power Regions 2,481 423 2,904 (1) 2,903 Total Competitive Businesses Electric Revenues 9,066 144 9,210 — 9,210 Competitive Businesses Natural Gas Revenues 1,176 966 2,142 — 2,142 Competitive Businesses Other Revenues (b) 290 1,369 1,659 — 1,659 Total Consolidated Operating Revenues $ 10,532 $ 2,479 $ 13,011 $ — $ 13,011 Six Months Ended June 30, 2022 Revenues from external customers (c) Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,332 $ (27) $ 2,305 $ 2 $ 2,307 Midwest 2,566 (267) 2,299 (1) 2,298 New York 955 (203) 752 3 755 ERCOT 415 309 724 (4) 720 Other Power Regions 2,441 813 3,254 — 3,254 Total Competitive Businesses Electric Revenues 8,709 625 9,334 — 9,334 Competitive Businesses Natural Gas Revenues 1,300 1,179 2,479 — 2,479 Competitive Businesses Other Revenues (b) 261 (1,018) (757) — (757) Total Consolidated Operating Revenues $ 10,270 $ 786 $ 11,056 $ — $ 11,056 __________ (a) Includes revenues from derivatives and leases. (b) Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $211 million and losses of $299 million for the three months ended June 30, 2023 and 2022, respectively, and unrealized mark-to-market gains of $1,140 million and losses of $1,219 million for the six months ended June 30, 2023 and 2022, respectively. (c) Includes all wholesale and retail electric sales to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022. See Note 17 - Related Party Transactions for additional information. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 RNF from external customers Intersegment RNF Total RNF from Intersegment Total Mid-Atlantic $ 732 $ (9) $ 723 $ 542 $ 3 $ 545 Midwest 973 2 975 651 1 652 New York 314 5 319 294 (1) 293 ERCOT 166 (2) 164 110 (21) 89 Other Power Regions 218 3 221 175 (6) 169 Total RNF for Reportable Segments 2,403 (1) 2,402 1,772 (24) 1,748 Other (b) 156 1 157 185 24 209 Total RNF $ 2,559 $ — $ 2,559 $ 1,957 $ — $ 1,957 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 RNF from external customers Intersegment RNF Total RNF from external customers (a) Intersegment Total Mid-Atlantic $ 1,455 $ (41) $ 1,414 $ 1,051 $ 4 $ 1,055 Midwest 1,662 1 1,663 1,435 2 1,437 New York 538 40 578 554 6 560 ERCOT 220 (3) 217 216 (47) 169 Other Power Regions 474 (4) 470 470 (15) 455 Total RNF for Reportable Segments 4,349 (7) 4,342 3,726 (50) 3,676 Other (b) 46 7 53 271 50 321 Total RNF $ 4,395 $ — $ 4,395 $ 3,997 $ — $ 3,997 __________ (a) Includes purchases and sales from/to third parties and affiliate sales to Exelon's utility subsidiaries prior to the separation on February 1, 2022. See Note 17 - Related Party Transactions for additional information. (b) Other represents activities not allocated to a region. See text above for a description of included activities.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Purchases and Sales of Accounts Receivable	The following tables summarize the impact of the sale of certain receivables: As of June 30, 2023 As of December 31, 2022 Derecognized receivables transferred at fair value $ 1,489 $ 1,615 Cash proceeds received 250 1,100 DPP 1,239 515 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Loss on sale of receivables (a) $ 26 $ 14 $ 46 $ 24 __________ (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. Six Months Ended June 30, 2023 2022 Proceeds from new transfers (a) $ 3,181 $ 3,393 Cash collections received on DPP (b) 2,432 1,595 Cash collections reinvested in the Facility 5,613 4,988 __________ (a) Customer accounts receivable sold into the Facility were $5,516 million and $5,253 million for the six months ended June 30, 2023 and 2022, respectively. (b) Does not include $850 million cash payments to the Purchasers in the second quarter of 2023. Six Months Ended June 30, 2023 2022 Total receivables sold $ 249 $ 96

Nuclear Decommissioning (Tables

Nuclear Decommissioning (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 to June 30, 2023: Balance as of December 31, 2022 (a) $ 12,500 Accretion expense 280 Costs incurred related to decommissioning plants (16) Balance as of June 30, 2023 (a) $ 12,764 __________ (a) Includes $32 million and $40 million as the current portion of the ARO as of June 30, 2023 and December 31, 2022, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets.
Related Party Transactions - Noncurrent Receivables from/Payables to affiliates	The following table presents our noncurrent payables to ComEd and PECO which are recorded as Payables related to Regulatory Agreement Units as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 ComEd $ 2,857 $ 2,660 PECO 263 237 Payables related to Regulatory Agreement Units $ 3,120 $ 2,897

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation	The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following: Three Months Ended June 30, 2023 (a) 2022 (b) U.S. federal statutory rate 21.0 % 21.0 % Increase (decrease) due to: State income taxes, net of federal income tax benefit 4.2 0.3 Qualified NDT fund income and losses 4.4 42.9 Amortization of investment tax credit, including deferred taxes on basis differences (0.4) 0.6 Production tax credits and other credits (0.5) 2.4 Noncontrolling interests 0.1 0.2 Other (c) 0.4 7.5 Effective income tax rate (d) 29.2 % 74.9 % Six Months Ended June 30, 2023 (a) 2022 (b) U.S. federal statutory rate 21.0 % 21.0 % Increase (decrease) due to: State income taxes, net of federal income tax benefit 4.0 (8.6) Qualified NDT fund income and losses 9.4 70.6 Amortization of investment tax credit, including deferred taxes on basis differences (0.5) 2.2 Production tax credits and other credits (0.5) 8.5 Noncontrolling interests — 0.4 Other (c) 0.1 7.0 Effective income tax rate (d) 33.5 % 101.1 % __________ (a) Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b) As there was a pre-tax loss during 2022, negative percentages represent income tax expense. Positive percentages represent income tax benefit. (c) In 2022, primarily related to a $50 million return to provision adjustment recorded in the second quarter. (d) Constellation does not expect the effective tax rate to deviate from the statutory tax rate with the exception of realized and unrealized gains and losses of the nuclear decommissioning trust funds. In 2022, the rate was also impacted by one-time adjustments.

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following tables present the components of our net periodic benefit costs (credits), prior to capitalization and co-owner allocations, for the six months ended June 30, 2023 and 2022: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 23 $ 30 $ 4 $ 6 $ 27 $ 36 Non-service components of pension benefits & OPEB cost (credit) Interest cost 98 73 19 15 117 88 Expected return on assets (127) (143) (11) (14) (138) (157) Amortization of: Prior service cost (credit) — 1 (2) (1) (2) — Actuarial loss (gain) 11 36 (4) (1) 7 35 Non-service components of pension benefits & OPEB (credit) cost (18) (33) 2 (1) (16) (34) Net periodic benefit (credit) cost (a,b) $ 5 $ (3) $ 6 $ 5 $ 11 $ 2 Pension Benefits OPEB Total Pension Benefits and OPEB Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost (credit) Service cost $ 45 $ 63 $ 8 $ 12 $ 53 $ 75 Non-service components of pension benefits & OPEB cost (credit) Interest cost 197 143 37 28 234 171 Expected return on assets (254) (280) (22) (28) (276) (308) Amortization of: Prior service cost (credit) — 1 (4) (3) (4) (2) Actuarial loss (gain) 23 74 (7) (1) 16 73 Non-service components of pension benefits & OPEB (credit) cost (34) (62) 4 (4) (30) (66) Net periodic benefit cost (a,b) $ 11 $ 1 $ 12 $ 8 $ 23 $ 9 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled $23 million and $47 million, respectively. The pension benefit and OPEB non-service costs (credits) reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled ($14) million and ($27) million, respectively. (b) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled $34 million and $64 million, respectively. The pension benefit and OPEB non-service (credits) costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 totaled ($33) million and ($58) million, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Derivative Fair Value	The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2023 and December 31, 2022: June 30, 2023 Economic Proprietary Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current assets) $ 8,639 $ 5 $ 410 $ (7,344) $ 1,710 Mark-to-market derivative assets (noncurrent assets) 3,836 — 188 (2,966) 1,058 Total mark-to-market derivative assets 12,475 5 598 (10,310) 2,768 Mark-to-market derivative liabilities (current liabilities) (9,041) (4) 522 7,344 (1,179) Mark-to-market derivative liabilities (noncurrent liabilities) (3,844) — 266 2,966 (612) Total mark-to-market derivative liabilities (12,885) (4) 788 10,310 (1,791) Total mark-to-market derivative net assets (liabilities) $ (410) $ 1 $ 1,386 $ — $ 977 December 31, 2022 Mark-to-market derivative assets (current assets) $ 15,296 $ 10 $ 161 $ (13,123) $ 2,344 Mark-to-market derivative assets (noncurrent assets) 5,100 — 217 (4,074) 1,243 Total mark-to-market derivative assets 20,396 10 378 (17,197) 3,587 Mark-to-market derivative liabilities (current liabilities) (15,049) (6) 374 13,123 (1,558) Mark-to-market derivative liabilities (noncurrent liabilities) (5,203) — 146 4,074 (983) Total mark-to-market derivative liabilities (20,252) (6) 520 17,197 (2,541) Total mark-to-market derivative net assets (liabilities) $ 144 $ 4 $ 898 $ — $ 1,046 _________ (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 $654 million of variation margin posted and $836 million of variation margin held from the exchanges as of June 30, 2023 and December 31, 2022, respectively. The following table provides the mark-to-market derivative assets and liabilities as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Economic Netting (a) Total Economic Netting (a) Total Mark-to-market derivative assets (current assets) $ 25 $ (2) $ 23 $ 29 $ (5) $ 24 Mark-to-market derivative assets (noncurrent assets) 9 — 9 18 — 18 Total mark-to-market derivative assets 34 (2) 32 47 (5) 42 Mark-to-market derivative liabilities (current liabilities) (2) 2 — (5) 5 — Mark-to-market derivative liabilities (noncurrent liabilities) (1) — (1) — — — Total mark-to-market derivative liabilities (3) 2 (1) (5) 5 — Total mark-to-market derivative net assets (liabilities) $ 31 $ — $ 31 $ 42 $ — $ 42 _________
Economic Hedges (Commodity Price Risk)	For the three and six months ended June 30, 2023 and 2022, we recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Statement Location Gains (Losses) Gains (Losses) Operating revenues $ 214 $ (303) $ 1,145 $ (1,222) Purchased power and fuel (218) 348 (1,412) 1,174 Total $ (4) $ 45 $ (267) $ (48)
Disclosure of Credit Derivatives	The following tables provide information on the credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 2023. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts, and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. Rating as of June 30, 2023 Total Credit Collateral (a) Net Number of Net Exposure of Investment grade $ 958 $ 47 $ 911 1 $ 223 Non-investment grade 15 7 8 — — No external ratings Internally rated — investment grade 117 — 117 — — Internally rated — non-investment grade 258 44 214 — — Total $ 1,348 $ 98 $ 1,250 1 $ 223 Net Credit Exposure by Type of Counterparty As of June 30, 2023 Investor-owned utilities, marketers, power producers $ 1,004 Energy cooperatives and municipalities 115 Financial Institutions 33 Other 98 Total $ 1,250 __________ (a) As of June 30, 2023, credit collateral held from counterparties where we had credit exposure included $47 million of cash and $51 million of letters of credit. The credit collateral does not include non-liquid collateral.
Fair Value of Derivatives with Credit- Risk Related Contingent Features	The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below: Credit-Risk-Related Contingent Features June 30, 2023 December 31, 2022 Gross fair value of derivative contracts containing this feature (a) $ (2,231) $ (4,736) Offsetting fair value of in-the-money contracts under master netting arrangements (b) 941 2,048 Net fair value of derivative contracts containing this feature (c) $ (1,290) $ (2,688) __________ (a) Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features ignoring the effects of master netting agreements. (b) Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which we could potentially be required to post collateral. (c) Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based.
Cash Collateral and Letters of Credit on Derivative Contracts	As of June 30, 2023 and December 31, 2022, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. June 30, 2023 December 31, 2022 Cash collateral posted (a) $ 2,097 $ 1,636 Letters of credit posted (a) 761 947 Cash collateral held (a) 728 765 Letters of credit held (a) 59 115 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c) 2,172 3,337 __________ (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.

