Constellation Energy (CEG) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41137
Entity Registrant Name	CONSTELLATION ENERGY CORPORATION
Entity Tax Identification Number	87-1210716
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	1310 Point Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21231-3380
City Area Code	(833)
Local Phone Number	883-0162
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	CEG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		315,234,850
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Operating revenues	$ 6,161	$ 7,565
Operating expenses
Purchased power and fuel	3,417	5,729
Operating and maintenance	1,486	1,432
Depreciation and amortization	306	267
Taxes other than income taxes	139	132
Total operating expenses	5,348	7,560
Gain (loss) on sales of assets and businesses	0	26
Operating income (loss)	813	31
Other income and (deductions)
Interest expense, net	(127)	(107)
Other, net	362	314
Total other income and (deductions)	235	207
Income (loss) before income taxes	1,048	238
Income tax (benefit) expense	165	131
Equity in income (losses) of unconsolidated affiliates	0	(5)
Net income (loss)	883	102
Net income (loss) attributable to noncontrolling interests	0	6
Net income (loss) attributable to common shareholders	883	96
Comprehensive income (loss), net of income taxes
Net income (loss)	883	102
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(1)
Actuarial loss reclassified to periodic cost	18	6
Pension and non-pension postretirement benefit plan valuation adjustment	(3)	(53)
Unrealized gain (loss) on foreign currency translation	(3)	0
Other comprehensive income (loss), net of income taxes	11	(48)
Comprehensive income (loss)	894	54
Comprehensive income (loss) attributable to noncontrolling interests	0	6
Comprehensive income (loss) attributable to common shareholders	$ 894	$ 48
Average shares of common stock outstanding:
Basic (in shares)	317	328
Assumed exercise and/or distributions of stock-based awards (in shares)	1	0
Diluted (in shares)	318	328
Earnings per average common share
Basic (in dollars per share)	$ 2.79	$ 0.29
Diluted (in dollars per share)	$ 2.78	$ 0.29

Consolidated Statements of Cash

Consolidated Statements of Cash Flows, Parent - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 883	$ 102
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	694	605
Deferred income taxes and amortization of ITCs	9	(33)
Net fair value changes related to derivatives	(186)	273
Net realized and unrealized (gains) losses on NDT funds	(192)	(187)
Net realized and unrealized (gains) losses on equity investments	(47)	5
Other non-cash operating activities	(41)	28
Changes in assets and liabilities:
Accounts receivable	464	513
Inventories	114	168
Accounts payable and accrued expenses	(382)	(1,516)
Option premiums received (paid), net	74	(23)
Collateral received (posted), net	297	(261)
Income taxes	159	163
Pension and non-pension postretirement benefit contributions	(177)	(10)
Other assets and liabilities	(2,392)	(761)
Net cash flows provided by (used in) operating activities	(723)	(934)
Cash flows from investing activities
Capital expenditures	(738)	(660)
Proceeds from NDT fund sales	1,779	1,977
Investment in NDT funds	(1,847)	(2,030)
Collection of DPP, net	1,644	926
Proceeds from sales of assets and businesses	7	24
Acquisitions of assets and businesses	(14)	(17)
Other investing activities	(1)	(1)
Net cash flows provided by (used in) investing activities	830	219
Cash flows from financing activities
Change in short-term borrowings	165	(754)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(500)	(200)
Issuance of long-term debt	900	1,353
Retirement of long-term debt	(32)	(30)
Dividends paid on common stock	(112)	(93)
Repurchases of common stock	(499)	(231)
Other financing activities	(38)	(22)
Net cash flows provided by (used in) financing activities	84	523
Increase (decrease) in cash, restricted cash, and cash equivalents	191	(192)
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	645	336
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	110	11
Increase (decrease) in DPP	$ 1,812	$ 794

Consolidated Balance Sheets, Pa

Consolidated Balance Sheets, Parent - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 562	$ 368
Restricted cash and cash equivalents		83	86
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $57 and $56 as of March 31, 2024 and December 31, 2023, respectively)		1,855	1,934
Other accounts receivable (net of allowance for credit losses of $5 as of March 31, 2024 and December 31, 2023)		472	917
Mark-to-market derivative assets		1,232	1,179
Inventories, net
Natural gas, oil, and emission allowances		179	284
Materials and supplies		1,206	1,216
Renewable energy credits		805	660
Other		2,066	1,655
Total current assets		8,460	8,299
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,476 and $17,423 as of March 31, 2024 and December 31, 2023, respectively)		22,446	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,916	16,398
Investments		623	563
Goodwill		425	425
Mark-to-market derivative assets		774	995
Deferred income taxes		38	52
Other		2,332	1,910
Total deferred debits and other assets		21,108	20,343
Total assets	[1]	52,014	50,758
Current liabilities
Short-term borrowings		1,509	1,644
Long-term debt due within one year		122	121
Accounts payable and accrued expenses		2,417	2,612
Mark-to-market derivative liabilities		667	632
Renewable energy credit obligation		895	972
Other		312	338
Total current liabilities		5,922	6,319
Long-term debt		8,352	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,208	3,209
Asset retirement obligations		14,278	14,118
Pension obligations		888	1,070
Non-pension postretirement benefit obligations		746	732
Spent nuclear fuel obligation		1,313	1,296
Payables related to Regulatory Agreement Units		3,874	3,688
Mark-to-market derivative liabilities		480	419
Other		1,393	1,125
Total deferred credits and other liabilities		26,180	25,657
Total liabilities	[1]	40,454	39,472
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock (No par value, 1,000 shares authorized, 315 shares and 317 shares outstanding as of March 31, 2024 and December 31, 2023, respectively)		11,847	12,355
Retained earnings (deficit)		1,532	761
Accumulated other comprehensive income (loss), net		(2,180)	(2,191)
Total shareholders’ equity		11,199	10,925
Noncontrolling interests		361	361
Total equity		11,560	11,286
Total liabilities and equity		$ 52,014	$ 50,758
[1] Our consolidated assets include $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets, _2

Consolidated Balance Sheets, Parent (Parenthetical) - USD ($) shares in Millions, $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses		$ 57	$ 56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		$ 17,476	$ 17,423
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)		315	317
Total assets	[1]	$ 52,014	$ 50,758
Total liabilities	[1]	40,454	39,472
Variable Interest Entity, Primary Beneficiary
Total assets		3,686	3,532
Total liabilities		975	990
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		975	990
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,514	$ 3,355
[1] Our consolidated assets include $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

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 Income (Loss), net	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2022		327,130
Beginning balance at Dec. 31, 2022	$ 11,372	$ 13,274	$ (496)	$ (1,760)	$ 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	102		96		6
Employee incentive plan (in shares)		528
Employee incentive plans	6	$ 6
Changes in equity of noncontrolling interests	(2)				(2)
Common stock dividends	(93)		(93)
Common stock repurchased (in shares)		(3,239)
Common stock repurchased	(251)	$ (251)
Other comprehensive income (loss), net of income taxes	(48)			(48)
Ending Balance (in shares) at Mar. 31, 2023		324,419
Ending balance at Mar. 31, 2023	$ 11,086	$ 13,029	(493)	(1,808)	358
Beginning Balance (in shares) at Dec. 31, 2023	317,000	317,472
Beginning balance at Dec. 31, 2023	$ 11,286	$ 12,355	761	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	883		883		0
Employee incentive plan (in shares)		661
Employee incentive plans	(4)	$ (4)
Common stock dividends	(112)		(112)
Common stock repurchased (in shares)		(2,900)
Common stock repurchased	(504)	$ (504)
Other comprehensive income (loss), net of income taxes	$ 11			11
Ending Balance (in shares) at Mar. 31, 2024	315,000	315,233
Ending balance at Mar. 31, 2024	$ 11,560	$ 11,847	$ 1,532	$ (2,180)	$ 361

Consolidated Statements of Ch_2

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

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues	$ 6,161	$ 7,565
Operating expenses
Purchased power and fuel	3,417	5,729
Operating and maintenance	1,486	1,432
Depreciation and amortization	306	267
Taxes other than income taxes	139	132
Total operating expenses	5,348	7,560
Gain (loss) on sales of assets and businesses	0	26
Operating income (loss)	813	31
Other income and (deductions)
Interest expense, net	(127)	(107)
Other, net	362	314
Total other income and (deductions)	235	207
Income (loss) before income taxes	1,048	238
Income tax (benefit) expense	165	131
Equity in income (losses) of unconsolidated affiliates	0	(5)
Net income (loss)	883	102
Net income (loss) attributable to noncontrolling interests	0	6
Net income (loss) attributable to common shareholders	883	96
Comprehensive income (loss), net of income taxes
Net income (loss)	883	102
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(1)
Actuarial loss reclassified to periodic cost	18	6
Pension and non-pension postretirement benefit plan valuation adjustment	(3)	(53)
Unrealized gain (loss) on foreign currency translation	(3)	0
Other comprehensive income (loss), net of income taxes	11	(48)
Comprehensive income (loss)	894	54
Comprehensive income (loss) attributable to noncontrolling interests	0	6
Comprehensive income (loss) attributable to common shareholders	894	48
Constellation Energy Generation, LLC
Operating revenues	6,161	7,565
Operating expenses
Purchased power and fuel	3,417	5,729
Operating and maintenance	1,486	1,432
Depreciation and amortization	306	267
Taxes other than income taxes	139	132
Total operating expenses	5,348	7,560
Gain (loss) on sales of assets and businesses	0	26
Operating income (loss)	813	31
Other income and (deductions)
Interest expense, net	(127)	(107)
Other, net	362	314
Total other income and (deductions)	235	207
Income (loss) before income taxes	1,048	238
Income tax (benefit) expense	165	131
Equity in income (losses) of unconsolidated affiliates	0	(5)
Net income (loss)	883	102
Net income (loss) attributable to noncontrolling interests	0	6
Net income (loss) attributable to common shareholders	883	96
Comprehensive income (loss), net of income taxes
Net income (loss)	883	102
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(1)
Actuarial loss reclassified to periodic cost	18	6
Pension and non-pension postretirement benefit plan valuation adjustment	(3)	(53)
Unrealized gain (loss) on foreign currency translation	(3)	0
Other comprehensive income (loss), net of income taxes	11	(48)
Comprehensive income (loss)	894	54
Comprehensive income (loss) attributable to noncontrolling interests	0	6
Comprehensive income (loss) attributable to common shareholders	$ 894	$ 48

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 883	$ 102
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	694	605
Deferred income taxes and amortization of ITCs	9	(33)
Net fair value changes related to derivatives	(186)	273
Net realized and unrealized (gains) losses on NDT funds	(192)	(187)
Net realized and unrealized (gains) losses on equity investments	(47)	5
Other non-cash operating activities	(41)	28
Changes in assets and liabilities:
Accounts receivable	464	513
Inventories	114	168
Accounts payable and accrued expenses	(382)	(1,516)
Option premiums received (paid), net	74	(23)
Collateral received (posted), net	297	(261)
Income taxes	159	163
Pension and non-pension postretirement benefit contributions	(177)	(10)
Other assets and liabilities	(2,392)	(761)
Net cash flows provided by (used in) operating activities	(723)	(934)
Cash flows from investing activities
Capital expenditures	(738)	(660)
Proceeds from NDT fund sales	1,779	1,977
Investment in NDT funds	(1,847)	(2,030)
Collection of DPP, net	1,644	926
Proceeds from sales of assets and businesses	7	24
Acquisitions of assets and businesses	(14)	(17)
Other investing activities	(1)	(1)
Net cash flows provided by (used in) investing activities	830	219
Cash flows from financing activities
Change in short-term borrowings	165	(754)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(500)	(200)
Issuance of long-term debt	900	1,353
Retirement of long-term debt	(32)	(30)
Other financing activities	(38)	(22)
Net cash flows provided by (used in) financing activities	84	523
Increase (decrease) in cash, restricted cash, and cash equivalents	191	(192)
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	645	336
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	110	11
Increase (decrease) in DPP	1,812	794
Constellation Energy Generation, LLC
Cash flows from operating activities
Net income (loss)	883	102
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	694	605
Deferred income taxes and amortization of ITCs	9	(33)
Net fair value changes related to derivatives	(186)	273
Net realized and unrealized (gains) losses on NDT funds	(192)	(187)
Net realized and unrealized (gains) losses on equity investments	(47)	5
Other non-cash operating activities	(62)	14
Changes in assets and liabilities:
Accounts receivable	465	513
Receivables from and payables to affiliates, net	(32)	(78)
Inventories	114	168
Accounts payable and accrued expenses	(380)	(1,514)
Option premiums received (paid), net	74	(23)
Collateral received (posted), net	297	(261)
Income taxes	159	163
Pension and non-pension postretirement benefit contributions	(177)	(10)
Other assets and liabilities	(2,378)	(737)
Net cash flows provided by (used in) operating activities	(759)	(1,000)
Cash flows from investing activities
Capital expenditures	(738)	(660)
Proceeds from NDT fund sales	1,779	1,977
Investment in NDT funds	(1,847)	(2,030)
Collection of DPP, net	1,644	926
Proceeds from sales of assets and businesses	7	24
Acquisitions of assets and businesses	(14)	(17)
Other investing activities	(1)	(1)
Net cash flows provided by (used in) investing activities	830	219
Cash flows from financing activities
Change in short-term borrowings	165	(754)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(500)	(200)
Issuance of long-term debt	900	1,353
Retirement of long-term debt	(32)	(30)
Distributions to member	(610)	(249)
Other financing activities	(10)	(13)
Net cash flows provided by (used in) financing activities	113	607
Increase (decrease) in cash, restricted cash, and cash equivalents	184	(174)
Cash, restricted cash, and cash equivalents at beginning of period	440	501
Cash, restricted cash, and cash equivalents at end of period	624	327
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	110	11
Increase (decrease) in DPP	$ 1,812	$ 794

