x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
For the Quarterly Period Ended: June 30, 2018 | ||
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 46-1777204 (I.R.S. Employer Identification No.) | |
804 Carnegie Center, Princeton, New Jersey (Address of principal executive offices) | 08540 (Zip Code) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o | |||
(Do not check if a smaller reporting company) |
• | The Company's ability to maintain and grow its quarterly dividend; |
• | Potential risks to the Company as a result of the NRG Transaction; |
• | The Company's ability to successfully identify, evaluate and consummate acquisitions from third parties; |
• | The Company's ability to acquire assets from NRG and, following the consummation of the NRG Transaction, the Company's ability to acquire assets under a new right of first offer agreement; |
• | The Company's ability to raise additional capital due to its indebtedness, corporate structure, market conditions or otherwise; |
• | Changes in law, including judicial decisions; |
• | Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards; |
• | The Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations; |
• | The willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements; |
• | The Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices as current offtake agreements expire; |
• | Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws; |
• | Operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of certain subsidiaries and project-level subsidiaries generally, in the NRG Yield Operating LLC amended and restated revolving credit facility, in the indentures governing the Senior Notes and in the indentures governing the Company's convertible notes; |
• | Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company's insurers to provide coverage; |
• | The Company's ability to engage in successful mergers and acquisitions activity; and |
• | The Company's ability to borrow additional funds and access capital markets, as well as the Company's substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward. |
2017 Form 10-K | NRG Yield, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2017 | |
2019 Convertible Notes | $345 million aggregate principal amount of 3.50% convertible notes due 2019, issued by NRG Yield, Inc. | |
2020 Convertible Notes | $287.5 million aggregate principal amount of 3.25% convertible notes due 2020, issued by NRG Yield, Inc. | |
2024 Senior Notes | $500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by NRG Yield Operating LLC | |
2026 Senior Notes | $350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by NRG Yield Operating LLC | |
Adjusted EBITDA | Represents EBITDA adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance | |
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | |
ASU | Accounting Standards Updates - updates to the ASC | |
ATM Program | At-The-Market Equity Offering Program | |
August 2017 Drop Down Assets | The remaining 25% interest in NRG Wind TE Holdco, an 814 net MW portfolio of twelve wind projects, acquired from NRG on August 1, 2017 | |
Buckthorn Solar Drop Down Asset | Buckthorn Renewables, LLC, which owns 100% of Buckthorn Solar Portfolio, LLC, which was acquired by NRG Yield Operating LLC from NRG on March 30, 2018 | |
Buffalo Bear | Buffalo Bear, LLC, the operating subsidiary of Tapestry Wind LLC, which owns the Buffalo Bear project | |
CAFD | Cash Available for Distribution (CAFD) is Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, Walnut Creek investment payments, and changes in prepaid and accrued capacity payments | |
Company | NRG Yield, Inc. together with its consolidated subsidiaries | |
CVSR | California Valley Solar Ranch | |
CVSR Drop Down | The Company's acquisition from NRG of the remaining 51.05% interest of CVSR Holdco | |
CVSR Holdco | CVSR Holdco LLC, the indirect owner of CVSR | |
DGPV Holdco 1 | NRG DGPV Holdco 1 LLC | |
DGPV Holdco 2 | NRG DGPV Holdco 2 LLC | |
DGPV Holdco 3 | NRG DGPV Holdco 3 LLC | |
Distributed Solar | Solar power projects, typically less than 20 MW in size, that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid | |
Drop Down Assets | Collectively, the June 2014 Drop Down Assets, January 2015 Drop Down Assets, November 2015 Drop Down Assets, CVSR Drop Down, March 2017 Drop Down Assets, August 2017 Drop Down Assets, November 2017 Drop Down Assets and Buckthorn Solar Drop Down Asset | |
Economic Gross Margin | Energy and capacity revenue less cost of fuels | |
El Segundo | El Segundo Energy Center LLC, the indirect, operating subsidiary of Natural Gas Repowering LLC, which owns the El Segundo Energy Center project | |
EPC | Engineering, Procurement and Construction | |
Exchange Act | The Securities Exchange Act of 1934, as amended | |
FASB | Financial Accounting Standards Board | |
GAAP | Accounting principles generally accepted in the U.S. | |
GenConn | GenConn Energy LLC | |
GIP | Global Infrastructure Partners | |
HLBV | Hypothetical Liquidation at Book Value |
IASB | International Accounting Standards Board | |
ISO | Independent System Operator, also referred to as RTO | |
January 2015 Drop Down Assets | The Laredo Ridge, Tapestry and Walnut Creek projects, which were acquired by NRG Yield Operating LLC from NRG on January 2, 2015 | |
Kansas South | NRG Solar Kansas South LLC, the operating subsidiary of NRG Solar Kansas South Holdings LLC, which owns the Kansas South project | |
KPPH | Kilo Pascals Per Hour | |
Laredo Ridge | Laredo Ridge Wind, LLC, the operating subsidiary of Mission Wind Laredo, LLC, which owns the Laredo Ridge project | |
LIBOR | London Inter-Bank Offered Rate | |
March 2017 Drop Down Assets | (i) Agua Caliente Borrower 2 LLC, which owns a 16% interest (approximately 31% of NRG's 51% interest) in the Agua Caliente solar farm and (ii) NRG's 100% ownership in the Class A equity interests in the Utah Solar Portfolio (defined below), both acquired by the Company on March 27, 2017 | |
Marsh Landing | NRG Marsh Landing LLC, formerly GenOn Marsh Landing LLC | |
MMBtu | Million British Thermal Units | |
MW | Megawatts | |
MWh | Saleable megawatt hours, net of internal/parasitic load megawatt-hours | |
MWt | Megawatts Thermal Equivalent | |
NECP | NRG Energy Center Pittsburgh LLC, a subsidiary of the Company | |
NERC | North American Electric Reliability Corporation | |
Net Exposure | Counterparty credit exposure to NRG Yield, Inc. net of collateral | |
NOLs | Net Operating Losses | |
November 2015 Drop Down Assets | 75% of the Class B interests of NRG Wind TE Holdco, which owns a portfolio of 12 wind facilities totaling 814 net MW, which was acquired by NRG Yield Operating LLC from NRG on November 3, 2015 | |
November 2017 Drop Down Assets | 38 MW portfolio of distributed and small utility-scale solar assets, primarily comprised of assets from NRG's Solar Power Partners (SPP) funds, in addition to other projects developed since the acquisition of SPP by NRG, which was acquired by NRG Yield Operating LLC from NRG on November 1, 2017 | |
NRG | NRG Energy, Inc. | |
NRG Power Marketing | NRG Power Marketing LLC | |
NRG Transaction | On February 6, 2018, GIP entered into a purchase and sale agreement with NRG for the acquisition of NRG's full ownership interest in the Company and NRG's renewable energy development and operations platform. GIP, NRG and the Company also entered into a consent and indemnity agreement in connection with the purchase and sale agreement. | |
NRG Wind TE Holdco | NRG Wind TE Holdco LLC | |
NRG Yield LLC | The holding company through which the projects are owned by NRG, the holder of Class B and Class D units, and NRG Yield, Inc., the holder of the Class A and Class C units | |
NRG Yield Operating LLC | The holder of the project assets that are owned by NRG Yield LLC | |
OCI/OCL | Other comprehensive income/loss | |
O&M | Operation and Maintenance | |
Pinnacle | Pinnacle Wind, LLC, the operating subsidiary of Tapestry Wind LLC, which owns the Pinnacle project | |
PPA | Power Purchase Agreement | |
ROFO Agreement | Second Amended and Restated Right of First Offer Agreement between the Company and NRG | |
ROFO Assets | Specified assets subject to sale, as described in the ROFO Agreement | |
RPV Holdco | NRG RPV Holdco 1 LLC | |
RTO | Regional Transmission Originator | |
SEC | U.S. Securities and Exchange Commission | |
Senior Notes | Collectively, the 2024 Senior Notes and the 2026 Senior Notes |
SPP | Solar Power Partners | |
Taloga | Taloga Wind, LLC, the operating subsidiary of Tapestry Wind LLC, which owns the Taloga project | |
Tapestry | Collection of the Pinnacle, Buffalo Bear and Taloga projects | |
Tax Act | Tax Cuts and Jobs Act of 2017 | |
Thermal Business | The Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units | |
Third Amendment | Third Amendment to Amended and Restated Credit Agreement and Administrative Agent Resignation and Appointment Agreement, dated as of April 30, 2018 | |
UPMC Thermal Project | The University of Pittsburgh Medical Center Thermal Project, a 73 MWt district energy system that allows NECP to provide steam, chilled water and 7.5 MW of emergency backup power service to UPMC. | |
U.S. | United States of America | |
Utah Solar Portfolio | Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers Capital, LLC, Granite Mountain Capital, LLC, and Iron Springs Capital, LLC, respectively, and are part of the March 2017 Drop Down Assets acquisition that closed on March 27, 2017 | |
Utility Scale Solar | Solar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level | |
VaR | Value at Risk | |
VIE | Variable Interest Entity | |
Walnut Creek | Walnut Creek Energy, LLC, the operating subsidiary of WCEP Holdings, LLC, which owns the Walnut Creek project |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
(In millions, except per share amounts) | 2018 | 2017 (a) | 2018 | 2017 (a) | |||||||||||
Operating Revenues | |||||||||||||||
Total operating revenues | $ | 307 | $ | 288 | $ | 532 | $ | 509 | |||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 74 | 77 | 163 | 162 | |||||||||||
Depreciation and amortization | 82 | 79 | 163 | 156 | |||||||||||
General and administrative | 6 | 6 | 11 | 10 | |||||||||||
Acquisition-related transaction and integration costs | 1 | 1 | 2 | 2 | |||||||||||
Total operating costs and expenses | 163 | 163 | 339 | 330 | |||||||||||
Operating Income | 144 | 125 | 193 | 179 | |||||||||||
Other Income (Expense) | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 29 | 16 | 33 | 35 | |||||||||||
Other income, net | 1 | 1 | 2 | 2 | |||||||||||
Loss on debt extinguishment | — | — | — | (2 | ) | ||||||||||
Interest expense | (71 | ) | (90 | ) | (126 | ) | (165 | ) | |||||||
Total other expense, net | (41 | ) | (73 | ) | (91 | ) | (130 | ) | |||||||
Income Before Income Taxes | 103 | 52 | 102 | 49 | |||||||||||
Income tax expense | 7 | 8 | 6 | 7 | |||||||||||
Net Income | 96 | 44 | 96 | 42 | |||||||||||
Less: Pre-acquisition net income of Drop Down Assets | — | 2 | 4 | 15 | |||||||||||
Net Income Excluding Pre-acquisition Net Income of Drop Down Assets | 96 | 42 | 92 | 27 | |||||||||||
Less: Income (loss) attributable to noncontrolling interests | 17 | 14 | (3 | ) | 2 | ||||||||||
Net Income Attributable to NRG Yield, Inc. | $ | 79 | $ | 28 | $ | 95 | $ | 25 | |||||||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | |||||||||||||||
Weighted average number of Class A common shares outstanding - basic | 35 | 35 | 35 | 35 | |||||||||||
Weighted average number of Class A common shares outstanding - diluted | 49 | 49 | 49 | 35 | |||||||||||
Weighted average number of Class C common shares outstanding - basic | 67 | 63 | 66 | 63 | |||||||||||
Weighted average number of Class C common shares outstanding - diluted | 78 | 74 | 77 | 63 | |||||||||||
Earnings per Weighted Average Class A and Class C Common Share - Basic | $ | 0.77 | $ | 0.29 | $ | 0.94 | $ | 0.26 | |||||||
Earnings per Weighted Average Class A Common Share - Diluted | 0.61 | 0.26 | 0.80 | 0.26 | |||||||||||