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Short-term Debt	The following table reflects our commercial paper program supported by the revolving credit agreements as of June 30, 2023 and December 31, 2022: Outstanding Commercial Weighted Average Interest Rate on June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 $ 435 $ 959 5.33 % 4.90 %
Schedule of Line of Credit Facilities	As of June 30, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities: Available Capacity as of June 30, 2023 Facility Type Aggregate Bank Facility Draws Outstanding Actual To Support Syndicated Revolver $ 3,500 $ — $ 249 $ 3,251 $ 2,816 Bilaterals (a) 1,310 — 735 575 — Liquidity Facility 971 — 567 322 (b) — Project Finance 137 — 110 27 — Total $ 5,918 $ — $ 1,661 $ 4,175 $ 2,816 __________ (a) On January 20, 2023, a bilateral credit agreement initiated on August 24, 2022 decreased from $100 million to $10 million. On March 29, 2023, we initiated a new bilateral credit agreement for $100 million, with a maturity date of March 29, 2025. On January 31, 2023, a bilateral credit agreement initiated on May 15, 2020 increased from $200 million to $250 million, and on March 31, 2023 this agreement increased to $300 million. On April 4, 2023, a bilateral credit agreement initiated on January 5, 2016 was extended for three years to April 3, 2026. (b) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $889 million.
Schedule of Long-term Debt Instruments	During the six months ended June 30, 2023, the following long-term debt was issued: Type Interest Rate Maturity Amount Use of Proceeds 2028 Senior Notes 5.60 % March 1, 2028 $ 750 To fund general corporate purposes, including repayment of short-term borrowings 2033 Senior Notes 5.80 % March 1, 2033 600 To fund general corporate purposes, including repayment of short-term borrowings Tax-Exempt Notes Reoffering 4.10% - 4.45% 2025-2053 (a) 435 To fund general corporate purposes, including repayment of short-term borrowings Energy Efficiency Project Financing (b) 2.20% - 4.96% May 31, 2023 - May 1, 2024 6 Funding to install energy conservation measures __________ (a) The Tax Exempt Notes have a maturity date of March 1, 2025 - April 1, 2053, and a mandatory purchase date that ranges from March 1, 2025 - June 1, 2029. (b) For Energy Efficiency Project Financing, the maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt. During the six months ended June 30, 2023, the following long-term debt was redeemed: Type Interest Rate Maturity Amount Energy Efficiency Project Financing 3.71% May 31, 2023 $ 43 CR Nonrecourse Debt 3-month LIBOR + 2.50% December 15, 2027 39 Continental Wind Nonrecourse Debt 6.00% February 28, 2033 15 West Medway II Nonrecourse Debt 1-month SOFR + 2.975% - 3.225% (a) March 31, 2026 13 Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 5, 2037 8 RPG Nonrecourse Debt 4.11% March 31, 2035 3 __________

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Liabilities Recorded at Amortized Cost	The following table presents the carrying amounts and fair values of the short-term liabilities, long-term debt, and the SNF obligation as of June 30, 2023 and December 31, 2022. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. June 30, 2023 December 31, 2022 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 $ 6,266 $ 5,455 $ 803 $ 6,258 $ 4,609 $ 3,688 $ 859 $ 4,547 SNF Obligation 1,260 1,128 — 1,128 1,230 1,021 — 1,021
Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis	The following tables present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 Level 1 Level 2 Level 3 Not subject to leveling Total Level 1 Level 2 Level 3 Not subject to leveling Total Assets Cash equivalents (a) $ 33 $ — $ — $ — $ 33 $ 41 $ — $ — $ — $ 41 NDT fund investments Cash equivalents (b) 485 93 — — 578 349 88 — — 437 Equities 3,990 1,644 1 1,089 6,724 3,462 1,498 — 1,421 6,381 Fixed income Corporate debt (c) — 919 271 — 1,190 — 885 264 — 1,149 U.S. Treasury and agencies 1,923 72 — — 1,995 1,996 46 — — 2,042 Foreign governments — 42 — — 42 — 39 — — 39 State and municipal debt — 56 — — 56 — 53 — — 53 Other 11 18 — 1,860 1,889 21 21 — 1,649 1,691 Fixed income subtotal 1,934 1,107 271 1,860 5,172 2,017 1,044 264 1,649 4,974 Private credit — — 149 611 760 — — 159 643 802 Private equity — — — 721 721 — — — 687 687 Real estate — — — 997 997 — — — 1014 1,014 NDT fund investments subtotal (d)(e) 6,409 2,844 421 5,278 14,952 5,828 2,630 423 5,414 14,295 Rabbi trust investments Cash equivalents 1 — — — 1 1 — — — 1 Mutual funds 42 — — — 42 39 — — — 39 Life insurance contracts — 29 1 — 30 — 27 1 — 28 Rabbi trust investments subtotal 43 29 1 — 73 40 27 1 — 68 Investments in equities (f) 480 — — — 480 6 — — — 6 Mark-to-market derivative assets Economic hedges 2,052 6,085 4,372 — 12,509 3,505 11,353 5,585 — 20,443 Proprietary trading — 2 3 — 5 — 4 6 — 10 Effect of netting and allocation of (g)(h) (1,937) (5,099) (2,678) — (9,714) (2,951) (10,348) (3,525) — (16,824) Mark-to-market derivative assets subtotal 115 988 1,697 — 2,800 554 1,009 2,066 — 3,629 DPP consideration — 1,239 — — 1,239 — 515 — — 515 Total assets 7,080 5,100 2,119 5,278 19,577 6,469 4,181 2,490 5,414 18,554 Liabilities Mark-to-market derivative liabilities Economic hedges (2,176) (6,666) (4,046) — (12,888) (3,171) (11,498) (5,588) — (20,257) Proprietary trading — (2) (2) — (4) — (4) (2) — (6) Effect of netting and allocation of collateral (g)(h) 2,331 5,767 3,002 — 11,100 3,279 10,700 3,743 — 17,722 Mark-to-market derivative liabilities subtotal 155 (901) (1,046) — (1,792) 108 (802) (1,847) — (2,541) Deferred compensation obligation — (57) — — (57) — (57) — — (57) Total liabilities 155 (958) (1,046) — (1,849) 108 (859) (1,847) — (2,598) Total net assets (liabilities) $ 7,235 $ 4,142 $ 1,073 $ 5,278 $ 17,728 $ 6,577 $ 3,322 $ 643 $ 5,414 $ 15,956 __________ (a) CEG Parent has $40 million and $49 million of Level 1 cash equivalents as of June 30, 2023 and December 31, 2022, respectively. We exclude cash of $255 million and $390 million as of June 30, 2023 and December 31, 2022, respectively, and restricted cash of $29 million and $70 million as of June 30, 2023 and December 31, 2022, respectively. CEG Parent excludes an additional $1 million and $19 million of cash as of June 30, 2023 and December 31, 2022, respectively. (b) Includes $115 million and $99 million of cash received from outstanding repurchase agreements as of June 30, 2023 and December 31, 2022, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (e) below. (c) Includes investments in equities sold short of ($40) million and ($45) million as of June 30, 2023 and December 31, 2022, respectively, held in an investment vehicle primarily to hedge the equity option component of convertible debt. (d) Includes net derivative assets of $1 million and net derivative liabilities of $1 million, which have total notional amounts of $600 million and $494 million as of June 30, 2023 and December 31, 2022, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (e) Excludes net liabilities of $124 million and $168 million as of June 30, 2023 and December 31, 2022, respectively, which include certain derivative assets that have notional amounts of $156 million and $59 million as of June 30, 2023 and December 31, 2022, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less. (f) Includes an equity investment that became publicly traded in the second quarter of 2023 and now has a readily determinable fair value (and no longer is accounted for as an equity method investment due to lack of significant influence). We recorded the fair value of this investment in Investments on the Consolidated Balance Sheets based on the quoted market price of the stock at June 30, 2023, which resulted in an unrealized gain of $419 million within Other, net in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023. (g) Net collateral posted to counterparties totaled $394 million, $668 million, and $324 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of June 30, 2023. Net collateral posted to counterparties totaled $328 million, $352 million, and $218 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of December 31, 2022. (h) Includes $654 million of variation margin posted and $836 million of variation margin held from the exchanges as of June 30, 2023 and December 31, 2022, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of April 1, 2023 $ 421 $ 747 $ 1 $ 1,169 Total realized / unrealized gains (losses) Included in net income 1 (245) (a) — (244) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 70 — 70 Purchases, sales, issuances and settlements Purchases — 19 — 19 Sales — (1) — (1) Settlements (5) — — (5) Transfers into Level 3 — 67 (b) — 67 Transfers out of Level 3 — (6) (b) — (6) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ (6) $ — $ (5) For the Three Months Ended June 30, 2022 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of April 1, 2022 $ 462 $ (1,278) $ 3 $ (813) Total realized / unrealized (losses) gains Included in net income (1) 204 (a) (2) 201 Included in Payable related to Regulatory Agreement Units (7) — — (7) Change in collateral — 8 8 Purchases, sales, issuances and settlements Purchases 5 25 — 30 Sales — (10) — (10) Settlements (28) (30) — (58) Transfers into Level 3 — 316 (b) — 316 Transfers out of Level 3 — 22 (b) — 22 Balance as of June 30, 2022 $ 431 $ (743) $ 1 $ (311) The amount of total (losses) gains included in income attributed to the change in unrealized (losses) gains related to assets and liabilities as of June 30, 2022 $ (1) $ 48 $ (2) $ 45 For the Six Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains Included in net income 1 260 (a) — 261 Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 105 — 105 Purchases, sales, issuances and settlements Purchases — 85 — 85 Sales — (5) — (5) Settlements (7) — — (7) Transfers into Level 3 — 59 (b) — 59 Transfers out of Level 3 — (72) (b) — (72) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of June 30, 2023 $ 1 $ 705 $ — $ 706 For the Six Months Ended June 30, 2022 NDT Fund Investments Mark-to-Market Life Insurance Contracts Total Balance as of January 1, 2022 $ 464 $ (94) $ — $ 370 Total realized / unrealized losses Included in net income (1) (898) (a) (2) (901) Included in Payable related to Regulatory Agreement Units (9) — — (9) Change in collateral — (254) — (254) Impacts of separation — — 3 3 Purchases, sales, issuances and settlements Purchases 5 166 — 171 Sales — (37) — (37) Settlements (28) (30) — (58) Transfers into Level 3 — 417 (b) — 417 Transfers out of Level 3 — (13) (b) — (13) Balance as of June 30, 2022 $ 431 $ (743) $ 1 $ (311) The amount of total losses included in income attributed to the change in unrealized losses related to assets and liabilities as of June 30, 2022 $ (2) $ (1,062) $ (2) $ (1,066) __________ (a) Includes a reduction of $239 million and $445 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2023, respectively. Includes an addition of $126 million and $135 million for realized losses due to the settlement of derivative contracts for the three and six months ended June 30, 2022, respectively. (b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less or more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts.
Total Realized and Unrealized Gains (Losses) Included in Income for Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, Operating Purchased Other, net 2023 2022 2023 2022 2023 2022 Total (losses) gains included in net income $ (29) $ (220) $ (216) $ 394 $ 1 $ (3) Total unrealized gains (losses) 209 (364) (215) 412 1 (3) For the Six Months Ended June 30, Operating Purchased Other, net 2023 2022 2023 2022 2023 2022 Total gains (losses) included in net income $ 517 $ (1,241) 1 $ (257) $ 313 $ 1 $ (3) Total unrealized gains (losses) 1,047 (1,585) (342) 523 1 (4)
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 level 3 mark-to-market derivative positions: Type of trade Fair Value as of June 30, 2023 Fair Value as of December 31, 2022 Valuation Unobservable 2023 Range & Arithmetic Average 2022 Range & Arithmetic Average Mark-to-market derivatives—Economic hedges (a)(b) $ 326 $ (3) Discounted Cash Flow Forward power $10 - $243 $50 $0.63 - $283 $72 Forward gas $1.20 - $17 $3.79 $1.67 - $26 $4.57 Option Volatility 122% - 128% 124% 97% - 119% 111% __________ (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 $324 million and $218 million as of June 30, 2023 and December 31, 2022, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Commercial commitments as of June 30, 2023, representing commitments potentially triggered by future events, were as follows: Expiration within Total 2023 2024 2025 2026 2027 2028 and beyond Letters of credit $ 1,661 $ 1,131 $ 530 $ — $ — $ — $ — Surety bonds (a) 910 657 253 — — — — Total commercial commitments $ 2,571 $ 1,788 $ 783 $ — $ — $ — $ — __________

