Constellation Energy (CEG) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41137
Entity Registrant Name	CONSTELLATION ENERGY CORPORATION
Entity Tax Identification Number	87-1210716
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	1310 Point Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21231-3380
City Area Code	(833)
Local Phone Number	883-0162
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	CEG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		312,689,080
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001868275
Amendment Flag	false
Constellation Energy Generation, LLC
Document Information [Line Items]
Entity File Number	333-85496
Entity Registrant Name	CONSTELLATION ENERGY GENERATION, LLC
Entity Tax Identification Number	23-3064219
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	200 Energy Way
Entity Address, City or Town	Kennett Square
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19348-2473
City Area Code	(833)
Local Phone Number	883-0162
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001168165

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income, Parent - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Operating revenues	$ 5,475	$ 5,446	$ 11,637	$ 13,011
Operating expenses
Purchased power and fuel	2,292	2,887	5,709	8,616
Operating and maintenance	1,645	1,477	3,131	2,908
Depreciation and amortization	296	274	602	542
Taxes other than income taxes	142	139	282	271
Total operating expenses	4,375	4,777	9,724	12,337
Gain (loss) on sales of assets and businesses	0	0	0	26
Operating income (loss)	1,100	669	1,913	700
Other income and (deductions)
Interest expense, net	(142)	(103)	(269)	(210)
Other, net	6	605	368	919
Total other income and (deductions)	(136)	502	99	709
Income (loss) before income taxes	964	1,171	2,012	1,409
Income tax (benefit) expense	154	342	318	472
Equity in income (losses) of unconsolidated affiliates	(1)	(5)	(2)	(11)
Net income (loss)	809	824	1,692	926
Net income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Net income (loss) attributable to common shareholders	814	833	1,697	929
Comprehensive income (loss), net of income taxes
Net income (loss)	809	824	1,692	926
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(3)	(2)	(3)
Actuarial loss reclassified to periodic cost	21	8	39	13
Pension and non-pension postretirement benefit plan valuation adjustment	(2)	0	(5)	(53)
Unrealized gain (loss) on cash flow hedges	2	0	2	0
Unrealized gain (loss) on foreign currency translation	(1)	3	(4)	3
Other comprehensive income (loss), net of income taxes	19	8	30	(40)
Comprehensive income (loss)	828	832	1,722	886
Comprehensive income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Comprehensive income (loss) attributable to common shareholders	$ 833	$ 841	$ 1,727	$ 889
Average shares of common stock outstanding:
Basic (in shares)	315	324	316	326
Assumed exercise and/or distributions of stock-based awards (in shares)	1	1	1	1
Diluted (in shares)	316	325	317	327
Earnings per average common share
Basic (in dollars per share)	$ 2.58	$ 2.57	$ 5.37	$ 2.85
Diluted (in dollars per share)	$ 2.58	$ 2.56	$ 5.35	$ 2.84

Consolidated Statements of Cash

Consolidated Statements of Cash Flows, Parent - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 1,692	$ 926
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,388	1,219
Deferred income taxes and amortization of ITCs	191	189
Net fair value changes related to derivatives	(776)	281
Net realized and unrealized (gains) losses on NDT funds	(197)	(270)
Net realized and unrealized (gains) losses on equity investments	11	(414)
Other non-cash operating activities	(65)	77
Changes in assets and liabilities:
Accounts receivable	771	1,298
Inventories	58	124
Accounts payable and accrued expenses	(207)	(1,725)
Option premiums received (paid), net	129	(48)
Collateral received (posted), net	868	(474)
Income taxes	(86)	160
Pension and non-pension postretirement benefit contributions	(188)	(18)
Other assets and liabilities	(4,925)	(2,451)
Net cash flows provided by (used in) operating activities	(1,336)	(1,126)
Cash flows from investing activities
Capital expenditures	(1,284)	(1,336)
Proceeds from NDT fund sales	2,890	3,116
Investment in NDT funds	(3,043)	(3,203)
Collection of DPP, net	4,096	1,582
Acquisitions of assets and businesses	(15)	(20)
Other investing activities	6	32
Net cash flows provided by (used in) investing activities	2,650	171
Cash flows from financing activities
Change in short-term borrowings	(625)	(524)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(539)	(200)
Issuance of long-term debt	900	1,791
Retirement of long-term debt	(65)	(121)
Dividends paid on common stock	(222)	(185)
Repurchases of common stock	(999)	(499)
Other financing activities	(35)	(10)
Net cash flows provided by (used in) financing activities	(1,385)	752
Increase (decrease) in cash, restricted cash, and cash equivalents	(71)	(203)
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	383	325
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	54	(44)
Increase (decrease) in DPP	4,455	2,335
Increase (decrease) in PP&E related to ARO update	$ (389)	$ 0

Consolidated Balance Sheets, Pa

Consolidated Balance Sheets, Parent - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 311	$ 368
Restricted cash and cash equivalents		72	86
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $61 and $56 as of June 30, 2024 and December 31, 2023, respectively)		1,578	1,934
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2024 and December 31, 2023)		633	917
Mark-to-market derivative assets		935	1,179
Inventories, net
Natural gas, oil, and emission allowances		201	284
Materials and supplies		1,241	1,216
Renewable energy credits		487	660
Other		2,394	1,655
Total current assets		7,852	8,299
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,618 and $17,423 as of June 30, 2024 and December 31, 2023, respectively)		21,973	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,883	16,398
Investments		584	563
Goodwill		420	425
Mark-to-market derivative assets		993	995
Deferred income taxes		25	52
Other		2,610	1,910
Total deferred debits and other assets		21,515	20,343
Total assets	[1]	51,340	50,758
Current liabilities
Short-term borrowings		680	1,644
Long-term debt due within one year		1,035	121
Accounts payable and accrued expenses		2,422	2,612
Mark-to-market derivative liabilities		563	632
Renewable energy credit obligation		730	972
Other		371	338
Total current liabilities		5,801	6,319
Long-term debt		7,409	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,377	3,209
Asset retirement obligations		13,510	14,118
Pension obligations		877	1,070
Non-pension postretirement benefit obligations		749	732
Spent nuclear fuel obligation		1,331	1,296
Payables related to Regulatory Agreement Units		4,310	3,688
Mark-to-market derivative liabilities		555	419
Other		1,640	1,125
Total deferred credits and other liabilities		26,349	25,657
Total liabilities	[1]	39,559	39,472
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock (No par value, 1,000 shares authorized, 313 shares and 317 shares outstanding as of June 30, 2024 and December 31, 2023, respectively)		11,350	12,355
Retained earnings (deficit)		2,236	761
Accumulated other comprehensive income (loss), net		(2,161)	(2,191)
Total shareholders’ equity		11,425	10,925
Noncontrolling interests		356	361
Total equity		11,781	11,286
Total liabilities and equity		$ 51,340	$ 50,758
[1] Our consolidated assets include $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets, _2

Consolidated Balance Sheets, Parent (Parenthetical) - USD ($) shares in Millions, $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses		$ 61	$ 56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		$ 17,618	$ 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)		313	317
Total assets	[1]	$ 51,340	$ 50,758
Total liabilities	[1]	39,559	39,472
Variable Interest Entity, Primary Beneficiary
Total assets		3,882	3,532
Total liabilities		992	990
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		992	990
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,716	$ 3,355
[1] Our consolidated assets include $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

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, 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	926
Other comprehensive income (loss), net of income taxes	(40)
Ending Balance (in shares) at Jun. 30, 2023		321,576
Ending balance at Jun. 30, 2023	11,612	$ 12,808	248	(1,800)	356
Beginning Balance (in shares) at Mar. 31, 2023		324,419
Beginning balance at Mar. 31, 2023	11,086	$ 13,029	(493)	(1,808)	358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	824		833		(9)
Employee incentive plan (in shares)		115
Employee incentive plans	31	$ 31
Changes in equity of noncontrolling interests	7				7
Common stock dividends	(92)		(92)
Common stock repurchased (in shares)		(2,958)
Common stock repurchased	(252)	$ (252)
Other comprehensive income (loss), net of income taxes	8			8
Ending Balance (in shares) at Jun. 30, 2023		321,576
Ending balance at Jun. 30, 2023	$ 11,612	$ 12,808	248	(1,800)	356
Beginning Balance (in shares) at Dec. 31, 2023	317,000	317,472
Beginning balance at Dec. 31, 2023	$ 11,286	$ 12,355	761	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	883		883
Employee incentive plan (in shares)		661
Employee incentive plans	(4)	$ (4)
Common stock dividends	(112)		(112)
Common stock repurchased (in shares)		(2,900)
Common stock repurchased	(504)	$ (504)
Other comprehensive income (loss), net of income taxes	11			11
Ending Balance (in shares) at Mar. 31, 2024		315,233
Ending balance at Mar. 31, 2024	$ 11,560	$ 11,847	1,532	(2,180)	361
Beginning Balance (in shares) at Dec. 31, 2023	317,000	317,472
Beginning balance at Dec. 31, 2023	$ 11,286	$ 12,355	761	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,692
Other comprehensive income (loss), net of income taxes	$ 30
Ending Balance (in shares) at Jun. 30, 2024	313,000	313,214
Ending balance at Jun. 30, 2024	$ 11,781	$ 11,350	2,236	(2,161)	356
Beginning Balance (in shares) at Mar. 31, 2024		315,233
Beginning balance at Mar. 31, 2024	11,560	$ 11,847	1,532	(2,180)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	809		814		(5)
Employee incentive plan (in shares)		72
Employee incentive plans	8	$ 8
Common stock dividends	(110)		(110)
Common stock repurchased (in shares)		(2,091)
Common stock repurchased	(505)	$ (505)
Other comprehensive income (loss), net of income taxes	$ 19			19
Ending Balance (in shares) at Jun. 30, 2024	313,000	313,214
Ending balance at Jun. 30, 2024	$ 11,781	$ 11,350	$ 2,236	$ (2,161)	$ 356

Consolidated Statements of Ch_2

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

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues	$ 5,475	$ 5,446	$ 11,637	$ 13,011
Operating expenses
Purchased power and fuel	2,292	2,887	5,709	8,616
Operating and maintenance	1,645	1,477	3,131	2,908
Depreciation and amortization	296	274	602	542
Taxes other than income taxes	142	139	282	271
Total operating expenses	4,375	4,777	9,724	12,337
Gain (loss) on sales of assets and businesses	0	0	0	26
Operating income (loss)	1,100	669	1,913	700
Other income and (deductions)
Interest expense, net	(142)	(103)	(269)	(210)
Other, net	6	605	368	919
Total other income and (deductions)	(136)	502	99	709
Income (loss) before income taxes	964	1,171	2,012	1,409
Income tax (benefit) expense	154	342	318	472
Equity in income (losses) of unconsolidated affiliates	(1)	(5)	(2)	(11)
Net income (loss)	809	824	1,692	926
Net income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Net income (loss) attributable to common shareholders	814	833	1,697	929
Comprehensive income (loss), net of income taxes
Net income (loss)	809	824	1,692	926
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(3)	(2)	(3)
Actuarial loss reclassified to periodic cost	21	8	39	13
Pension and non-pension postretirement benefit plan valuation adjustment	(2)	0	(5)	(53)
Unrealized gain (loss) on cash flow hedges	2	0	2	0
Unrealized gain (loss) on foreign currency translation	(1)	3	(4)	3
Other comprehensive income (loss), net of income taxes	19	8	30	(40)
Comprehensive income (loss)	828	832	1,722	886
Comprehensive income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Comprehensive income (loss) attributable to common shareholders	833	841	1,727	889
Constellation Energy Generation, LLC
Operating revenues	5,475	5,446	11,637	13,011
Operating expenses
Purchased power and fuel	2,292	2,887	5,709	8,616
Operating and maintenance	1,645	1,477	3,131	2,908
Depreciation and amortization	296	274	602	542
Taxes other than income taxes	142	139	282	271
Total operating expenses	4,375	4,777	9,724	12,337
Gain (loss) on sales of assets and businesses	0	0	0	26
Operating income (loss)	1,100	669	1,913	700
Other income and (deductions)
Interest expense, net	(142)	(103)	(269)	(210)
Other, net	6	605	368	919
Total other income and (deductions)	(136)	502	99	709
Income (loss) before income taxes	964	1,171	2,012	1,409
Income tax (benefit) expense	154	342	318	472
Equity in income (losses) of unconsolidated affiliates	(1)	(5)	(2)	(11)
Net income (loss)	809	824	1,692	926
Net income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Net income (loss) attributable to common shareholders	814	833	1,697	929
Comprehensive income (loss), net of income taxes
Net income (loss)	809	824	1,692	926
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost	(1)	(3)	(2)	(3)
Actuarial loss reclassified to periodic cost	21	8	39	13
Pension and non-pension postretirement benefit plan valuation adjustment	(2)	0	(5)	(53)
Unrealized gain (loss) on cash flow hedges	2	0	2	0
Unrealized gain (loss) on foreign currency translation	(1)	3	(4)	3
Other comprehensive income (loss), net of income taxes	19	8	30	(40)
Comprehensive income (loss)	828	832	1,722	886
Comprehensive income (loss) attributable to noncontrolling interests	(5)	(9)	(5)	(3)
Comprehensive income (loss) attributable to common shareholders	$ 833	$ 841	$ 1,727	$ 889

