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Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Equity | Equity Distributions – On October 23, 2023, the board of directors of NEP authorized a distribution of $0.8675 per common unit payable on November 14, 2023 to its common unitholders of record on November 6, 2023. Earnings Per Unit – Diluted earnings per unit is calculated based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of convertible notes. The dilutive effect of the 2022 convertible notes, 2021 convertible notes and the 2020 convertible notes is computed using the if-converted method. The reconciliation of NEP's basic and diluted earnings per unit for the three and nine months ended September 30, 2023 and 2022 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
| (millions, except per unit amounts) |
Numerator – Net income attributable to NEP | $ | 53 |  |  | $ | 79 |  |  | $ | 88 |  |  | $ | 443 |  |
Denominator: |  |  |  |  |  |  |  |
Weighted-average number of common units outstanding – basic | 93.4 |  |  | 85.1 |  |  | 91.0 |  |  | 84.3 |  |
Dilutive effect of convertible notes | — |  |  | 0.5 |  |  | — |  |  | 0.1 |  |
Weighted-average number of common units outstanding and assumed conversions | 93.4 |  |  | 85.6 |  |  | 91.0 |  |  | 84.4 |  |
Earnings per unit attributable to NEP: |  |  |  |  |  |  |  |
Basic | $ | 0.57 |  |  | $ | 0.93 |  |  | $ | 0.96 |  |  | $ | 5.25 |  |
Assuming dilution | $ | 0.57 |  |  | $ | 0.93 |  |  | $ | 0.96 |  |  | $ | 5.25 |  |
ATM Program – During the three months ended September 30, 2023, NEP did not issue any common units under its at-the-market equity issuance program (ATM program). During the nine months ended September 30, 2023, NEP issued approximately 5.1 million common units under the ATM program for net proceeds of approximately $314 million. NEP most recently renewed its ATM program in March 2023. During the three and nine months ended September 30, 2022, NEP issued approximately 1.8 million common units under the ATM program, for net proceeds of approximately $145 million. Fees related to the ATM program were approximately $3 million for the nine months ended September 30, 2023 and $1 million for the three and nine months ended September 30, 2022. Common Unit Issuances – During the three months ended September 30, 2023, NEE Equity did not exchange any NEP OpCo common units for NEP common units. During the nine months ended September 30, 2023, NEP issued approximately 1.7 million NEP common units upon NEE Equity's exchange of NEP OpCo common units on a one-for-one basis. During the three and nine months ended September 30, 2022, NEP issued approximately 0.8 million NEP common units upon NEE Equity's exchange of NEP OpCo common units on a one-for-one basis. Class B Noncontrolling Interests – In January 2023, NEP sold its ownership interests in one wind project with a net generating capacity of approximately 62 MW to a third party and approximately $45 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in NEP Renewables II (see Note 10 – Disposal of Wind Project). In March 2023, relating to the December 2022 acquisition, a wind generation facility in New York with net generating capacity of approximately 54 MW was transferred to NEP Renewables IV. See Note 1. In 2019, a subsidiary of NEP sold Class B membership interests in STX Midstream, NEP's subsidiary which owns the Texas pipelines, to a third-party investor. During the first half of 2023, NEP completed the buyout of 50% of the originally issued Class B membership interests in STX Midstream for a cumulative purchase price of approximately $390 million which was funded using proceeds generated from unit sales executed under the ATM program and draws on the STX Holdings revolving credit facility (see ATM Program above and Note 7). In September 2023, NEP exercised its option to purchase an additional 25% of the originally issued Class B membership interests in STX Midstream for aggregate cash consideration of approximately $201 million and, in October 2023, NEP exercised its option to purchase the final 25% for a purchase price of approximately $201 million which completes the entire buyout of the Class B membership interests in STX Midstream. The purchase price for the final two buyouts was funded primarily using draws on the NEP OpCo credit facility and the STX Holdings revolving credit facility (see Note 7). NEP entered into an agreement to sell its Texas pipelines and expects to use a portion of the proceeds from the sale to pay off the STX Holdings revolving credit facility and pay down the NEP OpCo credit facility for the amounts borrowed to buy out the Class B membership interests in STX Midstream (see Note 10 - Disposal of Texas Pipelines). Accumulated Other Comprehensive Income (Loss) – During the three and nine months ended September 30, 2023, NEP recognized less than $1 million and $1 million, respectively, of other comprehensive income related to equity method investees. During the three and nine months ended September 30, 2022, NEP recognized less than $1 million and $1 million, respectively, of other comprehensive income related to equity method investees. At September 30, 2023 and 2022, NEP's accumulated other comprehensive loss totaled approximately $16 million and $17 million, respectively, of which $9 million and $9 million, respectively, was attributable to noncontrolling interest and $7 million and $8 million, respectively, was attributable to NEP.

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