Segment Reporting

9 Months Ended

Sep. 30, 2020

The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss).


	Three months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	116	$	157	$	59	$	—	$	332
Cost of operations	21		33		41		—		95
Depreciation, amortization and accretion	34		61		7		—		102

General and administrative	—		—		1		8		9
Transaction and integration costs	—		—		—		1		1
Development costs	—		—		2		—		2
Operating income (loss)	61		63		8		(9)		123
Equity in earnings of unconsolidated affiliates	3		16		—		—		19

Other income, net	1		—		(1)		—		—
Loss on debt extinguishment	—		(6)		—		—		(6)
Interest expense	(17)		(39)		(6)		(23)		(85)
Income (loss) before income taxes	48		34		1		(32)		51
Income tax expense	—		—		—		9		9
Net Income (Loss)	$	48	$	34	$	1	$	(41)	$	42
Total Assets	$	2,615	$	6,210	$	627	$	273	$	9,725


	Three months ended September 30, 2019
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	90	$	151	$	55	$	—	$	296
Cost of operations	13		35		36		—		84
Depreciation, amortization and accretion	26		81		7		—		114

General and administrative	—		1		1		5		7

Development costs	—		—		1		—		1
Operating income (loss)	51		34		10		(5)		90
Equity in earnings of unconsolidated affiliates	3		35		—		—		38
Other income, net	—		2		—		—		2

Interest expense	(13)		(65)		(5)		(23)		(106)
Income (loss) before income taxes	41		6		5		(28)		24
Income tax benefit	—		—		—		(11)		(11)
Net Income (Loss)	$	41	$	6	$	5	$	(17)	$	35


	Nine months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	326	$	444	$	149	$	—	$	919
Cost of operations	67		108		100		—		275
Depreciation, amortization and accretion	100		182		21		—		303

General and administrative	—		1		4		25		30
Transaction and integration costs	—		—		—		2		2
Development costs	—		—		4		—		4
Operating income (loss)	159		153		20		(27)		305
Equity in earnings of unconsolidated affiliates	6		16		—		—		22
Gain on sale of unconsolidated affiliate	—		—		—		49		49
Other income, net	1		1		—		—		2
Loss on debt extinguishment	—		(6)		—		(3)		(9)
Interest expense	(69)		(190)		(16)		(70)		(345)
Income (loss) before income taxes	97		(26)		4		(51)		24
Income tax expense	—		—		—		13		13
Net Income (Loss)	$	97	$	(26)	$	4	$	(64)	$	11


	Nine months ended September 30, 2019
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	253	$	392	$	152	$	—	$	797
Cost of operations	44		102		99		—		245
Depreciation, amortization and accretion	75		194		20		—		289
Impairment losses	—		—		19		—		19
General and administrative	—		1		2		17		20
Transaction and integration costs	—		—		—		2		2
Development costs	—		—		4		—		4
Operating income (loss)	134		95		8		(19)		218
Equity in earnings of unconsolidated affiliates	7		45		—		—		52
Other income, net	1		4		—		1		6
Loss on debt extinguishment	—		(1)		—		—		(1)
Interest expense	(45)		(213)		(13)		(66)		(337)
Income (loss) before income taxes	97		(70)		(5)		(84)		(62)
Income tax benefit	—		—		—		(14)		(14)
Net Income (Loss)	$	97	$	(70)	$	(5)	$	(70)	$	(48)