Earnings per Weighted Average Class C Common Share - Diluted | 0.70 | 0.28 | 0.89 | 0.26 | |||||||||||
Dividends Per Class A Common Share | 0.309 | 0.27 | 0.607 | 0.53 | |||||||||||
Dividends Per Class C Common Share | $ | 0.309 | $ | 0.27 | $ | 0.607 | $ | 0.53 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
(In millions) | 2018 | 2017 (a) | 2018 | 2017 (a) | |||||||||||
Net Income | $ | 96 | $ | 44 | $ | 96 | $ | 42 | |||||||
Other Comprehensive Gain (Loss), net of tax | |||||||||||||||
Unrealized gain (loss) on derivatives, net of income tax (expense) benefit of $0, $1, ($3) and $0 | 7 | (6 | ) | 24 | — | ||||||||||
Other comprehensive gain (loss) | 7 | (6 | ) | 24 | — | ||||||||||
Comprehensive Income | 103 | 38 | 120 | 42 | |||||||||||
Less: Pre-acquisition net income of Drop Down Assets | — | 2 | 4 | 15 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 21 | 11 | 10 | 2 | |||||||||||
Comprehensive Income Attributable to NRG Yield, Inc. | $ | 82 | $ | 25 | $ | 106 | $ | 25 |
(In millions, except shares) | June 30, 2018 | December 31, 2017 (a) | |||||
ASSETS | (unaudited) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 130 | $ | 148 | |||
Restricted cash | 139 | 168 | |||||
Accounts receivable — trade | 132 | 95 | |||||
Inventory | 39 | 39 | |||||
Notes receivable | 6 | 13 | |||||
Prepayments and other current assets | 26 | 19 | |||||
Total current assets | 472 | 482 | |||||
Property, plant and equipment, net | 5,376 | 5,410 | |||||
Other Assets | |||||||
Equity investments in affiliates | 1,183 | 1,178 | |||||
Intangible assets, net | 1,192 | 1,228 | |||||
Derivative instruments | 23 | 1 | |||||
Deferred income taxes | 120 | 128 | |||||
Other non-current assets | 82 | 62 | |||||
Total other assets | 2,600 | 2,597 | |||||
Total Assets | $ | 8,448 | $ | 8,489 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 651 | $ | 339 | |||
Accounts payable — trade | 40 | 46 | |||||
Accounts payable — affiliate | 47 | 49 | |||||
Derivative instruments | 6 | 18 | |||||
Accrued expenses and other current liabilities | 60 | 88 | |||||
Total current liabilities | 804 | 540 | |||||
Other Liabilities | |||||||
Long-term debt | 5,244 | 5,659 | |||||
Derivative instruments | 12 | 31 | |||||
Other non-current liabilities | 101 | 100 | |||||
Total non-current liabilities | 5,357 | 5,790 | |||||
Total Liabilities | 6,161 | 6,330 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity | |||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | — | — | |||||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 189,145,393 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 69,081,643, Class D 42,738,750) at June 30, 2018 and 184,780,837 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 64,717,087, Class D 42,738,750) at December 31, 2017 | 1 | 1 | |||||
Additional paid-in capital | 1,859 | 1,843 | |||||
Retained earnings (accumulated deficit) | 25 | (69 | ) | ||||
Accumulated other comprehensive loss | (17 | ) | (28 | ) | |||
Noncontrolling interest | 419 | 412 | |||||
Total Stockholders' Equity | 2,287 | 2,159 | |||||
Total Liabilities and Stockholders' Equity | $ | 8,448 | $ | 8,489 |
Six months ended June 30, | |||||||
2018 | 2017 (a) | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 96 | $ | 42 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Equity in earnings of unconsolidated affiliates | (33 | ) | (35 | ) | |||
Distributions from unconsolidated affiliates | 32 | 29 | |||||
Depreciation and amortization | 163 | 156 | |||||
Amortization of financing costs and debt discounts | 13 | 11 | |||||
Amortization of intangibles and out-of-market contracts | 35 | 34 | |||||
Adjustment for debt extinguishment | — | 2 | |||||
Changes in deferred income taxes | 6 | 7 | |||||
Derivative interest (income) expense | (32 | ) | 2 | ||||
(Gain) loss on disposal of asset components | (1 | ) | 4 | ||||
Changes in prepaid and accrued liabilities for tolling agreements | (62 | ) | (64 | ) | |||
Changes in other working capital | (36 | ) | (19 | ) | |||
Net Cash Provided by Operating Activities | 181 | 169 | |||||
Cash Flows from Investing Activities | |||||||
Acquisition of businesses, net of cash acquired | (11 | ) | — | ||||
Payments for the Drop Down Assets | (126 | ) | (131 | ) | |||
Capital expenditures | (45 | ) | (60 | ) | |||
Cash receipts from notes receivable | 7 | 9 | |||||
Return of investment from unconsolidated affiliates | 18 | 25 | |||||
Investments in unconsolidated affiliates | (16 | ) | (33 | ) | |||
Other | 7 | — | |||||
Net Cash Used in Investing Activities | (166 | ) | (190 | ) | |||
Cash Flows from Financing Activities | |||||||
Net contributions from noncontrolling interests | 94 | 15 | |||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | (26 | ) | ||||
Net proceeds from the issuance of common stock | 75 | 16 | |||||
Payments of dividends and distributions | (113 | ) | (97 | ) | |||
Payments of debt issuance costs | (5 | ) | (12 | ) | |||
Proceeds from the revolving credit facility | 35 | — | |||||
Payments for the revolving credit facility | (90 | ) | — | ||||
Proceeds from the issuance of long-term debt | 227 | 99 | |||||
Payments for long-term debt | (285 | ) | (172 | ) | |||
Net Cash Used in Financing Activities | (62 | ) | (177 | ) | |||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (47 | ) | (198 | ) | |||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 316 | 498 | |||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 269 | $ | 300 |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Offtake Counterparty | Expiration | ||||||
Conventional | ||||||||||
El Segundo | 100 | % | 550 | Southern California Edison | 2023 | |||||
GenConn Devon | 50 | % | 95 | Connecticut Light & Power | 2040 | |||||
GenConn Middletown | 50 | % | 95 | Connecticut Light & Power | 2041 | |||||
Marsh Landing | 100 | % | 720 | Pacific Gas and Electric | 2023 | |||||
Walnut Creek | 100 | % | 485 | Southern California Edison | 2023 | |||||
1,945 | ||||||||||
Utility Scale Solar | ||||||||||
Agua Caliente | 16 | % | 46 | Pacific Gas and Electric | 2039 | |||||
Alpine | 100 | % | 66 | Pacific Gas and Electric | 2033 | |||||
Avenal | 50 | % | 23 | Pacific Gas and Electric | 2031 | |||||
Avra Valley | 100 | % | 26 | Tucson Electric Power | 2032 | |||||
Blythe | 100 | % | 21 | Southern California Edison | 2029 | |||||
Borrego | 100 | % | 26 | San Diego Gas and Electric | 2038 | |||||
CVSR | 100 | % | 250 | Pacific Gas and Electric | 2038 | |||||
Desert Sunlight 250 | 25 | % | 63 | Southern California Edison | 2034 | |||||
Desert Sunlight 300 | 25 | % | 75 | Pacific Gas and Electric | 2039 | |||||
Kansas South | 100 | % | 20 | Pacific Gas and Electric | 2033 | |||||
Roadrunner | 100 | % | 20 | El Paso Electric | 2031 | |||||
TA High Desert | 100 | % | 20 | Southern California Edison | 2033 | |||||
Utah Solar Portfolio (b) (e) | 50 | % | 265 | PacifiCorp | 2036 | |||||
921 | ||||||||||
Distributed Solar | ||||||||||
Apple I LLC Projects | 100 | % | 9 | Various | 2032 | |||||
AZ DG Solar Projects | 100 | % | 5 | Various | 2025 - 2033 | |||||
SPP Projects | 100 | % | 25 | Various | 2026 - 2037 | |||||
Other DG Projects | 100 | % | 13 | Various | 2023 - 2039 | |||||
52 | ||||||||||
Wind | ||||||||||
Alta I | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta II | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta III | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta IV | 100 | % | 102 | Southern California Edison | 2035 | |||||
Alta V | 100 | % | 168 | Southern California Edison | 2035 | |||||
Alta X (b) | 100 | % | 137 | Southern California Edison | 2038 | |||||
Alta XI (b) | 100 | % | 90 | Southern California Edison | 2038 | |||||
Buffalo Bear | 100 | % | 19 | Western Farmers Electric Co-operative | 2033 | |||||
Crosswinds (b) (f) | 99 | % | 21 | Corn Belt Power Cooperative | 2027 | |||||
Elbow Creek (b) (f) | 100 | % | 122 | NRG Power Marketing LLC | 2022 | |||||
Elkhorn Ridge (b) (f) | 66.7 | % | 54 | Nebraska Public Power District | 2029 | |||||
Forward (b) (f) | 100 | % | 29 | Constellation NewEnergy, Inc. | 2022 |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Offtake Counterparty | Expiration | ||||||
Goat Wind (b) (f) | 100 | % | 150 | Dow Pipeline Company | 2025 | |||||
Hardin (b) (f) | 99 | % | 15 | Interstate Power and Light Company | 2027 | |||||
Laredo Ridge | 100 | % | 80 | Nebraska Public Power District | 2031 | |||||
Lookout (b) (f) | 100 | % | 38 | Southern Maryland Electric Cooperative | 2030 | |||||
Odin (b) (f) | 99.9 | % | 20 | Missouri River Energy Services | 2028 | |||||
Pinnacle | 100 | % | 55 | Maryland Department of General Services and University System of Maryland | 2031 | |||||
San Juan Mesa (b) (f) | 75 | % | 90 | Southwestern Public Service Company | 2025 | |||||
Sleeping Bear (b) (f) | 100 | % | 95 | Public Service Company of Oklahoma | 2032 | |||||
South Trent | 100 | % | 101 | AEP Energy Partners | 2029 | |||||
Spanish Fork (b) (f) | 100 | % | 19 | PacifiCorp | 2028 | |||||
Spring Canyon II (b) | 90.1 | % | 29 | Platte River Power Authority | 2039 | |||||
Spring Canyon III (b) | 90.1 | % | 25 | Platte River Power Authority | 2039 | |||||
Taloga | 100 | % | 130 | Oklahoma Gas & Electric | 2031 | |||||
Wildorado (b) (f) | 100 | % | 161 | Southwestern Public Service Company | 2027 | |||||
2,200 | ||||||||||
Thermal | ||||||||||
NRG Energy Center Dover LLC | 100 | % | 103 | NRG Power Marketing LLC | 2018 | |||||
Thermal generation | 100 | % | 30 | Various | Various | |||||
133 | ||||||||||
Total net generation capacity(c) | 5,251 | |||||||||
Thermal equivalent MWt (d) | 100 | % | 1,392 | Various | Various |
June 30, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||
Property, Plant and Equipment Accumulated Depreciation | $ | 1,428 | $ | 1,285 | |||
Intangible Assets Accumulated Amortization | 272 | 237 |
(In millions) | |||
Balance as of December 31, 2017 as previously reported (a) | $ | 391 | |
Net Assets of Buckthorn Solar Drop Down Asset as of December 31, 2017 | 21 | ||
Balance as of December 31, 2017 as recast | $ | 412 | |
Capital contributions from tax equity investors, net of distributions | 109 | ||
Payment for the Buckthorn Solar Drop Down Asset | (42 | ) | |
Non cash distributions to NRG in connection with the UPMC Thermal Project Asset Acquisition | (13 | ) | |
Pre-acquisition net income of the Buckthorn Solar Drop Down Asset | 4 | ||
Comprehensive income | 10 | ||
Non-cash adjustment for change in tax basis of assets | 2 | ||
Distributions to NRG, net | (63 | ) | |
Balance as of June 30, 2018 | $ | 419 |
Second Quarter 2018 | First Quarter 2018 | ||||||
Distributions per Class B Unit | $ | 0.309 | $ | 0.298 | |||
Distributions per Class D Unit | $ | 0.309 | $ | 0.298 |
Three months ended June 30, 2018 | |||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||
Energy revenue(a) | $ | 2 | $ | 193 | $ | 43 | $ | 238 | |||||||
Capacity revenue(a) | 85 | — | 2 | 87 | |||||||||||
Contract amortization | (2 | ) | (16 | ) | — | (18 | ) | ||||||||
Total operating revenue | 85 | 177 | 45 | 307 | |||||||||||
Less: Lease revenue | (87 | ) | (179 | ) | (1 | ) | (267 | ) | |||||||
Less: Contract amortization | 2 | 16 | — | 18 | |||||||||||
Total revenue from contracts with customers | $ | — | $ | 14 | $ | 44 | $ | 58 |
Conventional Generation | Renewables | Thermal | Total | |||||||||||||
Energy Revenue | $ | 2 | $ | 179 | $ | 1 | $ | 182 | ||||||||
Capacity Revenue | 85 | — | — | 85 | ||||||||||||
87 | 179 | 1 | 267 |
Six months ended June 30, 2018 | |||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||
Energy revenue(b) | $ | 3 | $ | 306 | $ | 89 | $ | 398 | |||||||
Capacity revenue(b) | 164 | — | 5 | 169 | |||||||||||
Contract amortization | (3 | ) | (31 | ) | (1 | ) | (35 | ) | |||||||
Total operating revenue | 164 | 275 | 93 | 532 | |||||||||||
Less: Lease revenue | (167 | ) | (280 | ) | (1 | ) | (448 | ) | |||||||
Less: Contract amortization | 3 | 31 | 1 | 35 | |||||||||||
