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Held-for-Sale and Dispositions (Notes) | 6 Months Ended
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Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES | HELD-FOR-SALE AND DISPOSITIONS Held-for-Sale JK Projects — In April 2025, the Company executed an agreement to contribute the Jemeiwaa Ka’I wind projects (“JK Projects”) to two trusts. In May 2026, the Company completed the contribution of two of the JK Projects, JK1 and JK2, to one of the trusts. See Dispositions below and Note 7—Investments in and Advances to Affiliates for further information. As of June 30, 2026, the contribution of the remaining JK Projects has not been completed and they continue to be classified as held-for-sale but do not meet the criteria to be reported as discontinued operations. These projects are expected to be contributed to the trusts in late 2026 or early 2027. Since the fair value less costs to sell exceeded the carrying value of the disposal group, no impairment was recorded. On a consolidated basis, the carrying value of the remaining JK Projects held-for-sale as of June 30, 2026 was $10 million, consisting primarily of intangible assets. The JK Projects are reported in the Renewables SBU reportable segment. Mong Duong — In November 2023, the Company entered into an agreement to sell its entire 51% ownership interest in Mong Duong 2, a coal-fired plant in Vietnam, and 51% equity interest in Mong Duong Finance Holdings B.V., an SPV accounted for as an equity affiliate (collectively "Mong Duong"). As a result, Mong Duong was classified as held-for-sale but did not meet the criteria to be reported as discontinued operations. The sale was subject to regulatory approval, and due to delays in closing the transaction and the pending expiration of the agreement, the Company determined the sale was no longer probable and that Mong Duong no longer met the held-for-sale criteria as of May 31, 2025. As a result, Mong Duong was classified as held and used as of June 30, 2026. The Company recorded an increase in the carrying value of the Mong Duong asset group primarily due to the derecognition of a $239 million valuation allowance on the loan receivable accounted for under ASC 310, which had been recognized in Asset impairment expense between December 31, 2023 and March 31, 2025 while Mong Duong was classified as held-for-sale. The agreement expired in November 2025 and the sale did not close. See Note 16—Asset Impairment Expense for further information. Mong Duong is reported in the Energy Infrastructure SBU reportable segment. Dispositions JK Projects — In May 2026, the Company completed the contribution of two of the JK Projects, JK1 and JK2, to a trust, receiving proceeds of $25 million. After closing the transaction, the Company retained 51% ownership in the trust, which is accounted for as an equity method investment. The transaction resulted in a pre-tax gain on sale of $24 million reported in Gain on disposal and sale of business interests. See Note 7—Investments in and Advances to Affiliates for further information. The JK Projects are reported in the Renewables SBU reportable segment. Dominican Republic Renewables — In June 2025, the Company completed the sale of 50% of its interest in AES DR Renewables Holdings, S.L. and its subsidiaries (collectively “Dominican Republic Renewables”), whose main objective is the operation and administration of energy generation assets from primary energy resources. Of the sale price of $103 million, the Company received cash proceeds of $100 million in July 2025. The Company retained a 50% ownership interest in Dominican Republic Renewables after the sale and the business was deconsolidated and accounted for as an equity method investment. The transaction resulted in a pre-tax gain on sale of $70 million reported in Gain on disposal and sale of business interests, of which $37 million was related to remeasurement of the Company’s retained interest to its fair value. See Note 7—Investments in and Advances to Affiliates for further information. Dominican Republic Renewables is reported in the Renewables SBU reportable segment. Ventanas — In January 2025, the Company completed the sale of its 100% ownership interest in Empresa Electrica Ventanas SpA and Nucleo SpA (collectively “Ventanas”), owner of a coal-fired energy generation facility in Chile, for $5 million. An immaterial loss on sale was recognized as a result of this transaction. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Ventanas was reported in the Energy Infrastructure SBU reportable segment.

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