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 1,692	$ 926
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,388	1,219
Deferred income taxes and amortization of ITCs	191	189
Net fair value changes related to derivatives	(776)	281
Net realized and unrealized (gains) losses on NDT funds	(197)	(270)
Net realized and unrealized (gains) losses on equity investments	11	(414)
Other non-cash operating activities	(65)	77
Changes in assets and liabilities:
Accounts receivable	771	1,298
Inventories	58	124
Accounts payable and accrued expenses	(207)	(1,725)
Option premiums received (paid), net	129	(48)
Collateral received (posted), net	868	(474)
Income taxes	(86)	160
Pension and non-pension postretirement benefit contributions	(188)	(18)
Other assets and liabilities	(4,925)	(2,451)
Net cash flows provided by (used in) operating activities	(1,336)	(1,126)
Cash flows from investing activities
Capital expenditures	(1,284)	(1,336)
Proceeds from NDT fund sales	2,890	3,116
Investment in NDT funds	(3,043)	(3,203)
Collection of DPP, net	4,096	1,582
Acquisitions of assets and businesses	(15)	(20)
Other investing activities	6	32
Net cash flows provided by (used in) investing activities	2,650	171
Cash flows from financing activities
Change in short-term borrowings	(625)	(524)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(539)	(200)
Issuance of long-term debt	900	1,791
Retirement of long-term debt	(65)	(121)
Other financing activities	(35)	(10)
Net cash flows provided by (used in) financing activities	(1,385)	752
Increase (decrease) in cash, restricted cash, and cash equivalents	(71)	(203)
Cash, restricted cash, and cash equivalents at beginning of period	454	528
Cash, restricted cash, and cash equivalents at end of period	383	325
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	54	(44)
Increase (decrease) in DPP	4,455	2,335
Increase (decrease) in PP&E related to ARO update	(389)	0
Constellation Energy Generation, LLC
Cash flows from operating activities
Net income (loss)	1,692	926
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	1,388	1,219
Deferred income taxes and amortization of ITCs	191	189
Net fair value changes related to derivatives	(776)	281
Net realized and unrealized (gains) losses on NDT funds	(197)	(270)
Net realized and unrealized (gains) losses on equity investments	11	(414)
Other non-cash operating activities	(82)	40
Changes in assets and liabilities:
Accounts receivable	773	1,303
Receivables from and payables to affiliates, net	97	(39)
Inventories	58	124
Accounts payable and accrued expenses	(203)	(1,728)
Option premiums received (paid), net	129	(48)
Collateral received (posted), net	868	(474)
Income taxes	(86)	160
Pension and non-pension postretirement benefit contributions	(188)	(18)
Other assets and liabilities	(5,025)	(2,458)
Net cash flows provided by (used in) operating activities	(1,350)	(1,207)
Cash flows from investing activities
Capital expenditures	(1,284)	(1,336)
Proceeds from NDT fund sales	2,890	3,116
Investment in NDT funds	(3,043)	(3,203)
Collection of DPP, net	4,096	1,582
Acquisitions of assets and businesses	(15)	(20)
Other investing activities	6	32
Net cash flows provided by (used in) investing activities	2,650	171
Cash flows from financing activities
Change in short-term borrowings	(625)	(524)
Proceeds from short-term borrowings with maturities greater than 90 days	200	500
Repayments of short-term borrowings with maturities greater than 90 days	(539)	(200)
Issuance of long-term debt	900	1,791
Retirement of long-term debt	(65)	(121)
Distributions to member	(1,220)	(584)
Other financing activities	(19)	(10)
Net cash flows provided by (used in) financing activities	(1,368)	852
Increase (decrease) in cash, restricted cash, and cash equivalents	(68)	(184)
Cash, restricted cash, and cash equivalents at beginning of period	440	501
Cash, restricted cash, and cash equivalents at end of period	372	317
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	54	(44)
Increase (decrease) in DPP	4,455	2,335
Increase (decrease) in PP&E related to ARO update	$ (389)	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 311	$ 368
Restricted cash and cash equivalents		72	86
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $61 and $56 as of June 30, 2024 and December 31, 2023, respectively)		1,578	1,934
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2024 and December 31, 2023)		633	917
Mark-to-market derivative assets		935	1,179
Inventories, net
Natural gas, oil, and emission allowances		201	284
Materials and supplies		1,241	1,216
Renewable energy credits		487	660
Other		2,394	1,655
Total current assets		7,852	8,299
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,618 and $17,423 as of June 30, 2024 and December 31, 2023, respectively)		21,973	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,883	16,398
Investments		584	563
Goodwill		420	425
Mark-to-market derivative assets		993	995
Deferred income taxes		25	52
Other		2,610	1,910
Total deferred debits and other assets		21,515	20,343
Total assets	[1]	51,340	50,758
Current liabilities
Short-term borrowings		680	1,644
Long-term debt due within one year		1,035	121
Accounts payable and accrued expenses		2,422	2,612
Mark-to-market derivative liabilities		563	632
Renewable energy credit obligation		730	972
Other		371	338
Total current liabilities		5,801	6,319
Long-term debt		7,409	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,377	3,209
Asset retirement obligations		13,510	14,118
Pension obligations		877	1,070
Non-pension postretirement benefit obligations		749	732
Spent nuclear fuel obligation		1,331	1,296
Payables related to Regulatory Agreement Units		4,310	3,688
Mark-to-market derivative liabilities		555	419
Other		1,640	1,125
Total deferred credits and other liabilities		26,349	25,657
Total liabilities	[1]	39,559	39,472
Commitments and contingencies (Note 13)
Member’s equity
Undistributed earnings (deficit)		2,236	761
Accumulated other comprehensive income (loss), net		(2,161)	(2,191)
Total liabilities and equity		51,340	50,758
Constellation Energy Generation, LLC
Current assets
Cash and cash equivalents		308	366
Restricted cash and cash equivalents		64	74
Accounts receivable
Other accounts receivable (net of allowance for credit losses of $5 as of June 30, 2024 and December 31, 2023)		625	911
Mark-to-market derivative assets		935	1,179
Inventories, net
Natural gas, oil, and emission allowances		201	284
Materials and supplies		1,241	1,216
Renewable energy credits		487	660
Other		2,394	1,655
Total current assets		7,833	8,279
Property, plant, and equipment (net of accumulated depreciation and amortization of $17,618 and $17,423 as of June 30, 2024 and December 31, 2023, respectively)		21,973	22,116
Deferred debits and other assets
Nuclear decommissioning trust funds		16,883	16,398
Investments		584	563
Goodwill		420	425
Mark-to-market derivative assets		993	995
Deferred income taxes		25	52
Other		2,610	1,910
Total deferred debits and other assets		21,515	20,343
Total assets	[2]	51,321	50,738
Current liabilities
Short-term borrowings		680	1,644
Long-term debt due within one year		1,035	121
Mark-to-market derivative liabilities		563	632
Renewable energy credit obligation		730	972
Other		369	338
Total current liabilities		5,850	6,311
Long-term debt		7,409	7,496
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs		3,377	3,209
Asset retirement obligations		13,510	14,118
Pension obligations		877	1,070
Non-pension postretirement benefit obligations		749	732
Spent nuclear fuel obligation		1,331	1,296
Payables related to Regulatory Agreement Units		4,310	3,688
Mark-to-market derivative liabilities		555	419
Other		1,477	1,025
Total deferred credits and other liabilities		26,186	25,557
Total liabilities	[2]	39,445	39,364
Commitments and contingencies (Note 13)
Member’s equity
Membership interest		10,538	11,537
Undistributed earnings (deficit)		3,143	1,667
Accumulated other comprehensive income (loss), net		(2,161)	(2,191)
Total member’s equity		11,520	11,013
Noncontrolling interests		356	361
Total equity		11,876	11,374
Total liabilities and equity		51,321	50,738
Constellation Energy Generation, LLC | Nonrelated Party
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $61 and $56 as of June 30, 2024 and December 31, 2023, respectively)		1,578	1,934
Current liabilities
Accounts payable and accrued expenses		2,258	2,486
Constellation Energy Generation, LLC | Related Party
Current liabilities
Accounts payable and accrued expenses		$ 215	$ 118
[1] Our consolidated assets include $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information. Our consolidated assets include $3,716 million and $3,355 million as of June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million as of June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses		$ 61	$ 56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		17,618	17,423
Total assets	[1]	51,340	50,758
Total liabilities	[1]	39,559	39,472
Variable Interest Entity, Primary Beneficiary
Total assets		3,882	3,532
Total liabilities		992	990
Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		992	990
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		3,716	3,355
Constellation Energy Generation, LLC
Allowance for credit losses		61	56
Allowance for other credit losses		5	5
Accumulated depreciation and amortization		17,618	17,423
Total assets	[2]	51,321	50,738
Total liabilities	[2]	39,445	39,364
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Nonrecourse
Total liabilities		992	990
Constellation Energy Generation, LLC | Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral
Total assets		$ 3,716	$ 3,355
[1] Our consolidated assets include $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information. Our consolidated assets include $3,716 million and $3,355 million as of June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million as of June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Undistributed Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss), net	Noncontrolling Interests	Constellation Energy Generation, LLC	Constellation Energy Generation, LLC Membership Interest	Constellation Energy Generation, LLC Undistributed Earnings (Deficit)	Constellation Energy Generation, LLC Accumulated Other Comprehensive Income (Loss), net	Constellation Energy Generation, LLC Noncontrolling Interests
Beginning Balance at Dec. 31, 2022					$ 11,414	$ 12,408	$ 412	$ (1,760)	$ 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 102	$ 96		$ 6	102		96		6
Changes in equity of noncontrolling interests	(2)			(2)	(2)				(2)
Distributions to member					(249)	(152)	(97)
Other comprehensive income (loss), net of income taxes	(48)		$ (48)		(48)			(48)
Ending Balance at Mar. 31, 2023					11,217	12,256	411	(1,808)	358
Beginning Balance at Dec. 31, 2022					11,414	12,408	412	(1,760)	354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	926				926
Other comprehensive income (loss), net of income taxes	(40)				(40)
Ending Balance at Jun. 30, 2023					11,721	12,012	1,153	(1,800)	356
Beginning Balance at Mar. 31, 2023					11,217	12,256	411	(1,808)	358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	824	833		(9)	824		833		(9)
Changes in equity of noncontrolling interests	7			7	7				7
Distributions to member					(335)	(244)	(91)
Other comprehensive income (loss), net of income taxes	8		8		8			8
Ending Balance at Jun. 30, 2023					11,721	12,012	1,153	(1,800)	356
Beginning Balance at Dec. 31, 2023					11,374	11,537	1,667	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	883	883			883		883
Distributions to member					(610)	(499)	(111)
Other comprehensive income (loss), net of income taxes	11		11		11			11
Ending Balance at Mar. 31, 2024					11,658	11,038	2,439	(2,180)	361
Beginning Balance at Dec. 31, 2023					11,374	11,537	1,667	(2,191)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,692				1,692
Other comprehensive income (loss), net of income taxes	30				30
Ending Balance at Jun. 30, 2024					11,876	10,538	3,143	(2,161)	356
Beginning Balance at Mar. 31, 2024					11,658	11,038	2,439	(2,180)	361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	809	$ 814		$ (5)	809		814		(5)
Distributions to member					(610)	(500)	(110)
Other comprehensive income (loss), net of income taxes	$ 19		$ 19		19			19
Ending Balance at Jun. 30, 2024					$ 11,876	$ 10,538	$ 3,143	$ (2,161)	$ 356

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business We are a producer of carbon-free energy and a supplier of energy products and services. Our generating capacity includes primarily nuclear, wind, solar, natural gas and hydroelectric assets. Through our integrated business operations, we sell electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, governmental, and residential customers in markets across multiple geographic regions. We have five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT and Other Power Regions. Basis of Presentation The accompanying Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 Consolidated Balance Sheet was derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation. Summary of Significant Accounting Policies

Mergers, Acquisitions, and Disp

Mergers, Acquisitions, and Dispositions	6 Months Ended
	Jun. 30, 2024
Mergers, Acquisitions, and Dispositions [Abstract]
Mergers, Acquisitions, and Dispositions	Mergers, Acquisitions, and Dispositions Acquisition of Joint Ownership in South Texas Project In November 2023, we completed the acquisition of NRG South Texas LP (renamed and converted as Constellation South Texas, LLC), which owns a 44% undivided ownership interest in the jointly owned STP, a 2,645 MW, dual-unit nuclear plant located in Bay City, Texas. The net cash paid was $1.65 billion, after certain purchase price adjustments. Other owners include City Public Service Board of San Antonio (CPS, 40%) and the City of Austin, Texas (Austin, 16%). See Note 2 — Mergers, Acquisitions, and Dispositions of our 2023 Form 10-K for additional information.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 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 performance obligations, revenue recognition, and payment terms associated with these sources of revenue. Contract Balances Contract Assets We record contract assets for the revenue recognized on the construction and installation of energy efficiency assets and new power generating facilities before we have an unconditional right to bill for and receive the consideration from the customer. These contract assets are subsequently reclassified to receivables when the right to payment becomes unconditional. We record contract assets and contract receivables in Other current assets and Customer accounts receivable, net, respectively, in the Consolidated Balance Sheets. The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 82 $ 130 Amounts reclassified to receivables (15) (11) Revenues recognized 14 31 Ending balance as of March 31 81 150 Amounts reclassified to receivables (4) (76) Revenues recognized 16 15 Ending balance as of June 30 $ 93 $ 89 Contract Liabilities We record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. We record contract liabilities in Other current liabilities and Other deferred credits and other liabilities in the Consolidated Balance Sheets. These contract liabilities primarily relate to upfront consideration received or due for equipment service plans, the Mystic COS, and the Illinois ZEC program. The Mystic COS, which ended in May 2024, included upfront consideration received that differs from the recognized earnings over the cost of the service period. The Illinois ZEC program introduces an annual cap on the total consideration to be received by us for each delivery period. The ZEC price is established on a per MWh of production basis with a maximum annual cap for total compensation to be received for each planning year, while requiring delivery of all ZECs produced by our participating facilities during each delivery period. ZECs delivered to Illinois utilities in excess of the annual cost cap may be paid in subsequent years if the payments do not exceed the prescribed annual cost cap for that year. The balance as of June 30, 2024 primarily related to equipment service plans. The balance as of December 31, 2023 primarily related to equipment services plans and the Mystic COS. The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 40 $ 47 Consideration received or due 49 131 Revenues recognized (55) (115) Ending balance as of March 31 34 63 Consideration received or due 47 81 Revenues recognized (46) (92) Ending balance as of June 30 $ 35 $ 52 Transaction Price Allocated to Remaining Performance Obligations The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 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 $ 92 $ 59 $ 30 $ 18 $ 130 $ 329 Transaction Price Allocated to Previously Satisfied Performance Obligations Our Clinton and Quad Cities units contract with certain utilities in Illinois which requires delivery of all ZECs produced during each planning year (June through May), with total compensation limited by an annual cap for each planning year designed to limit the cost of ZECs to each utility's customers. ZECs delivered that, if paid, would result in the annual cap being exceeded may be paid in subsequent years at the vintage year price as long as the payments would not exceed the annual cap in the year paid. In each planning year since the program commenced June 2017, we delivered ZECs to the utilities in excess of the annual compensation cap. The ZEC price and annual compensation cap effective for each planning year are administratively determined by the IPA. For the June 2023 through May 2024 planning year, the ZEC price has been established at $0.30 per ZEC, subject to an annual cap of $224 million. ZECs generated and delivered during this planning year will not exceed the annual cap, providing capacity to compensate for ZECs delivered in prior planning years in excess of the compensation cap. For the three and six months ended June 30, 2023, we recognized $218 million of revenue as a receivable for ZECs delivered in prior planning years, with payment expected in the third quarter of 2024. As of June 30, 2024, this receivable is included within Customer accounts receivable, net in the Consolidated Balance Sheets. For the June 2024 through May 2025 planning year, the ZEC price has been established at $9.38 per ZEC, subject to an annual cap of $222 million. Revenue recognized for ZECs delivered in prior planning years were not material for the three and six months ended June 30, 2024. Revenue Disaggregation We disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. See Note 4 — Segment Information for the presentation of revenue disaggregation.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,297 $ 4 $ 1,301 $ 3 $ 1,304 Midwest 993 175 1,168 — 1,168 New York 463 57 520 (6) 514 ERCOT 274 81 355 2 357 Other Power Regions 1,023 160 1,183 1 1,184 Total Reportable Segment Power Revenues 4,050 477 4,527 — 4,527 Total Natural Gas Revenues 231 349 580 — 580 Total Other Revenues (b) 125 243 368 — 368 Total Consolidated Operating Revenues $ 4,406 $ 1,069 $ 5,475 $ — $ 5,475 Three Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,235 $ (27) $ 1,208 $ (10) $ 1,198 Midwest 1,352 (23) 1,329 1 1,330 New York 438 30 468 3 471 ERCOT 291 36 327 1 328 Other Power Regions 962 144 1,106 5 1,111 Total Reportable Segment Power Revenues 4,278 160 4,438 — 4,438 Total Natural Gas Revenues 280 376 656 — 656 Total Other Revenues (b) 143 209 352 — 352 Total Consolidated Operating Revenues $ 4,701 $ 745 $ 5,446 $ — $ 5,446 Six Months Ended June 30, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,652 $ (108) $ 2,544 $ 2 $ 2,546 Midwest 1,993 268 2,261 1 2,262 New York 955 64 1,019 8 1,027 ERCOT 511 164 675 3 678 Other Power Regions 2,458 364 2,822 (14) 2,808 Total Reportable Segment Power Revenues 8,569 752 9,321 — 9,321 Total Natural Gas Revenues 839 903 1,742 — 1,742 Total Other Revenues (b) 255 319 574 — 574 Total Consolidated Operating Revenues $ 9,663 $ 1,974 $ 11,637 $ — $ 11,637 Six Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,648 $ (163) $ 2,485 $ (41) $ 2,444 Midwest 2,546 (188) 2,358 3 2,361 New York 901 67 968 37 1,005 ERCOT 490 5 495 2 497 Other Power Regions 2,481 423 2,904 (1) 2,903 Total Reportable Segment Power Revenues 9,066 144 9,210 — 9,210 Total Natural Gas Revenues 1,176 966 2,142 — 2,142 Total Other Revenues (b) 290 1,369 1,659 — 1,659 Total Consolidated Operating Revenues $ 10,532 $ 2,479 $ 13,011 $ — $ 13,011 __________ (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 $192 million and $211 million for the three months ended June 30, 2024 and 2023, respectively, and unrealized mark-to-market gains of $254 million and $1,140 million for the six months ended June 30, 2024 and 2023, respectively. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 756 $ 4 $ 760 $ 732 $ (9) $ 723 Midwest 763 2 765 973 2 975 New York 379 (6) 373 314 5 319 ERCOT 212 2 214 166 (2) 164 Other Power Regions 292 1 293 218 3 221 Total RNF for Reportable Segments 2,402 3 2,405 2,403 (1) 2,402 Other (a) 781 (3) 778 156 1 157 Total RNF $ 3,183 $ — $ 3,183 $ 2,559 $ — $ 2,559 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 1,431 $ 4 $ 1,435 $ 1,455 $ (41) $ 1,414 Midwest 1,463 5 1,468 1,662 1 1,663 New York 709 8 717 538 40 578 ERCOT 433 (9) 424 220 (3) 217 Other Power Regions 683 (23) 660 474 (4) 470 Total RNF for Reportable Segments 4,719 (15) 4,704 4,349 (7) 4,342 Other (a) 1,209 15 1,224 46 7 53 Total RNF $ 5,928 $ — $ 5,928 $ 4,395 $ — $ 4,395 __________ (a) Other represents activities not allocated to a region. See text above for a description of included activities. See Note 10 — Derivative Financial Instruments for more information on mark-to-market derivatives.