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 562	$ 368
Restricted cash and cash equivalents		83	86
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $57 and $56 as of March 31, 2024 and December 31, 2023, respectively)		1,855	1,934
Other accounts receivable (net of allowance for credit losses of $5 as of March 31, 2024 and December 31, 2023)		472	917
Mark-to-market derivative assets		1,232	1,179
Inventories, net
Natural gas, oil, and emission allowances		179	284
Materials and supplies		1,206	1,216
Renewable energy credits		805	660
Other		2,066	1,655
Total current assets		8,460	8,299
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,476 and $17,423 as of March 31, 2024 and December 31, 2023, respectively)		22,446	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,916	16,398
Investments		623	563
Goodwill		425	425
Mark-to-market derivative assets		774	995
Deferred income taxes		38	52
Other		2,332	1,910
Total deferred debits and other assets		21,108	20,343
Total assets	[1]	52,014	50,758
Current liabilities
Short-term borrowings		1,509	1,644
Long-term debt due within one year		122	121
Accounts payable and accrued expenses		2,417	2,612
Mark-to-market derivative liabilities		667	632
Renewable energy credit obligation		895	972
Other		312	338
Total current liabilities		5,922	6,319
Long-term debt		8,352	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,208	3,209
Asset retirement obligations		14,278	14,118
Pension obligations		888	1,070
Non-pension postretirement benefit obligations		746	732
Spent nuclear fuel obligation		1,313	1,296
Payables related to Regulatory Agreement Units		3,874	3,688
Mark-to-market derivative liabilities		480	419
Other		1,393	1,125
Total deferred credits and other liabilities		26,180	25,657
Total liabilities	[1]	40,454	39,472
Commitments and contingencies (Note 13)
Member’s equity
Undistributed earnings		1,532	761
Accumulated other comprehensive income (loss), net		(2,180)	(2,191)
Total liabilities and equity		52,014	50,758
Constellation Energy Generation, LLC
Current assets
Cash and cash equivalents		557	366
Restricted cash and cash equivalents		67	74
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $57 and $56 as of March 31, 2024 and December 31, 2023, respectively)		1,855	1,934
Other accounts receivable (net of allowance for credit losses of $5 as of March 31, 2024 and December 31, 2023)		465	911
Mark-to-market derivative assets		1,232	1,179
Inventories, net
Natural gas, oil, and emission allowances		179	284
Materials and supplies		1,206	1,216
Renewable energy credits		805	660
Other		2,066	1,655
Total current assets		8,432	8,279
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,476 and $17,423 as of March 31, 2024 and December 31, 2023, respectively)		22,446	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,916	16,398
Investments		623	563
Goodwill		425	425
Mark-to-market derivative assets		774	995
Deferred income taxes		38	52
Other		2,332	1,910
Total deferred debits and other assets		21,108	20,343
Total assets	[2]	51,986	50,738
Current liabilities
Short-term borrowings		1,509	1,644
Long-term debt due within one year		122	121
Mark-to-market derivative liabilities		667	632
Renewable energy credit obligation		895	972
Other		310	338
Total current liabilities		5,859	6,311
Long-term debt		8,352	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,208	3,209
Asset retirement obligations		14,278	14,118
Pension obligations		888	1,070
Non-pension postretirement benefit obligations		746	732
Spent nuclear fuel obligation		1,313	1,296
Payables related to Regulatory Agreement Units		3,874	3,688
Mark-to-market derivative liabilities		480	419
Other		1,330	1,025
Total deferred credits and other liabilities		26,117	25,557
Total liabilities	[2]	40,328	39,364
Commitments and contingencies (Note 13)
Member’s equity
Membership interest		11,038	11,537
Undistributed earnings		2,439	1,667
Accumulated other comprehensive income (loss), net		(2,180)	(2,191)
Total member’s equity		11,297	11,013
Noncontrolling interests		361	361
Total equity		11,658	11,374
Total liabilities and equity		51,986	50,738
Constellation Energy Generation, LLC | Nonrelated Party
Current liabilities
Accounts payable and accrued expenses		2,270	2,486
Constellation Energy Generation, LLC | Related Party
Current liabilities
Accounts payable and accrued expenses		$ 86	$ 118
[1] Our consolidated assets include $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information. Our consolidated assets include $3,514 million and $3,355 million as of March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million as of March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses		$ 57	$ 56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		17,476	17,423
Total assets	[1]	52,014	50,758
Total liabilities	[1]	40,454	39,472
Variable Interest Entity, Primary Beneficiary
Total assets		3,686	3,532
Total liabilities		975	990
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		975	990
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		3,514	3,355
Constellation Energy Generation, LLC
Allowance for credit losses		57	56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		17,476	17,423
Total assets	[2]	51,986	50,738
Total liabilities	[2]	40,328	39,364
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		975	990
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,514	$ 3,355
[1] Our consolidated assets include $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information. Our consolidated assets include $3,514 million and $3,355 million as of March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million as of March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Undistributed Earnings	Accumulated Other Comprehensive Income (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 Income (Loss), net	Constellation Energy Generation, LLC Noncontrolling Interests
Beginning Balance at Dec. 31, 2022					$ 11,414	$ 12,408	$ 412	$ (1,760)	$ 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 102	$ 96		$ 6	102		96		6
Changes in equity of noncontrolling interests	(2)			(2)	(2)				(2)
Distributions to member					(249)	(152)	(97)
Other comprehensive income (loss), net of income taxes	(48)		$ (48)		(48)			(48)
Ending Balance at Mar. 31, 2023					11,217	12,256	411	(1,808)	358
Beginning Balance at Dec. 31, 2023					11,374	11,537	1,667	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	883	$ 883		$ 0	883		883		0
Distributions to member					(610)	(499)	(111)
Other comprehensive income (loss), net of income taxes	$ 11		$ 11		11			11
Ending Balance at Mar. 31, 2024					$ 11,658	$ 11,038	$ 2,439	$ (2,180)	$ 361

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business We are a producer of carbon-free energy and a supplier of energy products and services. Our generating capacity includes primarily nuclear, wind, solar, natural gas and hydroelectric assets. Through our integrated business operations, we sell electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, governmental, and residential customers in markets across multiple geographic regions. We have five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT and Other Power Regions. Basis of Presentation The accompanying Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 Consolidated Balance Sheet was derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation. Summary of Significant Accounting Policies

Mergers, Acquisitions, and Disp

Mergers, Acquisitions, and Dispositions	3 Months Ended
	Mar. 31, 2024
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions	Mergers, Acquisitions, and Dispositions Acquisition of Joint Ownership in South Texas Project On November 1, 2023, we completed the acquisition of NRG South Texas LP (renamed and converted as Constellation South Texas, LLC), which owns a 44% undivided ownership interest in the jointly owned STP, a 2,645 MW, dual-unit nuclear plant located in Bay City, Texas. The net cash paid was $1.65 billion, after certain purchase price adjustments. Other owners include City Public Service Board of San Antonio (CPS, 40%) and the City of Austin, Texas (Austin Energy, 16%). See Note 2 — Mergers, Acquisitions, and Dispositions of our 2023 Form 10-K for additional information. 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 our Equity Purchase Agreement, NRG made representations that no right of first refusal applied to the transaction contemplated between us. Separately, on July 31, 2023, San Antonio and Austin filed motions to dismiss and (in the alternative) immediately stay proceedings and petitions to intervene on the license transfer application that was filed with the NRC. Notwithstanding this, the NRC issued approval of the license transfer application on October 30, 2023. However, the NRC staff’s approval of the license transfer is subject to the Commission’s authority to rescind, modify, or condition the approved transfer based on the outcome of any post-effectiveness hearing or motions on the license transfer application. On May 2, 2024 we executed a settlement agreement with all parties (CPS/City of San Antonio, Austin, and NRG), resolving all litigation involving our purchase of the ownership interest in STP. The terms of the settlement include us selling a 2% ownership interest in STP to CPS at the same price and terms that we paid NRG for our 44% interest, subject to regulatory approvals from the NRC and the Public Utility Commission of Texas. Pursuant to the Settlement, CPS and Austin filed Notices of Dismissal with Prejudice with the Court, which ends the litigation, and likewise withdrew their pending objections to the sale with the NRC. We anticipate closing on the sale will occur in the second half of 2024. Upon closing of the sale, we and CPS will each own a 42% interest in STP, and Austin’s interest will remain at 16%. The terms of settlement are not expected to have a material impact on our consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
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 2023 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 months ended March 31, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 82 $ 130 Amounts reclassified to receivables (15) (11) Revenues recognized 14 31 Ending balance as of March 31 $ 81 $ 150 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. There were no outstanding contract liabilities for the Illinois ZEC program as of March 31, 2024 and December 31, 2023. The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three months ended March 31, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 40 $ 47 Consideration received or due 49 131 Revenues recognized (55) (115) Ending balance as of March 31 $ 34 $ 63 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 March 31, 2024. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes mark-to-market derivatives and certain power and gas sales contracts which contain variable volumes and/or variable pricing. 2024 2025 2026 2027 2028 and thereafter Total Remaining performance obligations $ 105 $ 58 $ 30 $ 18 $ 130 $ 341 Revenue Disaggregation We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of revenue disaggregation.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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 or deemed more useful than the GAAP information provided elsewhere in this report. Our operating revenues include all sales to third parties as well as government assistance. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy, and ancillary services. Fuel expense includes the fuel costs for our owned generation and fuel costs associated with tolling agreements. The results of our other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, as well as sales of other energy-related products and sustainable solutions that are not significant to our overall results of operations. Further, our unrealized mark-to-market gains and losses on economic hedging activities and our amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. The CODM does not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments. The following tables disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues reflects our two primary products of power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. The following tables also show the reconciliation of reportable segment revenues and RNF to our total revenues and RNF for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,356 $ (112) $ 1,244 $ (2) $ 1,242 Midwest 1,000 93 1,093 1 1,094 New York 492 6 498 15 513 ERCOT 237 83 320 1 321 Other Power Regions 1,437 202 1,639 (15) 1,624 Total Reportable Segment Power Revenues 4,522 272 4,794 — 4,794 Total Natural Gas Revenues 608 554 1,162 — 1,162 Total Other Revenues (b) 130 75 205 — 205 Total Consolidated Operating Revenues $ 5,260 $ 901 $ 6,161 $ — $ 6,161 Three Months Ended March 31, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,413 $ (137) $ 1,276 $ (31) $ 1,245 Midwest 1,195 (165) 1,030 2 1,032 New York 464 37 501 34 535 ERCOT 200 (32) 168 1 169 Other Power Regions 1,518 279 1,797 (6) 1,791 Total Reportable Segment Power Revenues 4,790 (18) 4,772 — 4,772 Total Natural Gas Revenues 895 590 1,485 — 1,485 Total Other Revenues (b) 148 1,160 1,308 — 1,308 Total Consolidated Operating Revenues $ 5,833 $ 1,732 $ 7,565 $ — $ 7,565 __________ (a) Includes revenues from nuclear PTCs beginning in 2024 as well as derivatives and leases in all periods presented. (b) Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $64 million and $929 million for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 675 $ (1) $ 674 $ 722 $ (31) $ 691 Midwest 700 3 703 690 (1) 689 New York 329 15 344 225 36 261 ERCOT 220 (11) 209 53 (1) 52 Other Power Regions 392 (24) 368 256 (8) 248 Total RNF for Reportable Segments 2,316 (18) 2,298 1,946 (5) 1,941 Other (a) 428 18 446 (110) 5 (105) Total RNF $ 2,744 $ — $ 2,744 $ 1,836 $ — $ 1,836 __________ (a) Other represents activities not allocated to a region. See text above for a description of included activities.

Government Assistance

Government Assistance	3 Months Ended
	Mar. 31, 2024
Government Assistance [Abstract]
Government Assistance	Government Assistance As a result of the enactment of the IRA, we qualify for certain federal government incentives through eligible activities. These incentives include both refundable and transferable tax credits. The current GAAP framework does not address the receipt of government assistance by for-profit entities. We account for this government assistance by analogy to International Accounting Standard (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, and recognize the benefits when there is reasonable assurance that we will comply with the required conditions and that the benefits will be received. We believe the reasonable assurance term as used in IAS 20 is analogous to the term probable as defined in Accounting Standards Codification 450-20 of GAAP. Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032. The nuclear PTC provides a transferable credit up to $15 per MWh (a base credit of $3 per MWh with a five times multiplier provided certain prevailing wage requirements are met) and is subject to phase-out when annual gross receipts are between $25.00 per MWh and $43.75 per MWh. We have determined that we will meet the annual prevailing wage requirements at all our nuclear units and are eligible for the five times multiplier. Both the amount of the PTC and the gross receipts thresholds adjust for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. The benefits of the PTC may be realized through a credit against our federal income taxes or transferred via sale to an unrelated party. For the three months ended March 31, 2024, our Consolidated Statements of Operations and Comprehensive Income includes an estimate of $304 million in Operating revenues for nuclear PTCs earned based on qualifying production volumes during the period. Nuclear PTCs are recorded within Other deferred debits and other assets within the Consolidated Balance Sheets and reclassified as a reduction to Accounts payable and accrued expenses when used to reduce our federal income tax payable. As of March 31, 2024, our Consolidated Balance Sheets reflect an estimated nuclear PTC receivable of $238 million within Other deferred debits and other assets and a reduction to Accounts payable and accrued expenses of $66 million for estimated nuclear PTCs that we have utilized as a credit against our current federal income taxes payable. There were no transfers of estimated nuclear PTCs to third parties during the period. Our estimate required the exercise of judgment in determining the amount of nuclear PTC expected for each of our nuclear units. Since the amount of nuclear PTC is a function of annual gross receipts, the actual amount of PTC earned cannot be determined until after the end of the calendar year and may be different from this initial estimate. Further, the nuclear PTC continues to be the subject of additional guidance expected to be issued from the U.S. Treasury and IRS that may materially impact the total amount of benefits we receive. Many of the state sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual or other provisions that require us to refund that compensation up to the amount of the nuclear PTC received or pass through the entirety of the nuclear PTC received. As of March 31, 2024, we have recognized $174 million of estimated payables within Other deferred credits and other liabilities on our Consolidated Balance Sheets and recognized net operating revenue of $69 million (pre-tax) associated with programs requiring refunds or pass through of the nuclear PTC in our Consolidated Statement of Operations and Comprehensive Income for the three months ended March 31, 2024. As with the actual amount of the PTC earned, which cannot be determined until after the end of the calendar year, the actual amount of refunds due under state sponsored programs may be different from our initial estimate.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Unbilled Customer Revenue We recorded $286 million and $372 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. Sales of Customer Accounts Receivable In 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). The maximum funding limit of the Facility is $1.1 billion through August 15, 2025. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are reported as sales of receivables in the consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP, which is reflected in Other current assets in the Consolidated Balance Sheets. The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, we have the ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP. The following tables summarize the impact of the sale of certain receivables: As of March 31, 2024 As of December 31, 2023 Derecognized receivables transferred at fair value $ 1,525 $ 1,516 Less: Cash proceeds received 150 300 DPP $ 1,375 $ 1,216 Three Months Ended March 31, 2024 2023 Loss on sale of receivables (a) $ 14 $ 20 __________ (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. Three Months Ended March 31, 2024 2023 Proceeds from new transfers (a) $ 1,116 $ 1,957 Cash collections received on DPP (b) 1,794 926 Cash collections reinvested in the Facility $ 2,910 $ 2,883 __________ (a) Customer accounts receivable sold into the Facility were $2,927 million and $2,750 million for the three months ended March 31, 2024 and 2023, respectively. (b) Does not include the $150 million net cash payments to the Purchasers in 2024. Our risk of loss following the transfer of accounts receivable is limited to the DPP outstanding. Payment of DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred. We recognize the cash proceeds received upon sale in Cash flows from operating activities 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: Three Months Ended March 31, 2024 2023 Total receivables sold $ 158 $ 184