Total revenue from contracts with customers | $ | — | $ | 26 | $ | 93 | $ | 119 |
Conventional Generation | Renewables | Thermal | Total | |||||||||||||
Energy Revenue | $ | 3 | $ | 280 | $ | 1 | $ | 284 | ||||||||
Capacity Revenue | 164 | — | — | 164 | ||||||||||||
167 | 280 | 1 | 448 |
(In millions) | June 30, 2018 | |||
Accounts receivable, net - Contracts with customers | $ | 29 | ||
Accounts receivable, net - Leases | 103 | |||
Total accounts receivable, net | $ | 132 | ||
(In millions) | |||
Assets: | |||
Current assets | $ | 20 | |
Property, plant and equipment | 212 | ||
Non-current assets | 3 | ||
Total assets | 235 | ||
Liabilities: | |||
Debt (Current and non-current) (a) | 176 | ||
Other current and non-current liabilities | 15 | ||
Total liabilities | 191 | ||
Less: noncontrolling interest | 19 | ||
Net assets acquired | $ | 25 |
Three months ended June 30, 2017 | |||||||||||||||||||
As Previously Reported (a) | Buckthorn Solar Drop Down Asset | November 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | |||||||||||||||
(In millions) | |||||||||||||||||||
Total operating revenues | $ | 284 | $ | — | $ | 4 | $ | — | $ | 288 | |||||||||
Operating income | 122 | — | 3 | — | 125 | ||||||||||||||
Net income (loss) | 45 | (3 | ) | 2 | — | 44 | |||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | — | (3 | ) | 2 | 3 | 2 | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 17 | — | — | (3 | ) | 14 | |||||||||||||
Net income attributable to NRG Yield, Inc. | 28 | — | — | — | 28 |
Six months ended June 30, 2017 | |||||||||||||||||||
As Previously Reported (a) | Buckthorn Solar Drop Down Asset | November 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | |||||||||||||||
(In millions) | |||||||||||||||||||
Total operating revenues | $ | 502 | $ | — | $ | 7 | $ | — | $ | 509 | |||||||||
Operating income | 176 | — | 3 | — | 179 | ||||||||||||||
Net income (loss) | 44 | (3 | ) | 1 | — | 42 | |||||||||||||
Less: Pre-acquisition net income (loss) of Drop Down Assets | 12 | (3 | ) | 1 | 5 | 15 | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 7 | — | — | (5 | ) | 2 | |||||||||||||
Net income attributable to NRG Yield, Inc. | 25 | — | — | — | 25 |
(In millions) | NRG Wind TE Holdco | Alta Wind TE Holdco | Spring Canyon | Buckthorn Renewables, LLC | |||||||||||
Other current and non-current assets | $ | 163 | $ | 23 | $ | 1 | $ | 24 | |||||||
Property, plant and equipment | 362 | 423 | 93 | 226 | |||||||||||
Intangible assets | 2 | 256 | — | — | |||||||||||
Total assets | 527 | 702 | 94 | 250 | |||||||||||
Current and non-current liabilities | 184 | 9 | 4 | 141 | |||||||||||
Total liabilities | 184 | 9 | 4 | 141 | |||||||||||
Noncontrolling interest | 10 | 72 | 48 | 48 | |||||||||||
Net assets less noncontrolling interests | $ | 333 | $ | 621 | $ | 42 | $ | 61 |
(In millions) | Maximum exposure to loss | ||
Four Brothers Solar, LLC | $ | 209 | |
GenConn Energy LLC | 100 | ||
NRG DGPV Holdco 1 LLC | 81 | ||
Granite Mountain Holdings, LLC | 76 | ||
NRG DGPV Holdco 3 LLC | 75 | ||
NRG DGPV Holdco 2 LLC | 61 | ||
Iron Springs Holdings, LLC | 53 | ||
NRG RPV Holdco 1 LLC | 46 |
• | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. |
• | Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. |
• | Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Assets: | |||||||||||||||
Notes receivable | $ | 6 | $ | 6 | $ | 13 | $ | 13 | |||||||
Liabilities: | |||||||||||||||
Long-term debt, including current portion (a) | $ | 5,957 | $ | 5,936 | $ | 6,066 | $ | 6,099 |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 1,456 | $ | 4,480 | $ | 1,502 | $ | 4,597 |
As of June 30, 2018 | As of December 31, 2017 | ||||||
Fair Value (a) | Fair Value (a) | ||||||
(In millions) | Level 2 | Level 2 | |||||
Derivative assets: | |||||||
Commodity contracts | $ | — | $ | 1 | |||
Interest rate contracts | 24 | 1 | |||||
Total assets | 24 | 2 | |||||
Derivative liabilities: | |||||||
Commodity contracts | 1 | 1 | |||||
Interest rate contracts | 17 | 48 | |||||
Total liabilities | $ | 18 | $ | 49 |
Total Volume | |||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Commodity | Units | (In millions) | |||||||
Natural Gas | MMBtu | 1 | 2 | ||||||
Interest | Dollars | $ | 1,972 | $ | 2,050 |
Fair Value | |||||||||||||||
Derivative Assets (a) | Derivative Liabilities | ||||||||||||||
June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Interest rate contracts current | $ | 1 | $ | — | $ | 1 | $ | 4 | |||||||
Interest rate contracts long-term | 9 | 1 | 5 | 9 | |||||||||||
Total Derivatives Designated as Cash Flow Hedges | 10 | 1 | 6 | 13 | |||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Interest rate contracts current | — | — | 4 | 13 | |||||||||||
Interest rate contracts long-term | 14 | — | 7 | 22 | |||||||||||
Commodity contracts current | — | 1 | 1 | 1 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | 14 | 1 | 12 | 36 | |||||||||||
Total Derivatives | $ | 24 | $ | 2 | $ | 18 | $ | 49 |
As of June 30, 2018 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||
Commodity contracts(a): | (In millions) | ||||||||||
Derivative liabilities | $ | (1 | ) | $ | — | $ | (1 | ) | |||
Total commodity contracts | (1 | ) | — | (1 | ) | ||||||
Interest rate contracts: | |||||||||||
Derivative assets | 24 | (2 | ) | 22 | |||||||
Derivative liabilities | (17 | ) | 2 | (15 | ) | ||||||
Total interest rate contracts | 7 | — | 7 | ||||||||
Total derivative instruments | $ | 6 | $ | — | $ | 6 |
As of December 31, 2017 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||
Commodity contracts: | (In millions) | ||||||||||
Derivative assets | $ | 1 | $ | — | $ | 1 | |||||
Derivative liabilities | (1 | ) | — | (1 | ) | ||||||
Total commodity contracts | — | — | — | ||||||||
Interest rate contracts: | |||||||||||
Derivative assets | 1 | (1 | ) | — | |||||||
Derivative liabilities | (48 | ) | 1 | (47 | ) | ||||||
Total interest rate contracts | (47 | ) | — | (47 | ) | ||||||
Total derivative instruments | $ | (47 | ) | $ | — | $ | (47 | ) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Accumulated OCL beginning balance | $ | (43 | ) | $ | (64 | ) | $ | (60 | ) | $ | (70 | ) | |||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 2 | 2 | 6 | 6 | |||||||||||
Mark-to-market of cash flow hedge accounting contracts | 5 | (8 | ) | 18 | (6 | ) | |||||||||
Accumulated OCL ending balance, net of income tax benefit of $6 and $16, respectively | (36 | ) | (70 | ) | (36 | ) | (70 | ) | |||||||
Accumulated OCL attributable to noncontrolling interests | (19 | ) | (42 | ) | (19 | ) | (42 | ) | |||||||
Accumulated OCL attributable to NRG Yield, Inc. | $ | (17 | ) | $ | (28 | ) | $ | (17 | ) | $ | (28 | ) | |||
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1 | $ | 9 | $ | 9 |
June 30, 2018 | December 31, 2017 | June 30, 2018, interest rate % (a) | Letters of Credit Outstanding at June 30, 2018 | |||||||||||
(In millions, except rates) | ||||||||||||||
2019 Convertible Notes | $ | 345 | $ | 345 | 3.500 | $ | — | |||||||
2020 Convertible Notes | 288 | 288 | 3.250 | — | ||||||||||
2024 Senior Notes | 500 | 500 | 5.375 | — | ||||||||||
2026 Senior Notes | 350 | 350 | 5.000 | — | ||||||||||
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023 (b) | — | 55 | L+1.75 | 67 | ||||||||||
Project-level debt: | ||||||||||||||
Agua Caliente Borrower 2, due 2038 | 40 | 41 | 5.430 | 17 | ||||||||||
Alpine, due 2022 | 133 | 135 | L+1.750 | 16 | ||||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 901 | 926 | 5.696 - 7.015 | 102 | ||||||||||
Buckthorn Solar, due 2025 | 132 | 169 | L+1.750 | 16 | ||||||||||
CVSR, due 2037 | 731 | 746 | 2.339 - 3.775 | — | ||||||||||
CVSR Holdco Notes, due 2037 | 188 | 194 | 4.680 | 13 | ||||||||||
El Segundo Energy Center, due 2023 | 369 | 400 | L+1.75 - L+2.375 | 138 | ||||||||||
Energy Center Minneapolis Series C Notes, due 2025 | — | 83 | 5.950 | — | ||||||||||
Energy Center Minneapolis Series D Notes, due 2031 | 125 | 125 | 3.550 | — | ||||||||||
Energy Center Minneapolis Series E, F, G, H Notes | 203 | — | various | — | ||||||||||
Laredo Ridge, due 2028 | 92 | 95 | L+1.875 | 10 | ||||||||||
Marsh Landing, due 2023 | 305 | 318 | L+2.125 | 65 | ||||||||||
Tapestry, due 2021 | 155 | 162 | L+1.625 | 20 | ||||||||||
Utah Solar Portfolio, due 2022 | 273 | 278 | various | 13 | ||||||||||
Viento, due 2023 | 154 | 163 | L+3.00 | 26 | ||||||||||
Walnut Creek, due 2023 | 254 | 267 | L+1.625 | 93 | ||||||||||
Other | 432 | 443 | various | 36 | ||||||||||
Subtotal project-level debt: | 4,487 | 4,545 | ||||||||||||
Total debt | 5,970 | 6,083 | ||||||||||||
Less current maturities (c) | (651 | ) | (339 | ) | ||||||||||
Less net debt issuance costs | (62 | ) | (68 | ) | ||||||||||
Less discounts (d) | (13 | ) | (17 | ) | ||||||||||
Total long-term debt | $ | 5,244 | $ | 5,659 |
(in millions) | Amount | Interest Rate | |||||
Energy Center Minneapolis Series E Notes, due 2033 | $ | 70 | 4.80 | % | |||
Energy Center Minneapolis Series F Notes, due 2033 | 10 | 4.60 | % | ||||
Energy Center Minneapolis Series G Notes, due 2035 | 83 | 5.90 | % | ||||
Energy Center Minneapolis Series H Notes, due 2037 | 40 | 4.83 | % | ||||
Total proceeds | $ | 203 | |||||
Repayment of Energy Center Minneapolis Series C Notes, due 2025 | (83 | ) | 5.95 | % | |||
Net borrowings | $ | 120 |
Three months ended June 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
(In millions, except per share data) (a) | Common Class A | Common Class C | Common Class A | Common Class C | |||||||||||
Basic earnings per share attributable to NRG Yield, Inc. common stockholders | |||||||||||||||
Net income attributable to NRG Yield, Inc. | $ | 27 | $ | 52 | $ | 10 | $ | 18 | |||||||
Weighted average number of common shares outstanding — basic | 35 | 67 | 35 | 63 | |||||||||||
Earnings per weighted average common share — basic | $ | 0.77 | $ | 0.77 | $ | 0.29 | $ | 0.29 | |||||||
Diluted earnings per share attributable to NRG Yield, Inc. common stockholders | |||||||||||||||
Net income attributable to NRG Yield, Inc. | $ | 30 | $ | 55 | $ | 13 | $ | 21 | |||||||
Weighted average number of common shares outstanding — diluted | 49 | 78 | 49 | 74 | |||||||||||
Earnings per weighted average common share — diluted | $ | 0.61 | $ | 0.70 | $ | 0.26 | $ | 0.28 |
Six months ended June 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
(In millions, except per share data) (a) | Common Class A | Common Class C | Common Class A | Common Class C | |||||||||||
Basic earnings per share attributable to NRG Yield, Inc. common stockholders | |||||||||||||||
Net income attributable to NRG Yield, Inc. | $ | 33 | $ | 62 | $ | 9 | $ | 16 | |||||||
Weighted average number of common shares outstanding — basic | 35 | 66 | 35 | 63 | |||||||||||
Earnings per weighted average common share — basic | $ | 0.94 | $ | 0.94 | $ | 0.26 | $ | 0.26 | |||||||
Diluted earnings per share attributable to NRG Yield, Inc. common stockholders | |||||||||||||||
Net income attributable to NRG Yield, Inc. | $ | 40 | $ | 68 | $ | 9 | $ | 16 | |||||||
Weighted average number of common shares outstanding — diluted | 49 | 77 | 35 | 63 | |||||||||||
Earnings per weighted average common share — diluted | $ | 0.80 | $ | 0.89 | $ | 0.26 | $ | 0.26 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
(In millions of shares) | |||||||||||
2019 Convertible Notes - Common Class A | — | — | — | 15 | |||||||
2020 Convertible Notes - Common Class C | — | — | — | 10 |
Second Quarter 2018 | First Quarter 2018 | ||||||
Dividends per Class A share | $ | 0.309 | $ | 0.298 | |||
Dividends per Class C share | $ | 0.309 | $ | 0.298 |
Three months ended June 30, 2018 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 85 | $ | 177 | $ | 45 | $ | — | $ | 307 | |||||||||
Cost of operations | 10 | 33 | 31 | — | 74 | ||||||||||||||
Depreciation and amortization | 24 | 52 | 6 | — | 82 | ||||||||||||||
General and administrative | — | — | — | 6 | 6 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 1 | 1 | ||||||||||||||