Government Assistance

Government Assistance	6 Months Ended
	Jun. 30, 2024
Government Assistance [Abstract]
Government Assistance	Government Assistance As a result of the enactment of the IRA, we qualify for certain federal government incentives through eligible activities. These incentives include both refundable and transferable tax credits. The current GAAP framework does not address the receipt of government assistance by for-profit entities. We account for this government assistance by analogy to International Accounting Standard (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, and recognize the benefits when there is reasonable assurance that we will comply with the required conditions and that the benefits will be received. We believe the reasonable assurance term as used in IAS 20 is analogous to the term probable as defined in Accounting Standards Codification 450-20 of GAAP. Beginning in 2024, our nuclear units are eligible for a PTC extending through 2032. The nuclear PTC provides a transferable credit up to $15 per MWh (a base credit of $3 per MWh with a five times multiplier provided certain prevailing wage requirements are met) and is subject to phase-out when annual gross receipts are between $25.00 per MWh and $43.75 per MWh. We have determined that we will meet the annual prevailing wage requirements at all our nuclear units and are eligible for the five times multiplier. Both the amount of the PTC and the gross receipts thresholds adjust for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. The benefits of the PTC may be realized through a credit against our federal income taxes or transferred via sale to an unrelated party. For the three and six months ended June 30, 2024, our Consolidated Statements of Operations and Comprehensive Income includes an estimate of $408 million and $712 million, respectively, in Operating revenues for nuclear PTCs earned based on qualifying production volumes during the respective periods. 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 June 30, 2024, our Consolidated Balance Sheets reflect an estimated nuclear PTC receivable of $610 million within Other deferred debits and other assets and a reduction to Accounts payable and accrued expenses of $102 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 three and six months ended June 30, 2024. 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 June 30, 2024, we have recognized $404 million of estimated payables within Other deferred credits and other liabilities on our Consolidated Balance Sheets and recognized net operating revenue of $51 million and $120 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 and six months ended June 30, 2024, respectively. As with the actual amount of the PTC earned, which cannot be determined until after the end of the calendar year, the actual amounts due under state-sponsored programs may be different from our initial estimate.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Unbilled Customer Revenue We recorded $171 million and $372 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. Sales of Customer Accounts Receivable In 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). The maximum funding limit of the Facility is $1.1 billion through August 2025. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are reported as sales of receivables in the consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP, which is reflected in Other current assets in the Consolidated Balance Sheets. The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, we have the ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP. The following tables summarize the impact of the sale of certain receivables: As of June 30, 2024 As of December 31, 2023 Derecognized receivables transferred at fair value $ 1,703 $ 1,516 Less: Cash proceeds received 150 300 DPP $ 1,553 $ 1,216 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Loss on sale of receivables (a) $ 17 $ 26 $ 32 $ 46 __________ (a) Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. This represents the amount by which the accounts receivable sold into the Facility are discounted, limited to credit losses. Six Months Ended June 30, 2024 2023 Proceeds from new transfers (a) $ 1,402 $ 3,181 Cash collections received on DPP (b) 4,246 2,432 Cash collections reinvested in the Facility $ 5,648 $ 5,613 __________ (a) Customer accounts receivable sold into the Facility were $5,856 million and $5,516 million for the six months ended June 30, 2024 and 2023, respectively. (b) Does not include the $150 million and $850 million net cash payments to the Purchasers for the six months ended June 30, 2024 and 2023, respectively. Our risk of loss following the transfer of accounts receivable is limited to the DPP outstanding. Payment of DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred. We recognize the cash proceeds received upon sale in Cash flows from operating activities within the Changes in Other assets and liabilities line in the Consolidated Statements of Cash Flows, which were ($4,455) million and ($2,335) million for the six months ended June 30, 2024 and 2023, respectively. The collection and reinvestment of DPP is recognized in Cash flows from investing activities in the Collection of DPP, net line in the Consolidated Statements of Cash Flows, which were $4,096 million and $1,582 million for the six months ended June 30, 2024 and 2023, respectively. See Note 12 — Fair Value of Financial Assets and Liabilities and Note 15 — Variable Interest Entities for additional information. Other Sales of Customer Accounts Receivables We are required, under supplier tariffs, to sell customer receivables to utility companies. The following table presents the total receivables sold: Six Months Ended June 30, 2024 2023 Total receivables sold $ 210 $ 249

Nuclear Decommissioning

Nuclear Decommissioning	6 Months Ended
	Jun. 30, 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 June 30, 2024: Balance as of December 31, 2023 (a) $ 13,891 Net decrease due to changes in, and timing of, estimated future cash flows (909) Accretion expense 329 ARO transferred to Liabilities held for sale (20) Costs incurred related to decommissioning plants (16) Balance as of June 30, 2024 (a) $ 13,275 __________ (a) Includes $28 million and $30 million as the current portion of the ARO as of June 30, 2024 and December 31, 2023, respectively, which is included in Other current liabilities in the Consolidated Balance Sheets. In the second quarter of 2024, we updated our retirement timing assumptions for the Braidwood and Byron plants, commensurate with an update to the estimated useful lives utilized for depreciation purposes that now includes an assumption for a subsequent license renewal period, provided economic levels remain supportive of extended operations. The $909 million net decrease due to changes in, and timing of, estimated future cash flows was primarily driven by the change in the assumed retirement dates for these plants. The change in depreciation expense was not material during the three and six months ended June 30, 2024, nor is the estimated annual impact material to future periods. NDT Funds We had NDT funds totaling $17,015 million and $16,398 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, $132 million o f 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 ComEd $ 3,566 $ 2,955 PECO 274 278 CenterPoint 349 338 AEP Texas 121 117 Payables related to Regulatory Agreement Units $ 4,310 $ 3,688 NRC Minimum Funding Requirements NRC regulations require that licensees of nuclear generating facilities demonstrate reasonable assurance that funds will be available in specified minimum amounts for radiological decommissioning of the facility at the end of its life. In March 2024, we filed our annual decommissioning funding status report with the NRC for our shutdown units, including Zion Station which was transferred back to us in November 2023. The status report demonstrated adequate decommissioning funding assurance as of December 31, 2023 for all our shutdown units except for Peach Bottom Unit 1. Financial assurance for decommissioning Peach Bottom Unit 1 is provided by collections from PECO customers. Additionally in March 2024, STPNOC filed the decommissioning funding status report for STP. The status report demonstrated adequate funding assurance as of December 31, 2023. See Note 10 — Asset Retirement Obligations of our 2023 Form 10-K for additional information.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Rate Reconciliation The effective income tax rate varies from the U.S. federal statutory rate principally due to the following: Three Months Ended June 30, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit 2.5 4.2 Qualified NDT fund income and losses 1.3 4.4 Amortization of investment tax credit, including deferred taxes on basis differences (0.2) (0.4) PTCs and other credits (9.6) (0.5) Noncontrolling interests 0.1 0.1 Other 0.9 0.4 Effective income tax rate 16.0 % 29.2 % Six Months Ended June 30, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit (2.0) 4.0 Qualified NDT fund income and losses 5.3 9.4 Amortization of investment tax credit, including deferred taxes on basis differences (0.2) (0.5) PTCs and other credits (8.1) (0.5) Other (0.2) 0.1 Effective income tax rate 15.8 % 33.5 % Other Tax Matters Tax Matters Agreement In connection with the separation, we entered into a TMA with Exelon. The TMA governs the respective rights, responsibilities, and obligations between us and Exelon after the separation with respect to tax liabilities and benefits, tax attributes, tax returns, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. See Note 14 — Income Taxes of our 2023 Form 10-K for additional information on the separation. Responsibility and Indemnification for Taxes. As a former subsidiary of Exelon, we have joint and several liability with Exelon to the IRS and certain state jurisdictions relating to the taxable periods that we were included in federal and state filings. However, the TMA specifies the portion of this tax liability for which we will bear contractual responsibility, and we and Exelon agreed to indemnify each other against any amounts for which such indemnified party is not responsible. Specifically, we will be liable for taxes due and payable in connection with tax returns that we are required to file. We will also be liable for our share of certain taxes required to be paid by Exelon with respect to taxable years or periods (or portions thereof) ending on or prior to the separation to the extent that we would have been responsible for such taxes under the Exelon tax sharing agreement then existing. As of June 30, 2024 and December 31, 2023, our Consolidated Balance Sheets reflect $38 million and $37 million in Other deferred credits and other liabilities, respectively, for tax liabilities where we maintain contractual responsibility to Exelon. Tax Refunds and Attributes. The TMA provides for the allocation of certain pre-closing tax attributes between us and Exelon. Tax attributes will be allocated in accordance with the principles set forth in the existing Exelon tax sharing agreement, unless otherwise required by law. Under the TMA, we will be entitled to refunds for taxes for which we are responsible. In addition, it is expected that Exelon will have tax attributes that may be used to offset Exelon’s future tax liabilities. A significant portion of such attributes were generated by our business. In February 2024, we executed an amendment to the TMA that modified the timing of Exelon's payment of amounts due to us. As of June 30, 2024, our Consolidated Balance Sheets reflects receivables of $137 million and $193 million in Other accounts receivable and Other deferred debits and other assets, respectively. As of December 31, 2023, our Consolidated Balance Sheets reflected receivables of $336 million and $178 million in Other accounts receivable and Other deferred debits and other assets, respectively.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 23 $ 23 $ 5 $ 4 $ 28 $ 27 Non-service components of pension benefits & OPEB (credit) cost Interest cost 96 98 18 19 114 117 Expected return on assets (124) (127) (10) (11) (134) (138) Amortization of: Prior service (credit) cost — — (1) (2) (1) (2) Actuarial (gain) loss 26 11 (2) (4) 24 7 Settlement charges 1 — — — 1 — Non-service components of pension benefits & OPEB (credit) cost (1) (18) 5 2 4 (16) Net periodic benefit (credit) cost (a,b) $ 22 $ 5 $ 10 $ 6 $ 32 $ 11 Pension Benefits OPEB Total Pension Benefits and OPEB Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost: Service cost $ 45 $ 45 $ 9 $ 8 $ 54 $ 53 Non-service components of pension benefits & OPEB (credit) cost: Interest cost 191 197 36 37 227 234 Expected return on assets (248) (254) (21) (22) (269) (276) Amortization of: Prior service (credit) cost — — (3) (4) (3) (4) Actuarial (gain) loss 51 23 (4) (7) 47 16 Settlement charges 4 — — — 4 — Non-service components of pension benefits & OPEB (credit) cost (2) (34) 8 4 6 (30) Net periodic benefit (credit) cost (a,b) $ 43 $ 11 $ 17 $ 12 $ 60 $ 23 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 totaled $27 million and $51 million, respectively. (b) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled $23 million and $47 million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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. In general, increases and decreases in forward market prices have a positive and negative impact, respectively, on owned and contracted generation positions that have not been hedged. Beginning in 2024, our nuclear fleet is eligible for the nuclear PTC provided by the IRA, an important tool in managing commodity price risk for each nuclear unit not already receiving state support. The nuclear PTC provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted for inflation after 2024 through the duration of the program based on the GDP price deflator for the preceding calendar year. See Note 5 — Government Assistance for additional information on the nuclear PTC. In locations and periods where our load serving activities do not naturally offset existing generation portfolio risk, remaining commodity price exposure is managed through portfolio hedging activities. Portfolio hedging activities are generally concentrated in the prompt three years, when customer demand and market liquidity enable effective price risk mitigation. During this prompt three-year period, we seek to mitigate the price risk associated with our load serving contracts, non-nuclear generation, and any residual price risk for our nuclear generation that the nuclear PTC and state programs may not fully mitigate. We also enter transactions that further optimize the economic benefits of our overall portfolio. Additionally, we are exposed to certain market risks through our proprietary trading activities. The proprietary trading activities are a complement to our energy marketing portfolio but represent a small portion of our overall energy marketing activities and are subject to limits established by the Executive Committee. Proprietary trading includes all contracts executed with the intent of benefiting from shifts or changes in market prices as opposed to those executed with the intent of hedging or managing risk. Gains and losses associated with proprietary trading are reported as Operating revenues in the Consolidated Statements of Operations and Comprehensive Income and are included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. For the three and six months ended June 30, 2024 and 2023, net pre-tax commodity mark-to-market gains and losses associated with proprietary trading activities were not material. The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2024 and December 31, 2023: June 30, 2024 Economic Hedges Proprietary Trading Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current) $ 6,598 $ 1 $ 383 $ (6,059) $ 923 Mark-to-market derivative assets (noncurrent) 4,386 — 321 (3,715) 992 Total mark-to-market derivative assets 10,984 1 704 (9,774) 1,915 Mark-to-market derivative liabilities (current) (7,111) (1) 490 6,059 (563) Mark-to-market derivative liabilities (noncurrent) (4,600) — 330 3,715 (555) Total mark-to-market derivative liabilities (11,711) (1) 820 9,774 (1,118) Total mark-to-market derivative net assets (liabilities) $ (727) $ — $ 1,524 $ — $ 797 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 $775 million and $1,712 million of variation margin posted on the exchanges as of June 30, 2024 and December 31, 2023, respectively. Economic Hedges (Commodity Price Risk) For the three and six months ended June 30, 2024 and 2023, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Operating revenues $ 192 $ 214 $ 255 $ 1,145 Purchased power and fuel 397 (218) 523 (1,412) Total $ 589 $ (4) $ 778 $ (267) 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 $526 million and $562 million as of June 30, 2024 and December 31, 2023, respectively. The mark-to-market derivative assets and liabilities as of June 30, 2024 and December 31, 2023 and the mark-to-market gains and losses associated with management of interest rate and foreign currency risk for the three and six months ended June 30, 2024 and 2023 were not material. The mark-to-market gains and losses associated with management of interest rate and foreign currency exchange rate risk are also included in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Credit Risk We would be exposed to credit-related losses in the event of non-performance by counterparties on executed derivative instruments. The credit exposure of derivative contracts, before collateral, is represented by the fair value of contracts as of the reporting date. For commodity derivatives, we enter into enabling agreements that allow for payment netting with our counterparties, which reduces our exposure to counterparty risk by providing for the offset of amounts payable to the counterparty against amounts receivable from the counterparty. Typically, each enabling agreement is for a specific commodity and, with respect to each individual counterparty, netting is limited to 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 June 30, 2024. The tables further delineate that exposure by credit rating of the counterparties and provide guidance on the concentration of credit risk to individual counterparties. The amounts in the tables below exclude credit risk exposure from individual retail counterparties and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX, and Nodal commodity exchanges. Rating as of June 30, 2024 Total Exposure Before Credit Collateral Credit Collateral (a) Net Exposure Number of Counterparties Greater than 10% of Net Exposure Net Exposure of Counterparties Greater than 10% of Net Exposure Investment grade $ 988 $ 50 $ 938 1 $ 235 Non-investment grade 38 29 9 — — No external ratings Internally rated — investment grade 94 — 94 — — Internally rated — non-investment grade 237 59 178 — — Total $ 1,357 $ 138 $ 1,219 1 $ 235 __________ (a) As of June 30, 2024, credit collateral held from counterparties where we had credit exposure included $46 million of cash and $92 million of letters of credit. The credit collateral does not include non-liquid collateral. Net Credit Exposure by Type of Counterparty As of June 30, 2024 Investor-owned utilities, marketers, power producers $ 991 Energy cooperatives and municipalities 88 Financial Institutions 60 Other 80 Total $ 1,219 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 June 30, 2024 December 31, 2023 Gross fair value of derivative contracts containing this feature $ (1,829) $ (1,894) Offsetting fair value of in-the-money contracts under master netting arrangements 837 925 Net fair value of derivative contracts containing this feature $ (992) $ (969) As of June 30, 2024 and December 31, 2023, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. June 30, 2024 December 31, 2023 Cash collateral posted (a) $ 1,594 $ 2,449 Letters of credit posted (a) 1,168 777 Cash collateral held (a) 80 64 Letters of credit held (a) 119 61 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c)(d) 1,950 1,914 __________ (a) The cash collateral and letters of credit amounts are inclusive of NPNS contracts. (b) Certain of our contracts contain provisions that allow a counterparty to request additional collateral when there has been a subjective determination that our credit quality has deteriorated, generally termed “adequate assurance”. Due to the subjective nature of these provisions, we estimate the amount of collateral that we may ultimately be required to post in relation to the maximum exposure with the counterparty. (c) The downgrade collateral is inclusive of all contracts in a liability position regardless of accounting treatment and excludes any contracts with individual retail counterparties. (d) A loss of investment grade credit rating would require a three notch downgrade from their current levels of BBB+ and Baa1 at S&P and Moody's, respectively. We routinely enter into supply forward contracts with certain utilities with one-sided collateral postings only from us. If market prices fall below the benchmark price levels in these contracts, the utilities are not required to post collateral. However, when market prices rise above the benchmark price levels, we are required to post collateral once certain unsecured credit limits are exceeded.

