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Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

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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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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