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Summary of Significant Accounting and Reporting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting and Reporting Policies . Summary of Significant Accounting and Reporting Policies
Restricted Cash – At September 30, 2023 and December 31, 2022, NEP had approximately $49 million and $49 million, respectively, of restricted cash included in current other assets on NEP's condensed consolidated balance sheets. Restricted cash at September 30, 2023 and December 31, 2022 is primarily related to an operating cash reserve. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds.

Property, Plant and Equipment – Property, plant and equipment consists of the following:

September 30, 2023December 31, 2022
(millions)
Property, plant and equipment, gross$18,172 $17,039 
Accumulated depreciation(2,479)(2,090)
Property, plant and equipment – net$15,693 $14,949 

Noncontrolling Interests – At September 30, 2023, noncontrolling interests on NEP's condensed consolidated balance sheets primarily reflect the Class B noncontrolling ownership interests (the Class B noncontrolling ownership interests in NEP Renewables II, NEP Pipelines, STX Midstream, Genesis Holdings, NEP Renewables III and NEP Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.4% noncontrolling interest in NEP OpCo, NEER's approximately 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling interest in Sunlight Renewables Holdings and NEER's 51% noncontrolling interest in Emerald Breeze (see Note 1), non-affiliated parties' 10% interest in one of the Texas pipelines and 50% interest in Star Moon Holdings and the non-economic ownership interests. The impact of the net income (loss) attributable to the differential membership interests and the Class B noncontrolling ownership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income attributable to NEP based on the respective ownership percentage of NEP OpCo. Details of the activity in noncontrolling interests are below:
 Class B Noncontrolling Ownership Interests
Differential Membership Interests
NEE's Indirect Noncontrolling Ownership Interests(a)
Other Noncontrolling Ownership InterestsTotal Noncontrolling
Interests
Three months ended September 30, 2023(millions)
Balances, June 30, 2023$4,722 $4,300 $840 $1,108 $10,970 
Net income (loss) attributable to noncontrolling interests84 (148)114 29 79 
Distributions, primarily to related parties— (1)(109)(17)(127)
Differential membership investment contributions, net of distributions
— 85 — — 85 
Payments to Class B noncontrolling interest investors
(33)— — — (33)
Reclassification of redeemable noncontrolling interests— 105 — — 105 
Exercise of Class B noncontrolling interest buyout right(201)— — — (201)
Other
2 (1)2 (4)(1)
Balances, September 30, 2023$4,574 $4,340 $847 $1,116 $10,877 
Nine months ended September 30, 2023
Balances, December 31, 2022$5,031 $4,359 $891 $1,065 $11,346 
Acquisition of subsidiaries with differential membership interests— 165 — — 165 
Acquisition of subsidiary with noncontrolling ownership interest— — 72 — 72 
Net income (loss) attributable to noncontrolling interests255 (506)157 72 (22)
Distributions, primarily to related parties— — (291)(35)(326)
Changes in non-economic ownership interests— — — 11 11 
Differential membership investment contributions, net of distributions— 126 — — 126 
Payments to Class B noncontrolling interest investors
(122)— — — (122)
Sale of differential membership interest— 92 — — 92 
Reclassification of redeemable noncontrolling interests— 105 — — 105 
Exercise of Class B noncontrolling interest buyout right(590)— — — (590)
Other— (1)18 3 20 
Balances, September 30, 2023$4,574 $4,340 $847 $1,116 $10,877 
————————————
(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze.
 Class B Noncontrolling Ownership InterestsDifferential Membership Interests
NEE's Indirect Noncontrolling Ownership Interests(a)
Other Noncontrolling Ownership InterestsTotal Noncontrolling
Interests
Three months ended September 30, 2022(millions)
Balances, June 30, 2022$4,225 $3,069 $403 $1,042 $8,739 
Acquisition of subsidiary with differential membership interests
— 147 — — 147 
Acquisition of subsidiary with noncontrolling ownership interests— — 95 — 95 
Net income (loss) attributable to noncontrolling interests76 (115)154 36 151 
Distributions, primarily to related parties— — (91)(24)(115)
Differential membership investment contributions, net of distributions
— 82 — — 82 
Payments to Class B noncontrolling interest investors(41)— — — (41)
Reclassification of redeemable noncontrolling interests— 93 — — 93 
Other— — (1)1 — 
Balances, September 30, 2022$4,260 $3,276 $560 $1,055 $9,151 
Nine months ended September 30, 2022
Balances, December 31, 2021$3,783 $3,150 $(38)$966 $7,861 
Sale of Class B noncontrolling interest – net(b)
408 — — — 408 
Acquisition of subsidiary with differential membership interests
— 147 — — 147 
Acquisition of subsidiary with noncontrolling ownership interests— — 95 — 95 
Related party note receivable— — 1 — 1 
Net income (loss) attributable to noncontrolling interests214 (431)756 112 651 
Other comprehensive income— — 1 — 1 
Distributions, primarily to related parties— — (251)(31)(282)
Changes in non-economic ownership interests, net of distributions— — — 1 1 
Differential membership investment contributions, net of distributions
— 106 — — 106 
Payments to Class B noncontrolling interest investors(144)— — — (144)
Reclassification of redeemable noncontrolling interests— 304 — — 304 
Other(1)— (4)7 2 
Balances, September 30, 2022$4,260 $3,276 $560 $1,055 $9,151 
————————————
(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State and Sunlight Renewables Holdings.
(b)Represents NEP Renewables III final funding.