Operating income (loss) | 51 | 92 | 8 | (7 | ) | 144 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 2 | 27 | — | — | 29 | ||||||||||||||
Other income, net | 1 | — | — | — | 1 | ||||||||||||||
Interest expense | (13 | ) | (35 | ) | (2 | ) | (21 | ) | (71 | ) | |||||||||
Income (loss) before income taxes | 41 | 84 | 6 | (28 | ) | 103 | |||||||||||||
Income tax expense | — | — | — | 7 | 7 | ||||||||||||||
Net Income (Loss) | $ | 41 | $ | 84 | $ | 6 | $ | (35 | ) | $ | 96 | ||||||||
Total Assets | $ | 1,828 | $ | 5,937 | $ | 512 | $ | 171 | $ | 8,448 |
Three months ended June 30, 2017 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 83 | $ | 165 | $ | 40 | $ | — | $ | 288 | |||||||||
Cost of operations | 15 | 35 | 27 | — | 77 | ||||||||||||||
Depreciation and amortization | 26 | 48 | 5 | — | 79 | ||||||||||||||
General and administrative | — | — | — | 6 | 6 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 1 | 1 | ||||||||||||||
Operating income (loss) | 42 | 82 | 8 | (7 | ) | 125 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 13 | — | — | 16 | ||||||||||||||
Other income, net | — | — | — | 1 | 1 | ||||||||||||||
Interest expense | (14 | ) | (53 | ) | (2 | ) | (21 | ) | (90 | ) | |||||||||
Income (loss) before income taxes | 31 | 42 | 6 | (27 | ) | 52 | |||||||||||||
Income tax expense | — | — | — | 8 | 8 | ||||||||||||||
Net Income (Loss) | $ | 31 | $ | 42 | $ | 6 | $ | (35 | ) | $ | 44 |
Six months ended June 30, 2018 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 164 | $ | 275 | $ | 93 | $ | — | $ | 532 | |||||||||
Cost of operations | 32 | 67 | 64 | — | 163 | ||||||||||||||
Depreciation and amortization | 50 | 102 | 11 | — | 163 | ||||||||||||||
General and administrative | — | — | — | 11 | 11 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | 2 | ||||||||||||||
Operating income (loss) | 82 | 106 | 18 | (13 | ) | 193 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 5 | 28 | — | — | 33 | ||||||||||||||
Other income, net | 1 | 1 | — | — | 2 | ||||||||||||||
Interest expense | (20 | ) | (59 | ) | (4 | ) | (43 | ) | (126 | ) | |||||||||
Income (loss) before income taxes | 68 | 76 | 14 | (56 | ) | 102 | |||||||||||||
Income tax expense | — | — | — | 6 | 6 | ||||||||||||||
Net Income (Loss) | $ | 68 | $ | 76 | $ | 14 | $ | (62 | ) | $ | 96 | ||||||||
Total Assets | $ | 1,828 | $ | 5,937 | $ | 512 | $ | 171 | $ | 8,448 |
Six months ended June 30, 2017 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 158 | $ | 267 | $ | 84 | $ | — | $ | 509 | |||||||||
Cost of operations | 37 | 68 | 57 | — | 162 | ||||||||||||||
Depreciation and amortization | 50 | 96 | 10 | — | 156 | ||||||||||||||
General and administrative | — | — | — | 10 | 10 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | 2 | ||||||||||||||
Operating income (loss) | 71 | 103 | 17 | (12 | ) | 179 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 6 | 29 | — | — | 35 | ||||||||||||||
Other income, net | — | 1 | — | 1 | 2 | ||||||||||||||
Loss on debt extinguishment | — | (2 | ) | — | — | (2 | ) | ||||||||||||
Interest expense | (26 | ) | (92 | ) | (5 | ) | (42 | ) | (165 | ) | |||||||||
Income (loss) before income taxes | 51 | 39 | 12 | (53 | ) | 49 | |||||||||||||
Income tax expense | — | — | — | 7 | 7 | ||||||||||||||
Net Income (Loss) | $ | 51 | $ | 39 | $ | 12 | $ | (60 | ) | $ | 42 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions, except percentages) | (In millions, except percentages) | ||||||||||||||
Income before income taxes | $ | 103 | $ | 52 | $ | 102 | $ | 49 | |||||||
Income tax expense | 7 | 8 | 6 | 7 | |||||||||||
Effective income tax rate | 6.8 | % | 15.4 | % | 5.9 | % | 14.3 | % |
• | On June 27, 2018, NRG, through its renewables business, offered the Company the opportunity to acquire 80 MW of utility-scale solar projects located in Kawailoa and Oahu, Hawaii. The acquisition is subject to negotiation and approval by the Company's Independent Directors. |
• | On June 19, 2018, upon reaching substantial completion, the Company acquired from NRG the UPMC Thermal Project for cash consideration of $84 million, subject to working capital adjustments. The Company will pay NRG an additional $4 million at final completion of the project. |
• | As further described in Note 7, Long-term Debt, on June 19, 2018, NRG Energy Center Minneapolis LLC, a subsidiary of the Company, entered into an amended and restated Thermal note purchase and private shelf agreement under which it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes and established a private shelf facility for the further issuance of $40 million in notes. |
• | On April 30, 2018, the Company closed on the refinancing of the revolving credit facility, which extended the maturity of the facility to April 28, 2023 and decreased the Company's overall cost of borrowing. The facility will continue to be used for general corporate purposes including financing of future acquisitions and posting letters of credit. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy and capacity revenues | $ | 325 | $ | 305 | $ | 20 | $ | 567 | $ | 543 | $ | 24 | |||||||||||
Contract amortization | (18 | ) | (17 | ) | (1 | ) | (35 | ) | (34 | ) | (1 | ) | |||||||||||
Total operating revenues | 307 | 288 | 19 | 532 | 509 | 23 | |||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of fuels | 17 | 14 | 3 | 37 | 30 | 7 | |||||||||||||||||
Operations and maintenance | 42 | 46 | (4 | ) | 94 | 98 | (4 | ) | |||||||||||||||
Other costs of operations | 15 | 17 | (2 | ) | 32 | 34 | (2 | ) | |||||||||||||||
Depreciation and amortization | 82 | 79 | 3 | 163 | 156 | 7 | |||||||||||||||||
General and administrative | 6 | 6 | — | 11 | 10 | 1 | |||||||||||||||||
Acquisition-related transaction and integration costs | 1 | 1 | — | 2 | 2 | — | |||||||||||||||||
Total operating costs and expenses | 163 | 163 | — | 339 | 330 | 9 | |||||||||||||||||
Operating Income | 144 | 125 | 19 | 193 | 179 | 14 | |||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 29 | 16 | 13 | 33 | 35 | (2 | ) | ||||||||||||||||
Other income, net | 1 | 1 | — | 2 | 2 | — | |||||||||||||||||
Loss on debt extinguishment | — | — | — | — | (2 | ) | 2 | ||||||||||||||||
Interest expense | (71 | ) | (90 | ) | 19 | (126 | ) | (165 | ) | 39 | |||||||||||||
Total other expense, net | (41 | ) | (73 | ) | 32 | (91 | ) | (130 | ) | 39 | |||||||||||||
Income Before Income Taxes | 103 | 52 | 51 | 102 | 49 | 53 | |||||||||||||||||
Income tax expense | 7 | 8 | (1 | ) | 6 | 7 | (1 | ) | |||||||||||||||
Net Income | 96 | 44 | 52 | 96 | 42 | 54 | |||||||||||||||||
Less: Pre-acquisition net income of Drop Down Assets | — | 2 | (2 | ) | 4 | 15 | (11 | ) | |||||||||||||||
Net Income Excluding Pre-acquisition Net Income of Drop Down Assets | 96 | 42 | 54 | 92 | 27 | 65 | |||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 17 | 14 | 3 | (3 | ) | 2 | (5 | ) | |||||||||||||||
Net Income Attributable to NRG Yield, Inc. | $ | 79 | $ | 28 | $ | 51 | $ | 95 | $ | 25 | $ | 70 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
Business metrics: | 2018 | 2017 | 2018 | 2017 | |||||||
Renewables MWh generated/sold (in thousands) (a) | 2,308 | 2,112 | 3,924 | 3,789 | |||||||
Thermal MWt sold (in thousands) | 462 | 418 | 1,079 | 987 | |||||||
Thermal MWh sold (in thousands) (b) | 9 | 9 | 18 | 18 | |||||||
Conventional MWh generated (in thousands) (a)(c) | 367 | 313 | 805 | 455 | |||||||
Conventional equivalent availability factor | 97.5 | % | 94.1 | % | 91.2 | % | 88.9 | % |
Conventional Generation | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Three months ended June 30, 2018 | |||||||||||||||
Energy and capacity revenues | $ | 87 | $ | 193 | $ | 45 | $ | 325 | |||||||
Cost of fuels | (1 | ) | — | (16 | ) | (17 | ) | ||||||||
Contract amortization | (2 | ) | (16 | ) | — | (18 | ) | ||||||||
Gross margin | 84 | 177 | 29 | 290 | |||||||||||
Contract amortization | 2 | 16 | — | 18 | |||||||||||
Economic gross margin | $ | 86 | $ | 193 | $ | 29 | $ | 308 | |||||||
Three months ended June 30, 2017 | |||||||||||||||
Energy and capacity revenues | $ | 85 | $ | 180 | $ | 40 | $ | 305 | |||||||
Cost of fuels | — | — | (14 | ) | (14 | ) | |||||||||
Contract amortization | (2 | ) | (15 | ) | — | (17 | ) | ||||||||
Gross margin | 83 | 165 | 26 | 274 | |||||||||||
Contract amortization | 2 | 15 | — | 17 | |||||||||||
Economic gross margin | $ | 85 | $ | 180 | $ | 26 | $ | 291 |
Segment | Increase | Reason for Increase | ||
Renewables: | $ | 12 | 9% increase in volume generated by wind projects, primarily at the Alta Wind projects, as well as 2% increase in solar generation, primarily at CVSR | |
Thermal: | 3 | Steam sales revenues generated at the UPMC Thermal Project pursuant to the Energy Sales Agreement between the Company and UPMC Mercy | ||
Conventional : | 1 | Higher plant availability at Walnut Creek in 2018, partially offset by lower start revenue at Marsh Landing | ||
$ | 16 |
Conventional Generation | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Six months ended June 30, 2018 | |||||||||||||||
Energy and capacity revenues | $ | 167 | $ | 306 | $ | 94 | $ | 567 | |||||||
Cost of fuels | (2 | ) | — | (35 | ) | (37 | ) | ||||||||
Contract amortization | (3 | ) | (31 | ) | (1 | ) | (35 | ) | |||||||
Gross margin | 162 | 275 | 58 | 495 | |||||||||||
Contract amortization | 3 | 31 | 1 | 35 | |||||||||||
Economic gross margin | $ | 165 | $ | 306 | $ | 59 | $ | 530 | |||||||
Six months ended June 30, 2017 | |||||||||||||||
Energy and capacity revenues | $ | 161 | $ | 297 | $ | 85 | $ | 543 | |||||||
Cost of fuels | — | — | (30 | ) | (30 | ) | |||||||||
Contract amortization | (3 | ) | (30 | ) | (1 | ) | (34 | ) | |||||||
Gross margin | 158 | 267 | 54 | 479 | |||||||||||
Contract amortization | 3 | 30 | 1 | 34 | |||||||||||
Economic gross margin | $ | 161 | $ | 297 | $ | 55 | $ | 513 |
Segment | Increase | Reason for Increase | ||
Renewables: | $ | 8 | 3% increase in volume generated by wind projects, primarily in connection with higher wind resource at the Alta Wind projects, as well as a 5% increase in solar generation, primarily at CVSR | |
Conventional: | 4 | Higher plant availability at Walnut Creek and El Segundo | ||
Thermal: | 4 | Increased consumption across the portfolio in 2018, as well as steam sales revenues generated at the UPMC Thermal Project pursuant to the Energy Sales Agreement between the Company and UPMC Mercy | ||
$ | 16 |
(In millions) | June 30, 2018 | December 31, 2017 | ||||||
Cash and cash equivalents: | ||||||||
NRG Yield, Inc. and NRG Yield LLC, excluding subsidiaries | $ | 48 | $ | 24 | ||||
Subsidiaries | 82 | 124 | ||||||
Restricted cash: | ||||||||
Operating accounts | 43 | 25 | ||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 96 | 143 | ||||||
Total | $ | 269 | $ | 316 | ||||
Revolving credit facility availability | 428 | 366 | ||||||
Total liquidity | $ | 697 | $ | 682 |
S&P | Moody's | ||
NRG Yield, Inc. | BB | Ba2 | |
5.375% Senior Notes, due 2024 | BB | Ba2 | |
5.000% Senior Notes, due 2026 | BB | Ba2 |
Second Quarter 2018 | First Quarter 2018 | |||||||
Dividends per Class A share | $ | 0.309 | $ | 0.298 | ||||
Dividends per Class C share | $ | 0.309 | $ | 0.298 |
Six months ended June 30, | |||||||||||
2018 | 2017 | Change | |||||||||
(In millions) | |||||||||||
Net cash provided by operating activities | $ | 181 | $ | 169 | $ | 12 | |||||
Net cash used in investing activities | (166 | ) | (190 | ) | 24 | ||||||
Net cash used in financing activities | (62 | ) | (177 | ) | 115 |
Changes to net cash provided by operating activities were driven by: | (In millions) | ||
Increase in operating income adjusted for non-cash items | $ | 24 | |
Changes in other working capital primarily due to a higher increase in accounts receivable balances in the first half of 2018 compared to the same period in 2017 | (15 | ) | |
Higher distributions from unconsolidated affiliates | 3 | ||
$ | 12 |
Changes to net cash used in investing activities were driven by: | (In millions) | ||
