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v3.26.1

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2026
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| June 30, 2026 |  | December 31, 2025
| (In millions)
Cash and cash equivalents | $ | 251 |  |  | $ | 231 |
Restricted cash | 292 |  |  | 587 |
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 543 |  |  | $ | 818 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| June 30, 2026 |  | December 31, 2025
| (In millions)
Cash and cash equivalents | $ | 251 |  |  | $ | 231 |
Restricted cash | 292 |  |  | 587 |
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 543 |  |  | $ | 818 |
Schedule of Accumulated Depreciation and Amortization | The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets for power purchase agreements, net and other intangible assets, net:
| June 30, 2026 |  | December 31, 2025
| (In millions)
Property, Plant and Equipment Accumulated Depreciation | $ | 5,030 |  |  | $ | 4,673 |
Intangible Assets Accumulated Amortization | 1,485 |  |  | 1,382 |
Schedule of Redeemable Noncontrolling Interests | The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:
|  | (In millions)
Balance at December 31, 2025 |  | $ | 103 |
Cash contributions from redeemable noncontrolling interests, net of distributions |  | 245 |
Non-cash contribution from redeemable noncontrolling interests |  | 6 |
Comprehensive loss attributable to redeemable noncontrolling interests |  | (230) |
Balance at June 30, 2026 |  | $ | 124 |
Schedule of Disaggregation of Revenue | The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
| Three months ended June 30, 2026
(In millions) | Flexible Generation |  | Renewables & Storage |  |  |  | Total
Energy revenue (a) | $ | 8 |  |  | $ | 389 |  |  |  |  | $ | 397 |
Capacity revenue (a) | 66 |  |  | 42 |  |  |  |  | 108 |
Other revenues | — |  |  | 25 |  |  |  |  | 25 |
Contract amortization | (4) |  |  | (47) |  |  |  |  | (51) |
Mark-to-market for economic hedges | 16 |  |  | (14) |  |  |  |  | 2 |
Total operating revenues | 86 |  |  | 395 |  |  |  |  | 481 |
Less: Contract amortization | 4 |  |  | 47 |  |  |  |  | 51 |
Less: Mark-to-market for economic hedges | (16) |  |  | 14 |  |  |  |  | (2) |
Less: Lease revenue | (25) |  |  | (293) |  |  |  |  | (318) |
Total revenue from contracts with customers | $ | 49 |  |  | $ | 163 |  |  |  |  | $ | 212 |
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions) | Flexible Generation |  | Renewables & Storage |  | Total
Energy revenue | $ | — |  |  | $ | 258 |  |  | $ | 258 |
Capacity revenue | 25 |  |  | 35 |  |  | 60 |
Total | $ | 25 |  |  | $ | 293 |  |  | $ | 318 |
| Three months ended June 30, 2025
(In millions) | Flexible Generation |  | Renewables & Storage |  |  |  |  |  | Total
Energy revenue (a) | $ | 5 |  |  | $ | 333 |  |  |  |  |  |  | $ | 338 |
Capacity revenue (a) | 68 |  |  | 22 |  |  |  |  |  |  | 90 |
Other revenues | 1 |  |  | 21 |  |  |  |  |  |  | 22 |
Contract amortization | (4) |  |  | (41) |  |  |  |  |  |  | (45) |
Mark-to-market for economic hedges | (20) |  |  | 7 |  |  |  |  |  |  | (13) |
Total operating revenues | 50 |  |  | 342 |  |  |  |  |  |  | 392 |
Less: Contract amortization | 4 |  |  | 41 |  |  |  |  |  |  | 45 |
Less: Mark-to-market for economic hedges | 20 |  |  | (7) |  |  |  |  |  |  | 13 |
Less: Lease revenue | (29) |  |  | (244) |  |  |  |  |  |  | (273) |
Total revenue from contracts with customers | $ | 45 |  |  | $ | 132 |  |  |  |  |  |  | $ | 177 |
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions) | Flexible Generation |  | Renewables & Storage |  | Total
Energy revenue | $ | — |  |  | $ | 232 |  |  | $ | 232 |
Capacity revenue | 29 |  |  | 12 |  |  | 41 |
Total | $ | 29 |  |  | $ | 244 |  |  | $ | 273 |
| Six months ended June 30, 2026
(In millions) | Flexible Generation |  | Renewables & Storage |  |  |  |  |  | Total
Energy revenue (a) | $ | 15 |  |  | $ | 643 |  |  |  |  |  |  | $ | 658 |
Capacity revenue (a) | 131 |  |  | 74 |  |  |  |  |  |  | 205 |
Other revenues | 1 |  |  | 40 |  |  |  |  |  |  | 41 |
Contract amortization | (9) |  |  | (92) |  |  |  |  |  |  | (101) |
Mark-to-market for economic hedges | 9 |  |  | 23 |  |  |  |  |  |  | 32 |
Total operating revenues | 147 |  |  | 688 |  |  |  |  |  |  | 835 |
Less: Contract amortization | 9 |  |  | 92 |  |  |  |  |  |  | 101 |
Less: Mark-to-market for economic hedges | (9) |  |  | (23) |  |  |  |  |  |  | (32) |
Less: Lease revenue | (54) |  |  | (472) |  |  |  |  |  |  | (526) |
Total revenue from contracts with customers | $ | 93 |  |  | $ | 285 |  |  |  |  |  |  | $ | 378 |
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions) | Flexible Generation |  | Renewables & Storage |  | Total
Energy revenue | $ | 1 |  |  | $ | 413 |  |  | $ | 414 |
Capacity revenue | 53 |  |  | 59 |  |  | 112 |
Total | $ | 54 |  |  | $ | 472 |  |  | $ | 526 |
| Six months ended June 30, 2025
(In millions) | Flexible Generation |  | Renewables & Storage |  |  |  | Total
Energy revenue (a) | $ | 11 |  |  | $ | 575 |  |  |  |  | $ | 586 |
Capacity revenue (a) | 132 |  |  | 43 |  |  |  |  | 175 |
Other revenues | 2 |  |  | 40 |  |  |  |  | 42 |
Contract amortization | (9) |  |  | (80) |  |  |  |  | (89) |
Mark-to-market for economic hedges | (18) |  |  | (6) |  |  |  |  | (24) |
Total operating revenues | 118 |  |  | 572 |  |  |  |  | 690 |
Less: Contract amortization | 9 |  |  | 80 |  |  |  |  | 89 |
Less: Mark-to-market for economic hedges | 18 |  |  | 6 |  |  |  |  | 24 |
Less: Lease revenue | (58) |  |  | (425) |  |  |  |  | (483) |
Total revenue from contracts with customers | $ | 87 |  |  | $ | 233 |  |  |  |  | $ | 320 |
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions) | Flexible Generation |  | Renewables & Storage |  | Total
Energy revenue | $ | 1 |  |  | $ | 400 |  |  | $ | 401 |
Capacity revenue | 57 |  |  | 25 |  |  | 82 |
Total | $ | 58 |  |  | $ | 425 |  |  | $ | 483 |
Schedule of Contract Balances | The following table reflects the contract assets included on the Company’s consolidated balance sheets:
| June 30, 2026 |  | December 31, 2025
| (In millions)
Accounts receivable, net - Contracts with customers | $ | 141 |  |  | $ | 76 |
Accounts receivable, net - Leases | 155 |  |  | 86 |
Total accounts receivable, net | $ | 296 |  |  | $ | 162 |

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