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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 251 $ 332
Restricted cash 390 401
Inventory 71 64
Derivative instruments 22 39
Prepayments and other current assets 87 67
Total current assets 1,059 1,067
Property, plant and equipment, net 11,296 9,944
Other Assets    
Equity investments in affiliates 301 309
Intangible assets for power purchase agreements, net 2,343 2,125
Other intangible assets, net 65 68
Deferred income taxes 26 0
Derivative instruments 113 136
Right-of-use assets, net 711 547
Other non-current assets 152 133
Total other assets 3,711 3,318
Total Assets 16,066 14,329
Current Liabilities    
Current portion of long-term debt 342 430
Derivative instruments 55 56
Accrued interest expense 36 53
Accrued expenses and other current liabilities 72 66
Total current liabilities 687 718
Other Liabilities    
Long-term debt 8,084 6,750
Deferred income taxes 21 89
Derivative instruments 319 315
Long-term lease liabilities 792 569
Other non-current liabilities 374 324
Total other liabilities 9,590 8,047
Total Liabilities 10,277 8,765
Redeemable noncontrolling interest in subsidiaries 74 0
Commitments and Contingencies
Stockholders’ Equity    
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued 0 0
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,195,425 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 83,266,680, Class D 41,576,142) at September 30, 2025 and 202,147,579 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,833,226, Class D 41,961,750) at December 31, 2024 1 1
Additional paid-in capital 1,689 1,805
Retained earnings 372 254
Accumulated other comprehensive (loss) income (13) 3
Noncontrolling interest 3,666 3,501
Total Stockholders’ Equity 5,715 5,564
Total Liabilities and Stockholders’ Equity 16,066 14,329
Nonrelated Party    
Current Assets    
Accounts receivable — trade 238 164
Current Liabilities    
Accounts payable — trade 152 82
Affiliated Entity    
Current Liabilities    
Accounts payable — affiliates $ 30 $ 31