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
	Jun. 30, 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 In June 2024, we amended our existing $3.5 billion revolving credit facility (RCF), to increase the available aggregate commitment to $4.5 billion and extend the maturity date from January 2027 to June 2029. The RCF may be drawn down in the form of loans and/or to support commercial paper and letters of credit issuances. The RCF fixed facility fee rate is 0.175% and borrowings under the RCF bear interest at a rate based upon either the Daily Simple SOFR rate or a Term SOFR rate, plus an adder based upon our credit ratings. The adders for the Daily Simple SOFR based borrowings and Term SOFR borrowings are 7.5 basis points and 107.5 basis points, respectively. The letters of credit bear interest at a rate of 1.075%. If we were to lose our investment grade credit rating, the maximum adders for Daily Simple SOFR rate borrowings and Term SOFR rate borrowings would be 100 basis points and 200 basis points, respectively. The credit agreements also require us to pay facility fees based upon the aggregate commitments. The fees vary depending upon our credit rating. As of June 30, 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 June 30, 2024 Revolving Credit Facility $ 4,500 $ — $ 151 $ 480 $ 3,869 Bilaterals (b) 1,850 — 1,114 — 736 Liquidity Facility 971 — 792 — 116 (c) Project Finance 137 — 118 — 19 Total $ 7,458 $ — $ 2,175 $ 480 $ 4,740 Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of December 31, 2023 Revolving Credit Facility $ 3,500 $ — $ 60 $ 1,107 $ 2,333 Bilaterals 1,500 — 878 — 622 Liquidity Facility 971 — 720 — 191 (c) Project Finance 137 — 117 — 20 Total $ 6,108 $ — $ 1,775 $ 1,107 $ 3,166 __________ (a) Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of June 30, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $4.5 billion and $3.5 billion, respectively. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.57% and 5.66% as of June 30, 2024 and December 31, 2023, respectively. (b) In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In May 2024, we initiated a new bilateral credit agreement for $150 million, with no maturity date. In June 2024, a bilateral credit agreement initiated in November 2019 was extended for an additional two years to June 2026. (c) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $908 million and $911 million, respectively. Short-Term Loan Agreements As of June 30, 2024 and December 31, 2023, we had the following short-term loan agreements: Month Initiated Interest Rate Maturity Outstanding Amount as of June 30, 2024 Outstanding Amount as of December 31, 2023 January 2023 1 month SOFR + 0.80% January 2024 $ — $ 100 February 2023 1 month SOFR + 1.05% February 2024 — 400 February 2024 1 month SOFR + 0.90% February 2025 200 — Long-Term Debt Debt Issuances and Redemptions During the six months ended June 30, 2024, the following long-term debt was issued (redeemed): Type Interest Rate Maturity Amount Green Senior Notes (a) 5.75 % March 2054 $ 900 Energy Efficiency Project Financing (b) 2.20% - 4.96% December 2024 1 CR Nonrecourse Debt 3-month SOFR + 2.76% December 2027 (23) Continental Wind Nonrecourse Debt 6.00 % February 2033 (16) West Medway II Nonrecourse Debt 1 month SOFR + 3.225% March 2026 (15) Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 2037 (8) RPG Nonrecourse Debt 4.11 % March 2035 (3) Total long-term debt issued (redeemed) $ 836 __________ (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 June 30, 2024, we are in compliance with all debt covenants.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 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 SNF obligation as of June 30, 2024 and December 31, 2023. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Level 2 Level 3 Total Level 2 Level 3 Total Long-Term Debt, including amounts due within one year $ 8,444 $ 7,781 $ 726 $ 8,507 $ 7,617 $ 7,140 $ 774 $ 7,914 SNF Obligation 1,331 1,281 — 1,281 1,296 1,222 — 1,222 Valuation Techniques Used to Determine Fair Value and Net Asset Value Our valuation techniques used to measure the fair value and net asset value of the assets and liabilities are in accordance with the policies discussed in Note 18 — Fair Value of Financial Assets and Liabilities of our 2023 Form 10-K. Recurring Fair Value Measurements The following table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 34 $ — $ — $ 34 $ 42 $ — $ — $ 42 NDT fund investments Cash equivalents (b) 159 160 — 319 356 87 — 443 Equities 5,016 1,937 1 6,954 4,574 1,990 1 6,565 Fixed income 2,190 1,385 350 3,925 2,043 1,523 277 3,843 Private credit — — 141 141 — — 151 151 Assets measured at NAV — — — 5,676 — — — 5,396 NDT fund investments subtotal (c) 7,365 3,482 492 17,015 6,973 3,600 429 16,398 Rabbi trust investments 52 36 1 89 48 33 1 82 Investments in equities 362 — — 362 372 — — 372 Mark-to-market derivative assets Economic hedges 1,456 5,865 3,677 10,998 2,330 5,821 3,143 11,294 Proprietary trading — — 1 1 — — 2 2 Effect of netting and allocation of (d) (1,213) (5,080) (2,778) (9,071) (1,996) (5,195) (1,931) (9,122) Mark-to-market derivative assets subtotal 243 785 900 1,928 334 626 1,214 2,174 DPP consideration — 1,553 — 1,553 — 1,216 — 1,216 Total assets measured at fair value 8,056 5,856 1,393 20,981 7,769 5,475 1,644 20,284 Liabilities Mark-to-market derivative liabilities Economic hedges (1,547) (6,346) (3,819) (11,712) (2,681) (7,154) (2,736) (12,571) Proprietary trading — — (1) (1) — — (2) (2) Effect of netting and allocation of collateral (d) 1,481 5,882 3,232 10,595 2,587 6,542 2,393 11,522 Mark-to-market derivative liabilities subtotal (66) (464) (588) (1,118) (94) (612) (345) (1,051) Deferred compensation obligation — (84) — (84) — (69) — (69) Total liabilities measured at fair value (66) (548) (588) (1,202) (94) (681) (345) (1,120) Total net assets $ 7,990 $ 5,308 $ 805 $ 19,779 $ 7,675 $ 4,794 $ 1,299 $ 19,164 __________ (a) CEG Parent has $43 million and $54 million of Level 1 cash equivalents as of June 30, 2024 and December 31, 2023, respectively. We exclude cash of $297 million and $349 million as of June 30, 2024 and December 31, 2023, respectively, and restricted cash of $41 million and $49 million as of June 30, 2024 and December 31, 2023, respectively. CEG Parent has excluded an additional $2 million of cash as of both June 30, 2024 and December 31, 2023. (b) Includes net liabilities of $190 million and $115 million as of June 30, 2024 and December 31, 2023, respectively, which consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less. (c) Includes total NDT derivative assets and liabilities that are not material, which have notional amounts of $998 million and $948 million as of June 30, 2024 and December 31, 2023, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (d) Includes $775 million and $1,712 million of variation margin posted on the exchanges as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, our NDTs have outstanding commitments to invest in private credit, private equity, and real estate investments of $420 million, $190 million, and $395 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 $128 million and $103 million as of June 30, 2024 and December 31, 2023, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three and six months ended June 30, 2024 and the year ended December 31, 2023. Reconciliation of Level 3 Assets and Liabilities The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of April 1, 2024 $ 460 $ 518 $ 1 $ 979 Total realized / unrealized gains (losses) Included in net income (loss) — (185) (a) — (185) Included in Payable related to Regulatory Agreement Units 1 — — 1 Change in collateral — (40) (40) Purchases, sales, issuances and settlements Purchases 33 14 — 47 Sales — (39) — (39) Settlements (2) — — (2) Transfers into Level 3 — 30 (b) — 30 Transfers out of Level 3 — 14 (b) — 14 Balance as of June 30, 2024 $ 492 $ 312 $ 1 $ 805 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024 $ — $ (4) $ — $ (4) For the Three Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of April 1, 2023 $ 421 $ 747 $ 1 $ 1,169 Total realized / unrealized gains (losses) Included in net income (loss) 1 (245) (a) — (244) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 70 — 70 Purchases, sales, issuances and settlements Purchases — 19 — 19 Sales — (1) — (1) Settlements (5) — — (5) Transfers into Level 3 — 67 (b) — 67 Transfers out of Level 3 — (6) (b) — (6) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ (6) $ — $ (5) For the Six Months Ended June 30, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2024 $ 429 $ 869 $ 1 $ 1,299 Total realized / unrealized gains (losses) Included in net income (loss) — (491) (a) — (491) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — (7) — (7) Purchases, sales, issuances and settlements Purchases 66 18 — 84 Sales — (83) — (83) Settlements (7) (2) — (9) Transfers into Level 3 — 39 (b) — 39 Transfers out of Level 3 — (31) (b) — (31) Balance as of June 30, 2024 $ 492 $ 312 $ 1 $ 805 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024 $ — $ 25 $ — $ 25 For the Six Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains (losses) Included in net income (loss) 1 260 (a) — 261 Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 105 — 105 Purchases, sales, issuances and settlements Purchases — 85 — 85 Sales — (5) — (5) Settlements (7) — — (7) Transfers into Level 3 — 59 (b) — 59 Transfers out of Level 3 — (72) (b) — (72) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ 705 $ — $ 706 __________ (a) Includes a reduction of $181 million and $518 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2024, respectively. Includes a reduction of $239 million and $445 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2023, respectively. (b) Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable, respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts. The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (103) $ (29) $ (82) $ (216) $ — $ 1 Total unrealized gains (losses) 113 209 (117) (215) — 1 For the Six Months Ended June 30, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (275) $ 517 $ (218) $ (257) $ — $ 1 Total unrealized gains (losses) 261 1,047 (236) (342) — 1 Mark-to-Market Derivatives The following table presents the significant inputs to the forward curve used to value these positions: Type of trade Fair Value as of June 30, 2024 Fair Value as of December 31, 2023 Valuation Technique Unobservable Input 2024 Range & Arithmetic Average 2023 Range & Arithmetic Average Mark-to market derivatives—Economic hedges(a)(b) $ (142) $ 407 Discounted Cash Flow Forward power price $3.49 - $178 $48 $9.64 - $216 $48 Forward gas price $0.80 - $14 $3.38 $1.20 - $14 $3.09 Option Model Volatility percentage 26% - 88% 51% 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 $454 million and $462 million as of June 30, 2024 and December 31, 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Commercial Commitments. Commercial commitments as of June 30, 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 $ 2,175 $ 1,672 $ 374 $ 1 $ 9 $ 118 $ 1 Surety bonds (a) 736 521 215 — — — — Total commercial commitments $ 2,911 $ 2,193 $ 589 $ 1 $ 9 $ 118 $ 1 __________ (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 June 30, 2024 and December 31, 2023, we had accrued undiscounted amounts for environmental liabilities of $56 million and $61 million, respectively, in Accounts payable and accrued expenses and $161 million and $88 million, respectively, in Other deferred credits and other liabilities in the Consolidated Balance Sheets. See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on environmental remediation matters. As of June 30, 2024, and through the date of filing, there have been no material changes in amounts recognized for the matters discussed in our 2023 Form 10-K. Litigation General. We are involved in various other litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. We maintain accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of reasonably possible loss, particularly where (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. See Note 19 — Commitments and Contingencies of our 2023 Form 10-K for additional information on litigation matters. As of June 30, 2024, and through the date of filing, there have been no significant developments to the matters discussed in our 2023 Form 10-K. Asbestos Personal Injury Claims. We maintain a reserve for claims associated with asbestos-related personal injury actions at certain facilities that are currently owned by us or were previously owned by ComEd, PECO, or BGE. The estimated liabilities are recorded on an undiscounted basis and exclude the estimated legal costs associated with handling these matters, which could be material. At June 30, 2024 and December 31, 2023, we recorded estimated liabilities of approximately $129 million and $131 million, respectively, in total for asbestos-related bodily injury claims. As of June 30, 2024, approximately $16 million of this amount related to 207 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	6 Months Ended
	Jun. 30, 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. In April 2024, our Board of Directors approved a $1 billion increase to the program, authorizing up to $3 billion in total repurchases. As of the date of filing, there was approximately $991 million of remaining authority to repurchase shares of the Company's outstanding common stock. No other repurchase plans or programs have been authorized. See Note 20 — Shareholders' Equity of our 2023 Form 10-K for additional information on our share repurchase program. During the six months ended June 30, 2024, we repurchased from the open market 1.2 million shares of our common stock for a total cost, inclusive of taxes and transaction costs, of $150 million. There were no open market repurchases for the three months ended June 30, 2024 . During the three and six months ended June 30, 2023, we repurchased from the open market 3.0 million and 6.2 million shares, respectively, of our common stock for a total cost, inclusive of taxes and transaction costs, of $252 million and $503 million, respectively. In 2024, we entered into accelerated share repurchase (ASR) agreements with financial institutions to initiate share repurchases of our common stock. Under the ASR agreements, we paid a specified amount to the financial institution and received an initial delivery of shares of common stock, which resulted in an immediate reduction in the number of our shares outstanding. Based on the terms of the ASR agreements below, we received an initial share delivery based on 80% of the ASR agreements' cost. Upon settlement of the ASR agreements, the financial institution delivers additional incremental shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the average of the daily-volume weighted average share price, less a discount. The following table summarizes each ASR agreement for the six months ended June 30, 2024: (in millions, except average price paid per share) ASR Agreement Initiation Total Cost Initial Shares Received ASR Agreement Settlement Additional Shares Received Total Number of Shares Purchased Average Price Paid per Share March 2024 $ 354 1.7 May 2024 0.2 1.9 $ 182.65 May 2024 $ 505 1.8 July 2024 0.6 2.4 $ 211.40 Changes in Accumulated Other Comprehensive Loss (All Registrants) The following tables present changes in AOCI, net of tax, by component: Three Months Ended June 30, 2024 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Foreign Currency Items Total Beginning balance $ (10) $ (2,143) $ (27) $ (2,180) OCI before reclassifications — (2) (1) (3) Amounts reclassified from AOCI 2 20 — 22 Net current-period OCI 2 18 (1) 19 Ending balance $ (8) $ (2,125) $ (28) $ (2,161) Three Months Ended June 30, 2023 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Foreign Currency Items Total Beginning balance $ (9) $ (1,773) $ (26) $ (1,808) OCI before reclassifications (1) — 3 2 Amounts reclassified from AOCI 1 5 — 6 Net current-period OCI — 5 3 8 Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Six Months Ended June 30, 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 — (5) (4) (9) Amounts reclassified from AOCI 2 37 — 39 Net current-period OCI 2 32 (4) 30 Ending balance $ (8) $ (2,125) $ (28) $ (2,161) Six Months Ended June 30, 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 (1) (53) 3 (51) Amounts reclassified from AOCI 1 10 — 11 Net current-period OCI — (43) 3 (40) Ending balance $ (9) $ (1,768) $ (23) $ (1,800) __________ (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (6) $ (3) $ (12) $ (5) Pension and non-pension postretirement benefit plans valuation adjustment — — 2 18

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable Interest Entities At June 30, 2024 and December 31, 2023, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles. Consolidated VIEs The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of June 30, 2024 and December 31, 2023. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. June 30, 2024 December 31, 2023 Cash and cash equivalents $ 56 $ 48 Restricted cash and cash equivalents 57 47 Accounts receivable Customer accounts receivable, net 29 19 Other accounts receivable, net 9 10 Inventories, net Materials and supplies 13 14 Other current assets 1,596 1,249 Total current assets 1,760 1,387 Property, plant, and equipment, net 1,968 1,979 Other noncurrent assets 154 166 Total noncurrent assets 2,122 2,145 Total assets (a) $ 3,882 $ 3,532 Long-term debt due within one year $ 64 $ 63 Accounts payable and accrued expenses 55 31 Other current liabilities — — Total current liabilities 119 94 Long-term debt 676 704 Asset retirement obligations 195 190 Other noncurrent liabilities 2 2 Total noncurrent liabilities 873 896 Total liabilities $ 992 $ 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 $144 million and $155 million, disclosed within other noncurrent assets in the table above as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. Unconsolidated VIEs Our variable interests in unconsolidated VIEs generally include equity investments and energy purchase and sale contracts. For the equity investments, the carrying amount of the investments is reflected in the Consolidated Balance Sheets in Investments. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements. As of June 30, 2024 and December 31, 2023, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain equity method investments and certain commercial agreements. The following table presents summary information about our significant unconsolidated VIE entities: June 30, 2024 December 31, 2023 Commercial Agreement VIEs Equity Investment VIEs Total Commercial Agreement VIEs Equity Investment VIEs Total Total assets (a) $ 680 $ — $ 680 $ 704 $ — $ 704 Total liabilities (a) 64 — 64 77 — 77 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 616 — 616 627 — 627 __________ (a) These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as o f June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. PPA contracts that absorb variability through fixed pricing. We do not conduct the operational activities.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2024
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Supplemental Statement of Operations and Comprehensive Income Information The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease income $ 13 $ 13 $ 17 $ 17 Variable lease income 68 66 119 124 Taxes other than income taxes Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross receipts (a) $ 32 $ 35 $ 65 $ 68 Property 73 65 139 121 Payroll 35 36 73 70 __________ (a) Represent gross receipts taxes related to our retail operations. The offsetting collection of gross receipts taxes from customers is recorded in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income. Other, net Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 91 $ 135 $ 257 $ 449 Non-Regulatory Agreement Units 32 91 115 285 Net unrealized gain (loss) on NDT funds Regulatory Agreement Units (14) 56 211 85 Non-Regulatory Agreement Units 5 27 139 45 Regulatory offset to NDT fund-related activities (b) (63) (154) (375) (429) Total decommissioning-related activities 51 155 347 435 Non-service net periodic benefit credit (c) (4) 14 (6) 27 Net realized and unrealized gains (losses) from equity investments (58) 419 (11) 414 Other 17 17 38 43 Total Other, net $ 6 $ 605 $ 368 $ 919 __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information. Supplemental Cash Flow Information The following tables provide additional information about items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Six Months Ended June 30, 2024 2023 Property, plant, and equipment (a) $ 590 $ 531 Amortization of intangible assets, net (a) 12 11 Amortization of energy contract assets and liabilities (b) 17 17 Nuclear fuel (c) 433 373 ARO accretion (d) 336 287 Total depreciation, amortization, and accretion $ 1,388 $ 1,219 __________ (a) Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income. (b) Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (c) Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (d) Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Other non-cash operating activities CEG Parent Constellation Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Other decommissioning-related activity (a) $ (246) $ (217) $ (246) $ (217) Energy-related options (b) 30 121 30 121 (Gain) loss on sale of receivables 32 46 32 46 Amortization of operating ROU asset 25 24 25 24 Long-term incentive plan 15 34 — — Pension and non-pension postretirement benefit costs 56 23 56 23 __________ (a) Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income, and income taxes related to all NDT fund activity for these units. (b) Includes option premiums reclassified to realized at the settlement of the underlying contracts and recorded to results of operations. The following table provides a reconciliation of cash, restricted cash, and cash equivalents reported within our Consolidated Balance Sheets that sum to the total of the same amounts in the Consolidated Statements of Cash Flows. CEG Parent Constellation June 30, 2024 Cash and cash equivalents $ 311 $ 308 Restricted cash and cash equivalents 72 64 Total cash, restricted cash, and cash equivalents $ 383 $ 372 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 June 30, 2023 Cash and cash equivalents $ 269 $ 269 Restricted cash and cash equivalents 56 48 Total cash, restricted cash, and cash equivalents $ 325 $ 317 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 June 30, 2024 CEG Parent Constellation Accounts payable $ 1,360 $ 1,348 Compensation-related accruals (a) 536 402 Taxes accrued (b) 201 183 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Loss Attributable to Parent	$ 814	$ 833	$ 1,697	$ 929