Nuclear Decommissioning

Nuclear Decommissioning	3 Months Ended
	Mar. 31, 2024
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 2023 Form 10-K for additional information regarding AROs and the financial statement impact of changes in estimate. The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2023 to March 31, 2024: Balance as of December 31, 2023 (a) $ 13,891 Accretion expense 164 Costs incurred related to decommissioning plants (8) Balance as of March 31, 2024 (a) $ 14,047 __________ (a) Includes $28 million and $30 million as the current portion of the ARO as of March 31, 2024 and December 31, 2023, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets. NDT Funds We had NDT funds totaling $17,005 million and $16,398 million as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, $89 million of the NDT funds were current and included in Other current assets in the Consolidated Balance Sheets. As of December 31, 2023, none of the NDT funds were reflected in Other current assets. See Note 16 — Supplemental Financial Information for additional information on activities of the NDT funds. Accounting Implications of the Regulatory Agreement Units See Note 1 — Basis of Presentation and Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information on the Regulatory Agreement Units. The following table presents our noncurrent payables to ComEd, PECO, CenterPoint, and AEP Texas reflected as Payables related to Regulatory Agreement Units in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ComEd $ 3,078 $ 2,955 PECO 304 278 CenterPoint 365 338 AEP Texas 127 117 Payables related to Regulatory Agreement Units $ 3,874 $ 3,688 NRC Minimum Funding Requirements NRC regulations require that licensees of nuclear generating facilities demonstrate reasonable assurance that funds will be available in specified minimum amounts for radiological decommissioning of the facility at the end of its life. On March 22, 2024, we filed our annual decommissioning funding status report with the NRC for our shutdown units, including Zion Station which was transferred back to us on November 16, 2023. The status report demonstrated adequate decommissioning funding assurance as of December 31, 2023 for all our shutdown units except for Peach Bottom Unit 1. Financial assurance for decommissioning Peach Bottom Unit 1 is provided by the collections from PECO customers. Additionally, on March 28, 2024, STPNOC filed the decommissioning funding status report for STP. The status report demonstrated adequate funding assurance as of December 31, 2023. See Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit (6.2) 3.3 Qualified NDT fund income and losses 8.9 33.7 Amortization of investment tax credit, including deferred taxes on basis differences (0.3) (0.7) Production tax credits and other credits (6.7) (0.8) Other (1.0) (1.5) Effective income tax rate (a) 15.7 % 55.0 % __________ (a) The change in effective tax rate in 2024 is primarily due to the increase in pre-tax book income inclusive of the nuclear PTC, which is not taxable, and a state tax benefit due to a change in forecasted apportionment. See Note 5 — Government Assistance for additional informatio n. Other Tax Matters Tax Matters Agreement In connection with the separation, we entered into a TMA with Exelon. The TMA governs the respective rights, responsibilities, and obligations between us and Exelon after the separation with respect to tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. Responsibility and Indemnification for Taxes. As a former subsidiary of Exelon, we have joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods that we were included in federal and state filings. However, the TMA specifies the portion of this tax liability for which we will bear contractual responsibility, and we and Exelon agreed to indemnify each other against any amounts for which such indemnified party is not responsible. Specifically, we will be liable for taxes due and payable in connection with tax returns that we are required to file. We will also be liable for our share of certain taxes required to be paid by Exelon with respect to taxable years or periods (or portions thereof) ending on or prior to the separation to the extent that we would have been responsible for such taxes under the Exelon tax sharing agreement then existing. As of March 31, 2024 and December 31, 2023, our Consolidated Balance Sheets reflect a payable of $37 million and $26 million, respectively, for tax liabilities where we maintain contractual responsibility to Exelon. There were none and $11 million recorded in Other accounts receivable as of March 31, 2024 and December 31, 2023, respectively, and $37 million for both periods in Noncurrent other liabilities. Tax Refunds and Attributes. The TMA provides for the allocation of certain pre-closing tax attributes between us and Exelon. Tax attributes will be allocated in accordance with the principles set forth in the existing Exelon tax sharing agreement, unless otherwise required by law. Under the TMA, we will be entitled to refunds for taxes for which we are responsible. In addition, it is expected that Exelon will have tax attributes that may be used to offset Exelon’s future tax liabilities. A significant portion of such attributes were generated by our business. In February 2024, we executed an amendment to the TMA that modified the timing of Exelon's payment of amounts due to us. As of March 31, 2024, our Consolidated Balance Sheets reflects receivables of $188 million and $331 million in Other accounts receivable and Other deferred debits and other assets, respectively. As of December 31, 2023, our Consolidated Balance Sheets reflected receivables of $336 million and $178 million in Other accounts receivable and Other deferred debits, respectively.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits Components of Net Periodic Benefit (Credits) Costs See Note 1 — Basis of Presentation of our 2023 10-K for additional information on where we report the service cost and other non-service cost (credit) components for all plans. The following tables present the components of our net periodic benefit (credits) costs, prior to capitalization and co-owner allocations, for the three months ended March 31, 2024 and 2023: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost: Service cost $ 22 $ 22 $ 4 $ 4 $ 26 $ 26 Non-service components of pension benefits & OPEB (credit) cost: Interest cost 95 99 18 18 113 117 Expected return on assets (124) (127) (11) (11) (135) (138) Amortization of: Prior service (credit) cost — — (2) (2) (2) (2) Actuarial (gain) loss 25 12 (2) (3) 23 9 Settlement charges 3 — — — 3 — Non-service components of pension benefits & OPEB (credit) cost (1) (16) 3 2 2 (14) Net periodic benefit (credit) cost (a) $ 21 $ 6 $ 7 $ 6 $ 28 $ 12 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 totaled $24 million in both periods.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 instruments, excluding NPNS and cash flow hedges, are recorded at fair value through earnings. For all NPNS derivative instruments, accounts receivable or accounts payable are recorded when derivatives settle, and revenue or expense is recognized in earnings as the underlying physical commodity is sold or delivered. Authoritative guidance about offsetting assets and liabilities requires the fair value of derivative instruments to be shown in the Combined Notes to Consolidated Financial Statements on a gross basis, even when the derivative instruments are subject to legally enforceable master netting agreements and qualify for net presentation in the Consolidated Balance Sheets. A master netting agreement is an agreement between two counterparties that may have derivative and non-derivative contracts with each other providing for the net settlement of all referenced contracts via one payment stream, which takes place as the contracts deliver, when collateral is requested or in the event of default. In the tables below, which present fair value balances, our energy-related economic hedges and proprietary trading derivatives are shown gross. The impact of the netting of fair value balances with the same counterparty that are subject to legally enforceable master netting agreements, as well as netting of cash collateral, including margin on exchange positions, is aggregated in the collateral and netting columns. Our use of cash collateral is generally unrestricted unless we were downgraded below investment grade. As our senior unsecured debt rating is currently rated at BBB+ and Baa1 by S&P and Moody's, respectively, it would take a three notch downgrade by S&P or Moody's for us to go below investment grade. Commodity Price Risk We employ established policies and procedures to manage our risks associated with market fluctuations in commodity prices by entering into physical and financial derivative contracts, including swaps, futures, forwards, options, and short-term and long-term commitments to purchase and sell energy and energy-related products. We believe these instruments, which are either determined to be non-derivative or classified as economic hedges, mitigate exposure to fluctuations in commodity prices. To the extent the amount of energy we produce or procure differs from the amount of energy we have contracted to sell and in connection with portfolio optimization, we are exposed to market fluctuations in the prices of electricity, natural gas, and other commodities. We use a variety of derivative and non-derivative instruments to manage the commodity price risk of our electric generation facilities, including power and gas sales, fuel and power purchases, natural gas transportation and pipeline capacity agreements, and other energy-related products marketed and purchased. To manage these risks, we may enter into fixed-price derivative or non-derivative contracts to hedge the variability in future cash flows from expected sales of power and gas and purchases of power and fuel. The objectives for executing such hedges include fixing the price for a portion of anticipated future electricity sales at a level that provides an acceptable return. We are also exposed to differences between the locational settlement prices of certain economic hedges and the hedged generating units. This price difference is actively managed through other instruments which include derivative congestion products, whose changes in fair value are recognized in earnings each period, and auction revenue rights, which are accounted for on an accrual basis. Additionally, we are exposed to certain market risks through our proprietary trading activities. The proprietary trading activities are a complement to our energy marketing portfolio but represent a small portion of our overall energy marketing activities and are subject to limits established by the Executive Committee. Proprietary trading includes all contracts executed with the intent of benefiting from shifts or changes in market prices as opposed to those executed with the intent of hedging or managing risk. Gains and losses associated with proprietary trading are reported as Operating revenues in the Consolidated Statements of Operations and Comprehensive Income and are included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. For the three months ended March 31, 2024 and 2023, net pre-tax commodity mark-to-market gains and losses associated with proprietary trading activities were not material. The following tables provide a summary of the derivative fair value balances recorded as of March 31, 2024 and December 31, 2023: March 31, 2024 Economic Hedges Proprietary Trading Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current) $ 7,301 $ 1 $ 637 $ (6,723) $ 1,216 Mark-to-market derivative assets (noncurrent) 3,615 — 318 (3,160) 773 Total mark-to-market derivative assets 10,916 1 955 (9,883) 1,989 Mark-to-market derivative liabilities (current) (8,140) — 750 6,723 (667) Mark-to-market derivative liabilities (noncurrent) (4,037) — 397 3,160 (480) Total mark-to-market derivative liabilities (12,177) — 1,147 9,883 (1,147) Total mark-to-market derivative net assets (liabilities) $ (1,261) $ 1 $ 2,102 $ — $ 842 December 31, 2023 Mark-to-market derivative assets (current) $ 7,927 $ 2 $ 703 $ (7,472) $ 1,160 Mark-to-market derivative assets (noncurrent) 3,345 — 330 (2,682) 993 Total mark-to-market derivative assets 11,272 2 1,033 (10,154) 2,153 Mark-to-market derivative liabilities (current) (9,019) (2) 922 7,472 (627) Mark-to-market derivative liabilities (noncurrent) (3,545) — 445 2,682 (418) Total mark-to-market derivative liabilities (12,564) (2) 1,367 10,154 (1,045) Total mark-to-market derivative net assets (liabilities) $ (1,292) $ — $ 2,400 $ — $ 1,108 _________ (a) We net all available amounts allowed in our Consolidated Balance Sheets in accordance with authoritative guidance for derivatives. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. (b) Includes $1,331 million and $1,712 million of variation margin posted on the exchanges as of March 31, 2024 and December 31, 2023, respectively. Economic Hedges (Commodity Price Risk) For the three months ended March 31, 2024 and 2023, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended March 31, Income Statement Location 2024 2023 Operating revenues $ 63 $ 930 Purchased power and fuel 125 (1,193) Total $ 188 $ (263) In general, increases and decreases in forward market prices have a positive and negative impact, respectively, on owned and contracted generation positions that have not been hedged. Beginning in 2024, our nuclear fleet is eligible for the nuclear PTC provided by the IRA, an important tool in managing commodity price risk for each nuclear unit not already receiving state support. The nuclear PTC provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. See Note 5 — Government Assistance for additional information on the nuclear PTC. In locations and periods where our load serving activities do not naturally offset existing generation portfolio risk, remaining commodity price exposure is managed through portfolio hedging activities. Portfolio hedging activities are generally concentrated in the prompt three years, when customer demand and market liquidity enable effective price risk mitigation. During this prompt three-year period, we seek to mitigate the price risk associated with our load serving contracts, non-nuclear generation, and any residual price risk for our nuclear generation that the nuclear PTC and state programs may not fully mitigate. We also enter transactions that further optimize the economic benefits of our overall portfolio. 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 $427 million and $562 million as of March 31, 2024 and December 31, 2023, respectively. The mark-to-market derivative assets and liabilities as of March 31, 2024 and December 31, 2023 and the mark-to-market gains and losses associated with management of interest rate and foreign currency risk for the three months ended March 31, 2024 and 2023 were not material. The mark-to-market gains and losses associated with management of interest rate and foreign currency exchange rate risk are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Credit Risk We would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts as of the reporting date. For commodity derivatives, we enter into enabling agreements that allow for payment netting with our counterparties, which reduces our exposure to counterparty risk by providing for the offset of amounts payable to the counterparty against amounts receivable from the counterparty. Typically, each enabling agreement is for a specific commodity and, with respect to each individual counterparty, netting is limited to t ransactions involving that specific commodity product, except where master netting agreements exist with a counterparty that allows for cross product netting. In addition to payment netting language in the enabling agreement, our credit department establishes credit limits, margining thresholds and collateral requirements for each counterparty, which are defined in the derivative contracts. Counterparty credit limits are based on an internal credit review process that considers a variety of factors, including the results of a scoring model, leverage, liquidity, profitability, credit ratings by credit rating agencies, and other risk management criteria. To the extent that a counterparty’s margining thresholds are exceeded, the counterparty is required to post collateral with us, as specified in each enabling agreement. Our credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis. 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 March 31, 2024. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. Rating as of March 31, 2024 Total Exposure Before Credit Collateral Credit Collateral (a) Net Exposure Number of Counterparties Greater than 10% of Net Exposure Net Exposure of Counterparties Greater than 10% of Net Exposure Investment grade $ 1,030 $ 25 $ 1,005 1 $ 242 Non-investment grade 24 15 9 — — No external ratings Internally rated — investment grade 73 — 73 — — Internally rated — non-investment grade 236 50 186 — — Total $ 1,363 $ 90 $ 1,273 1 $ 242 __________ (a) As of March 31, 2024, credit collateral held from counterparties where we had credit exposure included $6 million of cash and $84 million of letters of credit. The credit collateral does not include non-liquid collateral. Net Credit Exposure by Type of Counterparty As of March 31, 2024 Investor-owned utilities, marketers, power producers $ 1,053 Energy cooperatives and municipalities 75 Financial Institutions 36 Other 109 Total $ 1,273 Credit-Risk-Related Contingent Features As part of the normal course of business, we routinely enter into physically or financially settled contracts for the purchase and sale of capacity, electricity, fuels, emissions allowances, and other energy-related products. Certain of our derivative instruments contain provisions that require us to post collateral. We also enter into commodity transactions on exchanges where the exchanges act as the counterparty to each trade. Transactions on the exchanges must adhere to comprehensive collateral and margining requirements. This collateral may be posted in the form of cash or credit support with thresholds contingent upon our credit ratings from S&P and Moody's. The collateral and credit support requirements vary by contract and by counterparty. These credit-risk-related contingent features stipulate that if we were to be downgraded or lose our investment grade credit ratings (based on our senior unsecured debt rating), we would be required to provide additional collateral. This incremental collateral requirement allows for the offsetting of derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master netting agreements. In the absence of expressly agreed-to provisions that specify the collateral that must be provided, collateral requested will be a function of the facts and circumstances of the situation at the time of the demand. In this case, we believe an amount of several months of future payments (e.g., capacity payments) rather than a calculation of fair value is 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 March 31, 2024 December 31, 2023 Gross fair value of derivative contracts containing this feature $ (1,873) $ (1,894) Offsetting fair value of in-the-money contracts under master netting arrangements 806 925 Net fair value of derivative contracts containing this feature $ (1,067) $ (969) As of March 31, 2024 and December 31, 2023, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. March 31, 2024 December 31, 2023 Cash collateral posted (a) $ 2,119 $ 2,449 Letters of credit posted (a) 893 777 Cash collateral held (a) 28 64 Letters of credit held (a) 108 61 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c)(d) 1,949 1,914 __________ (a) The cash collateral and letters of credit amounts are inclusive of NPNS contracts. (b) Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty. (c) The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties. (d) A loss of investment grade credit rating would require a three notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively. We 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, we are required to post collateral once certain unsecured credit limits are exceeded.