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following tables present changes in AOCI, net of tax, by component: Three Months Ended June 30, 2023 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (9) $ (1,773) $ (26) $ (1,808) OCI before reclassifications (1) — 3 2 Amounts reclassified from AOCI 1 5 — 6 Net current-period OCI — 5 3 8 Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Three Months Ended June 30, 2022 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (8) $ (1,989) $ (19) $ (2,016) OCI before reclassifications (1) — (2) (3) Amounts reclassified from AOCI 1 26 — 27 Net current-period OCI — 26 (2) 24 Ending balance $ (8) $ (1,963) $ (21) $ (1,992) Six Months Ended June 30, 2023 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (9) $ (1,725) $ (26) $ (1,760) OCI before reclassifications (1) (53) 3 (51) Amounts reclassified from AOCI 1 10 — 11 Net current-period OCI — (43) 3 (40) Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Six Months Ended June 30, 2022 Losses on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (8) $ — $ (23) $ (31) Separation-related adjustments — (2,006) — (2,006) OCI before reclassifications (1) — 2 1 Amounts reclassified from AOCI 1 43 — 44 Net current-period OCI — (1,963) 2 (1,961) Ending balance $ (8) $ (1,963) $ (21) $ (1,992) __________ (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 loss: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (3) $ (9) $ (5) $ (15) Pension and non-pension postretirement benefit plans valuation adjustment — — 18 680

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity [Abstract]
Consolidated VIEs- Assets and Liabilities	The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of June 30, 2023 and December 31, 2022. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. June 30, 2023 December 31, 2022 Cash and cash equivalents $ 65 $ 51 Restricted cash and cash equivalents 46 46 Accounts receivable Customer accounts receivable 26 20 Other accounts receivable 9 9 Inventories, net Materials and supplies 14 12 Other current assets 1,273 549 Total current assets 1,433 687 Property, plant, and equipment, net 1,970 1,965 Other noncurrent assets 178 190 Total noncurrent assets 2,148 2,155 Total assets (a) $ 3,581 $ 2,842 Long-term debt due within one year $ 61 $ 60 Accounts payable 23 17 Accrued expenses 22 23 Other current liabilities 1 2 Total current liabilities 107 102 Long-term debt 738 764 Asset retirement obligations 177 173 Other noncurrent liabilities 3 3 Total noncurrent liabilities 918 940 Total liabilities (b) $ 1,025 $ 1,042 __________ (a) Our balances include unrestricted assets for current unamortized energy contract assets of $23 million and $23 million, disclosed within other current assets in the table above, noncurrent unamortized energy contract assets of $166 million and $178 million, disclosed within other noncurrent assets in the table above as of June 30, 2023 and December 31, 2022, respectively. (b) Our balances include liabilities with recourse of $1 million as of June 30, 2023 and December 31, 2022.
Schedule of Variable Interest Entities	As of June 30, 2023 and December 31, 2022, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. The following table presents summary information about our significant unconsolidated VIE entities: June 30, 2023 December 31, 2022 Commercial Equity Total Commercial Equity Total Total assets (a) $ 700 $ — $ 700 $ 716 $ — $ 716 Total liabilities (a) 61 — 61 55 — 55 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 639 — 639 661 — 661 __________ (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 o f June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: Equity investments in distributed energy companies. We sold this investment in the fourth quarter of 2022 resulting in it no longer being classified as an unconsolidated VIE. Similar structures to a limited partnership and the limited partners do not have kick-out rights with respect to the general partner. We do not conduct the operational activities. Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. PPA contracts that absorb variability through fixed pricing. We do not conduct the operational activities.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Supplemental Statement of Operations Information	The following tables provide additional information about material items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease income $ 13 $ 13 $ 17 $ 17 Variable lease income 66 71 124 127 Taxes other than income taxes Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross receipts (a) $ 35 $ 31 $ 68 $ 61 Property 65 69 121 138 Payroll 36 30 70 63 __________ (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 135 $ 97 $ 449 $ 271 Non-Regulatory Agreement Units 91 15 285 100 Net unrealized gains (losses) on NDT funds Regulatory Agreement Units 56 (853) 85 (1,390) Non-Regulatory Agreement Units 27 (515) 45 (852) Regulatory offset to NDT fund-related activities (b) (154) 607 (429) 899 Decommissioning-related activities 155 (649) 435 (972) Non-service net periodic benefit credit (c) 14 33 27 52 Net realized and unrealized gains (losses) from equity investments (d) 419 (5) 414 (25) Return to provision adjustment (e) — (58) — (58) __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) Prior to separation, we were allocated our portion of pension and OPEB non-service credits (costs) from Exelon, which was included in Operating and maintenance expense. Effective February 1, 2022, the non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information. (d) For 2023, includes unrealized gain resulting from equity investment that became publicly traded in the second quarter of 2023 and now has a readily determinable fair value (and no longer is accounted for as an equity method investment due to lack of significant influence). We recorded the fair value of this investment in Investments on the Consolidated Balance Sheets based on quoted market price of the stock as of June 30, 2023. See Note 12 — Fair Value of Financial Assets and Liabilities for additional information. (e) This reflects amounts contractually owed to Exelon under the tax matters agreement, which is offset in Income taxes.
Cash Flow Supplemental Disclosures	The following tables provide additional information about material items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Six Months Ended June 30, 2023 2022 Property, plant, and equipment (a) $ 531 $ 542 Amortization of intangible assets, net (a) 11 15 Amortization of energy contract assets and liabilities (b) 17 17 Nuclear fuel (c) 373 367 ARO accretion (d) 287 266 Total depreciation, amortization, and accretion $ 1,219 $ 1,207 __________ (a) Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income. (b) Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (c) Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (d) Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Other non-cash operating activities CEG Parent Constellation Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pension and non-pension postretirement benefit costs $ 23 $ 9 $ 23 $ 9 Other decommissioning-related activity (a) (217) 107 (217) 107 Energy-related options (b) 121 211 121 211 Long-term incentive plan 34 32 — — Amortization of operating ROU asset 24 33 24 33 Loss on sale of receivables 46 24 46 24 Fair value adjustments related to gas imbalances 14 41 14 41 __________ (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. CEG Parent Constellation June 30, 2023 Cash and cash equivalents $ 269 $ 269 Restricted cash and cash equivalents 56 48 Total cash, restricted cash, and cash equivalents $ 325 $ 317 December 31, 2022 Cash and cash equivalents $ 422 $ 403 Restricted cash and cash equivalents 106 98 Total cash, restricted cash, and cash equivalents $ 528 $ 501 June 30, 2022 Cash and cash equivalents $ 806 $ 803 Restricted cash and cash equivalents 120 67 Total cash, restricted cash, and cash equivalents $ 926 $ 870 December 31, 2021 Cash and cash equivalents $ 504 $ 504 Restricted cash and cash equivalents 72 72 Total cash, restricted cash, and cash equivalents $ 576 $ 576
Supplemental Balance Sheet Information	The following table provides additional information about material items recorded within our Consolidated Balance Sheets. Accrued expenses June 30, 2023 CEG Parent Constellation Compensation-related accruals (a) $ 393 $ 323 Taxes accrued 210 206 December 31, 2022 Compensation-related accruals (a) $ 540 $ 502 Taxes accrued 257 257 __________ (a) Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents our Operating revenues from affiliates: Six Months Ended June 30, 2022 (a) ComEd (b) $ 58 PECO (b) 33 BGE (b) 18 PHI 51 Pepco (b) 39 DPL (b) 10 ACE (b) 2 Total operating revenues from affiliates $ 160 __________ (a) Represents only January 2022 activity prior to separation on February 1, 2022. (b) See Note 24 - Related Party Transactions of our 2022 Form 10-K for additional information on the Exelon utility subsidiaries.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2023 USD ($) Reportable_segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 20, 2022
Significant Accounting Policies Additional Narrative Information [Line Items]
Number of reportable segments					5	5
Conversion ratio									0.3333
Contributions from Exelon	$ 1,750			$ 0			$ 1,750
Short-term borrowings	$ 200	$ 935		935	$ 935	$ 935		$ 1,159
Credit facility term	5 years
Credit facility	$ 4,500	5,918		5,918	$ 5,918	$ 5,918
Billings from related party		44	$ 69	94			125
Billings to related party		$ 3	$ 11	$ 9			$ 20
Pension Benefits
Significant Accounting Policies Additional Narrative Information [Line Items]
Contributions from Exelon	192
Exelon Consolidation
Significant Accounting Policies Additional Narrative Information [Line Items]
Intercompany loan	$ 258