Insider Trading Arrangements

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

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 are unaudited but, in our opinion include all adjustments that are considered necessary for a fair statement of the financial statements in accordance with GAAP. All adjustments are of a normal, recurring nature, unless otherwise disclosed. The Consolidated Financial Statements include the accounts of our subsidiaries and all intercompany transactions have been eliminated. Constellation's December 31, 2023 Consolidated Balance Sheet was derived from audited financial statements. The interim financial statements are to be read in conjunction with prior annual financial statements and notes. Financial results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. These Combined Notes to Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Amounts disclosed relate to CEG Parent and Constellation unless specifically noted as relating to CEG Parent only. Unless otherwise indicated or the context otherwise requires, references herein to the terms “we,” “us,” and “our” refer collectively to CEG Parent and Constellation.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table provides a rollforward of the contract assets reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 82 $ 130 Amounts reclassified to receivables (15) (11) Revenues recognized 14 31 Ending balance as of March 31 81 150 Amounts reclassified to receivables (4) (76) Revenues recognized 16 15 Ending balance as of June 30 $ 93 $ 89 The following table provides a rollforward of the contract liabilities reflected in the Consolidated Balance Sheets for the three and six months ended June 30, 2024 and 2023. 2024 2023 Beginning balance as of January 1 $ 40 $ 47 Consideration received or due 49 131 Revenues recognized (55) (115) Ending balance as of March 31 34 63 Consideration received or due 47 81 Revenues recognized (46) (92) Ending balance as of June 30 $ 35 $ 52
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of June 30, 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 $ 92 $ 59 $ 30 $ 18 $ 130 $ 329

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,297 $ 4 $ 1,301 $ 3 $ 1,304 Midwest 993 175 1,168 — 1,168 New York 463 57 520 (6) 514 ERCOT 274 81 355 2 357 Other Power Regions 1,023 160 1,183 1 1,184 Total Reportable Segment Power Revenues 4,050 477 4,527 — 4,527 Total Natural Gas Revenues 231 349 580 — 580 Total Other Revenues (b) 125 243 368 — 368 Total Consolidated Operating Revenues $ 4,406 $ 1,069 $ 5,475 $ — $ 5,475 Three Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 1,235 $ (27) $ 1,208 $ (10) $ 1,198 Midwest 1,352 (23) 1,329 1 1,330 New York 438 30 468 3 471 ERCOT 291 36 327 1 328 Other Power Regions 962 144 1,106 5 1,111 Total Reportable Segment Power Revenues 4,278 160 4,438 — 4,438 Total Natural Gas Revenues 280 376 656 — 656 Total Other Revenues (b) 143 209 352 — 352 Total Consolidated Operating Revenues $ 4,701 $ 745 $ 5,446 $ — $ 5,446 Six Months Ended June 30, 2024 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,652 $ (108) $ 2,544 $ 2 $ 2,546 Midwest 1,993 268 2,261 1 2,262 New York 955 64 1,019 8 1,027 ERCOT 511 164 675 3 678 Other Power Regions 2,458 364 2,822 (14) 2,808 Total Reportable Segment Power Revenues 8,569 752 9,321 — 9,321 Total Natural Gas Revenues 839 903 1,742 — 1,742 Total Other Revenues (b) 255 319 574 — 574 Total Consolidated Operating Revenues $ 9,663 $ 1,974 $ 11,637 $ — $ 11,637 Six Months Ended June 30, 2023 Revenues from external customers Contracts with customers Other (a) Total Intersegment Revenues Total Revenues Mid-Atlantic $ 2,648 $ (163) $ 2,485 $ (41) $ 2,444 Midwest 2,546 (188) 2,358 3 2,361 New York 901 67 968 37 1,005 ERCOT 490 5 495 2 497 Other Power Regions 2,481 423 2,904 (1) 2,903 Total Reportable Segment Power Revenues 9,066 144 9,210 — 9,210 Total Natural Gas Revenues 1,176 966 2,142 — 2,142 Total Other Revenues (b) 290 1,369 1,659 — 1,659 Total Consolidated Operating Revenues $ 10,532 $ 2,479 $ 13,011 $ — $ 13,011 __________ (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 $192 million and $211 million for the three months ended June 30, 2024 and 2023, respectively, and unrealized mark-to-market gains of $254 million and $1,140 million for the six months ended June 30, 2024 and 2023, respectively. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 756 $ 4 $ 760 $ 732 $ (9) $ 723 Midwest 763 2 765 973 2 975 New York 379 (6) 373 314 5 319 ERCOT 212 2 214 166 (2) 164 Other Power Regions 292 1 293 218 3 221 Total RNF for Reportable Segments 2,402 3 2,405 2,403 (1) 2,402 Other (a) 781 (3) 778 156 1 157 Total RNF $ 3,183 $ — $ 3,183 $ 2,559 $ — $ 2,559 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 RNF from external customers Intersegment RNF Total RNF RNF from external customers Intersegment RNF Total RNF Mid-Atlantic $ 1,431 $ 4 $ 1,435 $ 1,455 $ (41) $ 1,414 Midwest 1,463 5 1,468 1,662 1 1,663 New York 709 8 717 538 40 578 ERCOT 433 (9) 424 220 (3) 217 Other Power Regions 683 (23) 660 474 (4) 470 Total RNF for Reportable Segments 4,719 (15) 4,704 4,349 (7) 4,342 Other (a) 1,209 15 1,224 46 7 53 Total RNF $ 5,928 $ — $ 5,928 $ 4,395 $ — $ 4,395 __________ (a) Other represents activities not allocated to a region. See text above for a description of included activities. See Note 10 — Derivative Financial Instruments for more information on mark-to-market derivatives.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Purchases and Sales of Accounts Receivable	The following tables summarize the impact of the sale of certain receivables: As of June 30, 2024 As of December 31, 2023 Derecognized receivables transferred at fair value $ 1,703 $ 1,516 Less: Cash proceeds received 150 300 DPP $ 1,553 $ 1,216 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Loss on sale of receivables (a) $ 17 $ 26 $ 32 $ 46 __________ (a) Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. This represents the amount by which the accounts receivable sold into the Facility are discounted, limited to credit losses. Six Months Ended June 30, 2024 2023 Proceeds from new transfers (a) $ 1,402 $ 3,181 Cash collections received on DPP (b) 4,246 2,432 Cash collections reinvested in the Facility $ 5,648 $ 5,613 __________ (a) Customer accounts receivable sold into the Facility were $5,856 million and $5,516 million for the six months ended June 30, 2024 and 2023, respectively. (b) Does not include the $150 million and $850 million net cash payments to the Purchasers for the six months ended June 30, 2024 and 2023, respectively. Six Months Ended June 30, 2024 2023 Total receivables sold $ 210 $ 249

Nuclear Decommissioning (Tables

Nuclear Decommissioning (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	The following table provides a rollforward of the nuclear decommissioning AROs reflected in the Consolidated Balance Sheets from December 31, 2023 to June 30, 2024: Balance as of December 31, 2023 (a) $ 13,891 Net decrease due to changes in, and timing of, estimated future cash flows (909) Accretion expense 329 ARO transferred to Liabilities held for sale (20) Costs incurred related to decommissioning plants (16) Balance as of June 30, 2024 (a) $ 13,275 __________ (a) Includes $28 million and $30 million as the current portion of the ARO as of June 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 ComEd $ 3,566 $ 2,955 PECO 274 278 CenterPoint 349 338 AEP Texas 121 117 Payables related to Regulatory Agreement Units $ 4,310 $ 3,688

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation	The effective income tax rate varies from the U.S. federal statutory rate principally due to the following: Three Months Ended June 30, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit 2.5 4.2 Qualified NDT fund income and losses 1.3 4.4 Amortization of investment tax credit, including deferred taxes on basis differences (0.2) (0.4) PTCs and other credits (9.6) (0.5) Noncontrolling interests 0.1 0.1 Other 0.9 0.4 Effective income tax rate 16.0 % 29.2 % Six Months Ended June 30, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % (Decrease) increase due to: State income taxes, net of federal income tax benefit (2.0) 4.0 Qualified NDT fund income and losses 5.3 9.4 Amortization of investment tax credit, including deferred taxes on basis differences (0.2) (0.5) PTCs and other credits (8.1) (0.5) Other (0.2) 0.1 Effective income tax rate 15.8 % 33.5 %

