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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2026
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, 2026, 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 |  | $ | 10,266 |  |  | 2058
Foreign currency: |  |  |  |
Chilean peso |  | 199 |  |  | 2028
Colombian peso |  | 187 |  |  | 2028
Euro |  | 91 |  |  | 2028
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity (2)
Natural Gas (in MMBtu) |  | 73 |  |  | 2029
Power (in MWhs) (2) |  | 37 |  |  | 2040
____________________________ (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, 2026 |  | December 31, 2025
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 277 |  |  | $ | — |  |  | $ | 277 |  |  | $ | 279 |  |  | $ | — |  |  | $ | 279 |
Foreign currency derivatives | 6 |  |  | 1 |  |  | 7 |  |  | 11 |  |  | 13 |  |  | 24 |
Commodity derivatives | 7 |  |  | 176 |  |  | 183 |  |  | 4 |  |  | 182 |  |  | 186 |
Total assets | $ | 290 |  |  | $ | 177 |  |  | $ | 467 |  |  | $ | 294 |  |  | $ | 195 |  |  | $ | 489 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 59 |
Foreign currency derivatives | — |  |  | 36 |  |  | 36 |  |  | 4 |  |  | 24 |  |  | 28 |
Commodity derivatives | 35 |  |  | 111 |  |  | 146 |  |  | 46 |  |  | 151 |  |  | 197 |
Total liabilities | $ | 74 |  |  | $ | 147 |  |  | $ | 221 |  |  | $ | 109 |  |  | $ | 175 |  |  | $ | 284 |
| June 30, 2026 |  | December 31, 2025
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 255 |  |  | $ | 112 |  |  | $ | 261 |  |  | $ | 154 |
Noncurrent | 212 |  |  | 109 |  |  | 228 |  |  | 130 |
Total | $ | 467 |  |  | $ | 221 |  |  | $ | 489 |  |  | $ | 284 |
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 on the Company’s derivative instruments for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2026 |  | 2025 |  | 2026 |  | 2025
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives | $ | 85 |  |  | $ | (19) |  |  | $ | 77 |  |  | $ | (185) |
Foreign currency derivatives | 31 |  |  | 3 |  |  | 30 |  |  | 7 |
Commodity derivatives | (2) |  |  | (30) |  |  | 18 |  |  | — |
Total | $ | 114 |  |  | $ | (46) |  |  | $ | 125 |  |  | $ | (178) |
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives — Interest expense | $ | (1) |  |  | $ | (6) |  |  | $ | (4) |  |  | $ | 9 |
Foreign currency derivatives — Foreign currency transaction gains (losses) | 1 |  |  | 2 |  |  | 3 |  |  | 5 |
Commodity derivatives — Cost of sales—Non-Regulated | 3 |  |  | 1 |  |  | 3 |  |  | 3 |
Total | $ | 3 |  |  | $ | (3) |  |  | $ | 2 |  |  | $ | 17 |
Gains reclassified from AOCL to earnings due to change in forecast | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Gains (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency derivatives — Foreign currency transaction gains (losses) | $ | (7) |  |  | $ | (7) |  |  | $ | (6) |  |  | $ | (9) |
Commodity derivatives — Revenue—Non-Regulated | 41 |  |  | (62) |  |  | 74 |  |  | (39) |
Commodity derivatives — Cost of sales—Non-Regulated | — |  |  | (9) |  |  | 8 |  |  | (14) |
Total | $ | 34 |  |  | $ | (78) |  |  | $ | 76 |  |  | $ | (62) |
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 |  |
Six Months Ended June 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |  | Pre-tax Loss
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Mong Duong (3) | 3/31/2025 |  | 383 |  |  | — |  |  | 371 |  |  | — |  |  | 17 |
_____________________________ (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. AES Clean Energy Development Projects — On a quarterly basis, the Company reviews the status of development projects to identify projects that are no longer viable and will be abandoned. The fair value of each abandoned project with no salvage value is determined to be zero as there are no future projected cash flows, resulting in a full write-off of the carrying value of project development intangibles and capitalized development costs incurred. The Company recognized $38 million and $117 million of pre-tax asset impairment expense related to AES Clean Energy Development Projects during the six months ended June 30, 2026 and 2025, respectively. See Note 16—Asset Impairment Expense for further information. 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 of May 31, 2025, due to delays in closing the transaction and the pending expiration of the agreement in November 2025, the Company determined Mong Duong no longer met the held-for-sale criteria and the asset group was reclassified as held and used. During the six months ended June 30, 2025, the Company recognized a $243 million increase in the carrying value of the Mong Duong asset group 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, and the elimination of $4 million in net estimated costs to sell from the measurement of the asset group. Upon reclassification out of held-for-sale, the loan receivable was remeasured at amortized cost and individual non-loan assets were remeasured at the lower of (i) carrying value before Mong Duong was classified as held for sale, adjusted for any depreciation expense or impairment losses that would have been recognized had the asset been continuously classified as held and used, or (ii) fair value at the date of the subsequent determination that held-for-sale criteria was no longer met. See Note 16—Asset Impairment Expense for further information.
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 periods indicated, but for which fair value is disclosed:
|  | June 30, 2026
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 807 |  |  | $ | 807 |  |  | $ | — |  |  | $ | — |  |  | $ | 807 |
Liabilities: | Non-recourse debt | 25,222 |  |  | 26,335 |  |  | — |  |  | 23,294 |  |  | 3,041 |
| Recourse debt | 6,100 |  |  | 5,087 |  |  | — |  |  | 5,087 |  |  | — |
|  | December 31, 2025
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 855 |  |  | $ | 955 |  |  | $ | — |  |  | $ | — |  |  | $ | 955 |
Liabilities: | Non-recourse debt | 23,178 |  |  | 23,749 |  |  | — |  |  | 20,448 |  |  | 3,301 |
| Recourse debt | 5,984 |  |  | 5,003 |  |  | — |  |  | 5,003 |  |  | — |
_____________________________ (1)For both periods presented, amounts primarily relate to the Mong Duong loan receivable, payment deferrals granted to mining customers as part of our green blend agreements in Chile, and the sale of the Redondo Beach land. These are included in Loan receivable and Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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