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… and other markets in which we operate, there has been a rise in interest rates during 2021 through 2023, and interest rates are expected to remain volatile in the near term. As discussed in Item 7A. - Quantitative and Qualitative Disclosures …

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

Given our long-term debt obligations, the Company is subject to interest rate risk on debt balances that accrue interest at variable rates. When possible, the Company will borrow funds at fixed interest rates or hedge its variable

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

Entergy and its subsidiaries have in the past, and may in the future, enter into financial arrangements that are subject to variable interest rates and transactions to hedge variable interest rate risk associated with such financing arrangements, such as interest …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Entergy and its subsidiaries may not be adequately hedged against changes in commodity prices or interest rates, which could materially affect Entergy’s and its subsidiaries’ results of operations, financial condition, and liquidity.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

PPL and its subsidiaries issue debt to finance their operations, which exposes them to interest rate risk. A variety of financial derivative instruments are utilized to adjust the mix of fixed and floating interest rates in their debt portfolios, adjust …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Interest Rate Risk - Xcel Energy is subject to interest rate risk. Our risk management policy allows interest rate risk to be managed through the use of fixed rate debt, floating rate debt and interest rate derivatives.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… Higher interest rates on short-term borrowings with variable interest rates could also have an adverse effect on our operating results.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Duke Energy had $6.4 billion of unhedged long- and short-term floating interest rate exposure at December 31, 2025. The impact of a 100-basis point change in interest rates on pretax income is approximately $64 million at December 31, 2025. This amount was estimated by considering the impact of the hypothetical interest rates on variable-rate securities outstanding, adjusted for interest rate hedges as of December 31, 2025.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

Duke Energy is exposed to risk resulting from changes in interest rates as a result of its issuance or anticipated issuance of variable and fixed-rate debt and commercial paper. Duke Energy manages interest rate exposure by limiting variable-rate …

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

• actions from the Federal Reserve, including changes in interest rates and unanticipated actions;

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• changes in interest rates and their impact on costs of borrowing and the valuation of CenterPoint Energy’s pension benefit obligation;

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

(a) Corporate and Other includes $67 million of unrealized mark-to-market net losses on interest rate swaps.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

(a) Corporate and Other includes $53 million of unrealized mark-to-market net gains on interest rate swaps.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

As of December 31, 2025, the Company had entered into six treasury lock agreements, with a term of 10 years or 30 years and an aggregate notional amount totaling $200 million, to reduce interest rate exposure on expected future debt …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

As of December 31, 2025, the Company had entered into six treasury lock agreements, with a term of 10 years or 30 years and an aggregate notional amount totaling $ 200 million, to reduce interest rate exposure on expected future debt …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

We have near-term exposure to interest rates from outstanding short-term indebtedness indexed to variable interest rates, and we have exposure to future interest rates to the extent we seek to raise long-term debt in the capital markets …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

The Registrants' exposure to fluctuations in market interest rates is largely mitigated as all long-term debt, with the exception of the credit facilities, has fixed interest rates, as noted in the table below. However, the Registrants are subject to the inherent interest rate risks related to refinancing maturing debt by issuing new debt securities.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

We are exposed to interest rate risk resulting from our short-term and long-term borrowings and projected near-term debt financing needs. We manage exposure to interest rate risk by limiting the amount of our variable rate obligations and continually monitoring the effects of market changes on interest rates. When it is advantageous to do so, we enter into long-term fixed rate debt. We may also enter into derivative financial instruments, such as swaps, to mitigate interest rate exposure.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Based on the variable rate debt outstanding at December 31, 2025 and 2024, a hypothetical increase in market interest rates of one percentage point would have increased annual interest expense by $19.2 million and $11.2 million in 2025 and 2024, respectively. This sensitivity analysis was performed assuming a constant level of variable rate debt during the period and an immediate increase in interest rates, with no other changes for the remainder of the period.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

We are subject to market risks beyond our control, including (i) commodity price volatility caused by market supply and demand dynamics, counterparty performance, or counterparty creditworthiness and (ii) interest rate risk. We are generally insulated from commodity price risk through …

Item 1A, Risk Factors, 10-K Nov 14, 2025open_in_new

Our pension and other postretirement benefit plans are subject to investment and interest rate risk that could negatively impact our financial condition.