Mergers, Acquisitions, and Di_2

Mergers, Acquisitions, and Dispositions - Narrative (Details) $ in Millions	May 31, 2023 USD ($) MW
NRG Energy, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	44%
NRG Energy, Inc. | STP Nuclear Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	40%
NRG Energy, Inc. | City of Austin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	16%
NRG Energy, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
MW of generation | MW	2,645
Consideration | $	$ 1,750

Regulatory Matters (Details)

Regulatory Matters (Details) - USD ($)	Mar. 28, 2023	Feb. 15, 2021
FERC
Regulatory Matters Additional Narrative Information [Line Items]
Percentage of fixed costs recoverable	91%
ERCOT | Extreme Cold Weather Conditions
Regulatory Matters Additional Narrative Information [Line Items]
Administrative price cap		$ 9,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Change in Contract with Customer [Roll Forward]
Beginning Balance - Contract Assets	$ 150	$ 130	$ 142	$ 149
Amounts reclassified to receivables	(76)	(11)	(13)	(16)
Revenues recognized	15	31	10	9
Ending Balance - Contract Assets	$ 89	$ 150	$ 139	$ 142

Revenue from Contracts with C_4

Revenue from Contracts with Customer - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Contract with Customer, Liability [Roll Forward]
Beginning Balance - Contract Liabilities	$ 63	$ 47	$ 62	$ 75
Consideration received or due	81	131	27	50
Revenues recognized	(92)	(115)	(63)	(63)
Ending Balance - Contract Liabilities	$ 52	$ 63	$ 26	$ 62

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues recognized	$ 5,446	$ 5,465	$ 13,011	$ 11,056
Remaining performance obligations	438		438
Contract Liability
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues recognized	14	$ 39	24	$ 68
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 144		$ 144
Remaining performance obligations, timing	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 102		$ 102
Remaining performance obligations, timing	1 year		1 year
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	$ 38		$ 38
Remaining performance obligations, timing	1 year		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	$ 18		$ 18
Remaining performance obligations, timing	1 year		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	$ 136		$ 136
Remaining performance obligations, timing	1 year		1 year

Revenue from Contracts with C_6

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

Segment Information - Narrative

Segment Information - Narrative (Details) - 6 months ended Jun. 30, 2023	segment	Reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	5	5

Segment Information - Generatio

Segment Information - Generation Total Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total operating revenues	$ 5,446	$ 5,465	$ 13,011	$ 11,056
Mid-Atlantic
Segment Reporting Information [Line Items]
Total operating revenues	1,198	1,202	2,444	2,307
Midwest
Segment Reporting Information [Line Items]
Total operating revenues	1,330	1,101	2,361	2,298
New York
Segment Reporting Information [Line Items]
Total operating revenues	471	390	1,005	755
ERCOT
Segment Reporting Information [Line Items]
Total operating revenues	328	485	497	720
Other Power Regions
Segment Reporting Information [Line Items]
Total operating revenues	1,111	1,327	2,903	3,254
Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Total operating revenues	4,438	4,505	9,210	9,334
Competitive Businesses Natural Gas Revenues
Segment Reporting Information [Line Items]
Total operating revenues	656	1,035	2,142	2,479
Competitive Businesses Other Revenues
Segment Reporting Information [Line Items]
Total operating revenues	352	(75)	1,659	(757)
Unrealized mark-to-market gains (losses)	211	(299)	1,140	(1,219)
Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Total operating revenues	5,446	5,465	13,011	11,056
Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
Total operating revenues	1,208	1,200	2,485	2,305
Operating Segments | Midwest
Segment Reporting Information [Line Items]
Total operating revenues	1,329	1,102	2,358	2,299
Operating Segments | New York
Segment Reporting Information [Line Items]
Total operating revenues	468	393	968	752
Operating Segments | ERCOT
Segment Reporting Information [Line Items]
Total operating revenues	327	489	495	724
Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
Total operating revenues	1,106	1,321	2,904	3,254
Operating Segments | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Total operating revenues	4,438	4,505	9,210	9,334
Operating Segments | Competitive Businesses Natural Gas Revenues
Segment Reporting Information [Line Items]
Total operating revenues	656	1,035	2,142	2,479
Operating Segments | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Total operating revenues	5,446	5,465	13,011	11,056
Intersegment Revenues | Mid-Atlantic
Segment Reporting Information [Line Items]
Total operating revenues	(10)	2	(41)	2
Intersegment Revenues | Midwest
Segment Reporting Information [Line Items]
Total operating revenues	1	(1)	3	(1)
Intersegment Revenues | New York
Segment Reporting Information [Line Items]
Total operating revenues	3	(3)	37	3
Intersegment Revenues | ERCOT
Segment Reporting Information [Line Items]
Total operating revenues	1	(4)	2	(4)
Intersegment Revenues | Other Power Regions
Segment Reporting Information [Line Items]
Total operating revenues	5	6	(1)	0
Intersegment Revenues | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Total operating revenues	0	0	0	0
Intersegment Revenues | Competitive Businesses Natural Gas Revenues
Segment Reporting Information [Line Items]
Total operating revenues	0	0	0	0
Intersegment Revenues | Competitive Businesses Other Revenues
Segment Reporting Information [Line Items]
Total operating revenues	0	0	0	0
Intersegment Revenues | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Total operating revenues	0	0	0	0
Corporate, Non-Segment | Competitive Businesses Other Revenues
Segment Reporting Information [Line Items]
Total operating revenues	352	(75)	1,659	(757)
Contracts with customers | Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
Total operating revenues	1,235	1,178	2,648	2,332
Contracts with customers | Operating Segments | Midwest
Segment Reporting Information [Line Items]
Total operating revenues	1,352	1,319	2,546	2,566
Contracts with customers | Operating Segments | New York
Segment Reporting Information [Line Items]
Total operating revenues	438	461	901	955
Contracts with customers | Operating Segments | ERCOT
Segment Reporting Information [Line Items]
Total operating revenues	291	252	490	415
Contracts with customers | Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
Total operating revenues	962	1,021	2,481	2,441
Contracts with customers | Operating Segments | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Total operating revenues	4,278	4,231	9,066	8,709
Contracts with customers | Operating Segments | Competitive Businesses Natural Gas Revenues
Segment Reporting Information [Line Items]
Total operating revenues	280	490	1,176	1,300
Contracts with customers | Operating Segments | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Total operating revenues	4,701	4,896	10,532	10,270
Contracts with customers | Corporate, Non-Segment | Competitive Businesses Other Revenues
Segment Reporting Information [Line Items]
Total operating revenues	143	175	290	261
Other | Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
Total operating revenues	(27)	22	(163)	(27)
Other | Operating Segments | Midwest
Segment Reporting Information [Line Items]
Total operating revenues	(23)	(217)	(188)	(267)
Other | Operating Segments | New York
Segment Reporting Information [Line Items]
Total operating revenues	30	(68)	67	(203)
Other | Operating Segments | ERCOT
Segment Reporting Information [Line Items]
Total operating revenues	36	237	5	309
Other | Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
Total operating revenues	144	300	423	813
Other | Operating Segments | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Total operating revenues	160	274	144	625
Other | Operating Segments | Competitive Businesses Natural Gas Revenues
Segment Reporting Information [Line Items]
Total operating revenues	376	545	966	1,179
Other | Operating Segments | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Total operating revenues	745	569	2,479	786
Other | Corporate, Non-Segment | Competitive Businesses Other Revenues
Segment Reporting Information [Line Items]
Total operating revenues	$ 209	$ (250)	$ 1,369	$ (1,018)

