CONSTELLATION ENERGY GENERATION LLC

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

CEG$249.95+4.3%Stored close · as of Nov 6, 2026

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Contents

16. Variable Interest Entities

Variable Interest Entities

At September 30, 2025 and December 31, 2024, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles.

Consolidated VIEs

The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of September 30, 2025 and December 31, 2024. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit.

	September 30, 2025	December 31, 2024
Cash and cash equivalents	$69	$59
Restricted cash and cash equivalents	51	50
Accounts receivable
Customer accounts receivable, net	2,225	2,134
Other accounts receivable, net	10	12
Inventories, net
Materials and supplies	13	13
Other current assets	32	38
Total current assets	2,400	2,306
Property, plant, and equipment, net	1,970	2,025
Other noncurrent assets	127	142
Total noncurrent assets	2,097	2,167
Total assets(a)	$4,497	$4,473
Long-term debt due within one year	$66	$64
Accounts payable and accrued expenses	37	54
Other current liabilities	3	—
Total current liabilities	106	118
Long-term debt	589	642
Asset retirement obligations	228	206
Other noncurrent liabilities	2	2
Total noncurrent liabilities	819	850
Total liabilities	$925	$968

(a)Our balances include unrestricted assets for current unamortized energy contract assets of $19 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $120 million and $133 million, disclosed within other noncurrent assets in the table above as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and December 31, 2024, 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 and gas.NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 7 —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 energy purchase and sale contracts. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements.

As of September 30, 2025 and December 31, 2024, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain commercial agreements.

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

Commercial Agreement VIEs:	September 30, 2025	December 31, 2024
Total assets(a)	$712	$617
Total liabilities(a)	90	42
Other ownership interests in VIE(a)	622	575

(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.

As of September 30, 2025 and December 31, 2024 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.

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