Item 1A, Risk Factors, 10-K Nov 14, 2025open_in_new

… In order to increase the predictability of interest expense, we may use interest rate hedges to help limit our exposure to fluctuating interest rates and fix a portion of our interest rate exposure for anticipated long-term financing plans at …

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

• general economic and capital market conditions, including but not limited to, prevailing interest rates;

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… 500 million in aggregate principal amount of commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities. While the amount of outstanding commercial paper does not reduce …

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

… A decline in the market value of the assets or a change in the level of interest rates used to measure the required minimum funding levels could significantly increase the funding requirements of these obligations. Also, changes in demographics, including …

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

… Exelon Corporate utilizes interest rate swaps to manage interest rate risk on existing and planned future debt issuances. The fair value of the swaps is calculated by discounting the future net cash flows to the present value based on the …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

To the extent interest rates decline significantly or the pension and OPEB plans earn less than the expected asset returns, annual pension contribution requirements in future years could increase. Conversely, to the extent interest rates increase significantly or the pension …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

(b) Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

(a) The interest rate for long-term debt redemptions prior to October 2025 were based on SOFR + 2.25%. Beginning in October 2025, these redemptions are based on SOFR + 2.00%.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Edison International and SCE are exposed to changes in interest rates primarily as a result of financing, investing and borrowing activities used for liquidity purposes, and to fund business operations and capital investments. The nature and amount of Edison International …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Edison International's and SCE's primary market risks include fluctuations in interest rates, commodity prices and volumes, investment prices, and counterparty credit.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… If variable interest rates were to increase by 10% from the December 31, 2025, levels, it would not have a material effect on Pinnacle West Consolidated or APS Consolidated annual interest expense. The interest rates presented in the tables below …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

The tables below present contractual balances of APS’s long-term and short-term debt at the expected maturity dates, as well as the fair value of those instruments on December 31, 2025, and 2024. The interest rates presented in the tables below represent the weighted-average interest rates as of December 31, 2025, and 2024 (dollars in millions):

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

DTE Energy's strategy is to have a targeted debt portfolio blend of fixed and variable interest rates and maturity. DTE Energy targets balance sheet financial metrics to ensure it is consistent with the objective of a strong investment grade debt rating.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Outlook - Corporate and Other will continue to support DTE Energy's goals to achieve long-term earnings growth by managing corporate costs such as interest and tax expense. Corporate and Other will also continue to support DTE Energy in achieving a strong balance sheet, access to capital markets, and implementation of a financing plan that includes interest rate management in order to manage interest costs.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

• a $5.6 million decrease in interest expense on short-term borrowings primarily due to lower weighted-average interest rates; and

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

• a $4.9 million increase due to lower debt AFUDC driven by lower short-term interest rates in 2025; partially offset by

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

NRG is exposed to changes in interest rates through the Company's issuance of debt. To manage the Company's interest rate risk, NRG enters into interest rate swap agreements and treasury locks. In order to qualify the derivative instruments for hedged transactions, NRG estimates the forecasted borrowings for interest rate swaps occurring within a specified time period.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

• exposing NRG to the risk of increased interest rates because certain of its borrowings are at variable rates of interest.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Interest rate risk sensitivity analysis is used to measure interest rate risk by computing estimated changes in cash flows as a result of assumed changes in market interest rates. At December 31, 2025 and 2024, if interest rates changed by …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• increasing their vulnerability to general adverse economic and industry conditions, including increases in interest rates, particularly given their substantial indebtedness that bears interest at variable rates, as well as to catastrophic events such as wildfires; and

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Interest Rate - Alliant Energy, IPL and WPL are exposed to risk resulting from changes in interest rates associated with variable-rate borrowings. In addition, Alliant Energy and IPL are exposed to risk resulting from changes in interest rates on cash …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Market Risk Sensitive Instruments and Positions - Primary market risk exposures are associated with commodity prices, counterparty credit risk, investment prices and interest rates. Risk management policies are used to monitor and assist in mitigating these market risks and derivative instruments …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

We are exposed to interest rate risk as a result of changes in interest rates on borrowings under our revolving credit agreement, commercial paper program, and accounts receivable programs, which have interest rates that are indexed to short-term market …

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

• Adverse economic and market conditions, including increases in inflation or interest rates, recession or changes in investor sentiment could materially and adversely affect our business, results of operations, cash flows, financial condition and liquidity.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… access to these sources of liquidity becomes constrained, our ability to implement our business strategy could be adversely affected. Interest rate increases on future credit facilities and debt offerings could be higher than current levels, causing our financing costs to …

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… Eversource parent charges interest on these intercompany loans at the same weighted-average interest rate as its commercial paper program. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

The Companies monitor the financial markets closely, including borrowing rates and daily cash collections. Increases in aged accounts receivable balances, inflationary pressure and higher interest rates have increased the amount of capital needed by the Utilities and the costs of such capital. See "Interest Rate Risk," below, "Aged Accounts Receivable Balances," above and "Capital Resources," below.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Higher interest rates have resulted in increased interest expense on commercial paper, variable-rate debt and long-term debt issuances.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.