Redeemable Noncontrolling Interests – In connection with the December 2021 acquisition from NEER, NEP recorded redeemable noncontrolling interests of approximately $321 million relating to certain contingencies whereby NEP may have been obligated to either redeem interests of third-party investors in certain projects which were under construction or return proceeds to third-party investors in certain projects. During the three months ended March 31, 2022, the construction of projects was completed which resolved one of the contingencies and the redeemable noncontrolling interests amount related to the completion of the projects was reclassified to noncontrolling interests. During the three months ended September 30, 2022, legislation was enacted establishing a solar PTC, which substantially resolved the contingencies related to the return of proceeds and resulted in $93 million of redeemable noncontrolling interests being reclassified to noncontrolling interests.

In connection with the sale of differential membership interests to a third-party investor in December 2022, NEP recorded redeemable noncontrolling interests of approximately $101 million relating to certain contingencies whereby NEP may have been obligated to reacquire all or a portion of the third-party investor's interests in an under construction project. During the three months ending September 30, 2023, the construction of the project was completed which resolved the contingencies and the redeemable noncontrolling interests amount of approximately $105 million was reclassified to noncontrolling interests.
Goodwill and Indefinite-Lived Intangible Assets – Goodwill and indefinite-lived intangible assets are assessed for impairment at least annually or whenever an event indicating impairment may have occurred. As a result of the significant decline in trading price of NEP’s common units during the final three trading days of the third quarter of 2023, NEP tested its goodwill for impairment by applying a fair value-based analysis using an assessment date of September 30, 2023 and determined, based on the results, that its goodwill was not impaired. NEP will continue to monitor its goodwill carrying value for future impairments.

Disposal of Pipeline – In April 2022, subsidiaries of NEP sold all of their ownership interests in an approximately 156-mile, 16-inch pipeline that transports natural gas in Texas to a third party for total consideration of approximately $203 million. Approximately $70 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in STX Midstream.

Disposal of Wind Project – In January 2023, a subsidiary of NEP completed the sale of a 62 MW wind project located in Barnes County, North Dakota for approximately $50 million, subject to working capital and other adjustments. 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 8 – Class B Noncontrolling Interests). At December 31, 2022, the carrying amounts of the major classes of assets related to the wind project of approximately $51 million, which primarily represent property, plant and equipment – net, were classified as held for sale and included in current other assets on NEP's condensed consolidated balance sheet and liabilities associated with assets held for sale of approximately $1 million were included in current other liabilities on NEP's condensed consolidated balance sheet.
Disposal of Texas Pipelines – In November 2023, a subsidiary of NEP entered into a purchase and sale agreement (PSA) pursuant to which NEP agreed to sell its ownership interests in the Texas pipelines. NEP plans for the sale to close during the first half of 2024 for total cash consideration of $1.815 billion, subject to repayment of STX Holdings indebtedness and certain adjustments. The transaction is subject to the receipt of Hart-Scott-Rodino anti-trust approval, satisfactory amendments to certain contracts and satisfaction of customary closing conditions. NEP expects to use a portion of the proceeds from the sale to pay off the STX Holdings outstanding debt, pay down the NEP OpCo credit facility for the amounts borrowed to buy out the Class B membership interests in STX Midstream (see Note 7 and Note 8 – Class B Noncontrolling Interests) and to buy out the Class B membership interests in NEP Renewables II that are expected to occur over the next two years.