Debt and Credit Agreements

Debt and Credit Agreements	3 Months Ended
	Mar. 31, 2024
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. Credit Agreements As of March 31, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities: Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of March 31, 2024 Syndicated Revolver $ 3,500 $ — $ 107 $ 1,271 $ 2,122 Bilaterals (b) 1,700 — 833 — 867 Liquidity Facility 971 — 877 — 23 (c) Project Finance 137 — 115 — 22 Total $ 6,308 $ — $ 1,932 $ 1,271 $ 3,034 Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of December 31, 2023 Syndicated Revolver $ 3,500 $ — $ 60 $ 1,107 $ 2,333 Bilaterals 1,500 — 878 — 622 Liquidity Facility 971 — 720 — 191 (c) Project Finance 137 — 117 — 20 Total $ 6,108 $ — $ 1,775 $ 1,107 $ 3,166 __________ (a) Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of both March 31, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $3.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.56% and 5.66% as of March 31, 2024 and December 31, 2023, respectively. (b) In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. (c) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of March 31, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $900 million and $911 million, respectively. Short-Term Loan Agreements As of March 31, 2024 and December 31, 2023, we had the following short-term loan agreements: Month Initiated Interest Rate Maturity Outstanding Amount as of March 31, 2024 Outstanding Amount as of December 31, 2023 January 2023 1 month SOFR + 0.80% January 2024 $ — $ 100 February 2023 1 month SOFR + 1.05% February 2024 — 400 February 2024 1 month SOFR + 0.90% February 2025 200 — Long-Term Debt Debt Issuances and Redemptions During the three months ended March 31, 2024, the following long-term debt was issued (redeemed): Type Interest Rate Maturity Amount Green Senior Notes (a) 5.75 % March 2054 $ 900 Energy Efficiency Project Financing (b) 2.20% - 4.96% September 2024 - October 2024 1 Continental Wind Nonrecourse Debt 6.00 % February 2033 (15) West Medway II Nonrecourse Debt 1 month SOFR + 3.225% March 2026 (8) Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 2037 (6) RPG Nonrecourse Debt 4.11 % March 2035 (3) Total long-term debt issued (redeemed) $ 869 __________ (a) The Green Senior Notes were issued to finance or refinance, in whole or in part, one or more new or existing Eligible Projects. Eligible Projects are defined as investments and expenditures made by us in the 24 months prior to or after the issuance of the notes within the following eligible green categories: clean generation fleet, clean hydrogen, energy storage, and clean commercial offerings. (b) Energy Efficiency Project Financing represents funding to install energy conservation measures. The maturity dates represent the expected date of project completion, upon which the respective customer assumes the outstanding debt. Debt Covenants As of March 31, 2024, we are in compliance with all debt covenants.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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 our long-term debt and the SNF obligation as of March 31, 2024 and December 31, 2023. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. March 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Level 2 Level 3 Total Level 2 Level 3 Total Long-Term Debt, including amounts due within one year $ 8,474 $ 7,966 $ 742 $ 8,708 $ 7,617 $ 7,140 $ 774 $ 7,914 SNF Obligation 1,313 1,256 — 1,256 1,296 1,222 — 1,222 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 2023 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 table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 39 $ — $ — $ 39 $ 42 $ — $ — $ 42 NDT fund investments Cash equivalents (b) 248 107 — 355 356 87 — 443 Equities 4,944 1,948 1 6,893 4,574 1,990 1 6,565 Fixed income 2,050 1,594 316 3,960 2,043 1,523 277 3,843 Private credit — — 143 143 — — 151 151 Assets measured at NAV — — — 5,654 — — — 5,396 NDT fund investments subtotal (c) 7,242 3,649 460 17,005 6,973 3,600 429 16,398 Rabbi trust investments 50 35 1 86 48 33 1 82 Investments in equities 419 — — 419 372 — — 372 Mark-to-market derivative assets Economic hedges 2,073 5,526 3,335 10,934 2,330 5,821 3,143 11,294 Proprietary trading — — 1 1 — — 2 2 Effect of netting and allocation of (d) (1,776) (4,852) (2,301) (8,929) (1,996) (5,195) (1,931) (9,122) Mark-to-market derivative assets subtotal 297 674 1,035 2,006 334 626 1,214 2,174 DPP consideration — 1,375 — 1,375 — 1,216 — 1,216 Total assets measured at fair value 8,047 5,733 1,496 20,930 7,769 5,475 1,644 20,284 Total assets 8,047 5,733 1,496 20,930 7,769 5,475 1,644 20,284 Liabilities Mark-to-market derivative liabilities Economic hedges (2,335) (6,531) (3,312) (12,178) (2,681) (7,154) (2,736) (12,571) Proprietary trading — — — — — — (2) (2) Effect of netting and allocation of collateral (d) 2,260 5,976 2,795 11,031 2,587 6,542 2,393 11,522 Mark-to-market derivative liabilities subtotal (75) (555) (517) (1,147) (94) (612) (345) (1,051) Deferred compensation obligation — (83) — (83) — (69) — (69) Total liabilities (75) (638) (517) (1,230) (94) (681) (345) (1,120) Total net assets $ 7,972 $ 5,095 $ 979 $ 19,700 $ 7,675 $ 4,794 $ 1,299 $ 19,164 __________ (a) CEG Parent has $55 million and $54 million of Level 1 cash equivalents as of March 31, 2024 and December 31, 2023, respectively. We exclude cash of $539 million and $349 million as of March 31, 2024 and December 31, 2023, respectively, and restricted cash of $46 million and $49 million as of March 31, 2024 and December 31, 2023, respectively. CEG Parent has excluded an additional $5 million and $2 million of cash as of March 31, 2024 and December 31, 2023, respectively. (b) Includes net liabilities of $351 million and $115 million as of March 31, 2024 and December 31, 2023, respectively, which include certain derivative assets that have notional amounts of $126 million and $64 million as of March 31, 2024 and December 31, 2023, 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. (c) Includes derivative assets and liabilities that are not material, which have total notional amounts of $882 million and $884 million as of March 31, 2024 and December 31, 2023, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (d) Includes $1,331 million and $1,712 million of variation margin posted on the exchanges as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, our NDTs have outstanding commitments to invest in private credit, private equity, and real estate investments of $372 million, $86 million, and $366 million, respectively. These commitments will be funded by our existing NDT funds. Equity Security Investments without Readily Determinable Fair Values. We hold investments without readily determinable fair values with carrying amounts of $113 million and $103 million as of March 31, 2024 and December 31, 2023, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three months ended March 31, 2024 and the year ended December 31, 2023. Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2024 $ 429 $ 869 $ 1 $ 1,299 Total realized / unrealized gains (losses) Included in net income (loss) — (306) (a) — (306) Included in Payable related to Regulatory Agreement Units 3 — — 3 Change in collateral — 33 — 33 Purchases, sales, issuances and settlements Purchases 33 4 — 37 Sales — (44) — (44) Settlements (5) (2) — (7) Transfers into Level 3 — 9 (b) — 9 Transfers out of Level 3 — (45) (b) — (45) Balance as of March 31, 2024 $ 460 $ 518 $ 1 $ 979 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2024 $ — $ 29 $ — $ 29 For the Three Months Ended March 31, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains (losses) Included in net income (loss) — 506 (a) — 506 Change in collateral — 35 — 35 Purchases, sales, issuances and settlements Purchases — 66 — 66 Sales — (4) — (4) Settlements (2) — — (2) Transfers into Level 3 — (8) (b) — (8) Transfers out of Level 3 — (67) (b) — (67) Balance as of March 31, 2023 $ 421 $ 747 $ 1 $ 1,169 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2023 $ — $ 712 $ — $ 712 __________ (a) Includes a reduction of ($337) million and ($206) million for realized gains due to the settlement of derivative contracts for the three months ended March 31, 2024 and 2023, respectively. (b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts. The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (172) $ 547 $ (136) $ (41) $ — $ — Total unrealized gains (losses) 148 839 (119) (127) — — Mark-to-Market Derivatives The following table presents the significant inputs to the forward curve used to value these positions: Type of trade Fair Value as of March 31, 2024 Fair Value as of December 31, 2023 Valuation Technique Unobservable Input 2024 Range & Arithmetic Average 2023 Range & Arithmetic Average Mark-to-market derivatives—Economic hedges (a)(b) $ 23 $ 407 Discounted Cash Flow Forward power $7.99 - $185 $48 $9.64 - $216 $48 Forward gas $0.28 - $12 $3.23 $1.20 - $14 $3.09 Option Volatility 21% - 75% 48% 23% - 200% 87% __________ (a) The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions. (b) The fair values do not include cash collateral posted on Level 3 positions of $494 million and $462 million as of March 31, 2024 and December 31, 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Commercial Commitments. Commercial commitments as of March 31, 2024, representing commitments potentially triggered by future events, were as follows: Expiration within Total 2024 2025 2026 2027 2028 2029 and beyond Letters of credit $ 1,932 $ 1,608 $ 204 $ 1 $ 4 $ 115 $ — Surety bonds (a) 816 674 142 — — — — Total commercial commitments $ 2,748 $ 2,282 $ 346 $ 1 $ 4 $ 115 $ — __________ (a) Surety bonds—Guarantees issued related to contract and commercial agreements, excluding bid bonds. Environmental Remediation Matters General. Our operations have in the past, and may in the future, require substantial expenditures to comply with environmental laws. Additionally, under Federal and state environmental laws, we are generally liable for the costs of remediating environmental contamination of property now or formerly owned by us and of property contaminated by hazardous substances generated by us. We own or lease several real estate parcels, including parcels on which our operations or the operations of others may have resulted in contamination by substances that are considered hazardous under environmental laws. In addition, we are currently involved in proceedings relating to sites where hazardous substances have been deposited and may be subject to additional proceedings in the future. Unless otherwise disclosed, we cannot reasonably estimate whether we will incur significant liabilities for additional investigation and remediation costs at these or additional sites identified by us, environmental agencies, or others. Additional costs could have a material, unfavorable impact on our consolidated financial statements. As of March 31, 2024 and December 31, 2023, we had accrued undiscounted amounts for environmental liabilities of $145 million and $149 million, respectively, in Accounts payable and accrued expenses and Other deferred credits and other liabilities in the Consolidated Balance Sheets. See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on environmental remediation matters. As of March 31, 2024, and through the date of filing, there have been no significant developments to the matters discussed in our 2023 Form 10-K. Litigation General. We are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. We maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on litigation matters. As of March 31, 2024, and through the date of filing, there have been no significant developments to the matters discussed in our 2023 Form 10-K. Asbestos Personal Injury Claims. We maintain a reserve for claims associated with asbestos-related personal injury actions at certain facilities that are currently owned by us or were previously owned by ComEd, PECO, or BGE. The estimated liabilities are recorded on an undiscounted basis and exclude the estimated legal costs associated with handling these matters, which could be material. At both March 31, 2024 and December 31, 2023, we recorded estimated liabilities of approximately $131 million in total for asbestos-related bodily injury claims. As of March 31, 2024, approximately $18 million of this amount related to 219 open claims presented to us, while the remaining $113 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchase Program (CEG Parent) During 2023, our Board of Directors authorized the repurchase of up to $2 billion of the Company's outstanding common stock. On April 30, 2024, our Board of Directors approved a $1 billion increase to the program, authorizing up to $3 billion in total repurchases. As of the date of filing, there was approximately $1.5 billion of remaining authority to repurchase shares of the Company's outstanding common stock. No other repurchase plans or programs have been authorized. See Note 20 - Shareholders' Equity of our 2023 Form 10-K for additional information on our share repurchase program. During the three months ended March 31, 2024 and 2023, we repurchased from the open market 1.2 million and 3.2 million shares, respectively, of our common stock for a total cost, inclusive of taxes and transaction costs, of $150 million and $251 million, respectively. In March 2024, we entered into an ASR agreement with a financial institution to initiate share repurchases of our common stock for $354 million, inclusive of taxes and other transaction costs. Under the ASR agreement, we received an initial share delivery of approximately 1.7 million shares of our common stock, which resulted in an immediate reduction in the number of our shares outstanding. The remaining shares will be delivered upon completion of the transaction in May 2024 and will be based on the average of the daily-volume weighted average prices of our common stock during the term, less a discount. Changes in Accumulated Other Comprehensive Loss (All Registrants) The following tables present changes in AOCI, net of tax, by component: Three Months Ended March 31, 2024 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (10) $ (2,157) $ (24) $ (2,191) OCI before reclassifications — (3) (3) (6) Amounts reclassified from AOCI — 17 — 17 Net current-period OCI — 14 (3) 11 Ending balance $ (10) $ (2,143) $ (27) $ (2,180) Three Months Ended March 31, 2023 Gains (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 — (53) — (53) Amounts reclassified from AOCI — 5 — 5 Net current-period OCI — (48) — (48) Ending balance $ (9) $ (1,773) $ (26) $ (1,808) __________ (a) AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 9 — Retirement Benefits for additional information. See our Statements of Operations and Comprehensive Income for individual components of AOCI. The following table presents income tax (expense) benefit allocated to each component of our other comprehensive income (loss): Three Months Ended March 31, 2024 2023 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (6) $ (2) Pension and non-pension postretirement benefit plans valuation adjustment 2 18

