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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate And Cross Currency Derivatives By Type Table | The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of June 30, 2025, and the dates through which the maturities for each type of derivative range:
Interest Rate and Foreign Currency Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity (1)
Interest rate |  | $ | 11,441 |  |  | 2058
Foreign currency: |  |  |  |
Colombian peso |  | 180 |  |  | 2027
Euro |  | 153 |  |  | 2026
Chilean peso |  | 141 |  |  | 2028
Mexican peso |  | 77 |  |  | 2026
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 260 |  |  | 2029
Power (in MWhs) (2) |  | 65 |  |  | 2040
Coal (in Metric Tons) |  | 4 |  |  | 2028
_____________________________ (1)Maturity dates are consistent for both designated and non-designated positions. (2)Includes one contract designated as a cash flow hedge with a final maturity date in 2038.
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of the Company’s derivative assets and liabilities as of the dates indicated (in millions):
Fair Value | June 30, 2025 |  | December 31, 2024
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 181 |  |  | $ | 2 |  |  | $ | 183 |  |  | $ | 349 |  |  | $ | — |  |  | $ | 349 |
Foreign currency derivatives | 11 |  |  | 34 |  |  | 45 |  |  | 16 |  |  | 45 |  |  | 61 |
Commodity derivatives | — |  |  | 220 |  |  | 220 |  |  | 4 |  |  | 274 |  |  | 278 |
Total assets (1) | $ | 192 |  |  | $ | 256 |  |  | $ | 448 |  |  | $ | 369 |  |  | $ | 319 |  |  | $ | 688 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 76 |  |  | $ | — |  |  | $ | 76 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Foreign currency derivatives | 4 |  |  | 21 |  |  | 25 |  |  | 10 |  |  | 8 |  |  | 18 |
Commodity derivatives | 27 |  |  | 227 |  |  | 254 |  |  | 29 |  |  | 226 |  |  | 255 |
Total liabilities (1) | $ | 107 |  |  | $ | 248 |  |  | $ | 355 |  |  | $ | 54 |  |  | $ | 234 |  |  | $ | 288 |
| June 30, 2025 |  | December 31, 2024
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 302 |  |  | $ | 199 |  |  | $ | 369 |  |  | $ | 170 |
Noncurrent | 146 |  |  | 156 |  |  | 319 |  |  | 118 |
Total (1) | $ | 448 |  |  | $ | 355 |  |  | $ | 688 |  |  | $ | 288 |
_____________________________ (1)Includes $3 million of derivative assets reported in Current held-for-sale assets and $3 million of derivative liabilities reported in Current held-for-sale liabilities on the Condensed Consolidated Balance Sheets related to Dominican Republic Renewables as of December 31, 2024.
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives | $ | (19) |  |  | $ | 115 |  |  | $ | (185) |  |  | $ | 340 |
Foreign currency derivatives | 3 |  |  | (1) |  |  | 7 |  |  | (10) |
Commodity derivatives | (30) |  |  | — |  |  | — |  |  | 28 |
Total | $ | (46) |  |  | $ | 114 |  |  | $ | (178) |  |  | $ | 358 |
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives — Interest expense | $ | (6) |  |  | $ | (31) |  |  | $ | 9 |  |  | $ | (30) |
Foreign currency derivatives — Foreign currency transaction gains (losses) | 2 |  |  | 1 |  |  | 5 |  |  | 2 |
Commodity derivatives — Cost of sales—Non-Regulated | 1 |  |  | — |  |  | 3 |  |  | — |
Total | $ | (3) |  |  | $ | (30) |  |  | $ | 17 |  |  | $ | (28) |
Gains (losses) on fair value hedging relationships |  |  |  |  |  |  |
Cross-currency derivatives |  |  |  |  |  |  |
Derivatives designated as hedging instruments | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | (6) |
Hedged items | — |  |  | (48) |  |  | — |  |  | (5) |
Total | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | (11) |
Gains reclassified from AOCL to earnings due to change in forecast | $ | — |  |  | $ | 11 |  |  | $ | 8 |  |  | $ | 11 |
Gain (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate derivatives — Interest expense | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Foreign currency derivatives — Foreign currency transaction gains (losses) | (7) |  |  | 45 |  |  | (9) |  |  | 58 |
Commodity derivatives — Revenue—Non-Regulated | (62) |  |  | 17 |  |  | (39) |  |  | 112 |
Commodity derivatives — Cost of sales—Non-Regulated | (9) |  |  | (15) |  |  | (14) |  |  | (19) |
Total | $ | (78) |  |  | $ | 48 |  |  | $ | (62) |  |  | $ | 152 |
Fair Value Measurements, Recurring and Nonrecurring | The following table summarizes our major categories of asset groups measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions):
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Six Months Ended June 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Mong Duong (3) | 3/31/2025 |  | $ | 383 |  |  | $ | — |  |  | $ | 371 |  |  | $ | — |  |  | $ | 17 |
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  |
Six Months Ended June 30, 2024 |  | Level 1 |  | Level 2 |  | Level 3 |  | Pre-tax Loss
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Mong Duong | 3/31/2024 |  | $ | 450 |  |  | $ | — |  |  | $ | 413 |  |  | $ | — |  |  | $ | 37 |
AES Brasil (4) | 5/15/2024 |  | 1,577 |  |  | — |  |  | 1,565 |  |  | — |  |  | 25 |
Mong Duong (3) | 6/30/2024 |  | 390 |  |  | — |  |  | 389 |  |  | — |  |  | 6 |
_____________________________ (1)Represents the carrying values of the asset groups at the dates of measurement, before fair value adjustment. (2)See Note 18—Held-for-Sale and Dispositions for further information. (3)The pre-tax loss recognized was calculated using the fair value of the Mong Duong disposal group less costs to sell of $5 million. (4)The pre-tax loss recognized was calculated using the fair value of the AES Brasil disposal group less costs to sell of $13 million. A subsequent impairment analysis was performed as of June 30, 2024 and no additional impairment was identified.
Fair Value Of Financial Instruments Not Carried At Fair Value [Table Text Block] | The following table presents (in millions) the carrying amount, fair value, and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the dates indicated, but for which fair value is disclosed:
|  | June 30, 2025
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 893 |  |  | $ | 1,007 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,007 |
Liabilities: | Non-recourse debt | 23,865 |  |  | 24,525 |  |  | — |  |  | 22,035 |  |  | 2,490 |
| Recourse debt | 5,792 |  |  | 4,735 |  |  | — |  |  | 4,735 |  |  | — |
|  | December 31, 2024
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 87 |  |  | $ | 171 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |
Liabilities: | Non-recourse debt | 22,743 |  |  | 23,066 |  |  | — |  |  | 20,981 |  |  | 2,085 |
| Recourse debt | 5,704 |  |  | 4,538 |  |  | — |  |  | 4,538 |  |  | — |
_____________________________ (1)These amounts primarily relate to the sale of the Redondo Beach land, payment deferrals granted to mining customers as part of our green blend agreements in Chile, fair value of the Argentine FONINVEMEM receivables, and as of June 30, 2025, the Mong Duong loan receivable. These are included in Other noncurrent assets and Loan receivable in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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