Segment Information - Generat_2

Segment Information - Generation Total Revenues Net of Purchased Power and Fuel Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mid-Atlantic
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	$ 723	$ 545	$ 1,414	$ 1,055
Midwest
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	975	652	1,663	1,437
New York
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	319	293	578	560
ERCOT
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	164	89	217	169
Other Power Regions
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	221	169	470	455
Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	2,402	1,748	4,342	3,676
Other
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	157	209	53	321
Unrealized mark-to-market gains (losses)	211	(299)	1,140	(1,219)
Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Revenue Net of Purchase Power And Fuel	2,559	1,957	4,395	3,997
Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
RNF from external customers	732	542	1,455	1,051
Operating Segments | Midwest
Segment Reporting Information [Line Items]
RNF from external customers	973	651	1,662	1,435
Operating Segments | New York
Segment Reporting Information [Line Items]
RNF from external customers	314	294	538	554
Operating Segments | ERCOT
Segment Reporting Information [Line Items]
RNF from external customers	166	110	220	216
Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
RNF from external customers	218	175	474	470
Operating Segments | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
RNF from external customers	2,403	1,772	4,349	3,726
Operating Segments | Other
Segment Reporting Information [Line Items]
RNF from external customers	156	185	46	271
Operating Segments | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
RNF from external customers	2,559	1,957	4,395	3,997
Intersegment Revenues | Mid-Atlantic
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	(9)	3	(41)	4
Intersegment Revenues | Midwest
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	2	1	1	2
Intersegment Revenues | New York
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	5	(1)	40	6
Intersegment Revenues | ERCOT
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	(2)	(21)	(3)	(47)
Intersegment Revenues | Other Power Regions
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	3	(6)	(4)	(15)
Intersegment Revenues | Total Competitive Businesses Electric Revenues
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	(1)	(24)	(7)	(50)
Intersegment Revenues | Other
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	1	24	7	50
Intersegment Revenues | Total Consolidated Operating Revenues
Segment Reporting Information [Line Items]
Intersegment Revenue Net Of Purchase Power And Fuel	$ 0	$ 0	$ 0	$ 0

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Aug. 16, 2022	Jan. 31, 2022	Apr. 08, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenues	$ 185	$ 564
Credit facility	$ 5,918			$ 4,500
Sale of Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit facility			$ 1,100		$ 900

Accounts Receivable - Purchases

Accounts Receivable - Purchases and Sales of Accounts Receivable (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of receivables	$ 26	$ 14	$ 46	$ 24
Proceeds from new transfers			3,181	3,393
Cash collections received on DPP and reinvested in the Facility			2,432	1,595
Cash collections reinvested in the Facility			5,613	4,988
Total receivables sold			249	96
Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collections received on DPP and reinvested in the Facility	850
Sale of Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derecognized receivables transferred at fair value	1,489		1,489		$ 1,615
Cash proceeds received	250		250		1,100
DPP	$ 1,239		1,239		$ 515
Customer accounts receivable sold into the Facility			$ 5,516	$ 5,253

Nuclear Decommissioning - Nucle

Nuclear Decommissioning - Nuclear Decommissioning Asset Retirement Obligation Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Accretion expense	$ 287	$ 266
Nuclear Decommissioning
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO beginning balance	12,500
Accretion expense	280
Costs incurred related to decommissioning plants	(16)
ARO ending balance	12,764
Current portion of ARO	$ 32		$ 40

Nuclear Decommissioning - Narra

Nuclear Decommissioning - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jan. 31, 2022
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 14,821	$ 14,114
Nine Mile Point
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds			$ 15
Assets, Total
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	14,828	14,127
Other Current Assets
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 7	$ 13

Nuclear Decommissioning - Noncu

Nuclear Decommissioning - Noncurrent Related Party Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 3,120	$ 2,897
Affiliated Entities | ComEd
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	2,857	2,660
Affiliated Entities | PECO
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 263	$ 237

Income Taxes - Reconciliation t

Income Taxes - Reconciliation to Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%	21%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit	4.20%	0.30%	4%	(8.60%)
Qualified NDT fund income and losses	4.40%	42.90%	9.40%	70.60%
Amortization of investment tax credit, including deferred taxes on basis differences	(0.40%)	0.60%	(0.50%)	2.20%
Production tax credits and other credits	(0.50%)	2.40%	(0.50%)	8.50%
Noncontrolling interests	0.10%	0.20%	0%	0.40%
Other	0.40%	7.50%	0.10%	7%
Effective income tax rate	29.20%	74.90%	33.50%	101.10%
Return to provision adjustment		$ 50

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Other accounts receivable	$ 646	$ 731
Other deferred debits and other assets	2,167	2,106
Separation from Parent
Income Taxes [Line Items]
Other accounts receivable	257	168
Other deferred debits and other assets	273	$ 362
Separation from Parent | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	32
Separation from Parent | Other Receivables, Net, Current | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	18
Separation from Parent | Other Noncurrent Liabilities | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	$ 50

Retirement Benefits - Net Benef

Retirement Benefits - Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Service cost	$ 27	$ 36	$ 53	$ 75
Interest cost	117	88	234	171
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(138)	(157)	(276)	(308)
Prior service cost (credit)	(2)	0	(4)	(2)
Actuarial loss (gain)	7	35	16	73
Non-service components of pension benefits & OPEB (credit) cost	(16)	(34)	(30)	(66)
Net periodic benefit cost	11	2	23	9
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Service cost	23	30	45	63
Interest cost	98	73	197	143
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(127)	(143)	(254)	(280)
Prior service cost (credit)	0	1	0	1
Actuarial loss (gain)	11	36	23	74
Non-service components of pension benefits & OPEB (credit) cost	(18)	(33)	(34)	(62)
Net periodic benefit cost	5	(3)	11	1
OPEB
Defined Contribution Plan Disclosure [Line Items]
Service cost	4	6	8	12
Interest cost	19	15	37	28
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(11)	(14)	(22)	(28)
Prior service cost (credit)	(2)	(1)	(4)	(3)
Actuarial loss (gain)	(4)	(1)	(7)	(1)
Non-service components of pension benefits & OPEB (credit) cost	2	(1)	4	(4)
Net periodic benefit cost	6	5	12	8
Pension Plan and Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Non-service components of pension benefits & OPEB (credit) cost	(14)	(33)	(27)	(58)
Net periodic benefit cost	$ 23	$ 34	$ 47	$ 64

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Offset to accumulated other comprehensive loss (after tax)	$ 0	$ 53	$ 0	$ 53	$ 0
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Increase in obligation		48
OPEB
Defined Contribution Plan Disclosure [Line Items]
Increase in obligation		$ 21

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Derivative Fair Value Balances (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	$ 1,733	$ 2,368
Mark-to-market derivative assets (noncurrent assets)	1,067	1,261
Mark-to-market derivative liabilities (current liabilities)	(1,179)	(1,558)
Mark-to-market derivative liabilities (noncurrent liabilities)	(613)	(983)
Variation margin	654	836
Commodity Contract
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	1,710	2,344
Mark-to-market derivative assets (noncurrent assets)	1,058	1,243
Total mark-to-market derivative assets	2,768	3,587
Mark-to-market derivative liabilities (current liabilities)	(1,179)	(1,558)
Mark-to-market derivative liabilities (noncurrent liabilities)	(612)	(983)
Total mark-to-market derivative liabilities	(1,791)	(2,541)
Total mark-to-market derivative net assets (liabilities)	977	1,046
Commodity Contract | Collateral
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	410	161
Mark-to-market derivative assets (noncurrent assets)	188	217
Total mark-to-market derivative assets	598	378
Mark-to-market derivative liabilities (current liabilities)	522	374
Mark-to-market derivative liabilities (noncurrent liabilities)	266	146
Total mark-to-market derivative liabilities	788	520
Total mark-to-market derivative net assets (liabilities)	1,386	898
Commodity Contract | Netting
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	(7,344)	(13,123)
Mark-to-market derivative assets (noncurrent assets)	(2,966)	(4,074)
Total mark-to-market derivative assets	(10,310)	(17,197)
Mark-to-market derivative liabilities (current liabilities)	7,344	13,123
Mark-to-market derivative liabilities (noncurrent liabilities)	2,966	4,074
Total mark-to-market derivative liabilities	10,310	17,197
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 assets)	8,639	15,296
Mark-to-market derivative assets (noncurrent assets)	3,836	5,100
Total mark-to-market derivative assets	12,475	20,396
Mark-to-market derivative liabilities (current liabilities)	(9,041)	(15,049)
Mark-to-market derivative liabilities (noncurrent liabilities)	(3,844)	(5,203)
Total mark-to-market derivative liabilities	(12,885)	(20,252)
Total mark-to-market derivative net assets (liabilities)	(410)	144
Commodity Contract | Not Designated as Hedging Instrument, Propriety Trading
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	5	10
Mark-to-market derivative assets (noncurrent assets)	0	0
Total mark-to-market derivative assets	5	10
Mark-to-market derivative liabilities (current liabilities)	(4)	(6)
Mark-to-market derivative liabilities (noncurrent liabilities)	0	0
Total mark-to-market derivative liabilities	(4)	(6)
Total mark-to-market derivative net assets (liabilities)	1	4
Interest Rate Swap
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	23	24
Mark-to-market derivative assets (noncurrent assets)	9	18
Total mark-to-market derivative assets	32	42
Mark-to-market derivative liabilities (current liabilities)	0	0
Mark-to-market derivative liabilities (noncurrent liabilities)	(1)	0
Total mark-to-market derivative liabilities	(1)	0
Total mark-to-market derivative net assets (liabilities)	31	42
Interest Rate Swap | Netting
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	(2)	(5)
Mark-to-market derivative assets (noncurrent assets)	0	0
Total mark-to-market derivative assets	(2)	(5)
Mark-to-market derivative liabilities (current liabilities)	2	5
Mark-to-market derivative liabilities (noncurrent liabilities)	0	0
Total mark-to-market derivative liabilities	2	5
Total mark-to-market derivative net assets (liabilities)	0	0
Interest Rate Swap | Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Mark-to-market derivative assets (current assets)	25	29
Mark-to-market derivative assets (noncurrent assets)	9	18
Total mark-to-market derivative assets	34	47
Mark-to-market derivative liabilities (current liabilities)	(2)	(5)
Mark-to-market derivative liabilities (noncurrent liabilities)	(1)	0
Total mark-to-market derivative liabilities	(3)	(5)
Total mark-to-market derivative net assets (liabilities)	$ 31	$ 42