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable Interest Entities At March 31, 2024 and December 31, 2023, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles. Consolidated VIEs The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of March 31, 2024 and December 31, 2023. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. March 31, 2024 December 31, 2023 Cash and cash equivalents $ 73 $ 48 Restricted cash and cash equivalents 37 47 Accounts receivable Customer accounts receivable 24 19 Other accounts receivable 9 10 Inventories, net Materials and supplies 14 14 Other current assets 1,407 1,249 Total current assets 1,564 1,387 Property, plant, and equipment, net 1,961 1,979 Other noncurrent assets 161 166 Total noncurrent assets 2,122 2,145 Total assets (a) $ 3,686 $ 3,532 Long-term debt due within one year $ 64 $ 63 Accounts payable 16 11 Accrued expenses 20 20 Other current liabilities 2 — Total current liabilities 102 94 Long-term debt 679 704 Asset retirement obligations 192 190 Other noncurrent liabilities 2 2 Total noncurrent liabilities 873 896 Total liabilities $ 975 $ 990 __________ (a) Our balances include unrestricted assets for current unamortized energy contract assets of $22 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $150 million and $155 million, disclosed within other noncurrent assets in the table above as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. Unconsolidated VIEs Our variable interests in unconsolidated VIEs generally include equity investments and energy purchase and sale contracts. For the equity investments, the carrying amount of the investments is reflected in the Consolidated Balance Sheets in Investments. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements. As of March 31, 2024 and December 31, 2023, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain equity method investments and certain commercial agreements. The following table presents summary information about our significant unconsolidated VIE entities: March 31, 2024 December 31, 2023 Commercial Agreement VIEs Equity Investment VIEs Total Commercial Agreement VIEs Equity Investment VIEs Total Total assets (a) $ 672 $ — $ 672 $ 704 $ — $ 704 Total liabilities (a) 64 — 64 77 — 77 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 608 — 608 627 — 627 __________ (a) These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as o f March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: 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	3 Months Ended
	Mar. 31, 2024
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Supplemental Statement of Operations Information The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended March 31, 2024 2023 Operating lease income $ 4 $ 4 Variable lease income 52 58 Taxes other than income taxes Three Months Ended March 31, 2024 2023 Gross receipts (a) $ 33 $ 33 Property 66 56 Payroll 38 34 __________ (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 March 31, 2024 2023 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 166 $ 314 Non-Regulatory Agreement Units 83 194 Net unrealized losses on NDT funds Regulatory Agreement Units 225 29 Non-Regulatory Agreement Units 134 18 Regulatory offset to NDT fund-related activities (b) (312) (275) Total decommissioning-related activities 296 280 Non-service net periodic benefit credit (c) (2) 14 Net realized and unrealized gains (losses) from equity investments 47 (5) Other (d) 21 25 Total Other, net $ 362 $ 314 __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information. (d) Includes amounts we billed Exelon for services pursuant to the TSA. Supplemental Cash Flow Information The following tables provide additional information about items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Three Months Ended March 31, 2024 2023 Property, plant, and equipment (a) $ 300 $ 262 Amortization of intangible assets, net (a) 6 5 Amortization of energy contract assets and liabilities (b) 5 9 Nuclear fuel (c) 216 186 ARO accretion (d) 167 143 Total depreciation, amortization, and accretion $ 694 $ 605 __________ (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 Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Other decommissioning-related activity (a) $ (161) $ (136) $ (161) $ (136) Energy-related options (b) 27 93 27 93 (Gain) loss on sale of receivables 14 20 14 20 Amortization of operating ROU asset 8 8 8 8 Long-term incentive plan 20 12 — — Pension and non-pension postretirement benefit costs 28 12 28 12 __________ (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 March 31, 2024 Cash and cash equivalents $ 562 $ 557 Restricted cash and cash equivalents 83 67 Total cash, restricted cash, and cash equivalents $ 645 $ 624 December 31, 2023 Cash and cash equivalents $ 368 $ 366 Restricted cash and cash equivalents 86 74 Total cash, restricted cash, and cash equivalents $ 454 $ 440 March 31, 2023 Cash and cash equivalents $ 237 $ 236 Restricted cash and cash equivalents 99 91 Total cash, restricted cash, and cash equivalents $ 336 $ 327 For additional information on restricted cash, see Note 1 — Basis of Presentation of our 2023 Form 10-K. Supplemental Balance Sheet Information The following table provides additional information about items recorded within our Consolidated Balance Sheets. Accounts payable and accrued expenses March 31, 2024 CEG Parent Constellation Accounts payable $ 1,309 $ 1,296 Compensation-related accruals (a) 358 237 Taxes accrued (b) 370 356 December 31, 2023 Accounts payable $ 1,302 $ 1,289 Compensation-related accruals (a) 680 576 Taxes accrued 399 390 __________ (a) Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits. (b)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Loss Attributable to Parent	$ 883	$ 96

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 Consolidated Balance Sheet was derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three months ended March 31, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 82 $ 130 Amounts reclassified to receivables (15) (11) Revenues recognized 14 31 Ending balance as of March 31 $ 81 $ 150 The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three months ended March 31, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 40 $ 47 Consideration received or due 49 131 Revenues recognized (55) (115) Ending balance as of March 31 $ 34 $ 63
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 March 31, 2024. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years. This disclosure excludes mark-to-market derivatives and certain power and gas sales contracts which contain variable volumes and/or variable pricing. 2024 2025 2026 2027 2028 and thereafter Total Remaining performance obligations $ 105 $ 58 $ 30 $ 18 $ 130 $ 341

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,356 $ (112) $ 1,244 $ (2) $ 1,242 Midwest 1,000 93 1,093 1 1,094 New York 492 6 498 15 513 ERCOT 237 83 320 1 321 Other Power Regions 1,437 202 1,639 (15) 1,624 Total Reportable Segment Power Revenues 4,522 272 4,794 — 4,794 Total Natural Gas Revenues 608 554 1,162 — 1,162 Total Other Revenues (b) 130 75 205 — 205 Total Consolidated Operating Revenues $ 5,260 $ 901 $ 6,161 $ — $ 6,161 Three Months Ended March 31, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,413 $ (137) $ 1,276 $ (31) $ 1,245 Midwest 1,195 (165) 1,030 2 1,032 New York 464 37 501 34 535 ERCOT 200 (32) 168 1 169 Other Power Regions 1,518 279 1,797 (6) 1,791 Total Reportable Segment Power Revenues 4,790 (18) 4,772 — 4,772 Total Natural Gas Revenues 895 590 1,485 — 1,485 Total Other Revenues (b) 148 1,160 1,308 — 1,308 Total Consolidated Operating Revenues $ 5,833 $ 1,732 $ 7,565 $ — $ 7,565 __________ (a) Includes revenues from nuclear PTCs beginning in 2024 as well as derivatives and leases in all periods presented. (b) Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $64 million and $929 million for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 675 $ (1) $ 674 $ 722 $ (31) $ 691 Midwest 700 3 703 690 (1) 689 New York 329 15 344 225 36 261 ERCOT 220 (11) 209 53 (1) 52 Other Power Regions 392 (24) 368 256 (8) 248 Total RNF for Reportable Segments 2,316 (18) 2,298 1,946 (5) 1,941 Other (a) 428 18 446 (110) 5 (105) Total RNF $ 2,744 $ — $ 2,744 $ 1,836 $ — $ 1,836 __________ (a) Other represents activities not allocated to a region. See text above for a description of included activities.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Purchases and Sales of Accounts Receivable	The following tables summarize the impact of the sale of certain receivables: As of March 31, 2024 As of December 31, 2023 Derecognized receivables transferred at fair value $ 1,525 $ 1,516 Less: Cash proceeds received 150 300 DPP $ 1,375 $ 1,216 Three Months Ended March 31, 2024 2023 Loss on sale of receivables (a) $ 14 $ 20 __________ (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. Three Months Ended March 31, 2024 2023 Proceeds from new transfers (a) $ 1,116 $ 1,957 Cash collections received on DPP (b) 1,794 926 Cash collections reinvested in the Facility $ 2,910 $ 2,883 __________ (a) Customer accounts receivable sold into the Facility were $2,927 million and $2,750 million for the three months ended March 31, 2024 and 2023, respectively. (b) Does not include the $150 million net cash payments to the Purchasers in 2024. Three Months Ended March 31, 2024 2023 Total receivables sold $ 158 $ 184

Nuclear Decommissioning (Tables

Nuclear Decommissioning (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2023 to March 31, 2024: Balance as of December 31, 2023 (a) $ 13,891 Accretion expense 164 Costs incurred related to decommissioning plants (8) Balance as of March 31, 2024 (a) $ 14,047 __________ (a) Includes $28 million and $30 million as the current portion of the ARO as of March 31, 2024 and December 31, 2023, 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, PECO, CenterPoint, and AEP Texas reflected as Payables related to Regulatory Agreement Units in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ComEd $ 3,078 $ 2,955 PECO 304 278 CenterPoint 365 338 AEP Texas 127 117 Payables related to Regulatory Agreement Units $ 3,874 $ 3,688

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit (6.2) 3.3 Qualified NDT fund income and losses 8.9 33.7 Amortization of investment tax credit, including deferred taxes on basis differences (0.3) (0.7) Production tax credits and other credits (6.7) (0.8) Other (1.0) (1.5) Effective income tax rate (a) 15.7 % 55.0 % __________ (a) The change in effective tax rate in 2024 is primarily due to the increase in pre-tax book income inclusive of the nuclear PTC, which is not taxable, and a state tax benefit due to a change in forecasted apportionment. See Note 5 — Government Assistance for additional informatio n.

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following tables present the components of our net periodic benefit (credits) costs, prior to capitalization and co-owner allocations, for the three months ended March 31, 2024 and 2023: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost: Service cost $ 22 $ 22 $ 4 $ 4 $ 26 $ 26 Non-service components of pension benefits & OPEB (credit) cost: Interest cost 95 99 18 18 113 117 Expected return on assets (124) (127) (11) (11) (135) (138) Amortization of: Prior service (credit) cost — — (2) (2) (2) (2) Actuarial (gain) loss 25 12 (2) (3) 23 9 Settlement charges 3 — — — 3 — Non-service components of pension benefits & OPEB (credit) cost (1) (16) 3 2 2 (14) Net periodic benefit (credit) cost (a) $ 21 $ 6 $ 7 $ 6 $ 28 $ 12 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 totaled $24 million in both periods.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Derivative Fair Value	The following tables provide a summary of the derivative fair value balances recorded as of March 31, 2024 and December 31, 2023: March 31, 2024 Economic Hedges Proprietary Trading Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current) $ 7,301 $ 1 $ 637 $ (6,723) $ 1,216 Mark-to-market derivative assets (noncurrent) 3,615 — 318 (3,160) 773 Total mark-to-market derivative assets 10,916 1 955 (9,883) 1,989 Mark-to-market derivative liabilities (current) (8,140) — 750 6,723 (667) Mark-to-market derivative liabilities (noncurrent) (4,037) — 397 3,160 (480) Total mark-to-market derivative liabilities (12,177) — 1,147 9,883 (1,147) Total mark-to-market derivative net assets (liabilities) $ (1,261) $ 1 $ 2,102 $ — $ 842 December 31, 2023 Mark-to-market derivative assets (current) $ 7,927 $ 2 $ 703 $ (7,472) $ 1,160 Mark-to-market derivative assets (noncurrent) 3,345 — 330 (2,682) 993 Total mark-to-market derivative assets 11,272 2 1,033 (10,154) 2,153 Mark-to-market derivative liabilities (current) (9,019) (2) 922 7,472 (627) Mark-to-market derivative liabilities (noncurrent) (3,545) — 445 2,682 (418) Total mark-to-market derivative liabilities (12,564) (2) 1,367 10,154 (1,045) Total mark-to-market derivative net assets (liabilities) $ (1,292) $ — $ 2,400 $ — $ 1,108 _________ (a) We net all available amounts allowed in our Consolidated Balance Sheets in accordance with authoritative guidance for derivatives. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. (b) Includes $1,331 million and $1,712 million of variation margin posted on the exchanges as of March 31, 2024 and December 31, 2023, respectively.
Economic Hedges (Commodity Price Risk)	For the three months ended March 31, 2024 and 2023, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended March 31, Income Statement Location 2024 2023 Operating revenues $ 63 $ 930 Purchased power and fuel 125 (1,193) Total $ 188 $ (263)
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 March 31, 2024. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. Rating as of March 31, 2024 Total Exposure Before Credit Collateral Credit Collateral (a) Net Exposure Number of Counterparties Greater than 10% of Net Exposure Net Exposure of Counterparties Greater than 10% of Net Exposure Investment grade $ 1,030 $ 25 $ 1,005 1 $ 242 Non-investment grade 24 15 9 — — No external ratings Internally rated — investment grade 73 — 73 — — Internally rated — non-investment grade 236 50 186 — — Total $ 1,363 $ 90 $ 1,273 1 $ 242 __________ (a) As of March 31, 2024, credit collateral held from counterparties where we had credit exposure included $6 million of cash and $84 million of letters of credit. The credit collateral does not include non-liquid collateral. Net Credit Exposure by Type of Counterparty As of March 31, 2024 Investor-owned utilities, marketers, power producers $ 1,053 Energy cooperatives and municipalities 75 Financial Institutions 36 Other 109 Total $ 1,273
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 March 31, 2024 December 31, 2023 Gross fair value of derivative contracts containing this feature $ (1,873) $ (1,894) Offsetting fair value of in-the-money contracts under master netting arrangements 806 925 Net fair value of derivative contracts containing this feature $ (1,067) $ (969)
Cash Collateral and Letters of Credit on Derivative Contracts	As of March 31, 2024 and December 31, 2023, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. March 31, 2024 December 31, 2023 Cash collateral posted (a) $ 2,119 $ 2,449 Letters of credit posted (a) 893 777 Cash collateral held (a) 28 64 Letters of credit held (a) 108 61 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c)(d) 1,949 1,914 __________ (a) The cash collateral and letters of credit amounts are inclusive of NPNS contracts. (b) Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty. (c) The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties. (d)