Payment to acquire Central CA Fuel Cell 1, LLC in 2018 | $ | (11 | ) |
Lower payments for the Buckthorn Solar Drop Down Asset and UPMC Thermal Project in 2018 compared to the payment made for the March 2017 Drop Down Assets in 2017 | 5 | ||
Decrease in capital expenditures driven primarily by the substantial completion of the Buckthorn Solar Drop Down Asset in May 2018 | 15 | ||
Lower net investment in unconsolidated affiliates primarily in the DGPV partnerships with NRG during 2018 | 10 | ||
Other | 5 | ||
$ | 24 |
Changes in net cash used in financing activities were driven by: | (In millions) | ||
Lower distributions, net of contributions to NRG for the Drop Down Assets relating to the pre-acquisition period in 2018 compared to 2017 | $ | 26 | |
Net repayments under the revolving credit facility in 2018 | (55 | ) | |
Increase in net contributions from noncontrolling interests primarily from Buckthorn Holdings, LLC's Class A member in 2018, as described in Note 3, Business Acquisitions | 79 | ||
Higher net proceeds from the NRG Yield, Inc. Class C common stock offerings under the ATM Program in the first half of 2018 compared to the same period in 2017 | 59 | ||
Net proceeds from the refinancing of the Thermal note purchase and private shelf agreement, as described in Note 7, Long-term Debt | 120 | ||
Conversion of the Buckthorn Solar Portfolio, LLC Construction Loan to a term loan in 2018 | (98 | ) | |
Increase in dividends paid to common stockholders, as declared dividends per share increased by 15% from 2017 to 2018 | (16 | ) | |
$ | 115 |
Derivative Activity (Losses)/Gains | (In millions) | ||
Fair value of contracts as of December 31, 2017 | $ | (47 | ) |
Contracts realized or otherwise settled during the period | 8 | ||
Changes in fair value | 45 | ||
Fair value of contracts as of June 30, 2018 | $ | 6 |
Fair value of contracts as of June 30, 2018 | |||||||||||||||||||
Maturity | |||||||||||||||||||
Fair Value Hierarchy (Losses)/Gains | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||
(In millions) | |||||||||||||||||||
Level 2 | $ | (5 | ) | $ | 4 | $ | 2 | $ | 5 | $ | 6 |
Number | Description | Method of Filing | ||
4.1 | Incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on June 12, 2018. | |||
4.2 | Incorporated herein by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on June 12, 2018. | |||
4.3 | Filed herewith. | |||
4.4 | Filed herewith. | |||
31.1 | Filed herewith. | |||
31.2 | Filed herewith. | |||
31.3 | Filed herewith. | |||
32 | Furnished herewith. | |||
101 INS | XBRL Instance Document. | Filed herewith. | ||
101 SCH | XBRL Taxonomy Extension Schema. | Filed herewith. | ||
101 CAL | XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. | ||
101 DEF | XBRL Taxonomy Extension Definition Linkbase. | Filed herewith. | ||
101 LAB | XBRL Taxonomy Extension Label Linkbase. | Filed herewith. | ||
101 PRE | XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. |
NRG YIELD, INC. (Registrant) | ||||
/s/ CHRISTOPHER S. SOTOS | ||||
Christopher S. Sotos | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
/s/ CHAD PLOTKIN | ||||
Chad Plotkin | ||||
Chief Financial Officer (Principal Financial Officer) | ||||
/s/ DAVID CALLEN | ||||
David Callen | ||||
Date: August 2, 2018 | Chief Accounting Officer (Principal Accounting Officer) | |||
THERMAL CANADA INFRASTRUCTURE HOLDINGS LLC |
By: /s/ Chad Plotkin Name: Chad Plotkin Title: Vice President & Treasurer |
NRG YIELD OPERATING LLC NRG YIELD LLC NRG YIELD DGPV HOLDING LLC By: /s/ Chad Plotkin Name: Chad Plotkin Title: Senior Vice President, Chief Financial Officer & Treasurer ALTA WIND 1-5 HOLDING COMPANY, LLC ALTA WIND COMPANY, LLC CENTRAL CA FUEL CELL 1, LLC NRG SOLAR IGUANA LLC NRG SOLAR LAS VEGAS MB 1 LLC NRG SOLAR STAR LLC NRG SOLAR TABERNACLE LLC NRG SOUTH TRENT HOLDINGS LLC NRG YIELD RPV HOLDING LLC NYLD FUEL CELL HOLDINGS LLC PORTFOLIO SOLAR I, LLC SOLAR FLAGSTAFF ONE LLC SPP ASSET HOLDINGS, LLC SPP FUND II HOLDINGS, LLC SPP FUND II, LLC SPP FUND II-B, LLC SPP FUND III, LLC THERMAL INFRASTRUCTURE DEVELOPMENT HOLDINGS LLC UB FUEL CELL, LLC By: /s/ Chad Plotkin Name: Chad Plotkin Title: Vice President & Treasurer DELAWARE TRUST COMPANY By: /s/ Thomas Musarra Authorized Signatory |
THERMAL CANADA INFRASTRUCTURE HOLDINGS LLC |
By: /s/ Chad Plotkin Name: Chad Plotkin Title: Vice President & Treasurer |
NRG YIELD OPERATING LLC NRG YIELD LLC NRG YIELD DGPV HOLDING LLC By: /s/ Chad Plotkin Name: Chad Plotkin Title: Senior Vice President, Chief Financial Officer & Treasurer ALTA WIND 1-5 HOLDING COMPANY, LLC ALTA WIND COMPANY, LLC CENTRAL CA FUEL CELL 1, LLC NRG SOLAR IGUANA LLC NRG SOLAR LAS VEGAS MB 1 LLC NRG SOLAR STAR LLC NRG SOLAR TABERNACLE LLC NRG SOUTH TRENT HOLDINGS LLC NRG YIELD RPV HOLDING LLC NYLD FUEL CELL HOLDINGS LLC PORTFOLIO SOLAR I, LLC SOLAR FLAGSTAFF ONE LLC SPP ASSET HOLDINGS, LLC SPP FUND II HOLDINGS, LLC SPP FUND II, LLC SPP FUND II-B, LLC SPP FUND III, LLC THERMAL INFRASTRUCTURE DEVELOPMENT HOLDINGS LLC UB FUEL CELL, LLC By: /s/ Chad Plotkin Name: Chad Plotkin Title: Vice President & Treasurer DELAWARE TRUST COMPANY By: /s/ Thomas Musarra Authorized Signatory: |
1. | I have reviewed this quarterly report on Form 10-Q of NRG Yield, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ CHRISTOPHER S. SOTOS | |
Christopher S. Sotos Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of NRG Yield, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ CHAD PLOTKIN | |
Chad Plotkin Chief Financial Officer (Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of NRG Yield, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID CALLEN | |
David Callen Chief Accounting Officer (Principal Accounting Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Form 10-Q. |
/s/ CHRISTOPHER S. SOTOS | ||||
Christopher S. Sotos | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
/s/ CHAD PLOTKIN | ||||
Chad Plotkin | ||||
Chief Financial Officer (Principal Financial Officer) | ||||
/s/ DAVID CALLEN | ||||
David Callen | ||||
Chief Accounting Officer (Principal Accounting Officer) |
*YBG\.Z3)'=3">X1[&,B:49P[ K\S
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 31, 2018 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NRG Yield, Inc. | |
Entity Central Index Key | 0001567683 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 34,586,250 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,738,750 | |
Common Class C [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 69,129,643 | |
Common Class D [Member] | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,738,750 |
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
[1] | Jun. 30, 2018 |
Jun. 30, 2017 |
[1] | |||
Net income | $ 96 | $ 44 | $ 96 | $ 42 | ||||
Other Comprehensive Gain (Loss), net of tax | ||||||||
Unrealized gain (loss) on derivatives, net of income tax (expense) benefit of $0, $1, ($3) and $0 | 7 | (6) | 24 | 0 | ||||
Other comprehensive gain (loss) | 7 | (6) | 24 | 0 | ||||
Comprehensive Income | 103 | 38 | 120 | 42 | ||||
Less: Pre-acquisition net income of Drop Down Assets | 0 | 2 | 4 | 15 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 21 | 11 | 10 | 2 | ||||
Comprehensive Income Attributable to NRG Yield, Inc. | $ 82 | $ 25 | $ 106 | $ 25 | ||||
|
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain/loss on derivatives, income tax expense /(benefit) | $ 0 | $ 1 | $ (3) | $ 0 |
Consolidated Balance Sheets - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||
---|---|---|---|---|---|---|---|---|
Current Assets | ||||||||
Cash and cash equivalents | $ 130,000,000 | $ 148,000,000 | [1] | |||||
Restricted cash | 139,000,000 | 168,000,000 | [1] | |||||
Accounts receivable — trade | 132,000,000 | 95,000,000 | [1] | |||||
Inventory | 39,000,000 | 39,000,000 | [1] | |||||
Notes receivable | 6,000,000 | 13,000,000 | [1] | |||||
Prepayments and other current assets | 26,000,000 | 19,000,000 | [1] | |||||
Total current assets | 472,000,000 | 482,000,000 | [1] | |||||
Property, plant and equipment, net | 5,376,000,000 | 5,410,000,000 | [1] | |||||
Other Assets | ||||||||
Equity investments in affiliates | 1,183,000,000 | 1,178,000,000 | [1] | |||||
Intangible assets, net | 1,192,000,000 | 1,228,000,000 | [1] | |||||
Derivative instruments | 23,000,000 | 1,000,000 | [1] | |||||
Deferred income taxes | 120,000,000 | 128,000,000 | [1] | |||||
Other non-current assets | 82,000,000 | 62,000,000 | [1] | |||||
Total other assets | 2,600,000,000 | 2,597,000,000 | [1] | |||||
Total Assets | 8,448,000,000 | 8,489,000,000 | [1] | |||||
Current Liabilities | ||||||||
Current portion of long-term debt | 651,000,000 | [2] | 339,000,000 | [1] | ||||
Accounts payable — trade | 40,000,000 | 46,000,000 | [1] | |||||
Accounts payable — affiliate | 47,000,000 | 49,000,000 | [1] | |||||
Derivative instruments | 6,000,000 | 18,000,000 | [1] | |||||
Accrued expenses and other current liabilities | 60,000,000 | 88,000,000 | [1] | |||||
Total current liabilities | 804,000,000 | 540,000,000 | [1] | |||||
Other Liabilities | ||||||||
Long-term debt | 5,244,000,000 | 5,659,000,000 | [1] | |||||
Derivative instruments | 12,000,000 | 31,000,000 | [1] | |||||
Other non-current liabilities | 101,000,000 | 100,000,000 | [1] | |||||
Total non-current liabilities | 5,357,000,000 | 5,790,000,000 | [1] | |||||
Total Liabilities | 6,161,000,000 | 6,330,000,000 | [1] | |||||
Commitments and Contingencies | 0 | 0 | ||||||
Stockholders' Equity | ||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 | [1] | |||||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 189,145,393 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 69,081,643, Class D 42,738,750) at June 30, 2018 and 184,780,837 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 64,717,087, Class D 42,738,750) at December 31, 2017 | 1,000,000 | 1,000,000 | [1] | |||||
Additional paid-in capital | 1,859,000,000 | 1,843,000,000 | [1] | |||||
Retained earnings (accumulated deficit) | 25,000,000 | (69,000,000) | [1] | |||||
Accumulated other comprehensive loss | (17,000,000) | (28,000,000) | [1] | |||||
Noncontrolling interest | 419,000,000 | 412,000,000 | [1] | |||||
Total Stockholders' Equity | 2,287,000,000 | 2,159,000,000 | [1] | |||||
Total Liabilities and Stockholders' Equity | $ 8,448,000,000 | $ 8,489,000,000 | [1] | |||||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Commitments and Contingencies | $ 0 | $ 0 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 34,586,250 | 34,586,250 |
Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 |
Common Class C [Member] | ||
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 69,081,643 | 64,717,087 |
Common Class D [Member] | ||
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 |
Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Cash Flows from Operating Activities | |||||
Net income | $ 96 | $ 42 | [1] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Equity in earnings of unconsolidated affiliates | (33) | (35) | [1] | ||
Distributions from unconsolidated affiliates | 32 | 29 | [1] | ||
Depreciation and amortization | 163 | 156 | [1] | ||
Amortization of financing costs and debt discounts | 13 | 11 | [1] | ||
Amortization of intangibles and out-of-market contracts | 35 | 34 | [1] | ||
Adjustment for debt extinguishment | 0 | (2) | [1] | ||
Changes in deferred income taxes | 6 | 7 | [1] | ||
Derivative interest (income) expense | (32) | 2 | [1] | ||
(Gain) loss on disposal of asset components | (1) | 4 | [1] | ||
Changes in prepaid and accrued liabilities for tolling agreements | (62) | (64) | [1] | ||
Changes in other working capital | (36) | (19) | [1] | ||
Net Cash Provided by Operating Activities | 181 | 169 | [1] | ||
Cash Flows from Investing Activities | |||||
Acquisition of businesses, net of cash acquired | 11 | 0 | |||
Payments for the Drop Down Assets | 126 | 131 | [1] | ||
Capital expenditures | (45) | (60) | [1] | ||
Cash receipts from notes receivable | 7 | 9 | [1] | ||
Return of investment from unconsolidated affiliates | 18 | 25 | [1] | ||