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Pension Benefits OPEB Total Pension Benefits and OPEB Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 23 $ 23 $ 5 $ 4 $ 28 $ 27 Non-service components of pension benefits & OPEB (credit) cost Interest cost 96 98 18 19 114 117 Expected return on assets (124) (127) (10) (11) (134) (138) Amortization of: Prior service (credit) cost — — (1) (2) (1) (2) Actuarial (gain) loss 26 11 (2) (4) 24 7 Settlement charges 1 — — — 1 — Non-service components of pension benefits & OPEB (credit) cost (1) (18) 5 2 4 (16) Net periodic benefit (credit) cost (a,b) $ 22 $ 5 $ 10 $ 6 $ 32 $ 11 Pension Benefits OPEB Total Pension Benefits and OPEB Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Components of net periodic benefit (credit) cost: Service cost $ 45 $ 45 $ 9 $ 8 $ 54 $ 53 Non-service components of pension benefits & OPEB (credit) cost: Interest cost 191 197 36 37 227 234 Expected return on assets (248) (254) (21) (22) (269) (276) Amortization of: Prior service (credit) cost — — (3) (4) (3) (4) Actuarial (gain) loss 51 23 (4) (7) 47 16 Settlement charges 4 — — — 4 — Non-service components of pension benefits & OPEB (credit) cost (2) (34) 8 4 6 (30) Net periodic benefit (credit) cost (a,b) $ 43 $ 11 $ 17 $ 12 $ 60 $ 23 __________ (a) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 totaled $27 million and $51 million, respectively. (b) The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled $23 million and $47 million, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Derivative Fair Value	The following tables provide a summary of the derivative fair value balances recorded as of June 30, 2024 and December 31, 2023: June 30, 2024 Economic Hedges Proprietary Trading Collateral (a)(b) Netting (a) Total Mark-to-market derivative assets (current) $ 6,598 $ 1 $ 383 $ (6,059) $ 923 Mark-to-market derivative assets (noncurrent) 4,386 — 321 (3,715) 992 Total mark-to-market derivative assets 10,984 1 704 (9,774) 1,915 Mark-to-market derivative liabilities (current) (7,111) (1) 490 6,059 (563) Mark-to-market derivative liabilities (noncurrent) (4,600) — 330 3,715 (555) Total mark-to-market derivative liabilities (11,711) (1) 820 9,774 (1,118) Total mark-to-market derivative net assets (liabilities) $ (727) $ — $ 1,524 $ — $ 797 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 $775 million and $1,712 million of variation margin posted on the exchanges as of June 30, 2024 and December 31, 2023, respectively.
Economic Hedges (Commodity Price Risk)	For the three and six months ended June 30, 2024 and 2023, we recognized the following net pre-tax commodity mark-to-market gains (losses), which are also located in the Net fair value changes related to derivatives line in the Consolidated Statements of Cash Flows. Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Operating revenues $ 192 $ 214 $ 255 $ 1,145 Purchased power and fuel 397 (218) 523 (1,412) Total $ 589 $ (4) $ 778 $ (267)
Disclosure of Credit Derivatives	The following tables provide information on the credit exposure for all derivative instruments, NPNS and payables and receivables, net of collateral and instruments that are subject to master netting agreements, as of June 30, 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 June 30, 2024 Total Exposure Before Credit Collateral Credit Collateral (a) Net Exposure Number of Counterparties Greater than 10% of Net Exposure Net Exposure of Counterparties Greater than 10% of Net Exposure Investment grade $ 988 $ 50 $ 938 1 $ 235 Non-investment grade 38 29 9 — — No external ratings Internally rated — investment grade 94 — 94 — — Internally rated — non-investment grade 237 59 178 — — Total $ 1,357 $ 138 $ 1,219 1 $ 235 __________ (a) As of June 30, 2024, credit collateral held from counterparties where we had credit exposure included $46 million of cash and $92 million of letters of credit. The credit collateral does not include non-liquid collateral. Net Credit Exposure by Type of Counterparty As of June 30, 2024 Investor-owned utilities, marketers, power producers $ 991 Energy cooperatives and municipalities 88 Financial Institutions 60 Other 80 Total $ 1,219
Fair Value of Derivatives with Credit- Risk Related Contingent Features	The aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the exchanges that are fully collateralized) is detailed in the table below: Credit-Risk-Related Contingent Features June 30, 2024 December 31, 2023 Gross fair value of derivative contracts containing this feature $ (1,829) $ (1,894) Offsetting fair value of in-the-money contracts under master netting arrangements 837 925 Net fair value of derivative contracts containing this feature $ (992) $ (969)
Cash Collateral and Letters of Credit on Derivative Contracts	As of June 30, 2024 and December 31, 2023, we posted or held the following amounts of cash collateral and letters of credit on derivative contracts with external counterparties, after giving consideration to offsetting derivative and non-derivative positions under master netting agreements. June 30, 2024 December 31, 2023 Cash collateral posted (a) $ 1,594 $ 2,449 Letters of credit posted (a) 1,168 777 Cash collateral held (a) 80 64 Letters of credit held (a) 119 61 Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1) (b)(c)(d) 1,950 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)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	As of June 30, 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 June 30, 2024 Revolving Credit Facility $ 4,500 $ — $ 151 $ 480 $ 3,869 Bilaterals (b) 1,850 — 1,114 — 736 Liquidity Facility 971 — 792 — 116 (c) Project Finance 137 — 118 — 19 Total $ 7,458 $ — $ 2,175 $ 480 $ 4,740 Facility Type Aggregate Bank Facility Draws Outstanding Outstanding Commercial Paper(a) Available Capacity as of December 31, 2023 Revolving Credit Facility $ 3,500 $ — $ 60 $ 1,107 $ 2,333 Bilaterals 1,500 — 878 — 622 Liquidity Facility 971 — 720 — 191 (c) Project Finance 137 — 117 — 20 Total $ 6,108 $ — $ 1,775 $ 1,107 $ 3,166 __________ (a) Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of June 30, 2024 and December 31, 2023, the maximum program size of our commercial paper program was $4.5 billion and $3.5 billion, respectively. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.57% and 5.66% as of June 30, 2024 and December 31, 2023, respectively. (b) In March 2024, we initiated a new bilateral credit agreement for $200 million, with no maturity date. In May 2024, we initiated a new bilateral credit agreement for $150 million, with no maturity date. In June 2024, a bilateral credit agreement initiated in November 2019 was extended for an additional two years to June 2026. (c) The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S. Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of June 30, 2024 and December 31, 2023, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $908 million and $911 million, respectively.
Schedule of Short-term Debt	As of June 30, 2024 and December 31, 2023, we had the following short-term loan agreements: Month Initiated Interest Rate Maturity Outstanding Amount as of June 30, 2024 Outstanding Amount as of December 31, 2023 January 2023 1 month SOFR + 0.80% January 2024 $ — $ 100 February 2023 1 month SOFR + 1.05% February 2024 — 400 February 2024 1 month SOFR + 0.90% February 2025 200 —
Schedule of Long-term Debt Instruments	During the six months ended June 30, 2024, the following long-term debt was issued (redeemed): Type Interest Rate Maturity Amount Green Senior Notes (a) 5.75 % March 2054 $ 900 Energy Efficiency Project Financing (b) 2.20% - 4.96% December 2024 1 CR Nonrecourse Debt 3-month SOFR + 2.76% December 2027 (23) Continental Wind Nonrecourse Debt 6.00 % February 2033 (16) West Medway II Nonrecourse Debt 1 month SOFR + 3.225% March 2026 (15) Antelope Valley DOE Nonrecourse Debt 2.29% - 3.56% January 2037 (8) RPG Nonrecourse Debt 4.11 % March 2035 (3) Total long-term debt issued (redeemed) $ 836 __________ (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)	6 Months Ended
	Jun. 30, 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 SNF obligation as of June 30, 2024 and December 31, 2023. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments. June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Level 2 Level 3 Total Level 2 Level 3 Total Long-Term Debt, including amounts due within one year $ 8,444 $ 7,781 $ 726 $ 8,507 $ 7,617 $ 7,140 $ 774 $ 7,914 SNF Obligation 1,331 1,281 — 1,281 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 June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents (a) $ 34 $ — $ — $ 34 $ 42 $ — $ — $ 42 NDT fund investments Cash equivalents (b) 159 160 — 319 356 87 — 443 Equities 5,016 1,937 1 6,954 4,574 1,990 1 6,565 Fixed income 2,190 1,385 350 3,925 2,043 1,523 277 3,843 Private credit — — 141 141 — — 151 151 Assets measured at NAV — — — 5,676 — — — 5,396 NDT fund investments subtotal (c) 7,365 3,482 492 17,015 6,973 3,600 429 16,398 Rabbi trust investments 52 36 1 89 48 33 1 82 Investments in equities 362 — — 362 372 — — 372 Mark-to-market derivative assets Economic hedges 1,456 5,865 3,677 10,998 2,330 5,821 3,143 11,294 Proprietary trading — — 1 1 — — 2 2 Effect of netting and allocation of (d) (1,213) (5,080) (2,778) (9,071) (1,996) (5,195) (1,931) (9,122) Mark-to-market derivative assets subtotal 243 785 900 1,928 334 626 1,214 2,174 DPP consideration — 1,553 — 1,553 — 1,216 — 1,216 Total assets measured at fair value 8,056 5,856 1,393 20,981 7,769 5,475 1,644 20,284 Liabilities Mark-to-market derivative liabilities Economic hedges (1,547) (6,346) (3,819) (11,712) (2,681) (7,154) (2,736) (12,571) Proprietary trading — — (1) (1) — — (2) (2) Effect of netting and allocation of collateral (d) 1,481 5,882 3,232 10,595 2,587 6,542 2,393 11,522 Mark-to-market derivative liabilities subtotal (66) (464) (588) (1,118) (94) (612) (345) (1,051) Deferred compensation obligation — (84) — (84) — (69) — (69) Total liabilities measured at fair value (66) (548) (588) (1,202) (94) (681) (345) (1,120) Total net assets $ 7,990 $ 5,308 $ 805 $ 19,779 $ 7,675 $ 4,794 $ 1,299 $ 19,164 __________ (a) CEG Parent has $43 million and $54 million of Level 1 cash equivalents as of June 30, 2024 and December 31, 2023, respectively. We exclude cash of $297 million and $349 million as of June 30, 2024 and December 31, 2023, respectively, and restricted cash of $41 million and $49 million as of June 30, 2024 and December 31, 2023, respectively. CEG Parent has excluded an additional $2 million of cash as of both June 30, 2024 and December 31, 2023. (b) Includes net liabilities of $190 million and $115 million as of June 30, 2024 and December 31, 2023, respectively, which consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less. (c) Includes total NDT derivative assets and liabilities that are not material, which have notional amounts of $998 million and $948 million as of June 30, 2024 and December 31, 2023, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss. (d) Includes $775 million and $1,712 million of variation margin posted on the exchanges as of June 30, 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 and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of April 1, 2024 $ 460 $ 518 $ 1 $ 979 Total realized / unrealized gains (losses) Included in net income (loss) — (185) (a) — (185) Included in Payable related to Regulatory Agreement Units 1 — — 1 Change in collateral — (40) (40) Purchases, sales, issuances and settlements Purchases 33 14 — 47 Sales — (39) — (39) Settlements (2) — — (2) Transfers into Level 3 — 30 (b) — 30 Transfers out of Level 3 — 14 (b) — 14 Balance as of June 30, 2024 $ 492 $ 312 $ 1 $ 805 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024 $ — $ (4) $ — $ (4) For the Three Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of April 1, 2023 $ 421 $ 747 $ 1 $ 1,169 Total realized / unrealized gains (losses) Included in net income (loss) 1 (245) (a) — (244) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 70 — 70 Purchases, sales, issuances and settlements Purchases — 19 — 19 Sales — (1) — (1) Settlements (5) — — (5) Transfers into Level 3 — 67 (b) — 67 Transfers out of Level 3 — (6) (b) — (6) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ (6) $ — $ (5) For the Six Months Ended June 30, 2024 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2024 $ 429 $ 869 $ 1 $ 1,299 Total realized / unrealized gains (losses) Included in net income (loss) — (491) (a) — (491) Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — (7) — (7) Purchases, sales, issuances and settlements Purchases 66 18 — 84 Sales — (83) — (83) Settlements (7) (2) — (9) Transfers into Level 3 — 39 (b) — 39 Transfers out of Level 3 — (31) (b) — (31) Balance as of June 30, 2024 $ 492 $ 312 $ 1 $ 805 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2024 $ — $ 25 $ — $ 25 For the Six Months Ended June 30, 2023 NDT Fund Investments Mark-to-Market Derivatives Life Insurance Contracts Total Balance as of January 1, 2023 $ 423 $ 219 $ 1 $ 643 Total realized / unrealized gains (losses) Included in net income (loss) 1 260 (a) — 261 Included in Payable related to Regulatory Agreement Units 4 — — 4 Change in collateral — 105 — 105 Purchases, sales, issuances and settlements Purchases — 85 — 85 Sales — (5) — (5) Settlements (7) — — (7) Transfers into Level 3 — 59 (b) — 59 Transfers out of Level 3 — (72) (b) — (72) Balance as of June 30, 2023 $ 421 $ 651 $ 1 $ 1,073 The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of June 30, 2023 $ 1 $ 705 $ — $ 706 __________ (a) Includes a reduction of $181 million and $518 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2024, respectively. Includes a reduction of $239 million and $445 million for realized gains due to the settlement of derivative contracts for the three and six months ended June 30, 2023, respectively. (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 and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (103) $ (29) $ (82) $ (216) $ — $ 1 Total unrealized gains (losses) 113 209 (117) (215) — 1 For the Six Months Ended June 30, Operating Revenues Purchased Power and Fuel Other, net 2024 2023 2024 2023 2024 2023 Total gains (losses) included in net income $ (275) $ 517 $ (218) $ (257) $ — $ 1 Total unrealized gains (losses) 261 1,047 (236) (342) — 1
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique	The following table presents the significant inputs to the forward curve used to value these positions: Type of trade Fair Value as of June 30, 2024 Fair Value as of December 31, 2023 Valuation Technique Unobservable Input 2024 Range & Arithmetic Average 2023 Range & Arithmetic Average Mark-to market derivatives—Economic hedges(a)(b) $ (142) $ 407 Discounted Cash Flow Forward power price $3.49 - $178 $48 $9.64 - $216 $48 Forward gas price $0.80 - $14 $3.38 $1.20 - $14 $3.09 Option Model Volatility percentage 26% - 88% 51% 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 $454 million and $462 million as of June 30, 2024 and December 31, 2023, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Commercial commitments as of June 30, 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 $ 2,175 $ 1,672 $ 374 $ 1 $ 9 $ 118 $ 1 Surety bonds (a) 736 521 215 — — — — Total commercial commitments $ 2,911 $ 2,193 $ 589 $ 1 $ 9 $ 118 $ 1 __________ (a)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accelerated Share Repurchases	The following table summarizes each ASR agreement for the six months ended June 30, 2024: (in millions, except average price paid per share) ASR Agreement Initiation Total Cost Initial Shares Received ASR Agreement Settlement Additional Shares Received Total Number of Shares Purchased Average Price Paid per Share March 2024 $ 354 1.7 May 2024 0.2 1.9 $ 182.65 May 2024 $ 505 1.8 July 2024 0.6 2.4 $ 211.40
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following tables present changes in AOCI, net of tax, by component: Three Months Ended June 30, 2024 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Foreign Currency Items Total Beginning balance $ (10) $ (2,143) $ (27) $ (2,180) OCI before reclassifications — (2) (1) (3) Amounts reclassified from AOCI 2 20 — 22 Net current-period OCI 2 18 (1) 19 Ending balance $ (8) $ (2,125) $ (28) $ (2,161) Three Months Ended June 30, 2023 Gains (losses) on Cash Flow Hedges Pension and Non-Pension Postretirement Benefit Plan Items (a) Foreign Currency Items Total Beginning balance $ (9) $ (1,773) $ (26) $ (1,808) OCI before reclassifications (1) — 3 2 Amounts reclassified from AOCI 1 5 — 6 Net current-period OCI — 5 3 8 Ending balance $ (9) $ (1,768) $ (23) $ (1,800) Six Months Ended June 30, 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 — (5) (4) (9) Amounts reclassified from AOCI 2 37 — 39 Net current-period OCI 2 32 (4) 30 Ending balance $ (8) $ (2,125) $ (28) $ (2,161) Six Months Ended June 30, 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 (1) (53) 3 (51) Amounts reclassified from AOCI 1 10 — 11 Net current-period OCI — (43) 3 (40) Ending balance $ (9) $ (1,768) $ (23) $ (1,800) __________ (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pension and non-pension postretirement benefit plans: Actuarial loss reclassified to periodic benefit cost $ (6) $ (3) $ (12) $ (5) Pension and non-pension postretirement benefit plans valuation adjustment — — 2 18

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit. June 30, 2024 December 31, 2023 Cash and cash equivalents $ 56 $ 48 Restricted cash and cash equivalents 57 47 Accounts receivable Customer accounts receivable, net 29 19 Other accounts receivable, net 9 10 Inventories, net Materials and supplies 13 14 Other current assets 1,596 1,249 Total current assets 1,760 1,387 Property, plant, and equipment, net 1,968 1,979 Other noncurrent assets 154 166 Total noncurrent assets 2,122 2,145 Total assets (a) $ 3,882 $ 3,532 Long-term debt due within one year $ 64 $ 63 Accounts payable and accrued expenses 55 31 Other current liabilities — — Total current liabilities 119 94 Long-term debt 676 704 Asset retirement obligations 195 190 Other noncurrent liabilities 2 2 Total noncurrent liabilities 873 896 Total liabilities $ 992 $ 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 $144 million and $155 million, disclosed within other noncurrent assets in the table above as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Variable Interest Entities	As of June 30, 2024 and December 31, 2023, our consolidated VIEs included the following: Consolidated VIE or VIE groups: Reason entity is a VIE: Reason we are the primary beneficiary: CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. We conduct the operational activities. Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. The PPA contract absorbs variability through a performance guarantee. We conduct all activities. NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. Equity capitalization is insufficient to support its operations. We conduct all activities. The following table presents summary information about our significant unconsolidated VIE entities: June 30, 2024 December 31, 2023 Commercial Agreement VIEs Equity Investment VIEs Total Commercial Agreement VIEs Equity Investment VIEs Total Total assets (a) $ 680 $ — $ 680 $ 704 $ — $ 704 Total liabilities (a) 64 — 64 77 — 77 Our ownership interest in VIE (a) — — — — — — Other ownership interests in VIE (a) 616 — 616 627 — 627 __________ (a) These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as o f June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023 the unconsolidated VIEs consist of: Unconsolidated VIE groups: Reason entity is a VIE: Reason we are not the primary beneficiary: Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. PPA contracts that absorb variability through fixed pricing. We do not conduct the operational activities.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Financial Information [Abstract]
Supplemental Statement of Operations Information	The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income. Operating revenues Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease income $ 13 $ 13 $ 17 $ 17 Variable lease income 68 66 119 124 Taxes other than income taxes Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross receipts (a) $ 32 $ 35 $ 65 $ 68 Property 73 65 139 121 Payroll 35 36 73 70 __________ (a) Represent gross receipts taxes related to our retail operations. The offsetting collection of gross receipts taxes from customers is recorded in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income.
Schedule of Other Nonoperating Income, by Component	Other, net Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Decommissioning-related activities: Net realized income on NDT funds (a) Regulatory Agreement Units $ 91 $ 135 $ 257 $ 449 Non-Regulatory Agreement Units 32 91 115 285 Net unrealized gain (loss) on NDT funds Regulatory Agreement Units (14) 56 211 85 Non-Regulatory Agreement Units 5 27 139 45 Regulatory offset to NDT fund-related activities (b) (63) (154) (375) (429) Total decommissioning-related activities 51 155 347 435 Non-service net periodic benefit credit (c) (4) 14 (6) 27 Net realized and unrealized gains (losses) from equity investments (58) 419 (11) 414 Other 17 17 38 43 Total Other, net $ 6 $ 605 $ 368 $ 919 __________ (a) Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments. (b) Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units. (c) The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information.
Cash Flow Supplemental Disclosures	The following tables provide additional information about items recorded within our Consolidated Statements of Cash Flows. Depreciation, amortization, and accretion Six Months Ended June 30, 2024 2023 Property, plant, and equipment (a) $ 590 $ 531 Amortization of intangible assets, net (a) 12 11 Amortization of energy contract assets and liabilities (b) 17 17 Nuclear fuel (c) 433 373 ARO accretion (d) 336 287 Total depreciation, amortization, and accretion $ 1,388 $ 1,219 __________ (a) Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income. (b) Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (c) Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income. (d) Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. Other non-cash operating activities CEG Parent Constellation Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Other decommissioning-related activity (a) $ (246) $ (217) $ (246) $ (217) Energy-related options (b) 30 121 30 121 (Gain) loss on sale of receivables 32 46 32 46 Amortization of operating ROU asset 25 24 25 24 Long-term incentive plan 15 34 — — Pension and non-pension postretirement benefit costs 56 23 56 23 __________ (a) Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income, and income taxes related to all NDT fund activity for these units. (b) Includes option premiums reclassified to realized at the settlement of the underlying contracts and recorded to results of operations. The following table provides a reconciliation of cash, restricted cash, and cash equivalents reported within our Consolidated Balance Sheets that sum to the total of the same amounts in the Consolidated Statements of Cash Flows. CEG Parent Constellation June 30, 2024 Cash and cash equivalents $ 311 $ 308 Restricted cash and cash equivalents 72 64 Total cash, restricted cash, and cash equivalents $ 383 $ 372 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 June 30, 2023 Cash and cash equivalents $ 269 $ 269 Restricted cash and cash equivalents 56 48 Total cash, restricted cash, and cash equivalents $ 325 $ 317
Supplemental Balance Sheet Information	The following table provides additional information about items recorded within our Consolidated Balance Sheets. Accounts payable and accrued expenses June 30, 2024 CEG Parent Constellation Accounts payable $ 1,360 $ 1,348 Compensation-related accruals (a) 536 402 Taxes accrued (b) 201 183 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) - 6 months ended Jun. 30, 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	1 Months Ended
	Nov. 30, 2023 USD ($) MW	Jun. 01, 2024	May 31, 2024
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
MW of generation | MW	2,645
Consideration | $	$ 1,650
Constellation South Texas LLP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity ownership	44%	42%
Sale of equity ownership			2%
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 | CPS
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
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Change in Contract with Customer [Roll Forward]
Beginning Balance - Contract Assets	$ 81	$ 82	$ 150	$ 130
Amounts reclassified to receivables	(4)	(15)	(76)	(11)
Revenues recognized	16	14	15	31
Ending Balance - Contract Assets	$ 93	$ 81	$ 89	$ 150

Revenue from Contracts with C_4

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

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 329
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 92
Remaining performance obligations, timing	6 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	$ 59
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

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
ZEC revenue recognized	$ 218	$ 218