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	As of March 31, 2024 and December 31, 2023, we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities: Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of March 31, 2024 Syndicated Revolver $ 3,500 $ — $ 107 $ 1,271 $ 2,122 Bilaterals (b) 1,700 — 833 — 867 Liquidity Facility 971 — 877 — 23 (c) Project Finance 137 — 115 — 22 Total $ 6,308 $ — $ 1,932 $ 1,271 $ 3,034 Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of December 31, 2023 Syndicated Revolver $ 3,500 $ — $ 60 $ 1,107 $ 2,333 Bilaterals 1,500 — 878 — 622 Liquidity Facility 971 — 720 — 191 (c) Project Finance 137 — 117 — 20 Total $ 6,108 $ — $ 1,775 $ 1,107 $ 3,166 __________ (a) Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of both March 31, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $3.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.56% and 5.66% as of March 31, 2024 and December 31, 2023, respectively. (b) In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. (c) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of March 31, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $900 million and $911 million, respectively.
Schedule of Short-term Debt	As of March 31, 2024 and December 31, 2023, we had the following short-term loan agreements: Month Initiated Interest Rate Maturity Outstanding Amount as of March 31, 2024 Outstanding Amount as of December 31, 2023 January 2023 1 month SOFR + 0.80% January 2024 $ — $ 100 February 2023 1 month SOFR + 1.05% February 2024 — 400 February 2024 1 month SOFR + 0.90% February 2025 200 —
Schedule of Long-term Debt Instruments	During the three months ended March 31, 2024, the following long-term debt was issued (redeemed): Type Interest Rate Maturity Amount Green Senior Notes (a) 5.75 % March 2054 $ 900 Energy Efficiency Project Financing (b) 2.20% - 4.96% September 2024 - October 2024 1 Continental Wind Nonrecourse Debt 6.00 % February 2033 (15) West Medway II Nonrecourse Debt 1 month SOFR + 3.225% March 2026 (8) Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 2037 (6) RPG Nonrecourse Debt 4.11 % March 2035 (3) Total long-term debt issued (redeemed) $ 869 __________ (a) The Green Senior Notes were issued to finance or refinance, in whole or in part, one or more new or existing Eligible Projects. Eligible Projects are defined as investments and expenditures made by us in the 24 months prior to or after the issuance of the notes within the following eligible green categories: clean generation fleet, clean hydrogen, energy storage, and clean commercial offerings. (b)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Liabilities Recorded at Amortized Cost	The following table presents the carrying amounts and fair values of our long-term debt and the SNF obligation as of March 31, 2024 and December 31, 2023. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. March 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Level 2 Level 3 Total Level 2 Level 3 Total Long-Term Debt, including amounts due within one year $ 8,474 $ 7,966 $ 742 $ 8,708 $ 7,617 $ 7,140 $ 774 $ 7,914 SNF Obligation 1,313 1,256 — 1,256 1,296 1,222 — 1,222
Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis	The following table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 39 $ — $ — $ 39 $ 42 $ — $ — $ 42 NDT fund investments Cash equivalents (b) 248 107 — 355 356 87 — 443 Equities 4,944 1,948 1 6,893 4,574 1,990 1 6,565 Fixed income 2,050 1,594 316 3,960 2,043 1,523 277 3,843 Private credit — — 143 143 — — 151 151 Assets measured at NAV — — — 5,654 — — — 5,396 NDT fund investments subtotal (c) 7,242 3,649 460 17,005 6,973 3,600 429 16,398 Rabbi trust investments 50 35 1 86 48 33 1 82 Investments in equities 419 — — 419 372 — — 372 Mark-to-market derivative assets Economic hedges 2,073 5,526 3,335 10,934 2,330 5,821 3,143 11,294 Proprietary trading — — 1 1 — — 2 2 Effect of netting and allocation of (d) (1,776) (4,852) (2,301) (8,929) (1,996) (5,195) (1,931) (9,122) Mark-to-market derivative assets subtotal 297 674 1,035 2,006 334 626 1,214 2,174 DPP consideration — 1,375 — 1,375 — 1,216 — 1,216 Total assets measured at fair value 8,047 5,733 1,496 20,930 7,769 5,475 1,644 20,284 Total assets 8,047 5,733 1,496 20,930 7,769 5,475 1,644 20,284 Liabilities Mark-to-market derivative liabilities Economic hedges (2,335) (6,531) (3,312) (12,178) (2,681) (7,154) (2,736) (12,571) Proprietary trading — — — — — — (2) (2) Effect of netting and allocation of collateral (d) 2,260 5,976 2,795 11,031 2,587 6,542 2,393 11,522 Mark-to-market derivative liabilities subtotal (75) (555) (517) (1,147) (94) (612) (345) (1,051) Deferred compensation obligation — (83) — (83) — (69) — (69) Total liabilities (75) (638) (517) (1,230) (94) (681) (345) (1,120) Total net assets $ 7,972 $ 5,095 $ 979 $ 19,700 $ 7,675 $ 4,794 $ 1,299 $ 19,164 __________ (a) CEG Parent has $55 million and $54 million of Level 1 cash equivalents as of March 31, 2024 and December 31, 2023, respectively. We exclude cash of $539 million and $349 million as of March 31, 2024 and December 31, 2023, respectively, and restricted cash of $46 million and $49 million as of March 31, 2024 and December 31, 2023, respectively. CEG Parent has excluded an additional $5 million and $2 million of cash as of March 31, 2024 and December 31, 2023, respectively. (b) Includes net liabilities of $351 million and $115 million as of March 31, 2024 and December 31, 2023, respectively, which include certain derivative assets that have notional amounts of $126 million and $64 million as of March 31, 2024 and December 31, 2023, 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. (c) Includes derivative assets and liabilities that are not material, which have total notional amounts of $882 million and $884 million as of March 31, 2024 and December 31, 2023, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (d) Includes $1,331 million and $1,712 million of variation margin posted on the exchanges as of March 31, 2024 and December 31, 2023, 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2024 $ 429 $ 869 $ 1 $ 1,299 Total realized / unrealized gains (losses) Included in net income (loss) — (306) (a) — (306) Included in Payable related to Regulatory Agreement Units 3 — — 3 Change in collateral — 33 — 33 Purchases, sales, issuances and settlements Purchases 33 4 — 37 Sales — (44) — (44) Settlements (5) (2) — (7) Transfers into Level 3 — 9 (b) — 9 Transfers out of Level 3 — (45) (b) — (45) Balance as of March 31, 2024 $ 460 $ 518 $ 1 $ 979 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2024 $ — $ 29 $ — $ 29 For the Three Months Ended March 31, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains (losses) Included in net income (loss) — 506 (a) — 506 Change in collateral — 35 — 35 Purchases, sales, issuances and settlements Purchases — 66 — 66 Sales — (4) — (4) Settlements (2) — — (2) Transfers into Level 3 — (8) (b) — (8) Transfers out of Level 3 — (67) (b) — (67) Balance as of March 31, 2023 $ 421 $ 747 $ 1 $ 1,169 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2023 $ — $ 712 $ — $ 712 __________ (a) Includes a reduction of ($337) million and ($206) million for realized gains due to the settlement of derivative contracts for the three months ended March 31, 2024 and 2023, respectively. (b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts.
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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (172) $ 547 $ (136) $ (41) $ — $ — Total unrealized gains (losses) 148 839 (119) (127) — —
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique	The following table presents the significant inputs to the forward curve used to value these positions: Type of trade Fair Value as of March 31, 2024 Fair Value as of December 31, 2023 Valuation Technique Unobservable Input 2024 Range & Arithmetic Average 2023 Range & Arithmetic Average Mark-to-market derivatives—Economic hedges (a)(b) $ 23 $ 407 Discounted Cash Flow Forward power $7.99 - $185 $48 $9.64 - $216 $48 Forward gas $0.28 - $12 $3.23 $1.20 - $14 $3.09 Option Volatility 21% - 75% 48% 23% - 200% 87% __________ (a) The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions. (b) The fair values do not include cash collateral posted on Level 3 positions of $494 million and $462 million as of March 31, 2024 and December 31, 2023, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Commercial commitments as of March 31, 2024, representing commitments potentially triggered by future events, were as follows: Expiration within Total 2024 2025 2026 2027 2028 2029 and beyond Letters of credit $ 1,932 $ 1,608 $ 204 $ 1 $ 4 $ 115 $ — Surety bonds (a) 816 674 142 — — — — Total commercial commitments $ 2,748 $ 2,282 $ 346 $ 1 $ 4 $ 115 $ — __________ (a)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items(a) Foreign Currency Items Total Beginning balance $ (10) $ (2,157) $ (24) $ (2,191) OCI before reclassifications — (3) (3) (6) Amounts reclassified from AOCI — 17 — 17 Net current-period OCI — 14 (3) 11 Ending balance $ (10) $ (2,143) $ (27) $ (2,180) Three Months Ended March 31, 2023 Gains (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 — (53) — (53) Amounts reclassified from AOCI — 5 — 5 Net current-period OCI — (48) — (48) Ending balance $ (9) $ (1,773) $ (26) $ (1,808) __________ (a) AOCI amounts are included in the computation of net periodic pension and OPEB cost. See Note 9 — Retirement Benefits for additional information. See our Statements of Operations and Comprehensive Income for individual components of AOCI. The following table presents income tax (expense) benefit allocated to each component of our other comprehensive income (loss): Three Months Ended March 31, 2024 2023 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (6) $ (2) Pension and non-pension postretirement benefit plans valuation adjustment 2 18

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. March 31, 2024 December 31, 2023 Cash and cash equivalents $ 73 $ 48 Restricted cash and cash equivalents 37 47 Accounts receivable Customer accounts receivable 24 19 Other accounts receivable 9 10 Inventories, net Materials and supplies 14 14 Other current assets 1,407 1,249 Total current assets 1,564 1,387 Property, plant, and equipment, net 1,961 1,979 Other noncurrent assets 161 166 Total noncurrent assets 2,122 2,145 Total assets (a) $ 3,686 $ 3,532 Long-term debt due within one year $ 64 $ 63 Accounts payable 16 11 Accrued expenses 20 20 Other current liabilities 2 — Total current liabilities 102 94 Long-term debt 679 704 Asset retirement obligations 192 190 Other noncurrent liabilities 2 2 Total noncurrent liabilities 873 896 Total liabilities $ 975 $ 990 __________ (a) Our balances include unrestricted assets for current unamortized energy contract assets of $22 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $150 million and $155 million, disclosed within other noncurrent assets in the table above as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Variable Interest Entities	As of March 31, 2024 and December 31, 2023, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. The following table presents summary information about our significant unconsolidated VIE entities: March 31, 2024 December 31, 2023 Commercial Agreement VIEs Equity Investment VIEs Total Commercial Agreement VIEs Equity Investment VIEs Total Total assets (a) $ 672 $ — $ 672 $ 704 $ — $ 704 Total liabilities (a) 64 — 64 77 — 77 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 608 — 608 627 — 627 __________ (a) These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as o f March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: 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)	3 Months Ended
	Mar. 31, 2024
Supplemental Financial Information [Abstract]
Supplemental Statement of Operations Information	The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended March 31, 2024 2023 Operating lease income $ 4 $ 4 Variable lease income 52 58 Taxes other than income taxes Three Months Ended March 31, 2024 2023 Gross receipts (a) $ 33 $ 33 Property 66 56 Payroll 38 34 __________ (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 March 31, 2024 2023 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 166 $ 314 Non-Regulatory Agreement Units 83 194 Net unrealized losses on NDT funds Regulatory Agreement Units 225 29 Non-Regulatory Agreement Units 134 18 Regulatory offset to NDT fund-related activities (b) (312) (275) Total decommissioning-related activities 296 280 Non-service net periodic benefit credit (c) (2) 14 Net realized and unrealized gains (losses) from equity investments 47 (5) Other (d) 21 25 Total Other, net $ 362 $ 314 __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information. (d)
Cash Flow Supplemental Disclosures	The following tables provide additional information about items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Three Months Ended March 31, 2024 2023 Property, plant, and equipment (a) $ 300 $ 262 Amortization of intangible assets, net (a) 6 5 Amortization of energy contract assets and liabilities (b) 5 9 Nuclear fuel (c) 216 186 ARO accretion (d) 167 143 Total depreciation, amortization, and accretion $ 694 $ 605 __________ (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 Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Other decommissioning-related activity (a) $ (161) $ (136) $ (161) $ (136) Energy-related options (b) 27 93 27 93 (Gain) loss on sale of receivables 14 20 14 20 Amortization of operating ROU asset 8 8 8 8 Long-term incentive plan 20 12 — — Pension and non-pension postretirement benefit costs 28 12 28 12 __________ (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 March 31, 2024 Cash and cash equivalents $ 562 $ 557 Restricted cash and cash equivalents 83 67 Total cash, restricted cash, and cash equivalents $ 645 $ 624 December 31, 2023 Cash and cash equivalents $ 368 $ 366 Restricted cash and cash equivalents 86 74 Total cash, restricted cash, and cash equivalents $ 454 $ 440 March 31, 2023 Cash and cash equivalents $ 237 $ 236 Restricted cash and cash equivalents 99 91 Total cash, restricted cash, and cash equivalents $ 336 $ 327
Supplemental Balance Sheet Information	The following table provides additional information about items recorded within our Consolidated Balance Sheets. Accounts payable and accrued expenses March 31, 2024 CEG Parent Constellation Accounts payable $ 1,309 $ 1,296 Compensation-related accruals (a) 358 237 Taxes accrued (b) 370 356 December 31, 2023 Accounts payable $ 1,302 $ 1,289 Compensation-related accruals (a) 680 576 Taxes accrued 399 390 __________ (a) Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits. (b)

Basis of Presentation (Details)

Basis of Presentation (Details) - 3 months ended Mar. 31, 2024	segment	Reportable_segment
Accounting Policies [Abstract]
Number of reportable segments	5	5

Mergers, Acquisitions, and Di_2

Mergers, Acquisitions, and Dispositions - Narrative (Details) $ in Millions	Nov. 01, 2023 USD ($) MW	May 02, 2024	May 01, 2024
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
MW of generation | MW	2,645
Consideration | $	$ 1,650
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	44%
Constellation South Texas LLP | City of Austin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	16%
Constellation South Texas LLP | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership		42%
Sale of equity ownership			2%
Constellation South Texas LLP | Subsequent Event | STP Nuclear Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership		42%
Constellation South Texas LLP | STP Nuclear Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	40%

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Contract with Customer [Roll Forward]
Beginning Balance - Contract Assets	$ 82	$ 130
Amounts reclassified to receivables	(15)	(11)
Revenues recognized	14	31
Ending Balance - Contract Assets	$ 81	$ 150

