The following tables summarize our equity method investments in unconsolidated affiliates:

(1)

We own 50.15% of Frederickson. However, we do not have financial control of the entity. The Frederickson entity is organized under a joint ownership agreement. Under the terms of that agreement, the two owner parties have joint control of the asset and substantive participating rights through the structure of its Owner’s Committee. Each party has equal representation on this committee and unanimous consent is required over all significant decisions of the entity. These significant decisions include, but are not limited to (i) approval of the annual operating plan, annual operating budget, annual capital budget and five-year forecasts, (ii) approval of all expenditures in excess of the approved budget, (iii) adoption of procedures intended to govern the operation and conduct of the facility, and (iv) entering into, amending, supplementing or terminating any project agreement. Disputes between the owners for these significant decisions are subject to independent arbitration. Accordingly, since we do not control the project, Frederickson is accounted for under the equity method of accounting.

(2)

In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

Deficit in earnings of equity method investments, net of distributions, was as follows:


	Year Ended December 31,
Entity name	2020		2019
Frederickson	$	8.3	$	9.1
Orlando Cogen, LP		33.1		33.0
Chambers Cogen, LP		4.4		(46.0)
Craven County Wood Energy, LP ⁽¹⁾		(1.8)		0.1
Grayling Generating Station, LP ⁽¹⁾		(1.1)		0.8
Total earnings (loss) of unconsolidated affiliates		42.9		(3.0)
Distributions from equity method investments		(54.2)		(59.5)
Deficit in earnings of equity method investments, net of distributions	$	(11.3)	$	(62.5)

(1)

In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

Distributions from equity method investments exceeded earnings (loss) for equity method investments for the years ended December 31, 2020 and 2019, respectively. Distributions from our equity method investments are typically based on project-level cash flows from operations or other non-GAAP metrics, whereas equity earnings include non-cash expenses such as depreciation and amortization, investment impairments or changes in the fair value of derivative financial instruments.

The following summarizes the financial position at December 31, 2020 and 2019, and operating results for the years ended December 31, 2020 and 2019, respectively, for our proportional ownership interest in equity method investments:


	2020		2019
Assets
Current assets
Frederickson	$	1.9	$	2.1
Orlando Cogen, LP		7.8		7.8
Chambers Cogen, LP		14.8		14.4
Craven County Wood Energy, LP ⁽¹⁾		2.2		4.4
Grayling Generating Station, LP ⁽¹⁾		2.6		3.3
Non-current assets
Frederickson		57.8		63.9
Orlando Cogen, LP		5.1		6.1
Chambers Cogen, LP		44.6		56.5
Craven County Wood Energy, LP ⁽¹⁾		7.9		5.8
Grayling Generating Station, LP ⁽¹⁾		6.5		6.8
	$	151.2	$	171.1
Liabilities
Current liabilities
Frederickson	$	0.3	$	0.3
Orlando Cogen, LP		10.3		10.2
Chambers Cogen, LP		15.8		13.7
Craven County Wood Energy, LP ⁽¹⁾		2.3		0.8
Grayling Generating Station, LP ⁽¹⁾		0.7		0.5
Non-current liabilities
Frederickson		0.5		0.5
Orlando Cogen, LP		0.1		—
Chambers Cogen, LP		35.6		48.2
Craven County Wood Energy, LP ⁽¹⁾		0.4		—
Grayling Generating Station, LP ⁽¹⁾		0.2		0.3
	$	66.2	$	74.5

(1)

In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.


Operating results	2020		2019
Revenue
Frederickson	$	29.2	$	36.0
Orlando Cogen, LP		60.2		61.5
Chambers Cogen, LP		38.4		39.4
Craven County Wood Energy, LP ⁽¹⁾		9.6		4.9
Grayling Generating Station, LP ⁽¹⁾		3.5		2.2
		140.9		144.0
Project expenses
Frederickson		20.9		26.9
Orlando Cogen, LP		27.0		28.5
Chambers Cogen, LP		32.5		34.6
Craven County Wood Energy, LP ⁽¹⁾		11.4		4.7
Grayling Generating Station, LP ⁽¹⁾		4.5		1.8
		96.3		96.5
Project other (income) expenses
Frederickson		—		—
Orlando Cogen, LP		(0.1)		—
Chambers Cogen, LP		(1.5)		(50.9)
Craven County Wood Energy, LP ⁽¹⁾		—		—
Grayling Generating Station, LP ⁽¹⁾		(0.1)		0.4
		(1.7)		(50.5)
Net income (loss)
Frederickson		8.3		9.1
Orlando Cogen, LP		33.1		33.0
Chambers Cogen, LP		4.4		(46.1)
Craven County Wood Energy, LP ⁽¹⁾		(1.8)		0.2
Grayling Generating Station, LP ⁽¹⁾		(1.1)		0.8
Equity in earnings (loss) of unconsolidated affiliates	$	42.9	$	(3.0)

(1)

In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

During the year ended December 31, 2019, we recorded an investment impairment of $49.2 million at our Chambers project. This impairment is a component of the operating results in the table above. There were no impairment triggers during 2020, and accordingly no impairment tests were performed on equity method investments.

2019 – Event-driven test in the fourth quarter

Chambers

We own a 40% limited partner interest in Chambers Cogeneration Limited Partnership. The Chambers project operates under a PPA that expires in March 2024. Prior to our impairment analysis, Chambers was recorded as a $58.2 million component of our equity investments in unconsolidated affiliates on the consolidated balance sheets.

In connection with the preparation of the long-term forecast during the fourth quarter of 2019, we performed an analysis of the post-PPA value of Chambers operating as a merchant facility. As a result, we identified a significant decrease in the long-term outlook for power prices and spark spreads in PJM, the region where Chambers operates. These forward power prices, which were obtained from a third party, including analysis of the forward prices for natural gas and coal, had a significant negative impact on the discounted cash flows of Chambers post-PPA. The estimated post-PPA value is a significant component of the project’s overall value when compared to its carrying value of $58.2

million.

When determining if this decrease in estimated fair value was other than temporary, we considered the likelihood that future conditions would change such that the gas and coal prices currently observed in the forward pricing models would become more favorable over time in order for the plant to be profitable in a merchant market. While declining power prices have been observed over the past several years, given that merchant curves have declined further than what was observed in 2017, it was our assessment that future merchant pricing and spark spreads were likely to remain low and that Chambers would be unable to recover its start fuel and start operations and maintenance costs after expiration of its PPA in 2024. Based on these factors, we determined that the decline in the fair value of our investment in Chambers was other than temporary. We recorded a $49.2 million impairment in earnings (loss) from unconsolidated affiliates in the consolidated statements of operations for the year ended December 31, 2019.