v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Revenue By Segment Table
The following tables present financial information by segment for the periods indicated (in millions):
Three Months Ended June 30, 2025
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue
$644 $954 $1,306 $— $2,904 
Corporate and other
43 
Eliminations
(92)
Total Revenue
$2,855 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
422 687 1,048 2 
Other segment items (2)
(18)71 4 15 
Segment Adjusted EBITDA
$240 $196 $254 $(17)$673 
Reconciliation to income from continuing operations before taxes
Corporate and other
11 
Eliminations
(3)
Interest expense
(352)
Interest income
70 
Depreciation, amortization, and accretion of AROs
(354)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries
253 
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates
(45)
Interest income recognized under service concession arrangements(14)
Unrealized derivatives, equity securities, and financial assets and liabilities losses
(133)
Unrealized foreign currency losses
(4)
Disposition/acquisition losses
(126)
Impairment reversals
87 
Loss on extinguishment of debt and troubled debt restructuring
(4)
Restructuring costs
(42)
Income from continuing operations before taxes
$17 
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the chief operating decision maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
Three Months Ended June 30, 2024
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue
$619 $896 $1,462 $— $2,977 
Corporate and other
40 
Eliminations
(75)
Total Revenue
$2,942 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
405 627 1,118 3 
Other segment items (2)
60 55 41 11 
Segment Adjusted EBITDA
$154 $214 $303 $(14)$657 
Reconciliation to income from continuing operations before taxes
Corporate and other
12 
Eliminations
(11)
Interest expense
(389)
Interest income
88 
Depreciation, amortization, and accretion of AROs
(315)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries
182 
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates
(28)
Interest income recognized under service concession arrangements(16)
Unrealized derivatives, equity securities, and financial assets and liabilities gains
53 
Unrealized foreign currency losses
(12)
Disposition/acquisition losses
(62)
Impairment losses(23)
Loss on extinguishment of debt and troubled debt restructuring
(18)
Income from continuing operations before taxes
$118 
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the chief operating decision maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
Six Months Ended June 30, 2025
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue
$1,310 $1,963 $2,626 $— $5,899 
Corporate and other
79 
Eliminations
(197)
Total Revenue
$5,781 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
888 1,417 2,098 3 
Other segment items (2)
21 127 20 39 
Segment Adjusted EBITDA
$401 $419 $508 $(42)$1,286 
Reconciliation to income from continuing operations before taxes
Corporate and other
(13)
Eliminations
(1)
Interest expense
(694)
Interest income
139 
Depreciation, amortization, and accretion of AROs
(691)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries
387 
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates
(81)
Interest income recognized under service concession arrangements(29)
Unrealized derivatives, equity securities, and financial assets and liabilities losses
(132)
Unrealized foreign currency gains
3 
Disposition/acquisition losses
(167)
Impairment reversals
54 
Loss on extinguishment of debt and troubled debt restructuring
(12)
Restructuring costs
(88)
Loss from continuing operations before taxes
$(39)
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the chief operating decision maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
Six Months Ended June 30, 2024
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUTotal
Revenue
$1,262 $1,769 $3,071 $— $6,102 
Corporate and other
73 
Eliminations
(148)
Total Revenue
$6,027 
Less:
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1)
864 1,269 2,250 4 
Other segment items (2)
133 104 162 27 
Segment Adjusted EBITDA
$265 $396 $659 $(31)$1,289 
Reconciliation to income from continuing operations before taxes
Corporate and other
20 
Eliminations
(11)
Interest expense
(746)
Interest income
193 
Depreciation, amortization, and accretion of AROs
(633)
Adjusted for:
Noncontrolling interests and redeemable stock of subsidiaries
346 
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates
(62)
Interest income recognized under service concession arrangements(33)
Unrealized derivatives, equity securities, and financial assets and liabilities gains
138 
Unrealized foreign currency losses
(3)
Disposition/acquisition losses
(19)
Impairment losses(49)
Loss on extinguishment of debt and troubled debt restructuring
(50)
Income from continuing operations before taxes
$380 
_____________________________
(1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the chief operating decision maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense.
(2)Other segment items for each reportable segment includes:
Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
Energy Infrastructure SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense.
New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
The Company uses long-lived assets as its measure of segment assets. Long-lived assets include amounts recorded in Property, plant and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Condensed Consolidated Balance Sheets.
Long-Lived AssetsJune 30, 2025December 31, 2024
Renewables SBU$21,136 $19,151 
Utilities SBU8,853 8,535 
Energy Infrastructure SBU5,091 5,805 
New Energy Technologies SBU25 22 
Corporate and Other24 25 
Long-Lived Assets35,129 33,538 
Current assets6,320 6,831 
Investments in and advances to affiliates1,091 1,124 
Debt service reserves and other deposits88 78 
Goodwill345 345 
Other intangible assets2,050 1,947 
Deferred income taxes402 365 
Loan receivable800 — 
Other noncurrent assets, excluding right-of-use assets for operating leases2,317 2,545 
Noncurrent held-for-sale assets
— 633 
Total Assets$48,542 $47,406 
Depreciation, Amortization, and Accretion of AROsThree Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Renewables SBU$138 $116 $267 $237 
Utilities SBU131 112 255 223 
Energy Infrastructure SBU83 84 164 168 
New Energy Technologies SBU1 1 1 1 
Corporate and Other1 2 4 4 
Total$354 $315 $691 $633 
Capital ExpendituresThree Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Renewables SBU$1,086 $1,185 $2,056 $2,713 
Utilities SBU232 414 492 862 
Energy Infrastructure SBU25 91 53 256 
New Energy Technologies SBU2 2 3 4 
Corporate and Other1 6 3 18 
Total$1,346 $1,698 $2,607 $3,853 
Interest IncomeThree Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Renewables SBU$20 $29 $41 $60 
Utilities SBU4 4 6 7 
Energy Infrastructure SBU41 48 82 113 
New Energy Technologies SBU2 2 4 3 
Corporate and Other3 5 6 10 
Total$70 $88 $139 $193 
Interest ExpenseThree Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Renewables SBU$119 $118 $250 $210 
Utilities SBU77 75 154 148 
Energy Infrastructure SBU76 127 150 261 
New Energy Technologies SBU— — — — 
Corporate and Other80 69 140 127 
Total$352 $389 $694 $746