v2.4.0.6
Variable Interest Entities and Unconsolidated Investments (Tables)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2009
Variable Interest Entities and Unconsolidated Investments [Abstract]    
Income/Loss from Unconsolidated Investments in Power Plants and Distributions
Our equity interest in the net income from OMEC for the year ended December 31, 2009, and both Greenfield LP and Whitby for the years ended December 31, 2011, 2010 and 2009 are recorded in (income) from unconsolidated investments in power plants. The following table sets forth details of our (income) from unconsolidated investments in power plants for the years indicated (in millions):
 
(Income) from Unconsolidated
Investments in Power Plants
 
Distributions
 
2011
 
2010
 
2009
 
2011
 
2010
 
2009
OMEC(1)
$
—

 
$
—

 
$
(32
)
 
$
—

 
$
—

 
$
9

Greenfield LP
(12
)
 
(8
)
 
(16
)
 
2

 
6

 
9

Whitby
(9
)
 
(8
)
 
(2
)
 
4

 
5

 
2

Total
$
(21
)
 
$
(16
)
 
$
(50
)
 
$
6

 
$
11

 
$
20

___________
(1)
OMEC was consolidated effective January 1, 2010. See Note 2.
  
Equity Method Investment Summarized Financial Information Income Statement  
The condensed combined financial statements for our unconsolidated subsidiaries for the period in which OMEC was a significant unconsolidated subsidiary and was accounted for under the equity method of accounting is presented below (in millions):
Condensed Combined Statement of Operations
of Our Unconsolidated Subsidiaries
For the Year Ended December 31, 2009
 
 
2009
Revenues
$
256

Operating expenses
195

Income from operations
61

Interest (income) expense
2

Other (income) expense, net
5

Net income
$
54
Schedule of Equity Method Investments
At December 31, 2011 and 2010, our equity method investments included on our Consolidated Balance Sheets were comprised of the following (in millions):
 
 
Ownership Interest as of December 31, 2011
 
2011
 
2010
Greenfield LP
50%
 
72

 
77

Whitby
50%
 
8

 
3

Total investments
 
 
$
80

 
$
80

Our risk of loss related to our unconsolidated VIEs is limited to our investment balance. Holders of the debt of our unconsolidated investments do not have recourse to Calpine Corporation and its other subsidiaries; therefore, the debt of our unconsolidated investments is not reflected on our Consolidated Balance Sheets. At December 31, 2011 and 2010, equity method investee debt was approximately $462 million and $494 million, respectively, and based on our pro rata share of each of the investments, our share of such debt would be approximately $231 million and $247 million at December 31, 2011 and 2010, respectively.
Our equity