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Economic Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Total			$ (281)	$ (31)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract
Derivative [Line Items]
Total	$ (4)	$ 45	(267)	(48)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Operating revenues
Derivative [Line Items]
Total	214	(303)	1,145	(1,222)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Purchased power and fuel
Derivative [Line Items]
Total	$ (218)	$ 348	$ (1,412)	$ 1,174

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 451	$ 524
Minimum
Derivative [Line Items]
Expected generation hedged in next twelve months	95%
Expected generation hedged in year two	77%
Maximum
Derivative [Line Items]
Expected generation hedged in next twelve months	98%
Expected generation hedged in year two	80%

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Credit Risk Exposure (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) counterparty
Derivative [Line Items]
Cash collateral	$ 47
Letters of credit held	51
Total Exposure Before Credit Collateral
Derivative [Line Items]
Total	1,348
Total Exposure Before Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Total	117
Total Exposure Before Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Total	258
Total Exposure Before Credit Collateral | Investment grade
Derivative [Line Items]
Total	958
Total Exposure Before Credit Collateral | Non-investment grade
Derivative [Line Items]
Total	15
Credit Collateral
Derivative [Line Items]
Total	98
Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Total	0
Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Total	44
Credit Collateral | Investment grade
Derivative [Line Items]
Total	47
Credit Collateral | Non-investment grade
Derivative [Line Items]
Total	7
Net Exposure
Derivative [Line Items]
Total	1,250
Net Exposure | Investor-owned utilities, marketers, power producers
Derivative [Line Items]
Total	1,004
Net Exposure | Energy cooperatives and municipalities
Derivative [Line Items]
Total	115
Net Exposure | Financial Institutions
Derivative [Line Items]
Total	33
Net Exposure | Other
Derivative [Line Items]
Total	98
Net Exposure | Internally rated — investment grade
Derivative [Line Items]
Total	117
Net Exposure | Internally rated — non-investment grade
Derivative [Line Items]
Total	214
Net Exposure | Investment grade
Derivative [Line Items]
Total	911
Net Exposure | Non-investment grade
Derivative [Line Items]
Total	$ 8
Number of Counterparties Greater than 10% of Net Exposure
Derivative [Line Items]
Number of counterparties | counterparty	1,000,000
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	1,000,000
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]
Total	$ 223
Net Exposure of Counterparties Greater than 10% of Net Exposure | Internally rated — investment grade
Derivative [Line Items]
Total	0
Net Exposure of Counterparties Greater than 10% of Net Exposure | Internally rated — non-investment grade
Derivative [Line Items]
Total	0
Net Exposure of Counterparties Greater than 10% of Net Exposure | Investment grade
Derivative [Line Items]
Total	223
Net Exposure of Counterparties Greater than 10% of Net Exposure | Non-investment grade
Derivative [Line Items]
Total	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative contracts containing this feature	$ (2,231)	$ (4,736)
Offsetting fair value of in-the-money contracts under master netting arrangements	941	2,048
Net fair value of derivative contracts containing this feature	$ (1,290)	$ (2,688)

Derivative Financial Instrume_8

Derivative Financial Instruments - Summary of Cash Collateral and Letters of Credit (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 2,097	$ 1,636
Letters of credit posted	761	947
Cash collateral held	728	765
Letters of credit held	59	115
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)	$ 2,172	$ 3,337

Debt and Credit Agreements - Co

Debt and Credit Agreements - Commercial Paper Borrowings (Details) - Commercial Paper - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Outstanding Commercial Paper as of	$ 435	$ 959
Weighted Average Interest Rate on Commercial Paper Borrowings as of	5.33%	4.90%

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($) $ in Millions	Feb. 09, 2023	Jan. 26, 2023	Mar. 29, 2022	Feb. 01, 2022	Jan. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Feb. 09, 2022	Mar. 31, 2020
Schedule of line of credit, short term, and long term debt [Line Items]
Credit facility					$ 4,500	$ 5,918
Short term loan agreement					200	935	$ 1,159
Exelon Corporate
Schedule of line of credit, short term, and long term debt [Line Items]
Repayments of related party debt					258
Revolving Credit Facility
Schedule of line of credit, short term, and long term debt [Line Items]
Credit facility				$ 3,500		3,500
Liquidity Facility
Schedule of line of credit, short term, and long term debt [Line Items]
Credit facility						$ 971		$ 1,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility
Schedule of line of credit, short term, and long term debt [Line Items]
Basis spread				1.275%
Term Loan | Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	$ 400	$ 100	$ 200						$ 300
Repayments of short-term debt			$ 100
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Basis spread	1.05%	0.80%	0.80%
Related Party Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Membership interest					$ 61

Debt and Credit Agreements - Su

Debt and Credit Agreements - Summary of Bank Commitments, Credit Facility Borrowings and Available Capacity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Mar. 29, 2023	Jan. 20, 2023	Aug. 24, 2022	Feb. 09, 2022	Feb. 01, 2022	Jan. 31, 2022	Jan. 31, 2021	May 15, 2020
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 5,918							$ 4,500
Facility Draws	0
Outstanding Letters of Credit	1,661
Actual Available Capacity	4,175
To Support Additional Commercial Paper Available Capacity	2,816
Revolving Credit Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	3,500						$ 3,500
Facility Draws	0
Outstanding Letters of Credit	249
Actual Available Capacity	3,251
To Support Additional Commercial Paper Available Capacity	2,816
Bilateral Credit Agreements
Short-term Debt [Line Items]
Aggregate Bank Commitment	1,310
Facility Draws	0
Outstanding Letters of Credit	735
Actual Available Capacity	575
To Support Additional Commercial Paper Available Capacity	0
Liquidity Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	971					$ 1,000
Facility Draws	0
Outstanding Letters of Credit	567
Actual Available Capacity	322
To Support Additional Commercial Paper Available Capacity	0
Liquidity Facility | No Additional Collateral Posted
Short-term Debt [Line Items]
Actual Available Capacity	889
Secured debt
Short-term Debt [Line Items]
Aggregate Bank Commitment	137
Facility Draws	0
Outstanding Letters of Credit	110
Actual Available Capacity	27
To Support Additional Commercial Paper Available Capacity	$ 0
Bilateral Credit Agreement, August 2022
Short-term Debt [Line Items]
Aggregate Bank Commitment				$ 10	$ 100
Bilateral Credit Agreement, March 2023
Short-term Debt [Line Items]
Aggregate Bank Commitment			$ 100
Bilateral Credit Agreement, May 2020
Short-term Debt [Line Items]
Aggregate Bank Commitment		$ 300							$ 250	$ 200

Debt and Credit Agreements - _2

Debt and Credit Agreements - Summary of Outstanding Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023
Tax-Exempt Notes Reoffering
Debt Instrument [Line Items]
Amount	$ 435
Energy Efficiency Project Financing due May 2023-2024
Debt Instrument [Line Items]
Amount	$ 6
Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	3.71%
Amount	$ 43
Minimum | Tax-Exempt Notes Reoffering
Debt Instrument [Line Items]
Interest Rate	4.10%
Minimum | Energy Efficiency Project Financing due May 2023-2024
Debt Instrument [Line Items]
Interest Rate	2.20%
Maximum | Tax-Exempt Notes Reoffering
Debt Instrument [Line Items]
Interest Rate	4.45%
Maximum | Energy Efficiency Project Financing due May 2023-2024
Debt Instrument [Line Items]
Interest Rate	4.96%
Senior Notes | 2028 Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.60%
Amount	$ 750
Senior Notes | 2033 Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.80%
Amount	$ 600
Nonrecourse | CR Nonrecourse Debt
Debt Instrument [Line Items]
Amount	$ 39
Nonrecourse | CR Nonrecourse Debt | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.50%
Nonrecourse | Continental Wind
Debt Instrument [Line Items]
Interest Rate	6%
Amount	$ 15
Nonrecourse | West Medway II, LLC
Debt Instrument [Line Items]
Amount	13
Nonrecourse | West Medway II, LLC | LIBOR
Debt Instrument [Line Items]
Interest Rate			2.875%
Nonrecourse | Antelope Valley DOE Loan
Debt Instrument [Line Items]
Amount	$ 8
Nonrecourse | RPG Debt
Debt Instrument [Line Items]
Interest Rate	4.11%
Amount	$ 3
Nonrecourse | Minimum | West Medway II, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	2.975%	2.975%
Nonrecourse | Minimum | Antelope Valley DOE Loan
Debt Instrument [Line Items]
Interest Rate	2.29%
Nonrecourse | Maximum | West Medway II, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	3.225%	3.225%
Nonrecourse | Maximum | Antelope Valley DOE Loan
Debt Instrument [Line Items]
Interest Rate	3.56%

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Fair Value of Financial Liabilities Recorded at Amortized Cost (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
SNF Obligation	$ 1,260	$ 1,230
Carrying Amount
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, including amounts due within one year	6,266	4,609
SNF Obligation	1,260	1,230
Fair Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, including amounts due within one year	6,258	4,547
SNF Obligation	1,128	1,021
Fair Value | Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, including amounts due within one year	5,455	3,688
SNF Obligation	1,128	1,021
Fair Value | Level 3
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, including amounts due within one year	803	859
SNF Obligation	$ 0	$ 0