Investments in unconsolidated affiliates | (16) | (33) | [1] | ||
Payments for (Proceeds from) Other Investing Activities | (7) | 0 | [1] | ||
Net Cash Used in Investing Activities | (166) | (190) | [1] | ||
Cash Flows from Financing Activities | |||||
Net contributions from noncontrolling interests | 94 | 15 | [1] | ||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | 0 | (26) | [1] | ||
Net proceeds from the issuance of common stock | 75 | 16 | [1] | ||
Payments of dividends and distributions | (113) | (97) | [1] | ||
Payments of debt issuance costs | 5 | 12 | [1] | ||
Proceeds from the revolving credit facility | 35 | 0 | [1] | ||
Repayments of Lines of Credit | 90 | 0 | [1] | ||
Proceeds from the issuance of long-term debt | 227 | 99 | [1] | ||
Payments for long-term debt | (285) | (172) | [1] | ||
Net Cash Used in Financing Activities | (62) | (177) | [1] | ||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (47) | (198) | [1] | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 316 | 498 | [1] | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 269 | $ 300 | [1] | ||
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Nature of Business |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business | Nature of Business NRG Yield, Inc., together with its consolidated subsidiaries, or the Company, is a dividend growth-oriented company that has historically served as the primary vehicle through which NRG owns, operates and acquires contracted renewable and conventional generation and thermal infrastructure assets. The Company believes it is well positioned to be a premier company for investors seeking stable and growing dividend income from a diversified portfolio of lower-risk assets. The Company owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the U.S. The Company’s contracted generation portfolio collectively represents 5,118 net MW as of June 30, 2018. Nearly all of these assets sell substantially all of their output pursuant to long-term offtake agreements with creditworthy counterparties. The weighted average remaining contract duration of these offtake agreements was approximately 15 years as of June 30, 2018 based on CAFD. The Company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,392 net MWt and electric generation capacity of 133 net MW. These thermal infrastructure assets provide steam, hot and/or chilled water, and, in some instances, electricity to commercial businesses, universities, hospitals and governmental units in multiple locations, principally through long-term contracts or pursuant to rates regulated by state utility commissions. NRG Yield, Inc. consolidates the results of NRG Yield LLC through its controlling interest, with NRG's interest shown as noncontrolling interest in the financial statements. The holders of NRG Yield, Inc.'s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. NRG receives its distributions from NRG Yield LLC through its ownership of NRG Yield LLC Class B and Class D units. The following table represents the structure of the Company as of June 30, 2018: ![]() On February 6, 2018, Global Infrastructure Partners, or GIP, entered into a purchase and sale agreement with NRG, or the NRG Transaction, for the acquisition of NRG's full ownership interests in the Company and NRG's renewable development and operations platform. The NRG Transaction is subject to certain closing conditions, including customary legal and regulatory approvals. As of July 31, 2018, all regulatory approvals have been obtained and the Company expects the NRG Transaction to close in the third quarter of 2018. NRG is currently the Company's controlling stockholder and the Company has been highly dependent on NRG for, among other things, growth opportunities and management and administration services. In connection with the NRG Transaction, the Company entered into a Consent and Indemnity Agreement with NRG and GIP setting forth key terms and conditions of the Company's consent to the NRG Transaction. For further discussion of the NRG Transaction, refer to Item 1 - Business in the Company's 2017 Form 10-K. For risks related to the NRG Transaction and the Company's relationship with NRG see Part I, Item 1A, Risk Factors in the Company's 2017 Form 10-K. As of June 30, 2018, the Company's operating assets are comprised of the following projects:
(a) Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2018. (b) Projects are part of tax equity arrangements. (c) The Company's total generation capacity is net of 6 MWs for noncontrolling interest for Spring Canyon II and III. The Company's generation capacity including this noncontrolling interest was 5,257 MWs. (d) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (e) Represents interests in Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, all acquired as part of the March 2017 Drop Down Assets (ownership percentage is based upon cash to be distributed). (f) Projects are part of NRG Wind TE Holdco portfolio. In addition to the facilities owned or leased in the table above, the Company entered into partnerships to own or purchase solar power generation projects, as well as other ancillary related assets from a related party via intermediate funds. The Company does not consolidate these partnerships and accounts for them as equity method investments. The Company's net interest in these projects is 268 MW based on cash to be distributed as of June 30, 2018. For further discussions, see Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities of this Form 10-Q and Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities to the consolidated financial statements included in the Company's 2017 Form 10-K. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and, in some instances, electricity at a central plant. Certain district energy systems are subject to rate regulation by state public utility commissions (although they may negotiate certain rates) while the other district energy systems have rates determined by negotiated bilateral contracts. Recast of the Historical Financial Statements As described in Note 3, Business Acquisitions, on March 30, 2018, the Company acquired 100% of NRG's interests in Buckthorn Renewables, LLC, which owned a 154 MW construction-stage utility-scale solar generation project, or the Buckthorn Solar Drop Down Asset, for cash consideration of approximately $42 million, subject to working capital adjustments, plus assumed non-recourse debt of approximately $183 million and non-controlling interest of $19 million (as of the acquisition date) attributable to the Class A member. On May 31, 2018, $132 million of non-recourse debt was converted to a term loan with an expected maturity of May 2025, and the remainder of the non-recourse debt was repaid with the final proceeds from the Class A member upon the project reaching substantial completion in May 2018. The purchase price was funded with cash on hand and borrowings from the revolving credit facility. The acquisition of the Buckthorn Solar Drop Down Asset was accounted for as a transfer of entities under common control. The accounting guidance requires retrospective combination of the entities for all periods presented as if the combinations had been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period). The recast of the Company's financial statements for the Buckthorn Solar Drop Down Asset did not affect the historical net income attributable to NRG Yield, Inc., weighted average number of shares outstanding, earnings per share or dividends. Additionally, as described in Note 3, Business Acquisitions, during the year ended December 31, 2017, the Company acquired the November 2017 Drop Down Assets and August 2017 Drop Down Assets from NRG. Similarly to the Buckthorn Solar Drop Down Asset, the Company recast its historical financial statements to combine the entities for the periods presented as if the combinations had been in effect from the beginning of the financial statements period. The recast of the Company's financial statements for the November 2017 Drop Down Assets and August 2017 Drop Down Assets did not affect the historical net income attributable to NRG Yield, Inc., weighted average number of shares outstanding, earnings per share or dividends. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2017 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of June 30, 2018, and the results of operations, comprehensive income (loss) and cash flows for the six months ended June 30, 2018 and 2017. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. Accumulated Depreciation, Accumulated Amortization The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of June 30, 2018 and December 31, 2017:
Noncontrolling Interests Stockholders' equity represents the equity associated with the Class A and Class C common stockholders, the equity associated with the Class B and Class D common stockholder, NRG, and the third-party interests under certain tax equity arrangements are classified as noncontrolling interests. The following table reflects the changes in the Company's noncontrolling interest balance:
(a) As previously reported in the Company's Form 10-K for the year ended December 31, 2017. NRG Yield LLC Distributions to NRG The following table lists the distributions paid to NRG on NRG Yield LLC's Class B and D units during the six months ended June 30, 2018:
On July 24, 2018, NRG Yield LLC declared a distribution on its Class A, Class B, Class C and Class D units of $0.320 per unit payable on September 18, 2018 to unit holders of record as of September 4, 2018. Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, using the modified retrospective method applied to contracts which were not completed as of the adoption date, with no adjustment required to the financial statements upon adoption. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Renewable Energy Credits, or RECs As stated above, renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its bank of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2018, along with the reportable segment for each category:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
(b) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of June 30, 2018:
Income Taxes NRG Yield, Inc. is included in certain NRG consolidated unitary state tax return filings which is reflected in NRG Yield, Inc.'s state effective tax rate. If NRG Yield, Inc. filed under a separate standalone methodology, there would be an additional state tax expense of approximately $2 million as of June 30, 2018 due to a change in the NRG Yield, Inc. state effective tax rate. Reclassifications Certain prior-year amounts have been reclassified for comparative purposes. Recent Accounting Developments - Not Yet Adopted ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company will adopt the standard effective January 1, 2019 and expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan and evaluating the anticipated impact on the Company's results of operations, cash flows and financial position. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, the Company believes the adoption of Topic 842 may be material to its financial statements. The Company is continuing to monitor potential changes to Topic 842 that have been proposed by the FASB and will assess any necessary changes to the implementation as the guidance is updated. |
Business Acquisitions Business Acquisitions (Notes) |
