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Revenue (Notes) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contracts with Customers [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions):
| Three Months Ended September 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Corporate, Other and Eliminations |  | Total
Non-Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 756 |  |  | $ | 22 |  |  | $ | 1,312 |  |  | $ | — |  |  | $ | (54) |  |  | $ | 2,036 |
Other non-regulated revenue (1) | 61 |  |  | 1 |  |  | 171 |  |  | — |  |  | — |  |  | 233 |
Total non-regulated revenue | 817 |  |  | 23 |  |  | 1,483 |  |  | — |  |  | (54) |  |  | 2,269 |
Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | — |  |  | 1,075 |  |  | — |  |  | — |  |  | — |  |  | 1,075 |
Other regulated revenue | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Total regulated revenue | — |  |  | 1,082 |  |  | — |  |  | — |  |  | — |  |  | 1,082 |
Total revenue | $ | 817 |  |  | $ | 1,105 |  |  | $ | 1,483 |  |  | $ | — |  |  | $ | (54) |  |  | $ | 3,351 |
| Three Months Ended September 30, 2024
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Corporate, Other and Eliminations |  | Total
Non-Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 676 |  |  | $ | 23 |  |  | $ | 1,422 |  |  | $ | 1 |  |  | $ | (41) |  |  | $ | 2,081 |
Other non-regulated revenue (1) | 78 |  |  | 1 |  |  | 192 |  |  | — |  |  | — |  |  | 271 |
Total non-regulated revenue | 754 |  |  | 24 |  |  | 1,614 |  |  | 1 |  |  | (41) |  |  | 2,352 |
Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | — |  |  | 929 |  |  | — |  |  | — |  |  | — |  |  | 929 |
Other regulated revenue | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Total regulated revenue | — |  |  | 937 |  |  | — |  |  | — |  |  | — |  |  | 937 |
Total revenue | $ | 754 |  |  | $ | 961 |  |  | $ | 1,614 |  |  | $ | 1 |  |  | $ | (41) |  |  | $ | 3,289 |
| Nine Months Ended September 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Corporate, Other and Eliminations |  | Total
Non-Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 2,014 |  |  | $ | 65 |  |  | $ | 3,770 |  |  | $ | — |  |  | $ | (172) |  |  | $ | 5,677 |
Other non-regulated revenue (1) | 113 |  |  | 3 |  |  | 339 |  |  | — |  |  | — |  |  | 455 |
Total non-regulated revenue | 2,127 |  |  | 68 |  |  | 4,109 |  |  | — |  |  | (172) |  |  | 6,132 |
Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | — |  |  | 2,978 |  |  | — |  |  | — |  |  | — |  |  | 2,978 |
Other regulated revenue | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |
Total regulated revenue | — |  |  | 3,000 |  |  | — |  |  | — |  |  | — |  |  | 3,000 |
Total revenue | $ | 2,127 |  |  | $ | 3,068 |  |  | $ | 4,109 |  |  | $ | — |  |  | $ | (172) |  |  | $ | 9,132 |
| Nine Months Ended September 30, 2024
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Corporate, Other and Eliminations |  | Total
Non-Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | $ | 1,839 |  |  | $ | 65 |  |  | $ | 4,128 |  |  | $ | 1 |  |  | $ | (116) |  |  | $ | 5,917 |
Other non-regulated revenue (1) | 177 |  |  | 3 |  |  | 557 |  |  | — |  |  | — |  |  | 737 |
Total non-regulated revenue | 2,016 |  |  | 68 |  |  | 4,685 |  |  | 1 |  |  | (116) |  |  | 6,654 |
Regulated Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue from contracts with customers | — |  |  | 2,641 |  |  | — |  |  | — |  |  | — |  |  | 2,641 |
Other regulated revenue | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Total regulated revenue | — |  |  | 2,662 |  |  | — |  |  | — |  |  | — |  |  | 2,662 |
Total revenue | $ | 2,016 |  |  | $ | 2,730 |  |  | $ | 4,685 |  |  | $ | 1 |  |  | $ | (116) |  |  | $ | 9,316 |
_______________________________ (1) Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $258 million and $237 million as of September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025 and 2024, we recognized revenue of $22 million and $77 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. In June 2023, the Company closed on an agreement to terminate the PPA for the Warrior Run coal-fired power plant for total consideration of $357 million, to be paid by the offtaker through the end of the previous contract term in January 2030. Under the termination agreement, the plant provided capacity through May 2024. The termination represented a contract modification under which the discounted termination payments, as well as a pre-existing contract liability, were recognized as revenue on a straight-line basis over the remaining performance obligation period for approximately $32 million per month. On February 1, 2024, the Company executed a receivable sale agreement to transfer all of its rights, title, and interest in the remaining future cash flows under this agreement. At the time of execution, the transaction was considered a sale of future revenue under U.S. GAAP, and as such, the net proceeds of $273 million were recorded as debt. Upon completion of the remaining performance obligation in May 2024, the corresponding receivable balance of $267 million, net of valuation allowance of $7 million, and the remaining debt balance of $260 million were derecognized upon accounting for the transaction as a sale of receivables. A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a build, operate, and transfer contract and sold to the Vietnamese government, while we remain the operator for the duration of the 25-year PPA. The performance obligation to construct the facility was substantially completed in 2015. Contract consideration related to the construction, but not yet collected through the 25-year PPA, was reflected on the Condensed Consolidated Balance Sheet. As of December 31, 2024, Mong Duong met the held-for-sale criteria and the loan receivable balance of $963 million was classified in held-for-sale assets. As of September 30, 2025, Mong Duong no longer met the held-for-sale criteria. Of the loan receivable balance of $874 million, $93 million was classified in Other current assets and $781 million in Loan receivable on the Condensed Consolidated Balance Sheets. See Note 18—Held-for-Sale and Dispositions for further information. Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of September 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations was $435 million, primarily consisting of fixed consideration in long-term contracts in the U.S. We expect to recognize revenue of approximately $60 million in the remainder of 2025, $251 million in 2026, $120 million in 2027, and the remainder thereafter

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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