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Fair Value Measurement of Assets and Liabilities, Recurring (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Net derivative assets	$ 1	$ 1
Derivative asset notational amounts	600	494
Variation margin	654	836
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	255	390
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	255	390
Cash and Cash Equivalents | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	40	49
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	40	49
Restricted cash | Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	29	70
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	29	70
Cash | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1	19
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	1	19
NDT fund investments subtotal | Maturity Less than 30 Days
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash	115	99
NDT fund investments subtotal
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Investments in equities sold short	(40)	(45)
Net liabilities	124	168
Notional amount	156	59
Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	33	41
DPP	1,239	515
Total assets	19,577	18,554
Deferred compensation obligation	(57)	(57)
Total liabilities	(1,849)	(2,598)
Total net assets (liabilities)	17,728	15,956
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	33	41
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	(1,792)	(2,541)
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(12,888)	(20,257)
Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(4)	(6)
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	11,100	17,722
Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	14,952	14,295
Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	578	437
Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	6,724	6,381
Fair Value, Recurring | Fixed income subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	5,172	4,974
Fair Value, Recurring | Corporate debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,190	1,149
Fair Value, Recurring | U.S. Treasury and agencies
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,995	2,042
Fair Value, Recurring | Foreign governments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	42	39
Fair Value, Recurring | State and municipal debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	56	53
Fair Value, Recurring | Other
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,889	1,691
Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	760	802
Fair Value, Recurring | Private equity
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	721	687
Fair Value, Recurring | Real estate
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	997	1,014
Fair Value, Recurring | Rabbi trust investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	73	68
Fair Value, Recurring | Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
Fair Value, Recurring | Mutual funds
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	42	39
Fair Value, Recurring | Life insurance contracts
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	30	28
Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	480	6
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Unrealized gain	419
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	2,800	3,629
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	12,509	20,443
Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	5	10
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	(9,714)	(16,824)
Level 1
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Collateral posted (received) from counterparties	394	328
Level 1 | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	33	41
DPP	0	0
Total assets	7,080	6,469
Deferred compensation obligation	0	0
Total liabilities	155	108
Total net assets (liabilities)	7,235	6,577
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	33	41
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	155	108
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(2,176)	(3,171)
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	2,331	3,279
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	6,409	5,828
Level 1 | Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	485	349
Level 1 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	3,990	3,462
Level 1 | Fair Value, Recurring | Fixed income subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,934	2,017
Level 1 | Fair Value, Recurring | Corporate debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | U.S. Treasury and agencies
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,923	1,996
Level 1 | Fair Value, Recurring | Foreign governments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | State and municipal debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | Other
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	11	21
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 | Private equity
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | Real estate
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 subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	43	40
Level 1 | Fair Value, Recurring | Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
Level 1 | Fair Value, Recurring | Mutual funds
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	42	39
Level 1 | Fair Value, Recurring | Life insurance contracts
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	480	6
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	115	554
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	2,052	3,505
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	(1,937)	(2,951)
Level 2
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Collateral posted (received) from counterparties	668	352
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	1,239	515
Total assets	5,100	4,181
Deferred compensation obligation	(57)	(57)
Total liabilities	(958)	(859)
Total net assets (liabilities)	4,142	3,322
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	(901)	(802)
Level 2 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(6,666)	(11,498)
Level 2 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(2)	(4)
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	5,767	10,700
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	2,844	2,630
Level 2 | Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	93	88
Level 2 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,644	1,498
Level 2 | Fair Value, Recurring | Fixed income subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,107	1,044
Level 2 | Fair Value, Recurring | Corporate debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	919	885
Level 2 | Fair Value, Recurring | U.S. Treasury and agencies
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	72	46
Level 2 | Fair Value, Recurring | Foreign governments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	42	39
Level 2 | Fair Value, Recurring | State and municipal debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	56	53
Level 2 | Fair Value, Recurring | Other
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	18	21
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 | Private equity
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Real estate
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 subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	29	27
Level 2 | Fair Value, Recurring | Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Mutual funds
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Life insurance contracts
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	29	27
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	988	1,009
Level 2 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	6,085	11,353
Level 2 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	2	4
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	(5,099)	(10,348)
Level 3
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Collateral posted (received) from counterparties	324	218
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	0	0
Total assets	2,119	2,490
Deferred compensation obligation	0	0
Total liabilities	(1,046)	(1,847)
Total net assets (liabilities)	1,073	643
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	(1,046)	(1,847)
Level 3 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(4,046)	(5,588)
Level 3 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(2)	(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	3,002	3,743
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	421	423
Level 3 | Fair Value, Recurring | Cash equivalents NDT
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	0
Level 3 | Fair Value, Recurring | Fixed income subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	271	264
Level 3 | Fair Value, Recurring | Corporate debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	271	264
Level 3 | Fair Value, Recurring | U.S. Treasury and agencies
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Foreign governments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | State and municipal debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Other
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	149	159
Level 3 | Fair Value, Recurring | Private equity
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Real estate
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Rabbi trust investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
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 | Mutual funds
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Life insurance contracts
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	1,697	2,066
Level 3 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	4,372	5,585
Level 3 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	3	6
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	(2,678)	(3,525)
Not subject to leveling | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
DPP	0	0
Total assets	5,278	5,414
Deferred compensation obligation	0	0
Total liabilities	0	0
Total net assets (liabilities)	5,278	5,414
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
Not subject to leveling | 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	0	0
Not subject to leveling | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Not subject to leveling | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Not subject to leveling | 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	0	0
Not subject to leveling | Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	5,278	5,414
Not subject to leveling | Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,089	1,421
Not subject to leveling | Fair Value, Recurring | Fixed income subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,860	1,649
Not subject to leveling | Fair Value, Recurring | Corporate debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | U.S. Treasury and agencies
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Foreign governments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | State and municipal debt
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Other
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,860	1,649
Not subject to leveling | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	611	643
Not subject to leveling | Fair Value, Recurring | Private equity
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	721	687
Not subject to leveling | Fair Value, Recurring | Real estate
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	997	1,014
Not subject to leveling | Fair Value, Recurring | Rabbi trust investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Cash equivalents
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Mutual funds
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Life insurance contracts
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Not subject to leveling | 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	0	0
Not subject to leveling | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Not subject to leveling | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Not subject to leveling | 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	$ 0	$ 0

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments without determinable fair values	$ 89	$ 46
Private credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	225
Private equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	104
Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	$ 328

Fair Value of Financial Asset_6

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	$ 1,169	$ (813)	$ 643	$ 370
Total realized / unrealized gains (losses)
Included in net income	(244)	201	261	(901)
Included in Payable related to Regulatory Agreement Units	4	(7)	4	(9)
Change in collateral	70	8	105	(254)
Impacts of separation				3
Purchases, sales, issuances and settlements
Purchases	19	30	85	171
Sales	(1)	(10)	(5)	(37)
Settlements	(5)	(58)	(7)	(58)
Transfers into Level 3	67	316	59	417
Transfers out of Level 3	(6)	22	(72)	(13)
Ending Balance	1,073	(311)	1,073	(311)
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	(5)	45	706	(1,066)
NDT fund investments subtotal
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	421	462	423	464
Total realized / unrealized gains (losses)
Included in net income	1	(1)	1	(1)
Included in Payable related to Regulatory Agreement Units	4	(7)	4	(9)
Change in collateral	0	0	0	0
Impacts of separation				0
Purchases, sales, issuances and settlements
Purchases	0	5	0	5
Sales	0	0	0	0
Settlements	(5)	(28)	(7)	(28)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending Balance	421	431	421	431
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	1	(1)	1	(2)
Mark-to-Market Derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	747	(1,278)	219	(94)
Total realized / unrealized gains (losses)
Included in net income	(245)	204	260	(898)
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral	70	8	105	(254)
Impacts of separation				0
Purchases, sales, issuances and settlements
Purchases	19	25	85	166
Sales	(1)	(10)	(5)	(37)
Settlements	0	(30)	0	(30)
Transfers into Level 3	67	316	59	417
Transfers out of Level 3	(6)	22	(72)	(13)
Ending Balance	651	(743)	651	(743)
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	(6)	48	705	(1,062)
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Realized gains (losses)	(239)	(126)	445	(135)
Life insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	1	3	1	0
Total realized / unrealized gains (losses)
Included in net income	0	(2)	0	(2)
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral	0		0	0
Impacts of separation				3
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	$ (2)	$ 0	$ (2)

Fair Value of Financial Asset_7

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	$ 244	$ (201)	$ (261)	$ 901
Total unrealized (losses) gains	(5)	45	706	(1,066)
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	(29)	(220)	517	(1,241)
Total unrealized (losses) gains	209	(364)	1,047	(1,585)
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	(216)	394	(257)	313
Total unrealized (losses) gains	(215)	412	(342)	523
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	1	(3)	1	(3)
Total unrealized (losses) gains	$ 1	$ (3)	$ 1	$ (4)

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Fair Value Inputs Assets Quantitative Information (Details) - Level 3 $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Cash collateral received	$ 324	$ 218
Economic Hedges
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mark-to-market derivatives—Economic hedges	$ 326	$ (3)
Economic Hedges | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	10	0.63
Forward gas price	1.20	1.67
Economic Hedges | Minimum | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	1.22	0.97
Economic Hedges | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	243	283
Forward gas price	17	26
Economic Hedges | Maximum | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	1.28	1.19
Economic Hedges | Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	50	72
Forward gas price	3.79	4.57
Economic Hedges | Average | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	1.24	1.11

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Commercial Commitments (Details) $ in Millions	Jun. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Total	$ 2,571
2023	1,788
2024	783
2025	0
2026	0
2027	0
2028 and beyond	0
Letters of credit
Guarantor Obligations [Line Items]
Total	1,661
2023	1,131
2024	530
2025	0
2026	0
2027	0
2028 and beyond	0
Surety bonds
Guarantor Obligations [Line Items]
Total	910
2023	657
2024	253
2025	0
2026	0
2027	0
2028 and beyond	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) Open_claim	Apr. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 03, 2020 USD ($)
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	$ 127		$ 119
Estimated liabilities for asbestos-related bodily injury claims	109		$ 95
Open Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 28
Number of claims | Open_claim	250
Estimated Future Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 81
Latty Avenue
Commitments and Contingencies [Line Items]
Environmental loss contingencies		$ 90		$ 90

