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Investments Accounted for by the Equity Method and Variable Interest Entities | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments Accounted for by the Equity Method and Variable Interest Entities | Investments Accounted for by the Equity Method and Variable Interest Entities 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. On June 1, 2022, the Company sold its 49% ownership in the Watson natural gas generating facility for $59 million as further described in Note 4, Acquisitions and Dispositions. On September 14, 2022, the Company sold its 50% ownership in Petra Nova natural gas generating facility. The following table summarizes NRG's equity method investments as of December 31, 2022:
(In millions, except percentages) |  |  |
Name: | Economic Interest |  | Investment Balance
Gladstone | 37.5 | % |  | $ | 128 |
Ivanpah Master Holdings, LLC(a) | 54.5 | % |  | — |
Midway-Sunset Cogeneration Company | 50.0 | % |  | 5 |
Total equity investments in affiliates |  | $ | 133 |
(a) The equity method of accounting for Ivanpah has been suspended based on losses generated by the project, including the impact of debt service and depreciation The following table summarizes the undistributed earnings from NRG's equity method investments as of December 31, 2022:
| As of December 31,
(In millions) | 2022 |  | 2021
Undistributed earnings | $ | 42 |  |  | $ | 33 |
Other Equity Investments Gladstone — Through a joint venture, NRG owns a 37.5% interest in Gladstone, a 1,613 MW coal-fueled power generation facility in Queensland, Australia. The power generation facility is managed by the joint venture participants and the facility is operated by NRG. Operating expenses incurred in connection with the operation of the facility are funded by each of the participants in proportion to their ownership interests. Coal is sourced from local mines in Queensland. NRG and the joint venture participants receive their respective share of revenues directly from the off takers in proportion to the ownership interests in the joint venture. Power generated by the facility is primarily sold to an adjacent aluminum smelter, with excess power sold to the Queensland Government-owned utility under long-term supply contracts. NRG's investment in Gladstone was $128 million as of December 31, 2022. Entities that are Consolidated The Company has a controlling financial interest that has been identified as a VIE under ASC 810 in NRG Receivables LLC, which has entered into financing transactions related to the Receivables Facility as further described in Note 13, Long-term Debt and Finance Leases. The summarized financial information for the Company's consolidated VIEs consisted of the following:
(In millions) | December 31, 2022 |  | December 31, 2021
Accounts receivable and Other current assets | $ | 2,108 |  |  | $ | 939 |
Current liabilities | 152 |  |  | 78 |
Net assets | $ | 1,956 |  |  | $ | 861 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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