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Derivative Instruments and Hedging Activity (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of the fair values included in balance sheets | The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at September 30, 2023 and December 31, 2022, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets.
|  | September 30, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(a) |  | Total
|  | (millions)
Assets: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | 309 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 297 |
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | (2) |  |  | 5 |
Total derivative assets |  |  |  |  |  |  |  |  |  | $ | 302 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 3 |
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | (2) |  |  | 9 |
Total derivative liabilities |  |  |  |  |  |  |  |  |  | $ | 12 |
Net fair value by balance sheet line item: |  |  |  |  |  |  |  |  |  |
Current derivative assets |  |  |  |  |  |  |  |  |  | $ | 82 |
Noncurrent derivative assets |  |  |  |  |  |  |  |  |  | 220 |
Total derivative assets |  |  |  |  |  |  |  |  |  | $ | 302 |
Current other liabilities |  |  |  |  |  |  |  |  |  | $ | 9 |
Noncurrent other liabilities |  |  |  |  |  |  |  |  |  | 3 |
Total derivative liabilities |  |  |  |  |  |  |  |  |  | $ | 12 |
|  | December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(a) |  | Total
|  | (millions)
Assets: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | 459 |  |  | $ | — |  |  | $ | (26) |  |  | $ | 433 |
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | (2) |  |  | 1 |
Total derivative assets |  |  |  |  |  |  |  |  |  | $ | 434 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | (26) |  |  | $ | 11 |
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | (2) |  |  | 3 |
Total derivative liabilities |  |  |  |  |  |  |  |  |  | $ | 14 |
Net fair value by balance sheet line item: |  |  |  |  |  |  |  |  |  |
Current derivative assets |  |  |  |  |  |  |  |  |  | $ | 65 |
Noncurrent derivative assets |  |  |  |  |  |  |  |  |  | 369 |
Total derivative assets |  |  |  |  |  |  |  |  |  | $ | 434 |
Current other liabilities |  |  |  |  |  |  |  |  |  | $ | 12 |
Noncurrent other liabilities |  |  |  |  |  |  |  |  |  | 2 |
Total derivative liabilities |  |  |  |  |  |  |  |  |  | $ | 14 |
____________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements.
Schedule of gains (losses) related to interest rate contracts | Gains (losses) related to NEP's derivatives are recorded in NEP's condensed consolidated financial statements as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (millions)
Interest rate contracts – interest expense | $ | 97 |  |  | $ | 201 |  |  | $ | (1) |  |  | $ | 978 |
Commodity contracts – operating revenues | $ | 5 |  |  | $ | 1 |  |  | $ | (4) |  |  | $ | 1 |

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