Revenue from Contracts with C_4

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

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 341
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 105
Remaining performance obligations, timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 58
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 30
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 18
Remaining performance obligations, timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 130
Remaining performance obligations, timing	1 year

Segment Information - Narrative

Segment Information - Narrative (Details) - 3 months ended Mar. 31, 2024	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
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 5,260	$ 5,833
Revenues not from contracts	901	1,732
Operating revenues	6,161	7,565
Electricity
Segment Reporting Information [Line Items]
Operating revenues	4,794	4,772
Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,242	1,245
Midwest | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,094	1,032
New York | Electricity
Segment Reporting Information [Line Items]
Operating revenues	513	535
ERCOT | Electricity
Segment Reporting Information [Line Items]
Operating revenues	321	169
Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,624	1,791
Operating Segments | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	4,522	4,790
Revenues not from contracts	272	(18)
Operating revenues	4,794	4,772
Operating Segments | Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,356	1,413
Revenues not from contracts	(112)	(137)
Operating revenues	1,244	1,276
Operating Segments | Midwest | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,000	1,195
Revenues not from contracts	93	(165)
Operating revenues	1,093	1,030
Operating Segments | New York | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	492	464
Revenues not from contracts	6	37
Operating revenues	498	501
Operating Segments | ERCOT | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	237	200
Revenues not from contracts	83	(32)
Operating revenues	320	168
Operating Segments | Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,437	1,518
Revenues not from contracts	202	279
Operating revenues	1,639	1,797
Intersegment Revenues | Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Operating revenues	(2)	(31)
Intersegment Revenues | Midwest | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1	2
Intersegment Revenues | New York | Electricity
Segment Reporting Information [Line Items]
Operating revenues	15	34
Intersegment Revenues | ERCOT | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1	1
Intersegment Revenues | Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Operating revenues	(15)	(6)
Segment Reconciling Items | Natural Gas
Segment Reporting Information [Line Items]
Revenues from contracts with customers	608	895
Revenues not from contracts	554	590
Operating revenues	1,162	1,485
Segment Reconciling Items | Product and Service, Other
Segment Reporting Information [Line Items]
Revenues from contracts with customers	130	148
Revenues not from contracts	75	1,160
Operating revenues	205	1,308
Unrealized mark-to-market gains (losses)	$ 64	$ 929

Segment Information - Generat_2

Segment Information - Generation Total Revenues Net of Purchased Power and Fuel Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	$ 2,298	$ 1,941
Other	446	(105)
Total RNF	2,744	1,836
Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	674	691
Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	703	689
New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	344	261
ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	209	52
Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	368	248
Operating Segments
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	2,316	1,946
Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	675	722
Operating Segments | Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	700	690
Operating Segments | New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	329	225
Operating Segments | ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	220	53
Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	392	256
Intersegment Revenues
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(18)	(5)
Other	(18)	(5)
Intersegment Revenues | Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(1)	(31)
Intersegment Revenues | Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	3	(1)
Intersegment Revenues | New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	15	36
Intersegment Revenues | ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(11)	(1)
Intersegment Revenues | Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(24)	(8)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other	$ 428	$ (110)

Government Assistance (Details)

Government Assistance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Government Assistance [Line Items]
Total deferred debits and other assets	$ 21,108	$ 20,343
Nuclear PTCs
Government Assistance [Line Items]
Estimate	304
Total deferred debits and other assets	238
Nuclear income tax credit	66
Estimated refunds recognized	174
Net revenue recognized	$ 69

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Aug. 15, 2025	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenues		$ 286	$ 372
Credit facility		$ 6,308	$ 6,108
Sale of Accounts Receivable | Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit facility	$ 1,100

Accounts Receivable - Purchases

Accounts Receivable - Purchases and Sales of Accounts Receivable (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of receivables	$ 14	$ 20
Proceeds from new transfers	1,116	1,957
Cash collections received on DPP and reinvested in the Facility	1,794	926
Cash collections reinvested in the Facility	2,910	2,883
Total receivables sold	158	184
Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collections received on DPP and reinvested in the Facility	150
Sale of Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derecognized receivables transferred at fair value	1,525		$ 1,516
Less: Cash proceeds received	150		300
DPP	1,375		$ 1,216
Customer accounts receivable sold into the Facility	$ 2,927	$ 2,750

Nuclear Decommissioning - Nucle

Nuclear Decommissioning - Nuclear Decommissioning Asset Retirement Obligation Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Accretion expense	$ 167	$ 143
Nuclear Decommissioning
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO beginning balance	13,891
Accretion expense	164
Costs incurred related to decommissioning plants	(8)
ARO ending balance	14,047
Current portion of ARO	$ 28		$ 30

Nuclear Decommissioning - Narra

Nuclear Decommissioning - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 16,916,000,000	$ 16,398,000,000
Assets, Total
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	17,005,000,000	16,398,000,000
Other Current Assets
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 89,000,000	$ 0

Nuclear Decommissioning - Noncu

Nuclear Decommissioning - Noncurrent Related Party Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 3,874	$ 3,688
Affiliated Entities | ComEd
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	3,078	2,955
Affiliated Entities | PECO
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	304	278
Affiliated Entities | CenterPoint
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	365	338
Affiliated Entities | AEP Texas
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 127	$ 117

Income Taxes - Reconciliation t

Income Taxes - Reconciliation to Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%
(Decrease) increase due to:
State income taxes, net of federal income tax benefit	(6.20%)	3.30%
Qualified NDT fund income and losses	8.90%	33.70%
Amortization of investment tax credit, including deferred taxes on basis differences	(0.30%)	(0.70%)
Production tax credits and other credits	(6.70%)	(0.80%)
Other	(1.00%)	(1.50%)
Effective income tax rate	15.70%	55%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Other accounts receivable	$ 472	$ 917
Other deferred debits and other assets	2,332	1,910
Separation from Parent
Income Taxes [Line Items]
Other accounts receivable	188	336
Other deferred debits and other assets	331	178
Separation from Parent | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	37	26
Separation from Parent | Other Receivables, Net, Current | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	0	11
Separation from Parent | Other Noncurrent Liabilities | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	$ 37	$ 37

Retirement Benefits - Net Benef

Retirement Benefits - Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Service cost	$ 26	$ 26
Interest cost	113	117
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(135)	(138)
Prior service (credit) cost	(2)	(2)
Actuarial (gain) loss	23	9
Settlement charges	3	0
Non-service components of pension benefits & OPEB (credit) cost	2	(14)
Net periodic benefit cost	28	12
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Service cost	22	22
Interest cost	95	99
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(124)	(127)
Prior service (credit) cost	0	0
Actuarial (gain) loss	25	12
Settlement charges	3	0
Non-service components of pension benefits & OPEB (credit) cost	(1)	(16)
Net periodic benefit cost	21	6
OPEB
Defined Contribution Plan Disclosure [Line Items]
Service cost	4	4
Interest cost	18	18
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(11)	(11)
Prior service (credit) cost	(2)	(2)
Actuarial (gain) loss	(2)	(3)
Settlement charges	0	0
Non-service components of pension benefits & OPEB (credit) cost	3	2
Net periodic benefit cost	7	6
Pension Plan and Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Net periodic benefit cost	$ 24	$ 24

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Derivative Fair Value Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Mark-to-market derivative assets (current)	$ 1,232	$ 1,179
Mark-to-market derivative assets (noncurrent)	774	995
Mark-to-market derivative liabilities (current)	(667)	(632)
Mark-to-market derivative liabilities (noncurrent)	(480)	(419)
Variation margin	1,331	1,712
Commodity Contract
Derivative [Line Items]
Mark-to-market derivative assets (current)	1,216	1,160
Mark-to-market derivative assets (noncurrent)	773	993
Total mark-to-market derivative assets	1,989	2,153
Mark-to-market derivative liabilities (current)	(667)	(627)
Mark-to-market derivative liabilities (noncurrent)	(480)	(418)
Total mark-to-market derivative liabilities	(1,147)	(1,045)
Total mark-to-market derivative net assets (liabilities)	842	1,108
Commodity Contract | Collateral
Derivative [Line Items]
Mark-to-market derivative assets (current)	637	703
Mark-to-market derivative assets (noncurrent)	318	330
Total mark-to-market derivative assets	955	1,033
Mark-to-market derivative liabilities (current)	750	922
Mark-to-market derivative liabilities (noncurrent)	397	445
Total mark-to-market derivative liabilities	1,147	1,367
Total mark-to-market derivative net assets (liabilities)	2,102	2,400
Commodity Contract | Netting
Derivative [Line Items]
Mark-to-market derivative assets (current)	(6,723)	(7,472)
Mark-to-market derivative assets (noncurrent)	(3,160)	(2,682)
Total mark-to-market derivative assets	(9,883)	(10,154)
Mark-to-market derivative liabilities (current)	6,723	7,472
Mark-to-market derivative liabilities (noncurrent)	3,160	2,682
Total mark-to-market derivative liabilities	9,883	10,154
Total mark-to-market derivative net assets (liabilities)	0	0
Commodity Contract | Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Mark-to-market derivative assets (current)	7,301	7,927
Mark-to-market derivative assets (noncurrent)	3,615	3,345
Total mark-to-market derivative assets	10,916	11,272
Mark-to-market derivative liabilities (current)	(8,140)	(9,019)
Mark-to-market derivative liabilities (noncurrent)	(4,037)	(3,545)
Total mark-to-market derivative liabilities	(12,177)	(12,564)
Total mark-to-market derivative net assets (liabilities)	(1,261)	(1,292)
Commodity Contract | Not Designated as Hedging Instrument, Propriety Trading
Derivative [Line Items]
Mark-to-market derivative assets (current)	1	2
Mark-to-market derivative assets (noncurrent)	0	0
Total mark-to-market derivative assets	1	2
Mark-to-market derivative liabilities (current)	0	(2)
Mark-to-market derivative liabilities (noncurrent)	0	0
Total mark-to-market derivative liabilities	0	(2)
Total mark-to-market derivative net assets (liabilities)	$ 1	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Economic Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Total	$ 186	$ (273)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract
Derivative [Line Items]
Total	188	(263)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Operating revenues
Derivative [Line Items]
Total	63	930
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Purchased power and fuel
Derivative [Line Items]
Total	$ 125	$ (1,193)

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 427	$ 562

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Credit Risk Exposure (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) counterparty
Derivative [Line Items]
Cash collateral	$ 6
Letters of credit held	84
Total Exposure Before Credit Collateral
Derivative [Line Items]
Maximum exposure	1,363
Total Exposure Before Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	73
Total Exposure Before Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	236
Total Exposure Before Credit Collateral | Investment grade
Derivative [Line Items]
Maximum exposure	1,030
Total Exposure Before Credit Collateral | Non-investment grade
Derivative [Line Items]
Maximum exposure	24
Credit Collateral
Derivative [Line Items]
Maximum exposure	90
Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	0
Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	50
Credit Collateral | Investment grade
Derivative [Line Items]
Maximum exposure	25
Credit Collateral | Non-investment grade
Derivative [Line Items]
Maximum exposure	15
Net Exposure
Derivative [Line Items]
Maximum exposure	1,273
Net Exposure | Investor-owned utilities, marketers, power producers
Derivative [Line Items]
Maximum exposure	1,053
Net Exposure | Energy cooperatives and municipalities
Derivative [Line Items]
Maximum exposure	75
Net Exposure | Financial Institutions
Derivative [Line Items]
Maximum exposure	36
Net Exposure | Other
Derivative [Line Items]
Maximum exposure	109
Net Exposure | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	73
Net Exposure | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	186
Net Exposure | Investment grade
Derivative [Line Items]
Maximum exposure	1,005
Net Exposure | Non-investment grade
Derivative [Line Items]
Maximum exposure	$ 9
Number of Counterparties Greater than 10% of Net Exposure
Derivative [Line Items]
Number of counterparties | counterparty	1
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
Number of Counterparties Greater than 10% of Net Exposure | Non-investment grade
Derivative [Line Items]
Number of counterparties | counterparty	0
Net Exposure of Counterparties Greater than 10% of Net Exposure
Derivative [Line Items]
Maximum exposure	$ 242
Net Exposure of Counterparties Greater than 10% of Net Exposure | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	0
Net Exposure of Counterparties Greater than 10% of Net Exposure | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	0
Net Exposure of Counterparties Greater than 10% of Net Exposure | Investment grade
Derivative [Line Items]
Maximum exposure	242
Net Exposure of Counterparties Greater than 10% of Net Exposure | Non-investment grade
Derivative [Line Items]
Maximum exposure	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative contracts containing this feature	$ (1,873)	$ (1,894)
Offsetting fair value of in-the-money contracts under master netting arrangements	806	925
Net fair value of derivative contracts containing this feature	$ (1,067)	$ (969)

Derivative Financial Instrume_8

Derivative Financial Instruments - Summary of Cash Collateral and Letters of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 2,119	$ 2,449
Letters of credit posted	893	777
Cash collateral held	28	64
Letters of credit held	108	61
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)	$ 1,949	$ 1,914

Debt and Credit Agreements - Su

Debt and Credit Agreements - Summary of Bank Commitments, Credit Facility Borrowings and Available Capacity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 6,308	$ 6,108
Facility Draws	0	0
Outstanding Letters of Credit	1,932	1,775
Actual Available Capacity	1,271	1,107
To Support Additional Commercial Paper Available Capacity	3,034	3,166
Commercial Paper
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 3,500	$ 3,500
Weighted average interest rate	5.56%	5.66%
Revolving Credit Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 3,500	$ 3,500
Facility Draws	0	0
Outstanding Letters of Credit	107	60
Actual Available Capacity	1,271	1,107
To Support Additional Commercial Paper Available Capacity	2,122	2,333
Bilateral Credit Agreements
Short-term Debt [Line Items]
Aggregate Bank Commitment	1,700	1,500
Facility Draws	0	0
Outstanding Letters of Credit	833	878
Actual Available Capacity	0	0
To Support Additional Commercial Paper Available Capacity	867	622
Liquidity Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	971	971
Facility Draws	0	0
Outstanding Letters of Credit	877	720
Actual Available Capacity	0	0
To Support Additional Commercial Paper Available Capacity	23	191
Liquidity Facility | No Additional Collateral Posted
Short-term Debt [Line Items]
Actual Available Capacity	900	911
Secured debt
Short-term Debt [Line Items]
Aggregate Bank Commitment	137	137
Facility Draws	0	0
Outstanding Letters of Credit	115	117
Actual Available Capacity	0	0
To Support Additional Commercial Paper Available Capacity	22	$ 20
Bilateral Credit Agreement, March 2024
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 200