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Feb. 16, 2023
Statement of Stockholders' Equity [Abstract]
Value of stock authorized for repurchase				$ 1,000
Common stock repurchased (in shares)	3		6.2
Common stock repurchased	$ 252	$ 251	$ 503
Common stock repurchased (in dollars per share)	$ 84.49		$ 80.44
Remaining shares available for repurchase	497		497

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 11,614	$ 0	$ 11,086	$ 11,372	$ 11,505	$ 11,614	$ 11,372	$ 11,614
Separation-related adjustments	(197)
Other comprehensive income (loss), net of income taxes		21	8	(48)	24		(40)	45
Ending balance	0	11,505	11,612	11,086	11,389	11,505	11,612	11,389
Losses on Cash Flow Hedges
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(8)		(9)	(9)	(8)	(8)	(9)	(8)
Separation-related adjustments								0
OCI before reclassifications			(1)		(1)		(1)	(1)
Amounts reclassified from AOCI			1		1		1	1
Other comprehensive income (loss), net of income taxes			0		0		0	0
Ending balance		(8)	(9)	(9)	(8)	(8)	(9)	(8)
Pension and Non-Pension Postretirement Benefit Plan Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	0		(1,773)	(1,725)	(1,989)	0	(1,725)	0
Separation-related adjustments								(2,006)
OCI before reclassifications			0		0		(53)	0
Amounts reclassified from AOCI			5		26		10	43
Other comprehensive income (loss), net of income taxes			5		26		(43)	(1,963)
Ending balance		(1,989)	(1,768)	(1,773)	(1,963)	(1,989)	(1,768)	(1,963)
Foreign Currency Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(23)		(26)	(26)	(19)	(23)	(26)	(23)
Separation-related adjustments								0
OCI before reclassifications			3		(2)		3	2
Amounts reclassified from AOCI			0		0		0	0
Other comprehensive income (loss), net of income taxes			3		(2)		3	2
Ending balance		(19)	(23)	(26)	(21)	(19)	(23)	(21)
Total
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ (31)		(1,808)	(1,760)	(2,016)	(31)	(1,760)	(31)
Separation-related adjustments								(2,006)
OCI before reclassifications			2		(3)		(51)	1
Amounts reclassified from AOCI			6		27		11	44
Other comprehensive income (loss), net of income taxes			8		24		(40)	(1,961)
Ending balance		$ (2,016)	$ (1,800)	$ (1,808)	$ (1,992)	$ (2,016)	$ (1,800)	$ (1,992)

Shareholders' Equity - Income T

Shareholders' Equity - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Actuarial loss reclassified to periodic benefit cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans valuation adjustment	$ (3)	$ (9)	$ (5)	$ (15)
Pension and Non-Pension Postretirement Benefit Plan Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans valuation adjustment	$ 0	$ 0	$ 18	$ 680

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents		$ 269	$ 422	$ 806	$ 504
Restricted cash and cash equivalents		56	106	$ 120	$ 72
Accounts receivable
Customer accounts receivable		1,306	2,585
Other accounts receivable		646	731
Inventories, net
Materials and supplies		1,109	1,076
Other current assets		1,742	1,026
Total current assets		7,575	9,360
Property, plant, and equipment, net		20,239	19,822
Other noncurrent assets		2,167	2,106
Total assets	[1]	46,559	46,909
Current liabilities
Long-term debt due within one year		110	143
Accounts payable		1,260	2,828
Accrued expenses		744	906
Other current liabilities		324	344
Total current liabilities		5,225	7,839
Long-term debt		6,156	4,466
Other noncurrent liabilities		1,123	1,178
Total deferred credits and other liabilities		23,566	23,232
Total liabilities	[1]	34,947	35,537
Recourse
Current liabilities
Total liabilities		1	1
Variable Interest Entity, Primary Beneficiary
Current assets
Cash and cash equivalents		65	51
Restricted cash and cash equivalents		46	46
Accounts receivable
Customer accounts receivable		26	20
Other accounts receivable		9	9
Inventories, net
Materials and supplies		14	12
Other current assets		1,273	549
Total current assets		1,433	687
Property, plant, and equipment, net		1,970	1,965
Other noncurrent assets		178	190
Total noncurrent assets		2,148	2,155
Total assets		3,581	2,842
Current liabilities
Long-term debt due within one year		61	60
Accounts payable		23	17
Accrued expenses		22	23
Other current liabilities		1	2
Total current liabilities		107	102
Long-term debt		738	764
Asset retirement obligations		177	173
Other noncurrent liabilities		3	3
Total deferred credits and other liabilities		918	940
Total liabilities		1,025	1,042
Unamortized energy contract assets, current		23	23
Unamortized energy contract assets, noncurrent		$ 166	$ 178
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - Constellation Energy Generation, LLC	Jun. 30, 2023	Dec. 31, 2022
EGRP
Variable Interest Entity [Line Items]
Equity ownership	51%	51%
Antelope Valley
Variable Interest Entity [Line Items]
Equity ownership	100%	100%
NER
Variable Interest Entity [Line Items]
Equity ownership	100%	100%
Solar project entities
Variable Interest Entity [Line Items]
Equity ownership	100%
Wind project entities
Variable Interest Entity [Line Items]
Equity ownership	100%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Significant Unconsolidated VIEs (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets	[1]	$ 46,559	$ 46,909
Total liabilities	[1]	34,947	35,537
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		700	716
Total liabilities		61	55
Our ownership interest in VIE		0	0
Other ownership interests in VIE		639	661
Commercial Agreement VIEs | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		700	716
Total liabilities		61	55
Our ownership interest in VIE		0	0
Other ownership interests in VIE		639	661
Equity Investment VIEs | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		0	0
Total liabilities		0	0
Our ownership interest in VIE		0	0
Other ownership interests in VIE		$ 0	$ 0
[1]Our consolidated assets include $3,392 million and $2,641 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,024 million and $1,041 million at June 30, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Supplemental Financial Inform_3

Supplemental Financial Information - Summary of Taxes other than income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplemental Financial Information [Abstract]
Operating lease income	$ 13	$ 13	$ 17	$ 17
Variable lease income	66	71	124	127
Gross receipts	35	31	68	61
Property	65	69	121	138
Payroll	$ 36	$ 30	$ 70	$ 63

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Decommissioning-related activities:
Regulatory Agreement Units	$ 135	$ 97	$ 449	$ 271
Non-Regulatory Agreement Units	91	15	285	100
Regulatory Agreement Units	56	(853)	85	(1,390)
Non-Regulatory Agreement Units	27	(515)	45	(852)
Regulatory offset to NDT fund-related activities	(154)	607	(429)	899
Decommissioning-related activities	155	(649)	435	(972)
Non-service net periodic benefit credit	14	33	27	52
Net unrealized (losses) gains from equity investments	419	(5)	414	(25)
Return to provision adjustment	$ 0	$ (58)	$ 0	$ (58)

Supplemental Financial Inform_5

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Depreciation, amortization, and accretion
Property, plant, and equipment			$ 531	$ 542
Amortization of intangible assets, net			11	15
Nuclear fuel			373	367
ARO accretion			287	266
Total depreciation, amortization, and accretion			1,219	1,207
Other non-cash operating activities
Pension and non-pension postretirement benefit costs			23	9
Other decommissioning related-activity			(217)	107
Energy-related options			121	211
Long-term incentive plan			34	32
Amortization of operating ROU asset			24	33
Loss on sale of receivables	$ 26	$ 14	46	24
Fair value adjustments related to gas imbalances			14	41
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	269	806	269	806	$ 422	$ 504
Restricted cash and cash equivalents	56	120	56	120	106	72
Total cash, restricted cash, and cash equivalents	325	926	325	926	528	576
Constellation Energy Generation, LLC
Depreciation, amortization, and accretion
Total depreciation, amortization, and accretion			1,219	1,207
Other non-cash operating activities
Pension and non-pension postretirement benefit costs			23	9
Other decommissioning related-activity			(217)	107
Energy-related options			121	211
Long-term incentive plan			0	0
Amortization of operating ROU asset			24	33
Loss on sale of receivables			46	24
Fair value adjustments related to gas imbalances			14	41
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	269	803	269	803	403	504
Restricted cash and cash equivalents	48	67	48	67	98	72
Total cash, restricted cash, and cash equivalents	$ 317	$ 870	317	870	$ 501	$ 576
Unamortized Energy Contracts
Depreciation, amortization, and accretion
Amortization of energy contract assets and liabilities			$ 17	$ 17

Supplemental Financial Inform_6

Supplemental Financial Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Supplemental Balance Sheet Information [Line Items]
Compensation-related accruals	$ 393	$ 540
Taxes accrued	210	257
Constellation Energy Generation, LLC
Supplemental Balance Sheet Information [Line Items]
Compensation-related accruals	323	502
Taxes accrued	$ 206	$ 257

Related Party Transactions - Op

Related Party Transactions - Operating Revenues and Purchased Power and Fuel From Affiliates (Details) - Affiliated Entities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Operating revenues	$ 0	$ 0	$ 0	$ 160
ComEd
Related Party Transaction [Line Items]
Operating revenues				58
PECO
Related Party Transaction [Line Items]
Operating revenues				33
BGE
Related Party Transaction [Line Items]
Operating revenues				18
PHI
Related Party Transaction [Line Items]
Operating revenues				51
Pepco
Related Party Transaction [Line Items]
Operating revenues				39
DPL
Related Party Transaction [Line Items]
Operating revenues				10
ACE
Related Party Transaction [Line Items]
Operating revenues				$ 2

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Operating and maintenance from affiliates	$ 0	$ 0	$ 0	$ 44
Other
Related Party Transaction [Line Items]
Operating and maintenance from affiliates				44
Capitalized service company costs				$ 15