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Business Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Business Acquisitions 2018 Acquisitions UPMC Thermal Project Asset Acquisition — On June 19, 2018, upon reaching substantial completion, the Company acquired from NRG the UPMC Thermal Project for cash consideration of $84 million, subject to working capital adjustments. The Company also recorded a payable of $4 million to be paid to NRG upon final completion of the project pursuant to the EPC agreement, as discussed in Note 12, Related Party Transactions. The project adds 73 MWt of thermal equivalent capacity and 7.5 MW of emergency backup thermal capacity to the Company's portfolio. The transaction is reflected in the Company's Thermal segment. The acquisition was funded with the proceeds from the sale of the Series E Notes and Series F Notes, as further described in Note 7, Long-term Debt. The assets transferred to the Company relate to interests under common control by NRG and were recorded at book value in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the purchase price and book value of the assets was recorded as a distribution to NRG and decreased the balance of its noncontrolling interest. The acquisition was determined to be an asset acquisition and not a business combination, therefore no recast of the historical financial information was deemed necessary. Central CA Fuel Cell 1, LLC — On April 18, 2018, the Company acquired the Central CA Fuel Cell 1, LLC project in Tulare, California from FuelCell Energy Finance, Inc., for cash consideration of $11 million, subject to working capital adjustments. The project adds 2.8 MW of thermal capacity to the Company's portfolio, with a 20-year PPA contract with the City of Tulare. The transaction is reflected in the Company's Thermal segment. Buckthorn Solar Drop Down Asset — On March 30, 2018, the Company acquired 100% of NRG's interests in Buckthorn Renewables, LLC, which owned a 154 MW construction-stage utility-scale solar generation project located in Texas, or the Buckthorn Solar Drop Down Asset, for cash consideration of approximately $42 million, subject to working capital adjustments. The Company also assumed non-recourse debt of $183 million and non-controlling interest of $19 million (as of acquisition date) attributable to the Class A member, as further described below. The Company converted $132 million of non-recourse debt to a term loan and the remainder of the outstanding debt was paid down with the contribution from the Class A member in the amount of $80 million upon the project reaching substantial completion in May 2018. The purchase price for the Buckthorn Solar Drop Down Asset was funded with cash on hand and borrowings from the Company's revolving credit facility. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid and historical value of the entities' equity was recorded as a distribution to NRG and decreased the balance of its noncontrolling interest. Since the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. Buckthorn Solar Portfolio, LLC, a wholly owned subsidiary of Buckthorn Renewables, LLC, is the Class B member in a tax equity partnership, Buckthorn Holdings, LLC, the owner of the Buckthorn Solar Drop Down Asset. The Class A member is a tax equity investor, or TE investor, who receives 99% of allocations of taxable income and other items through the six month anniversary of the placed in service date, at which time the allocations change to 67% through the last calendar year before the flip point, and then back to 99% through the flip point (which occurs when the TE Investor obtains a specified return on its initial investment), at which time the allocations to the TE Investor change to 5% for all the periods thereafter. Before the flip point, the TE investor would receive a priority distribution of distributable cash, as defined, plus a percentage of remaining distributable cash after the priority distribution subject to a percentage cap. The project sells power under a 25-year PPA to the City of Georgetown, Texas, which commenced in July 2018. The following is a summary of net assets transferred in connection with the acquisition of the Buckthorn Solar Drop Down Asset as of March 31, 2018:
(a) Net of $7 million of net debt issuance costs. 2017 Acquisitions November 2017 Drop Down Assets — On November 1, 2017, the Company acquired a 38 MW solar portfolio primarily comprised of assets from NRG's Solar Power Partners (SPP) funds and other projects developed by NRG, for cash consideration of $74 million, including working capital adjustments, plus assumed non-recourse debt of $26 million. The purchase price for the November 2017 Drop Down Assets was funded with cash on hand. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid and historical value of the entities' equity was recorded as a contribution from NRG and increased the balance of its noncontrolling interest. Since the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. August 2017 Drop Down Assets — On August 1, 2017, the Company acquired the remaining 25% interest in NRG Wind TE Holdco, a portfolio of 12 wind projects, from NRG for total cash consideration of $44 million, including working capital adjustments. The purchase agreement also included potential additional payments to NRG dependent upon actual energy prices for merchant periods beginning in 2027, which were estimated and accrued as contingent consideration in the amount of $8 million. The Company originally acquired 75% of NRG Wind TE Holdco on November 3, 2015, or November 2015 Drop Down Assets, which were consolidated with 25% of the net assets recorded as noncontrolling interest. The assets and liabilities transferred to the Company related to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combination - Related Issues. As the Company had reflected NRG's 25% ownership of NRG Wind TE Holdco in noncontrolling interest, the difference between the cash paid of $44 million, net of the contingent consideration of $8 million, and the historical value of the remaining 25% of $87 million as of July 31, 2017, was recorded as an adjustment to NRG's noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the accounting guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period). The following tables present a summary of the Company's historical information combining the financial information for the Buckthorn Solar Drop Down Asset, November 2017 Drop Down Assets and August 2017 Drop Down Assets transferred in connection with the acquisition:
(a) As previously reported in the Company's Form 10-Q for the quarter ended June 30, 2017. March 2017 Drop Down Assets — On March 27, 2017, the Company acquired the following interests from NRG: (i) Agua Caliente Borrower 2 LLC, which owns a 16% interest (approximately 31% of NRG's 51% interest) in the Agua Caliente solar farm, one of the ROFO Assets, representing ownership of approximately 46 net MW of capacity and (ii) NRG's interests in the Utah Solar Portfolio. Agua Caliente is located in Yuma County, AZ and sells power subject to a 25-year PPA with Pacific Gas and Electric, with 22 years remaining on that contract. The seven utility-scale solar farms in the Utah Solar Portfolio are owned by the following entities: Four Brothers Capital, LLC, Iron Springs Capital, LLC, and Granite Mountain Capital, LLC. These utility-scale solar farms achieved commercial operations in 2016, sell power subject to 20-year PPAs with PacifiCorp, a subsidiary of Berkshire Hathaway and are part of a tax equity structure with Dominion Solar Projects III, Inc., or Dominion, through which the Company is entitled to receive 50% of cash to be distributed, as further described below. The Company paid cash consideration of $128 million, which includes $3 million of final net working capital adjustment received by the Company from NRG. The acquisition of the March 2017 Drop Down Assets was funded with cash on hand. The Company recorded the acquired interests as equity method investments. The Company also assumed non-recourse debt of $41 million and $287 million on Agua Caliente Borrower 2 LLC and the Utah Solar Portfolio, respectively, as well as its pro-rata share of non-recourse project-level debt of Agua Caliente Solar LLC, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combination - Related Issues. The difference between the cash paid and the historical value of the entities' equity of $8 million was recorded as an adjustment to NRG's noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the accounting guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period). |
Variable Interest Entities |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Accounted for by the Equity Method and Variable Interest Entities | Investments Accounted for by the Equity Method and Variable Interest Entities Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind facilities, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2017 Form 10-K. Buckthorn Renewables, LLC — As described in Note 3, Business Acquisitions, on March 30, 2018, the Company acquired 100% of NRG’s interest in a 154 MW construction-stage utility-scale solar generation project, Buckthorn Renewables, LLC, which owns 100% interest in Buckthorn Solar Portfolio, LLC, which in turn owns 100% of the Class B membership interests in Buckthorn Holdings, LLC for total consideration of approximately $42 million, subject to working capital adjustments. The Company also assumed non-recourse debt of $183 million and non-controlling interest of $19 million attributable to the Class A member, as further described below. On May 31, 2018, $132 million of non-recourse debt was converted to a term loan with an expected maturity of May 2025, and the remainder of the non-recourse debt was repaid with final proceeds from the Class A member upon the project reaching substantial completion in May 2018. Buckthorn Holdings, LLC is a tax equity fund, which is a variable interest entity that is consolidated by Buckthorn Solar Portfolio, LLC. The Company is the primary beneficiary, through its position as managing member, and indirectly consolidates Buckthorn Holdings, LLC through Buckthorn Solar Portfolio, LLC. The Class A member is a tax equity investor who made its initial capital contribution of $19 million on March 30, 2018, which is reflected as noncontrolling interest on the Company’s consolidated balance sheet. The project achieved substantial completion in May 2018, at which time the remaining contributions in the amount of $80 million were funded. The Company utilizes the HLBV method to determine the net income or loss allocated to the tax equity investor noncontrolling interest. The Company recorded $51 million of loss attributable to its non-controlling interest in Buckthorn Renewables, LLC during the period ended June 30, 2018. Summarized financial information for the Company's consolidated VIEs consisted of the following as of June 30, 2018:
Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities under the equity method of accounting, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2017 Form 10-K. The Company's maximum exposure to loss as of June 30, 2018, is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
