v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
June 30, 2026December 31, 2025
(In millions)
Cash and cash equivalents$250 $231 
Restricted cash292 587 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$542 $818 
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
June 30, 2026December 31, 2025
(In millions)
Cash and cash equivalents$250 $231 
Restricted cash292 587 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$542 $818 
Schedule of Accumulated Depreciation and Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets for power purchase agreements, net and other intangible assets, net:
June 30, 2026December 31, 2025
(In millions)
Property, Plant and Equipment Accumulated Depreciation $5,030 $4,673 
Intangible Assets Accumulated Amortization1,485 1,382 
Schedule of Redeemable Noncontrolling Interest The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:
(In millions)
Balance at December 31, 2025$103 
Cash contributions from redeemable noncontrolling interests, net of distributions245 
Non-cash contribution from redeemable noncontrolling interests6 
Comprehensive loss attributable to redeemable noncontrolling interests(230)
Balance at June 30, 2026$124 
Schedule of Disaggregation of Revenue
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended June 30, 2026
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$8 $389 $397 
Capacity revenue (a)
66 42 108 
Other revenues— 25 25 
Contract amortization(4)(47)(51)
Mark-to-market for economic hedges16 (14)2 
Total operating revenues86 395 481 
Less: Contract amortization4 47 51 
Less: Mark-to-market for economic hedges(16)14 (2)
Less: Lease revenue(25)(293)(318)
Total revenue from contracts with customers
$49 $163 $212 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue$— $258 $258 
Capacity revenue25 35 60 
Total
$25 $293 $318 
Three months ended June 30, 2025
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$5 $333 $338 
Capacity revenue (a)
68 22 90 
Other revenues1 21 22 
Contract amortization(4)(41)(45)
Mark-to-market for economic hedges(20)7 (13)
Total operating revenues50 342 392 
Less: Contract amortization4 41 45 
Less: Mark-to-market for economic hedges20 (7)13 
Less: Lease revenue(29)(244)(273)
Total revenue from contracts with customers
$45 $132 $177 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue$— $232 $232 
Capacity revenue29 12 41 
Total
$29 $244 $273 
Six months ended June 30, 2026
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue(a)
$15 $643 $658 
Capacity revenue(a)
131 74 205 
Other revenues1 40 41 
Contract amortization(9)(92)(101)
Mark-to-market for economic hedges9 23 32 
Total operating revenues147 688 835 
Less: Contract amortization9 92 101 
Less: Mark-to-market for economic hedges(9)(23)(32)
Less: Lease revenue(54)(472)(526)
Total revenue from contracts with customers
$93 $285 $378 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue$1 $413 $414 
Capacity revenue53 59 112 
Total
$54 $472 $526 
Six months ended June 30, 2025
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$11 $575 $586 
Capacity revenue (a)
132 43 175 
Other revenues2 40 42 
Contract amortization(9)(80)(89)
Mark-to-market for economic hedges(18)(6)(24)
Total operating revenues118 572 690 
Less: Contract amortization9 80 89 
Less: Mark-to-market for economic hedges18 6 24 
Less: Lease revenue(58)(425)(483)
Total revenue from contracts with customers
$87 $233 $320 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue$1 $400 $401 
Capacity revenue57 25 82 
Total
$58 $425 $483 
Schedule of Contract Balances
The following table reflects the contract assets included on the Company’s consolidated balance sheets:
June 30, 2026December 31, 2025
(In millions)
Accounts receivable, net - Contracts with customers$141 $76 
Accounts receivable, net - Leases155 86 
Total accounts receivable, net$296 $162