Segment Information - Narrative

Segment Information - Narrative (Details) - 6 months ended Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 4,406	$ 4,701	$ 9,663	$ 10,532
Revenues not from contracts	1,069	745	1,974	2,479
Operating revenues	5,475	5,446	11,637	13,011
Electricity
Segment Reporting Information [Line Items]
Operating revenues	4,527	4,438	9,321	9,210
Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,304	1,198	2,546	2,444
Midwest | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,168	1,330	2,262	2,361
New York | Electricity
Segment Reporting Information [Line Items]
Operating revenues	514	471	1,027	1,005
ERCOT | Electricity
Segment Reporting Information [Line Items]
Operating revenues	357	328	678	497
Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1,184	1,111	2,808	2,903
Operating Segments | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	4,050	4,278	8,569	9,066
Revenues not from contracts	477	160	752	144
Operating revenues	4,527	4,438	9,321	9,210
Operating Segments | Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,297	1,235	2,652	2,648
Revenues not from contracts	4	(27)	(108)	(163)
Operating revenues	1,301	1,208	2,544	2,485
Operating Segments | Midwest | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	993	1,352	1,993	2,546
Revenues not from contracts	175	(23)	268	(188)
Operating revenues	1,168	1,329	2,261	2,358
Operating Segments | New York | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	463	438	955	901
Revenues not from contracts	57	30	64	67
Operating revenues	520	468	1,019	968
Operating Segments | ERCOT | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	274	291	511	490
Revenues not from contracts	81	36	164	5
Operating revenues	355	327	675	495
Operating Segments | Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,023	962	2,458	2,481
Revenues not from contracts	160	144	364	423
Operating revenues	1,183	1,106	2,822	2,904
Intersegment Revenues | Mid-Atlantic | Electricity
Segment Reporting Information [Line Items]
Operating revenues	3	(10)	2	(41)
Intersegment Revenues | Midwest | Electricity
Segment Reporting Information [Line Items]
Operating revenues	0	1	1	3
Intersegment Revenues | New York | Electricity
Segment Reporting Information [Line Items]
Operating revenues	(6)	3	8	37
Intersegment Revenues | ERCOT | Electricity
Segment Reporting Information [Line Items]
Operating revenues	2	1	3	2
Intersegment Revenues | Other Power Regions  | Electricity
Segment Reporting Information [Line Items]
Operating revenues	1	5	(14)	(1)
Segment Reconciling Items | Natural Gas
Segment Reporting Information [Line Items]
Revenues from contracts with customers	231	280	839	1,176
Revenues not from contracts	349	376	903	966
Operating revenues	580	656	1,742	2,142
Segment Reconciling Items | Product and Service, Other
Segment Reporting Information [Line Items]
Revenues from contracts with customers	125	143	255	290
Revenues not from contracts	243	209	319	1,369
Operating revenues	368	352	574	1,659
Unrealized mark-to-market gains (losses)	$ 192	$ 211	$ 254	$ 1,140

Segment Information - Generat_2

Segment Information - Generation Total Revenues Net of Purchased Power and Fuel Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	$ 2,405	$ 2,402	$ 4,704	$ 4,342
Other	778	157	1,224	53
Total RNF	3,183	2,559	5,928	4,395
Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	760	723	1,435	1,414
Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	765	975	1,468	1,663
New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	373	319	717	578
ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	214	164	424	217
Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	293	221	660	470
Operating Segments
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	2,402	2,403	4,719	4,349
Operating Segments | Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	756	732	1,431	1,455
Operating Segments | Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	763	973	1,463	1,662
Operating Segments | New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	379	314	709	538
Operating Segments | ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	212	166	433	220
Operating Segments | Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	292	218	683	474
Intersegment Revenues
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	3	(1)	(15)	(7)
Other	3	(1)	(15)	(7)
Intersegment Revenues | Mid-Atlantic
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	4	(9)	4	(41)
Intersegment Revenues | Midwest
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	2	2	5	1
Intersegment Revenues | New York
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	(6)	5	8	40
Intersegment Revenues | ERCOT
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	2	(2)	(9)	(3)
Intersegment Revenues | Other Power Regions
Segment Reporting Information [Line Items]
Total RNF for Reportable Segments	1	3	(23)	(4)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other	$ 781	$ 156	$ 1,209	$ 46

Government Assistance (Details)

Government Assistance (Details) - Nuclear PTCs $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Government Assistance [Line Items]
Estimate	$ 408	$ 712
Estimated nuclear PTC receivable	610	610
Estimated nuclear PTCs credits used		102
Estimated refunds recognized	404	404
Net revenue recognized	$ 51	$ 120

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Aug. 31, 2025	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled customer revenues	$ 171			$ 372
Credit facility	7,458			$ 6,108
Cash proceeds received upon sale	4,455	$ 2,335
Collection of DPP, net	4,096	1,582
Constellation Energy Generation, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collection of DPP, net	$ 4,096	$ 1,582
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss on sale of receivables	$ 17	$ 26	$ 32	$ 46
Proceeds from new transfers			1,402	3,181
Cash collections received on DPP and reinvested in the Facility			4,246	2,432
Cash collections reinvested in the Facility			5,648	5,613
Total receivables sold			210	249
Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collections received on DPP and reinvested in the Facility			150	850
Sale of Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derecognized receivables transferred at fair value	1,703		1,703		$ 1,516
Less: Cash proceeds received	150		150		300
DPP	$ 1,553		1,553		$ 1,216
Customer accounts receivable sold into the Facility			$ 5,856	$ 5,516

Nuclear Decommissioning - Nucle

Nuclear Decommissioning - Nuclear Decommissioning Asset Retirement Obligation Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Accretion expense	$ 336	$ 287
Nuclear Decommissioning
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO beginning balance	13,891
Net decrease due to changes in, and timing of, estimated future cash flows	(909)
Accretion expense	329
ARO transferred to Liabilities held for sale	(20)
Costs incurred related to decommissioning plants	(16)
ARO ending balance	13,275
Current portion of ARO	$ 28		$ 30

Nuclear Decommissioning - Narra

Nuclear Decommissioning - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 16,883,000,000	$ 16,398,000,000
Nuclear Decommissioning
Asset Retirement Obligations [Line Items]
Net decrease due to changes in, and timing of, estimated future cash flows	(909,000,000)
Assets, Total
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	17,015,000,000	16,398,000,000
Other Current Assets
Asset Retirement Obligations [Line Items]
Nuclear decommissioning trust funds	$ 132,000,000	$ 0

Nuclear Decommissioning - Noncu

Nuclear Decommissioning - Noncurrent Related Party Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 4,310	$ 3,688
Affiliated Entities | ComEd
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	3,566	2,955
Affiliated Entities | PECO
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	274	278
Affiliated Entities | CenterPoint
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	349	338
Affiliated Entities | AEP Texas
Asset Retirement Obligations [Line Items]
Payables related to Regulatory Agreement Units	$ 121	$ 117

Income Taxes - Reconciliation t

Income Taxes - Reconciliation to Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%	21%
(Decrease) increase due to:
State income taxes, net of federal income tax benefit	2.50%	4.20%	(2.00%)	4%
Qualified NDT fund income and losses	1.30%	4.40%	5.30%	9.40%
Amortization of investment tax credit, including deferred taxes on basis differences	(0.20%)	(0.40%)	(0.20%)	(0.50%)
PTCs and other credits	(9.60%)	(0.50%)	(8.10%)	(0.50%)
Noncontrolling interests	0.10%	0.10%
Other	0.90%	0.40%	(0.20%)	0.10%
Effective income tax rate	16%	29.20%	15.80%	33.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Other accounts receivable, net	$ 633	$ 917
Other deferred debits and other assets	2,610	1,910
Separation from Parent
Income Taxes [Line Items]
Other accounts receivable, net	137	336
Other deferred debits and other assets	193	178
Separation from Parent | Other Noncurrent Liabilities | Affiliated Entities
Income Taxes [Line Items]
Payable for tax liabilities upon separation	$ 38	$ 37

Retirement Benefits - Net Benef

Retirement Benefits - Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Service cost	$ 28	$ 27	$ 54	$ 53
Interest cost	114	117	227	234
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(134)	(138)	(269)	(276)
Prior service (credit) cost	(1)	(2)	(3)	(4)
Actuarial (gain) loss	24	7	47	16
Settlement charges	1	0	4	0
Non-service components of pension benefits & OPEB (credit) cost	4	(16)	6	(30)
Net periodic benefit cost	32	11	60	23
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Service cost	23	23	45	45
Interest cost	96	98	191	197
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(124)	(127)	(248)	(254)
Prior service (credit) cost	0	0	0	0
Actuarial (gain) loss	26	11	51	23
Settlement charges	1	0	4	0
Non-service components of pension benefits & OPEB (credit) cost	(1)	(18)	(2)	(34)
Net periodic benefit cost	22	5	43	11
OPEB
Defined Contribution Plan Disclosure [Line Items]
Service cost	5	4	9	8
Interest cost	18	19	36	37
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(10)	(11)	(21)	(22)
Prior service (credit) cost	(1)	(2)	(3)	(4)
Actuarial (gain) loss	(2)	(4)	(4)	(7)
Settlement charges	0	0	0	0
Non-service components of pension benefits & OPEB (credit) cost	5	2	8	4
Net periodic benefit cost	10	6	17	12
Pension Plan and Other Postretirement Benefits Plan
Defined Contribution Plan Disclosure [Line Items]
Net periodic benefit cost	$ 27	$ 23	$ 51	$ 47

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Derivative Fair Value Balances (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Mark-to-market derivative assets (current)	$ 935	$ 1,179
Mark-to-market derivative assets (noncurrent)	993	995
Mark-to-market derivative liabilities (current)	(563)	(632)
Mark-to-market derivative liabilities (noncurrent)	(555)	(419)
Variation margin	775	1,712
Commodity Contract
Derivative [Line Items]
Mark-to-market derivative assets (current)	923	1,160
Mark-to-market derivative assets (noncurrent)	992	993
Total mark-to-market derivative assets	1,915	2,153
Mark-to-market derivative liabilities (current)	(563)	(627)
Mark-to-market derivative liabilities (noncurrent)	(555)	(418)
Total mark-to-market derivative liabilities	(1,118)	(1,045)
Total mark-to-market derivative net assets (liabilities)	797	1,108
Commodity Contract | Collateral
Derivative [Line Items]
Mark-to-market derivative assets (current)	383	703
Mark-to-market derivative assets (noncurrent)	321	330
Total mark-to-market derivative assets	704	1,033
Mark-to-market derivative liabilities (current)	490	922
Mark-to-market derivative liabilities (noncurrent)	330	445
Total mark-to-market derivative liabilities	820	1,367
Total mark-to-market derivative net assets (liabilities)	1,524	2,400
Commodity Contract | Netting
Derivative [Line Items]
Mark-to-market derivative assets (current)	(6,059)	(7,472)
Mark-to-market derivative assets (noncurrent)	(3,715)	(2,682)
Total mark-to-market derivative assets	(9,774)	(10,154)
Mark-to-market derivative liabilities (current)	6,059	7,472
Mark-to-market derivative liabilities (noncurrent)	3,715	2,682
Total mark-to-market derivative liabilities	9,774	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)	6,598	7,927
Mark-to-market derivative assets (noncurrent)	4,386	3,345
Total mark-to-market derivative assets	10,984	11,272
Mark-to-market derivative liabilities (current)	(7,111)	(9,019)
Mark-to-market derivative liabilities (noncurrent)	(4,600)	(3,545)
Total mark-to-market derivative liabilities	(11,711)	(12,564)
Total mark-to-market derivative net assets (liabilities)	(727)	(1,292)
Commodity Contract | Not Designated as Hedging Instrument, Propriety Trading
Derivative [Line Items]
Mark-to-market derivative assets (current)	1	2
Mark-to-market derivative assets (noncurrent)	0	0
Total mark-to-market derivative assets	1	2
Mark-to-market derivative liabilities (current)	(1)	(2)
Mark-to-market derivative liabilities (noncurrent)	0	0
Total mark-to-market derivative liabilities	(1)	(2)
Total mark-to-market derivative net assets (liabilities)	$ 0	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Economic Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Total			$ 776	$ (281)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract
Derivative [Line Items]
Total	$ 589	$ (4)	778	(267)
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Operating revenues
Derivative [Line Items]
Total	192	214	255	1,145
Not Designated as Hedging Instrument, Economic Hedge | Commodity Contract | Purchased power and fuel
Derivative [Line Items]
Total	$ 397	$ (218)	$ 523	$ (1,412)

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 526	$ 562

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Credit Risk Exposure (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) counterparty
Derivative [Line Items]
Cash collateral	$ 46
Letters of credit held	92
Total Exposure Before Credit Collateral
Derivative [Line Items]
Maximum exposure	1,357
Total Exposure Before Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	94
Total Exposure Before Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	237
Total Exposure Before Credit Collateral | Investment grade
Derivative [Line Items]
Maximum exposure	988
Total Exposure Before Credit Collateral | Non-investment grade
Derivative [Line Items]
Maximum exposure	38
Credit Collateral
Derivative [Line Items]
Maximum exposure	138
Credit Collateral | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	0
Credit Collateral | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	59
Credit Collateral | Investment grade
Derivative [Line Items]
Maximum exposure	50
Credit Collateral | Non-investment grade
Derivative [Line Items]
Maximum exposure	29
Net Exposure
Derivative [Line Items]
Maximum exposure	1,219
Net Exposure | Investor-owned utilities, marketers, power producers
Derivative [Line Items]
Maximum exposure	991
Net Exposure | Energy cooperatives and municipalities
Derivative [Line Items]
Maximum exposure	88
Net Exposure | Financial Institutions
Derivative [Line Items]
Maximum exposure	60
Net Exposure | Other
Derivative [Line Items]
Maximum exposure	80
Net Exposure | Internally rated — investment grade
Derivative [Line Items]
Maximum exposure	94
Net Exposure | Internally rated — non-investment grade
Derivative [Line Items]
Maximum exposure	178
Net Exposure | Investment grade
Derivative [Line Items]
Maximum exposure	938
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	$ 235
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	235
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	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative contracts containing this feature	$ (1,829)	$ (1,894)
Offsetting fair value of in-the-money contracts under master netting arrangements	837	925
Net fair value of derivative contracts containing this feature	$ (992)	$ (969)

Derivative Financial Instrume_8

Derivative Financial Instruments - Summary of Cash Collateral and Letters of Credit (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 1,594	$ 2,449
Letters of credit posted	1,168	777
Cash collateral held	80	64
Letters of credit held	119	61
Additional collateral required in the event of a credit downgrade below investment grade (at BB+/Ba1)	$ 1,950	$ 1,914

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Feb. 01, 2022
Line of Credit Facility [Line Items]
Credit facility	$ 7,458	$ 7,458	$ 6,108
Daily Simple SOFR Rate | Maximum | Non-investment grade
Line of Credit Facility [Line Items]
Basis spread		1%
Term SOFR Rate | Maximum | Non-investment grade
Line of Credit Facility [Line Items]
Basis spread		2%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility	$ 4,500	$ 4,500	$ 3,500	$ 3,500
Line of credit facility, fee rate	0.175%
Revolving Credit Facility | Daily Simple SOFR Rate
Line of Credit Facility [Line Items]
Basis spread	0.075%
Revolving Credit Facility | Term SOFR Rate
Line of Credit Facility [Line Items]
Basis spread	1.075%
Letter of credit
Line of Credit Facility [Line Items]
Interest Rate	1.075%	1.075%

Debt and Credit Agreements - Su

Debt and Credit Agreements - Summary of Bank Commitments, Credit Facility Borrowings and Available Capacity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	May 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Feb. 01, 2022
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 7,458			$ 6,108
Facility Draws	0			0
Outstanding Letters of Credit	2,175			1,775
Actual Available Capacity	480			1,107
To Support Additional Commercial Paper Available Capacity	4,740			3,166
Commercial Paper
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 4,500			$ 3,500
Weighted average interest rate	5.57%			5.66%
Revolving Credit Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	$ 4,500			$ 3,500	$ 3,500
Facility Draws	0			0
Outstanding Letters of Credit	151			60
Actual Available Capacity	480			1,107
To Support Additional Commercial Paper Available Capacity	3,869			2,333
Bilateral Credit Agreements
Short-term Debt [Line Items]
Aggregate Bank Commitment	1,850			1,500
Facility Draws	0			0
Outstanding Letters of Credit	1,114			878
Actual Available Capacity	0			0
To Support Additional Commercial Paper Available Capacity	736			622
Liquidity Facility
Short-term Debt [Line Items]
Aggregate Bank Commitment	971			971
Facility Draws	0			0
Outstanding Letters of Credit	792			720
Actual Available Capacity	0			0
To Support Additional Commercial Paper Available Capacity	116			191
Liquidity Facility | No Additional Collateral Posted
Short-term Debt [Line Items]
Actual Available Capacity	908			911
Secured debt
Short-term Debt [Line Items]
Aggregate Bank Commitment	137			137
Facility Draws	0			0
Outstanding Letters of Credit	118			117
Actual Available Capacity	0			0
To Support Additional Commercial Paper Available Capacity	$ 19			$ 20
Bilateral Credit Agreement, March 2024
Short-term Debt [Line Items]
Aggregate Bank Commitment			$ 200
Bilateral Credit Agreement, May 2024
Short-term Debt [Line Items]
Aggregate Bank Commitment		$ 150
Bilateral Credit Agreement, November 2019
Short-term Debt [Line Items]
Extended period term	2 years

