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Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs | 6 Months Ended
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Jun. 30, 2020
Variable Interest Entities Disclosure [Abstract] |
Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs | Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs Entities that are not Consolidated NRG accounts for the Company's significant investments using the equity method of accounting. NRG's carrying value of equity investments can be impacted by a number of elements including impairments, unrealized gains and losses on derivatives and movements in foreign currency exchange rates. PG&E Bankruptcy — Agua Caliente and two of the three Ivanpah units are party to PPAs with PG&E. Both projects have project financing with the U.S. DOE. On January 29, 2019, PG&E Corp. and primary operating subsidiary utility PG&E filed for Chapter 11 relief in the California Bankruptcy Court. As a result of the bankruptcy filing, Agua Caliente and the two Ivanpah units were issued notices of events of default under their respective loan agreements. On September 9, 2019, PG&E filed a plan of reorganization that would assume all power purchase agreements, including those held by Agua Caliente and the two Ivanpah units. The California Bankruptcy Court approved the PG&E plan and the Confirmation Order was entered on June 19, 2020. The plan went effective, and PG&E emerged from bankruptcy on July 1, 2020. On July 22, 2020 and July 24, 2020, the U.S. DOE agreed to waivers of the bankruptcy-related events of default with respect to the Agua Caliente and Ivanpah projects, respectively. The Company is working with the U.S. DOE and the partners on the Agua Caliente and Ivanpah projects to resume distributions from the projects in the near future. NRG renewed its efforts to sell its 35% interest in Agua Caliente in July 2020, following PG&E's emergence from bankruptcy. NRG's maximum exposure to loss is limited to its equity investment, which was $220 million for Agua Caliente and $10 million for Ivanpah as of June 30, 2020. Variable Interest Entities that are Consolidated The Company has a controlling financial interest in certain entities that have been identified as VIEs under ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third-parties in order to finance the cost of solar energy systems under operating leases eligible for certain tax credits as further described in Note 2, Summary of Significant Accounting Policies, to the Company's 2019 Form 10-K. During the first quarter of 2020, the Company repurchased its partners' equity interest in one of the partnerships. As the Company retains control of its interest, the repurchase was recorded to equity. The summarized financial information for the Company's consolidated VIEs consisted of the following:
(In millions) | June 30, 2020 |  | December 31, 2019
Current assets | $ | 1 |  |  | $ | 3 |
Net property, plant and equipment | — |  |  | 71 |
Other long-term assets | 25 |  |  | 27 |
Total assets | 26 |  |  | 101 |
Current liabilities | 4 |  |  | 4 |
Long-term debt | 24 |  |  | 24 |
Other long-term liabilities | 4 |  |  | 8 |
Total liabilities | 32 |  |  | 36 |
Redeemable noncontrolling interest | — |  |  | 20 |
Net assets less noncontrolling interest | $ | (6) |  |  | $ | 45 |

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