v3.26.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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:
September 30, 2026December 31, 2025
(In millions)
Cash and cash equivalents$333 $231 
Restricted cash413 587 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$746 $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:
September 30, 2026December 31, 2025
(In millions)
Cash and cash equivalents$333 $231 
Restricted cash413 587 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$746 $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:
September 30, 2026December 31, 2025
(In millions)
Property, Plant and Equipment Accumulated Depreciation $5,277 $4,673 
Intangible Assets Accumulated Amortization1,539 1,382 
Schedule of Redeemable Noncontrolling Interests 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 distributions276 
Non-cash contribution from redeemable noncontrolling interests3 
Comprehensive loss attributable to redeemable noncontrolling interests(259)
Balance at September 30, 2026$123 
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 September 30, 2026
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$20 $404 $424 
Capacity revenue (a)
76 52 128 
Other revenues1 18 19 
Contract amortization(4)(48)(52)
Mark-to-market for economic hedges(8)11 3 
Total operating revenues85 437 522 
Less: Contract amortization4 48 52 
Less: Mark-to-market for economic hedges8 (11)(3)
Less: Lease revenue(28)(296)(324)
Total revenue from contracts with customers
$69 $178 $247 
(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 $256 $257 
Capacity revenue27 40 67 
Total
$28 $296 $324 
Three months ended September 30, 2025
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$13 $350 $363 
Capacity revenue (a)
69 25 94 
Other revenues3 23 26 
Contract amortization(5)(45)(50)
Mark-to-market for economic hedges26 (30)(4)
Total operating revenues106 323 429 
Less: Contract amortization5 45 50 
Less: Mark-to-market for economic hedges(26)30 4 
Less: Lease revenue(29)(253)(282)
Total revenue from contracts with customers
$56 $145 $201 
(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 $237 $238 
Capacity revenue28 16 44 
Total
$29 $253 $282 
Nine months ended September 30, 2026
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$35 $1,047 $1,082 
Capacity revenue (a)
207 126 333 
Other revenues2 58 60 
Contract amortization(13)(140)(153)
Mark-to-market for economic hedges1 34 35 
Total operating revenues232 1,125 1,357 
Less: Contract amortization13 140 153 
Less: Mark-to-market for economic hedges(1)(34)(35)
Less: Lease revenue(82)(768)(850)
Total revenue from contracts with customers
$162 $463 $625 
(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$2 $669 $671 
Capacity revenue80 99 179 
Total
$82 $768 $850 
Nine months ended September 30, 2025
(In millions)Flexible GenerationRenewables & StorageTotal
Energy revenue (a)
$24 $925 $949 
Capacity revenue (a)
201 68 269 
Other revenues5 63 68 
Contract amortization(14)(125)(139)
Mark-to-market for economic hedges8 (36)(28)
Total operating revenues224 895 1,119 
Less: Contract amortization14 125 139 
Less: Mark-to-market for economic hedges(8)36 28 
Less: Lease revenue(87)(678)(765)
Total revenue from contracts with customers
$143 $378 $521 
(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$2 $637 $639 
Capacity revenue85 41 126 
Total
$87 $678 $765 
Schedule of Contract Balances
The following table reflects the contract assets included on the Company’s consolidated balance sheets:
September 30, 2026December 31, 2025
(In millions)
Accounts receivable, net - Contracts with customers$99 $76 
Accounts receivable, net - Leases145 86 
Total accounts receivable, net$244 $162