Debt and Credit Agreements - Sh

Debt and Credit Agreements - Short Term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of line of credit, short term, and long term debt [Line Items]
Short term loan agreement	$ 680	$ 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
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
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
Basis spread	0.90%

Debt and Credit Agreements - _2

Debt and Credit Agreements - Summary of Outstanding Long-term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amount	$ 900	$ 1,791
Amount	(65)	$ (121)
Total long-term debt issued (redeemed)	$ 836
Green Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.75%
Amount	$ 900
Energy Efficiency Project Financing
Debt Instrument [Line Items]
Amount	$ 1
Minimum | Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	2.20%
Maximum | Energy Efficiency Project Financing
Debt Instrument [Line Items]
Interest Rate	4.96%
Nonrecourse | CR Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	2.76%
Amount	$ (23)
Nonrecourse | Continental Wind Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	6%
Amount	$ (16)
Nonrecourse | West Medway II Nonrecourse Debt
Debt Instrument [Line Items]
Interest Rate	3.225%
Amount	$ (15)
Nonrecourse | Antelope Valley DOE Nonrecourse Debt
Debt Instrument [Line Items]
Amount	$ (8)
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	Jun. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
SNF Obligation	$ 1,331	$ 1,296
Carrying Amount
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,444	7,617
SNF Obligation	1,331	1,296
Fair Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	8,507	7,914
SNF Obligation	1,281	1,222
Fair Value | Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	7,781	7,140
SNF Obligation	1,281	1,222
Fair Value | Level 3
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-Term Debt, including amounts due within one year	726	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	Jun. 30, 2024	Dec. 31, 2023
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Derivative asset notational amounts	$ 998	$ 948
Variation margin	775	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	297	349
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	297	349
Cash and Cash Equivalents | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	43	54
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	43	54
Restricted cash | Constellation Energy Generation, LLC
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	41	49
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	41	49
Cash | CEG Parent
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	2	2
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	2	2
NDT fund investments subtotal
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Net liabilities	190	115
Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	34	42
DPP	1,553	1,216
Deferred compensation obligation	(84)	(69)
Total liabilities measured at fair value	(1,202)	(1,120)
Total net assets	19,779	19,164
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	34	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	(1,118)	(1,051)
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(11,712)	(12,571)
Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1)	(2)
Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	10,595	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	17,015	16,398
Fair Value, Recurring | Cash equivalents NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	319	443
Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	6,954	6,565
Fair Value, Recurring | Fixed income
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	3,925	3,843
Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	141	151
Fair Value, Recurring | Rabbi trust investments
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	89	82
Fair Value, Recurring | Investments in equities
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	362	372
Fair Value, Recurring | Mark-to-market derivative assets subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1,928	2,174
Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	10,998	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	(9,071)	(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	20,981	20,284
Level 1 | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	34	42
DPP	0	0
Total assets	8,056	7,769
Deferred compensation obligation	0	0
Total liabilities measured at fair value	(66)	(94)
Total net assets	7,990	7,675
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract]
Cash equivalents, fair value disclosure	34	42
Level 1 | Fair Value, Recurring | Mark-to-market derivative liabilities subtotal
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(66)	(94)
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1,547)	(2,681)
Level 1 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	0	0
Level 1 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	1,481	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	7,365	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	159	356
Level 1 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	5,016	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	2,190	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	52	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	362	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	243	334
Level 1 | Fair Value, Recurring | Economic hedges
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative assets	1,456	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	(1,213)	(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	1,553	1,216
Total assets	5,856	5,475
Deferred compensation obligation	(84)	(69)
Total liabilities measured at fair value	(548)	(681)
Total net assets	5,308	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	(464)	(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	(6,346)	(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	5,882	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	3,482	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	160	87
Level 2 | Fair Value, Recurring | Equities NDT
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	1,937	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	1,385	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	36	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	785	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	5,865	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	(5,080)	(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	1,393	1,644
Deferred compensation obligation	0	0
Total liabilities measured at fair value	(588)	(345)
Total net assets	805	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	(588)	(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	(3,819)	(2,736)
Level 3 | Fair Value, Recurring | Proprietary trading
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	(1)	(2)
Level 3 | Fair Value, Recurring | Effect of netting and allocation of collateral
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Mark-to-market derivative liabilities	3,232	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	492	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	350	277
Level 3 | Fair Value, Recurring | Private credit
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Investments, fair value disclosure	141	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	900	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	3,677	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	(2,778)	(1,931)
Assets measured at NAV | Fair Value, Recurring
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]
Total assets	$ 5,676	$ 5,396

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments without determinable fair values	$ 128	$ 103
Private Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	420
Private Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	190
Real Estate Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding commitments	$ 395

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Fair Value Reconciliation of Level 3 Assets and Liabilities Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 979	$ 1,169	$ 1,299	$ 643
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	(185)	(244)	(491)	261
Included in Payable related to Regulatory Agreement Units	1	4	4	4
Change in collateral	(40)	70	(7)	105
Purchases, sales, issuances and settlements
Purchases	47	19	84	85
Sales	(39)	(1)	(83)	(5)
Settlements	(2)	(5)	(9)	(7)
Transfers into Level 3	30	67	39	59
Transfers out of Level 3	14	(6)	(31)	(72)
Ending Balance	805	1,073	805	1,073
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	(4)	(5)	25	706
NDT Fund Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	460	421	429	423
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	0	1	0	1
Included in Payable related to Regulatory Agreement Units	1	4	4	4
Change in collateral	0	0	0	0
Purchases, sales, issuances and settlements
Purchases	33	0	66	0
Sales	0	0	0	0
Settlements	(2)	(5)	(7)	(7)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending Balance	492	421	492	421
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	0	1	0	1
Mark-to-Market Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	518	747	869	219
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	(185)	(245)	(491)	260
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral	(40)	70	(7)	105
Purchases, sales, issuances and settlements
Purchases	14	19	18	85
Sales	(39)	(1)	(83)	(5)
Settlements	0	0	(2)	0
Transfers into Level 3	30	67	39	59
Transfers out of Level 3	14	(6)	(31)	(72)
Ending Balance	312	651	312	651
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	(4)	(6)	25	705
Footnotes To Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Realized gains (losses)	181	239	518	445
Life Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	1	1	1
Total realized / unrealized gains (losses)
Total (losses) gains included in net income	0	0	0	0
Included in Payable related to Regulatory Agreement Units	0	0	0	0
Change in collateral		0	0	0
Purchases, sales, issuances and settlements
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending Balance	1	1	1	1
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Fair Value Assets and Liabilities Measure on a Recurring Basis Gain Loss Included in Earnings (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Assets and Liabilities Measured on a Recurring Basis Gain Loss Included in Earnings [Line Items]
Total (losses) gains included in net income	$ (185)	$ (244)	$ (491)	$ 261
Total unrealized (losses) gains	(4)	(5)	25	706
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	(103)	(29)	(275)	517
Total unrealized (losses) gains	113	209	261	1,047
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	(82)	(216)	(218)	(257)
Total unrealized (losses) gains	(117)	(215)	(236)	(342)
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	1	0	1
Total unrealized (losses) gains	$ 0	$ 1	$ 0	$ 1

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Fair Value Inputs Assets Quantitative Information (Details) - Level 3 $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Cash collateral received	$ 454	$ 462
Economic Hedges
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Mark-to-market derivatives—Economic hedges	$ (142)	$ 407
Economic Hedges | Minimum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	3.49	9.64
Forward gas price	0.80	1.20
Economic Hedges | Minimum | Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.26	0.23
Economic Hedges | Maximum | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	178	216
Forward gas price	14	14
Economic Hedges | Maximum | Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.88	2
Economic Hedges | Average | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Forward power price	48	48
Forward gas price	3.38	3.09
Economic Hedges | Average | Option Model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Volatility percentage	0.51	0.87

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Commercial Commitments (Details) $ in Millions	Jun. 30, 2024 USD ($)
Guarantor Obligations [Line Items]
Total	$ 2,911
2024	2,193
2025	589
2026	1
2027	9
2028	118
2029 and beyond	1
Letters of credit
Guarantor Obligations [Line Items]
Total	2,175
2024	1,672
2025	374
2026	1
2027	9
2028	118
2029 and beyond	1
Surety bonds
Guarantor Obligations [Line Items]
Total	736
2024	521
2025	215
2026	0
2027	0
2028	0
2029 and beyond	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) Open_claim	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 129	$ 131
Accounts Payable and Accrued Liabilities
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	56	61
Other Liabilities
Commitments and Contingencies [Line Items]
Accrued undiscounted amounts	161	$ 88
Open Claims
Commitments and Contingencies [Line Items]
Estimated liabilities for asbestos-related bodily injury claims	$ 16
Number of claims | Open_claim	207
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		3 Months Ended				6 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 06, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased		$ 505	$ 504	$ 252	$ 251
Capital Allocation Plan
Equity, Class of Treasury Stock [Line Items]
Value of stock authorized for repurchase	$ 3,000								$ 2,000
Increase in value of stock authorized for repurchase	$ 1,000
Common stock repurchased (in shares)				3		1.2	6.2
Common stock repurchased				$ 252		$ 150	$ 503
Shares received, percentage of agreement cost		80%				80%
Capital Allocation Plan | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Remaining repurchase amount								$ 991

Shareholders' Equity - ASR Agre

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

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 11,560	$ 11,286	$ 11,086	$ 11,372	$ 11,286	$ 11,372
Other comprehensive income (loss), net of income taxes	19	11	8	(48)	30	(40)
Ending balance	11,781	11,560	11,612	11,086	11,781	11,612
Gains (losses) on Cash Flow Hedges
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(10)	(10)	(9)	(9)	(10)	(9)
OCI before reclassifications	0		(1)		0	(1)
Amounts reclassified from AOCI	2		1		2	1
Other comprehensive income (loss), net of income taxes	2		0		2	0
Ending balance	(8)	(10)	(9)	(9)	(8)	(9)
Pension and Non-Pension Postretirement Benefit Plan Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,143)	(2,157)	(1,773)	(1,725)	(2,157)	(1,725)
OCI before reclassifications	(2)		0		(5)	(53)
Amounts reclassified from AOCI	20		5		37	10
Other comprehensive income (loss), net of income taxes	18		5		32	(43)
Ending balance	(2,125)	(2,143)	(1,768)	(1,773)	(2,125)	(1,768)
Foreign Currency Items
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(27)	(24)	(26)	(26)	(24)	(26)
OCI before reclassifications	(1)		3		(4)	3
Amounts reclassified from AOCI	0		0		0	0
Other comprehensive income (loss), net of income taxes	(1)		3		(4)	3
Ending balance	(28)	(27)	(23)	(26)	(28)	(23)
Total
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(2,180)	(2,191)	(1,808)	(1,760)	(2,191)	(1,760)
OCI before reclassifications	(3)		2		(9)	(51)
Amounts reclassified from AOCI	22		6		39	11
Other comprehensive income (loss), net of income taxes	19		8		30	(40)
Ending balance	$ (2,161)	$ (2,180)	$ (1,800)	$ (1,808)	$ (2,161)	$ (1,800)

Shareholders' Equity - Income T

Shareholders' Equity - Income Taxes Allocated to Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Actuarial loss reclassified to periodic benefit cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ (6)	$ (3)	$ (12)	$ (5)
Pension and non-pension postretirement benefit plans valuation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension and non-pension postretirement benefit plans	$ 0	$ 0	$ 2	$ 18

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Current assets
Cash and cash equivalents		$ 311	$ 368	$ 269
Restricted cash and cash equivalents		72	86	$ 56
Accounts receivable
Customer accounts receivable, net		1,578	1,934
Other accounts receivable, net		633	917
Inventories, net
Materials and supplies		1,241	1,216
Other current assets		2,394	1,655
Total current assets		7,852	8,299
Property, plant, and equipment, net		21,973	22,116
Other noncurrent assets		2,610	1,910
Total assets	[1]	51,340	50,758
Current liabilities
Long-term debt due within one year		1,035	121
Accounts payable and accrued expenses		2,422	2,612
Other current liabilities		371	338
Total current liabilities		5,801	6,319
Long-term debt		7,409	7,496
Other noncurrent liabilities		1,640	1,125
Total deferred credits and other liabilities		26,349	25,657
Total liabilities	[1]	39,559	39,472
Variable Interest Entity, Primary Beneficiary
Current assets
Cash and cash equivalents		56	48
Restricted cash and cash equivalents		57	47
Accounts receivable
Customer accounts receivable, net		29	19
Other accounts receivable, net		9	10
Inventories, net
Materials and supplies		13	14
Other current assets		1,596	1,249
Total current assets		1,760	1,387
Property, plant, and equipment, net		1,968	1,979
Other noncurrent assets		154	166
Total noncurrent assets		2,122	2,145
Total assets		3,882	3,532
Current liabilities
Long-term debt due within one year		64	63
Accounts payable and accrued expenses		55	31
Other current liabilities		0	0
Total current liabilities		119	94
Long-term debt		676	704
Asset retirement obligations		195	190
Other noncurrent liabilities		2	2
Total deferred credits and other liabilities		873	896
Total liabilities		992	990
Unamortized energy contract assets, current		22	22
Unamortized energy contract assets, noncurrent		$ 144	$ 155
[1] Our consolidated assets include $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - Constellation Energy Generation, LLC	Jun. 30, 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		Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	[1]	$ 51,340	$ 50,758
Total liabilities	[1]	39,559	39,472
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		680	704
Total liabilities		64	77
Our ownership interest in VIE		0	0
Other ownership interests in VIE		616	627
Commercial Agreement VIEs | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		680	704
Total liabilities		64	77
Our ownership interest in VIE		0	0
Other ownership interests in VIE		616	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 $3,716 million and $3,355 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $992 million and $990 million at June 30, 2024 and December 31, 2023, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.

Supplemental Financial Inform_3

Supplemental Financial Information - Summary of Taxes other than income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Operating lease income	$ 13	$ 13	$ 17	$ 17
Variable lease income	68	66	119	124
Gross receipts	32	35	65	68
Property	73	65	139	121
Payroll	$ 35	$ 36	$ 73	$ 70

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Decommissioning-related activities:
Regulatory Agreement Units	$ 91	$ 135	$ 257	$ 449
Non-Regulatory Agreement Units	32	91	115	285
Regulatory Agreement Units	(14)	56	211	85
Non-Regulatory Agreement Units	5	27	139	45
Regulatory offset to NDT fund-related activities	(63)	(154)	(375)	(429)
Total decommissioning-related activities	51	155	347	435
Non-service net periodic benefit credit	(4)	14	(6)	27
Net unrealized (losses) gains from equity investments	(58)	419	(11)	414
Other	17	17	38	43
Total Other, net	$ 6	$ 605	$ 368	$ 919

Supplemental Financial Inform_5

Supplemental Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Depreciation, amortization, and accretion
Property, plant, and equipment			$ 590	$ 531
Amortization of intangible assets, net			12	11
Nuclear fuel			433	373
ARO accretion			336	287
Total depreciation, amortization, and accretion			1,388	1,219
Other non-cash operating activities
Other decommissioning related-activity			(246)	(217)
Energy-related options			30	121
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	$ 17	$ 26	32	46
Amortization of operating ROU asset			25	24
Long-term incentive plan			15	34
Pension and non-pension postretirement benefit costs			56	23
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	311	269	311	269	$ 368
Restricted cash and cash equivalents	72	56	72	56	86
Total cash, restricted cash, and cash equivalents	383	325	383	325	454	$ 528
Constellation Energy Generation, LLC
Depreciation, amortization, and accretion
Total depreciation, amortization, and accretion			1,388	1,219
Other non-cash operating activities
Other decommissioning related-activity			(246)	(217)
Energy-related options			30	121
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale			32	46
Amortization of operating ROU asset			25	24
Long-term incentive plan			0	0
Pension and non-pension postretirement benefit costs			56	23
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	308	269	308	269	366
Restricted cash and cash equivalents	64	48	64	48	74
Total cash, restricted cash, and cash equivalents	$ 372	$ 317	372	317	$ 440	$ 501
Unamortized Energy Contracts
Depreciation, amortization, and accretion
Amortization of energy contract assets and liabilities			$ 17	$ 17

Supplemental Financial Inform_6

Supplemental Financial Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Line Items]
Accounts payable	$ 1,360	$ 1,302
Compensation-related accruals	536	680
Taxes accrued	201	399
Nuclear PTCs
Supplemental Balance Sheet Information [Line Items]
Estimated nuclear PTCs credits used	102
Constellation Energy Generation, LLC
Supplemental Balance Sheet Information [Line Items]
Accounts payable	1,348	1,289
Compensation-related accruals	402	576
Taxes accrued	$ 183	$ 390