Debt and Credit Agreements - Sh

Debt and Credit Agreements - Short Term Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	$ 1,509	$ 1,644
Term Loan Due January 2024 | Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	0	$ 100
Term Loan Due January 2024 | 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		0.80%
Term Loan Due February 2024 | Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	0	$ 400
Term Loan Due February 2024 | 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%
Term Loan Due February 2025 | Unsecured Debt
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	$ 200	$ 0
Term Loan Due February 2025 | 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	0.90%

Debt and Credit Agreements - _2

Debt and Credit Agreements - Summary of Outstanding Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amount	$ 900	$ 1,353
Amount	(32)	$ (30)
Total long-term debt issued (redeemed)	$ 869
Green Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.75%
Amount	$ 900
Energy Efficiency Project Financing
Debt Instrument [Line Items]
Amount	$ 1
Minimum | Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	2.20%
Maximum | Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	4.96%
Nonrecourse | Continental Wind Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	6%
Amount	$ (15)
Nonrecourse | West Medway II Nonrecourse Debt
Debt Instrument [Line Items]
Amount	$ (8)
Nonrecourse | West Medway II Nonrecourse Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	3.225%
Nonrecourse | Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Amount	$ (6)
Nonrecourse | RPG Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	4.11%
Amount	$ (3)
Nonrecourse | Minimum | Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	2.29%
Nonrecourse | Maximum | Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	3.56%

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	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
SNF Obligation	$ 1,313	$ 1,296
Carrying Amount
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,474	7,617
SNF Obligation	1,313	1,296
Fair Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,708	7,914
SNF Obligation	1,256	1,222
Fair Value | Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	7,966	7,140
SNF Obligation	1,256	1,222
Fair Value | Level 3
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	742	774
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	Mar. 31, 2024	Dec. 31, 2023
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Derivative asset notational amounts	$ 882	$ 884
Variation margin	1,331	1,712
Cash and Cash Equivalents | Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	539	349
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	539	349
Cash and Cash Equivalents | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	55	54
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	55	54
Restricted cash | Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	46	49
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	46	49
Cash | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	5	2
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	5	2
NDT fund investments subtotal
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Net liabilities	351	115
Notional amount	126	64
Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	39	42
DPP	1,375	1,216
Total assets	20,930	20,284
Deferred compensation obligation	(83)	(69)
Total liabilities	(1,230)	(1,120)
Total net assets	19,700	19,164
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	39	42
Fair Value, Recurring | Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1,147)	(1,051)
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(12,178)	(12,571)
Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	(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	11,031	11,522
Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	17,005	16,398
Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	355	443
Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	6,893	6,565
Fair Value, Recurring | Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	3,960	3,843
Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	143	151
Fair Value, Recurring | Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	86	82
Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	419	372
Fair Value, Recurring | Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	2,006	2,174
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	10,934	11,294
Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1	2
Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(8,929)	(9,122)
Total assets measured at fair value | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total assets	20,930	20,284
Level 1 | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	39	42
DPP	0	0
Total assets	8,047	7,769
Deferred compensation obligation	0	0
Total liabilities	(75)	(94)
Total net assets	7,972	7,675
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	39	42
Level 1 | Fair Value, Recurring | Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(75)	(94)
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(2,335)	(2,681)
Level 1 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Level 1 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	2,260	2,587
Level 1 | Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	7,242	6,973
Level 1 | Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	248	356
Level 1 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	4,944	4,574
Level 1 | Fair Value, Recurring | Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	2,050	2,043
Level 1 | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 1 | Fair Value, Recurring | Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	50	48
Level 1 | Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	419	372
Level 1 | Fair Value, Recurring | Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	297	334
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	2,073	2,330
Level 1 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Level 1 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(1,776)	(1,996)
Level 2 | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
DPP	1,375	1,216
Total assets	5,733	5,475
Deferred compensation obligation	(83)	(69)
Total liabilities	(638)	(681)
Total net assets	5,095	4,794
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(555)	(612)
Level 2 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(6,531)	(7,154)
Level 2 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Level 2 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	5,976	6,542
Level 2 | Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	3,649	3,600
Level 2 | Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	107	87
Level 2 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,948	1,990
Level 2 | Fair Value, Recurring | Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,594	1,523
Level 2 | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	35	33
Level 2 | Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 2 | Fair Value, Recurring | Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	674	626
Level 2 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	5,526	5,821
Level 2 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	0	0
Level 2 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(4,852)	(5,195)
Level 3 | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
DPP	0	0
Total assets	1,496	1,644
Deferred compensation obligation	0	0
Total liabilities	(517)	(345)
Total net assets	979	1,299
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(517)	(345)
Level 3 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(3,312)	(2,736)
Level 3 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	(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	2,795	2,393
Level 3 | Fair Value, Recurring | NDT fund investments subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	460	429
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	1
Level 3 | Fair Value, Recurring | Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	316	277
Level 3 | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	143	151
Level 3 | Fair Value, Recurring | Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1	1
Level 3 | Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	0	0
Level 3 | Fair Value, Recurring | Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1,035	1,214
Level 3 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	3,335	3,143
Level 3 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1	2
Level 3 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	(2,301)	(1,931)
Assets measured at NAV | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total assets	$ 5,654	$ 5,396

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments without determinable fair values	$ 113	$ 103
Private Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	372
Private Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	86
Real Estate Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	$ 366

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
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	$ 1,299	$ 643
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	(306)	506
Included in Payable related to Regulatory Agreement Units	3
Change in collateral	33	35
Purchases, sales, issuances and settlements
Purchases	37	66
Sales	(44)	(4)
Settlements	(7)	(2)
Transfers into Level 3	9	(8)
Transfers out of Level 3	(45)	(67)
Ending Balance	979	1,169
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	29	712
NDT Fund Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	429	423
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	0	0
Included in Payable related to Regulatory Agreement Units	3
Change in collateral	0	0
Purchases, sales, issuances and settlements
Purchases	33	0
Sales	0	0
Settlements	(5)	(2)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	460	421
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	0	0
Mark-to-Market Derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	869	219
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	(306)	506
Included in Payable related to Regulatory Agreement Units	0
Change in collateral	33	35
Purchases, sales, issuances and settlements
Purchases	4	66
Sales	(44)	(4)
Settlements	(2)	0
Transfers into Level 3	9	(8)
Transfers out of Level 3	(45)	(67)
Ending Balance	518	747
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	29	712
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Realized gains (losses)	(337)	(206)
Life Insurance Contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Balance	1	1
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	0	0
Included in Payable related to Regulatory Agreement Units	0
Change in collateral	0	0
Purchases, sales, issuances and settlements
Purchases	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	1	1
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	$ 0	$ 0

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
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	$ (306)	$ 506
Total unrealized (losses) gains	29	712
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	(172)	547
Total unrealized (losses) gains	148	839
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	(136)	(41)
Total unrealized (losses) gains	(119)	(127)
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	0	0
Total unrealized (losses) gains	$ 0	$ 0

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Fair Value Inputs Assets Quantitative Information (Details) - Level 3 $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Cash collateral received	$ 494	$ 462
Economic Hedges
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mark-to-market derivatives—Economic hedges	$ 23	$ 407
Economic Hedges | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	7.99	9.64
Forward gas price	0.28	1.20
Economic Hedges | Minimum | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.21	0.23
Economic Hedges | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	185	216
Forward gas price	12	14
Economic Hedges | Maximum | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.75	2
Economic Hedges | Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	48	48
Forward gas price	3.23	3.09
Economic Hedges | Average | Option  Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.48	0.87

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Commercial Commitments (Details) $ in Millions	Mar. 31, 2024 USD ($)
Guarantor Obligations [Line Items]
Total	$ 2,748
2024	2,282
2025	346
2026	1
2027	4
2028	115
2029 and beyond	0
Letters of credit
Guarantor Obligations [Line Items]
Total	1,932
2024	1,608
2025	204
2026	1
2027	4
2028	115
2029 and beyond	0
Surety bonds
Guarantor Obligations [Line Items]
Total	816
2024	674
2025	142
2026	0
2027	0
2028	0
2029 and beyond	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) Open_claim	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	$ 145	$ 149
Estimated liabilities for asbestos-related bodily injury claims	131	$ 131
Open Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 18
Number of claims | Open_claim	219
Estimated Future Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 113

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	May 09, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased			$ 504	$ 251
Capital Allocation Plan
Equity, Class of Treasury Stock [Line Items]
Value of stock authorized for repurchase						$ 2,000
Common stock repurchased (in shares)			1.2	3.2
Common stock repurchased			$ 150	$ 251
Capital Allocation Plan | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Value of stock authorized for repurchase	$ 3,000
Increase in value of stock authorized for repurchase	$ 1,000
Remaining repurchase amount					$ 1,500
March 2024 ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased (in shares)		1.7
Common stock repurchased		$ 354

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 11,286	$ 11,372
Other comprehensive income (loss), net of income taxes	11	(48)
Ending balance	11,560	11,086
Gains (losses) on Cash Flow Hedges
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(10)	(9)
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), net of income taxes	0	0
Ending balance	(10)	(9)
Pension and Non-Pension Postretirement Benefit Plan Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,157)	(1,725)
OCI before reclassifications	(3)	(53)
Amounts reclassified from AOCI	17	5
Other comprehensive income (loss), net of income taxes	14	(48)
Ending balance	(2,143)	(1,773)
Foreign Currency Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(24)	(26)
OCI before reclassifications	(3)	0
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), net of income taxes	(3)	0
Ending balance	(27)	(26)
Total
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,191)	(1,760)
OCI before reclassifications	(6)	(53)
Amounts reclassified from AOCI	17	5
Other comprehensive income (loss), net of income taxes	11	(48)
Ending balance	$ (2,180)	$ (1,808)

Shareholders' Equity - Income T

Shareholders' Equity - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Actuarial loss reclassified to periodic benefit cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ (6)	$ (2)
Pension and non-pension postretirement benefit plans valuation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ 2	$ 18

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current assets
Cash and cash equivalents		$ 562	$ 368	$ 237
Restricted cash and cash equivalents		83	86	$ 99
Accounts receivable
Customer accounts receivable		1,855	1,934
Other accounts receivable		472	917
Inventories, net
Materials and supplies		1,206	1,216
Other current assets		2,066	1,655
Total current assets		8,460	8,299
Property, plant, and equipment, net		22,446	22,116
Other noncurrent assets		2,332	1,910
Total assets	[1]	52,014	50,758
Current liabilities
Long-term debt due within one year		122	121
Accounts payable		1,309	1,302
Other current liabilities		312	338
Total current liabilities		5,922	6,319
Long-term debt		8,352	7,496
Other noncurrent liabilities		1,393	1,125
Total deferred credits and other liabilities		26,180	25,657
Total liabilities	[1]	40,454	39,472
Variable Interest Entity, Primary Beneficiary
Current assets
Cash and cash equivalents		73	48
Restricted cash and cash equivalents		37	47
Accounts receivable
Customer accounts receivable		24	19
Other accounts receivable		9	10
Inventories, net
Materials and supplies		14	14
Other current assets		1,407	1,249
Total current assets		1,564	1,387
Property, plant, and equipment, net		1,961	1,979
Other noncurrent assets		161	166
Total noncurrent assets		2,122	2,145
Total assets		3,686	3,532
Current liabilities
Long-term debt due within one year		64	63
Accounts payable		16	11
Accrued expenses		20	20
Other current liabilities		2	0
Total current liabilities		102	94
Long-term debt		679	704
Asset retirement obligations		192	190
Other noncurrent liabilities		2	2
Total deferred credits and other liabilities		873	896
Total liabilities		975	990
Unamortized energy contract assets, current		22	22
Unamortized energy contract assets, noncurrent		$ 150	$ 155
[1] Our consolidated assets include $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - Constellation Energy Generation, LLC	Mar. 31, 2024	Dec. 31, 2023
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%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Significant Unconsolidated VIEs (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	[1]	$ 52,014	$ 50,758
Total liabilities	[1]	40,454	39,472
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		672	704
Total liabilities		64	77
Our ownership interest in VIE		0	0
Other ownership interests in VIE		608	627
Commercial Agreement VIEs | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		672	704
Total liabilities		64	77
Our ownership interest in VIE		0	0
Other ownership interests in VIE		608	627
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 $3,514 million and $3,355 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $975 million and $990 million at March 31, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Supplemental Financial Inform_3

Supplemental Financial Information - Summary of Taxes other than income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Operating lease income	$ 4	$ 4
Variable lease income	52	58
Gross receipts	33	33
Property	66	56
Payroll	$ 38	$ 34

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Decommissioning-related activities:
Regulatory Agreement Units	$ 166	$ 314
Non-Regulatory Agreement Units	83	194
Regulatory Agreement Units	225	29
Non-Regulatory Agreement Units	134	18
Regulatory offset to NDT fund-related activities	(312)	(275)
Total decommissioning-related activities	296	280
Non-service net periodic benefit credit	(2)	14
Net unrealized (losses) gains from equity investments	47	(5)
Other	21	25
Total Other, net	$ 362	$ 314

Supplemental Financial Inform_5

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Depreciation, amortization, and accretion
Property, plant, and equipment	$ 300	$ 262
Amortization of intangible assets, net	6	5
Nuclear fuel	216	186
ARO accretion	167	143
Total depreciation, amortization, and accretion	694	605
Other non-cash operating activities
Other decommissioning related-activity	(161)	(136)
Energy-related options	27	93
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	14	20
Amortization of operating ROU asset	8	8
Long-term incentive plan	20	12
Pension and non-pension postretirement benefit costs	28	12
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	562	237	$ 368
Restricted cash and cash equivalents	83	99	86
Total cash, restricted cash, and cash equivalents	645	336	454	$ 528
Constellation Energy Generation, LLC
Depreciation, amortization, and accretion
Total depreciation, amortization, and accretion	694	605
Other non-cash operating activities
Other decommissioning related-activity	(161)	(136)
Energy-related options	27	93
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	14	20
Amortization of operating ROU asset	8	8
Long-term incentive plan	0	0
Pension and non-pension postretirement benefit costs	28	12
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	557	236	366
Restricted cash and cash equivalents	67	91	74
Total cash, restricted cash, and cash equivalents	624	327	$ 440	$ 501
Unamortized Energy Contracts
Depreciation, amortization, and accretion
Amortization of energy contract assets and liabilities	$ 5	$ 9

Supplemental Financial Inform_6

Supplemental Financial Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Line Items]
Accounts payable	$ 1,309	$ 1,302
Compensation-related accruals	358	680
Taxes accrued	370	399
Nuclear PTCs
Supplemental Balance Sheet Information [Line Items]
Nuclear income tax credit	66
Constellation Energy Generation, LLC
Supplemental Balance Sheet Information [Line Items]
Accounts payable	1,296	1,289
Compensation-related accruals	237	576
Taxes accrued	$ 356	$ 390