NRG DGPV Holdco 1 LLC — The Company invested $4 million of cash during the six months ended June 30, 2018 into DGPV Holdco 1 LLC and recorded $3 million due to NRG in accounts payable - affiliate as of June 30, 2018 to be funded in tranches as the project milestones are completed. The Company owns approximately 52 MW of distributed solar capacity, based on cash to be distributed, with a weighted average remaining contract life of approximately 18 years as of June 30, 2018. NRG DGPV Holdco 3 LLC — The Company invested $12 million of cash during the six months ended June 30, 2018 into DGPV Holdco 3 LLC and recorded $10 million due to NRG in accounts payable - affiliate as of June 30, 2018 to be funded in tranches as the project milestones are completed. The Company owns approximately 59 MW of distributed solar capacity, based on cash to be distributed, with a weighted average remaining contract life of approximately 21 years as of June 30, 2018. Utah Solar Portfolio — As described in Note 3, Business Acquisitions, on March 27, 2017, as part of the March 2017 Drop Down Assets acquisition, the Company acquired from NRG 100% of the Class A equity interests in the Utah Solar Portfolio, comprised of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC. The Class B interests of the Utah Solar Portfolio are owned by a tax equity investor, who receives 99% of allocations of taxable income and other items until the flip point, which occurs when the tax equity investor obtains a specified return on its initial investment, at which time the allocations to the tax equity investor change to 50%. The Company generally receives 50% of distributable cash throughout the term of the tax-equity arrangements. The three entities comprising the Utah Solar Portfolio are VIEs. As the Company is not the primary beneficiary, the Company uses the equity method of accounting to account for its interests in the Utah Solar Portfolio. The Company utilizes the HLBV method to determine its share of the income or losses in the investees. Non-recourse project-level debt of unconsolidated affiliates Agua Caliente Financing — As described in Note 3, Business Acquisitions, on March 27, 2017, the Company acquired a 16% interest in the Agua Caliente solar facility through its acquisition of Agua Caliente Borrower 2 LLC. As of June 30, 2018, Agua Caliente Solar LLC, the direct owner of the Agua Caliente solar facility, had $812 million outstanding under the Agua Caliente financing agreement with the Federal Financing Bank, or FFB, borrowed to finance the costs of constructing the facility. The Company's pro-rata share of the Agua Caliente financing arrangement was $130 million as of June 30, 2018. Amounts borrowed under the Agua Caliente financing agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375%, mature in 2037 and are secured by the assets of Agua Caliente Solar LLC. The loans provided by the FFB are guaranteed by the U.S. DOE. |
Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:
In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement. For cash and cash equivalents, restricted cash, accounts receivable, accounts receivable — affiliate, accounts payable, current portion of the accounts payable — affiliates, accrued expenses and other liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:
(a) Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2018 and December 31, 2017:
Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
(a) There were no derivative assets or liabilities classified as Level 1 or Level 3 as of June 30, 2018 and December 31, 2017. Derivative Fair Value Measurements The Company's contracts are non-exchange-traded and valued using prices provided by external sources. For the Company’s energy markets, management receives quotes from multiple sources. To the extent that multiple quotes are received, the prices reflect the average of the bid-ask mid-point prices obtained from all sources believed to provide the most liquid market for the commodity. The fair value of each contract is discounted using a risk free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses NRG's default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of June 30, 2018, the credit reserve was $1 million in interest expense. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. Concentration of Credit Risk In addition to the credit risk discussion in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's 2017 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) daily monitoring of counterparties' credit limits; (iii) the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of June 30, 2018, credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.6 billion for the next five years. The majority of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations, which the Company is unable to predict. |
Accounting for Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities This footnote should be read in conjunction with the complete description under Note 7, Accounting for Derivative Instruments and Hedging Activities, to the consolidated financial statements included in the Company's 2017 Form 10-K. Energy-Related Commodities As of June 30, 2018, the Company had energy-related derivative instruments extending through 2020. At June 30, 2018, these contracts were not designated as cash flow or fair value hedges. Interest Rate Swaps As of June 30, 2018, the Company had interest rate derivative instruments on non-recourse debt extending through 2041, a portion of which are designated as cash flow hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy of the Company's open derivative transactions broken out by commodity:
Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:
(a) Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of June 30, 2018 and December 31, 2017. The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. As of June 30, 2018 and December 31, 2017, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by the counterparty master agreement level as of June 30, 2018 and December 31, 2017:
(a) There were no commodity contracts classified as derivative assets as of June 30, 2018.
Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:
The Company's regression analysis for Marsh Landing, Walnut Creek and Avra Valley interest rate swaps, while positively correlated, no longer contain matching terms for cash flow hedge accounting. As a result, the Company voluntarily de-designated the Marsh Landing, Walnut Creek and Avra Valley cash flow hedges as of April 28, 2017, and will prospectively mark these derivatives to market through the income statement. Impact of Derivative Instruments on the Statements of Operations The Company has interest rate derivative instruments that are not designated as cash flow hedges. The effect of interest rate hedges is recorded to interest expense. For the three months ended June 30, 2018 and 2017, the impact to the consolidated statements of income was a gain of $7 million and a loss of $13 million, respectively. For the six months ended June 30, 2018 and 2017, the impact to the consolidated statements of operations was a gain of $31 million and a loss of $9 million, respectively. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of income for these contracts. See Note 5, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk. |
Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt This footnote should be read in conjunction with the complete description under Note 10, Long-term Debt, to the consolidated financial statements included in the Company's 2017 Form 10-K. Long-term debt consisted of the following:
(a) As of June 30, 2018, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 where L+ equals 6 month LIBOR plus 3.00% and Buckthorn Solar and Utah Solar Portfolio, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) The 2019 Convertible Notes become due in February 2019 and are included in current portion of long-term debt on the Company's consolidated balance sheet as of June 30, 2018. Upon conversion of the 2019 Convertible Notes, pursuant to a notice delivered by the Company to the holders of the 2019 Convertible Notes on July 26, 2018, the Company will settle all conversions through the payment of cash, as described in the 2019 Convertible Notes indenture. (d) Discounts relate to the 2019 Convertible Notes and 2020 Convertible Notes. The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of June 30, 2018, the Company was in compliance with all of the required covenants. The discussion below describes material changes to or additions of long-term debt for the six months ended June 30, 2018. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility As of June 30, 2018, there were no outstanding borrowings under the revolving credit facility and the Company had $67 million of letters of credit outstanding. On April 30, 2018, the Company closed on the refinancing of the revolving credit facility, which extended the maturity of the facility to April 28, 2023, and decreased the Company's overall cost of borrowing from L+2.50% to L+1.75%. The facility will continue to be used for general corporate purposes including financing of future acquisitions and posting letters of credit. On February 6, 2018, NRG Yield Operating LLC and NRG Yield LLC amended the revolving credit facility to modify the "change of control" provisions to permit the consummation of the NRG Transaction, and also to permit NRG Yield Operating LLC, NRG Yield LLC and certain subsidiaries to incur up to $1.5 billion of unsecured indebtedness in order to repurchase or make other required cash payments, in each case if applicable, with respect to NRG Yield Operating LLC’s outstanding senior notes and NRG Yield's outstanding convertible notes in connection with the NRG Transaction. Project - level Debt Energy Center Minneapolis Series E, F, G, H Notes On June 19, 2018, NRG Energy Center Minneapolis LLC, a subsidiary of the Company, entered into an amended and restated Thermal note purchase and private shelf agreement under which it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes, as further described in the table below:
The proceeds from the sale of the Series E Notes and the Series F Notes were utilized to finance the acquisition of the UPMC Thermal Project as described in Note 3, Business Acquisitions. The Series G Notes were used to refinance the Series C Notes as noted above in the table. The Series H Notes were used to make a dividend to NRG Yield Operating LLC. The amended and restated Thermal note purchase and private shelf agreement also established a private shelf facility for the future issuance of notes in the amount of $40 million. Buckthorn Solar Drop Down Asset Debt As part of the Buckthorn Solar Drop Down Asset acquisition, as further described in Note 3, Business Acquisitions, the Company assumed non-recourse debt of $183 million relating to Buckthorn Solar Portfolio, LLC as of the date of the acquisition, March 30, 2018. The assumed debt consisted of a Construction Loan and an Investment Tax Credits, or ITC, Bridge Loan, both at an interest rate of LIBOR plus 1.75%. On May 31, 2018, $132 million of non-recourse debt was converted to a term loan with an expected maturity of May 2025, and the remainder of the non-recourse debt was repaid with the final proceeds from the Class A member upon the project reaching substantial completion in May 2018. Buckthorn Solar entered into a series of fixed for floating interest rate swaps that would fix the interest rate for a minimum of 80% of the outstanding notional amount. All interest rate swap payments by Buckthorn Solar and its counterparties are made quarterly and LIBOR is determined in advance of each interest period. |
Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of the Company's basic and diluted earnings per share is shown in the following tables:
(a) Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share:
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Changes in Capital Structure |
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Changes in Capital Structure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | Changes in Capital Structure At-the-Market Equity Offering Program, or the ATM Program NRG Yield, Inc. is party to an equity distribution agreement with Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as sales agents. Pursuant to the terms of the equity distribution agreement, NRG Yield, Inc. may offer and sell shares of its Class C common stock par value $0.01 per share, from time to time through the sales agents up to an aggregate sales price of $150 million through an at-the-market equity offering program, or the ATM Program. NRG Yield, Inc. may also sell shares of its Class C common stock to any of the sales agents, as principals for its own account, at a price agreed upon at the time of sale. The Company sold a total of 4,392,583 shares of Class C common stock for gross proceeds of $77 million during the period ended June 30, 2018, $1 million of which was received in July of 2018. The Company incurred commission fees of $762 thousand during the period ended June 30, 2018. As of July 3, 2018, approximately $38 million of Class C common stock remains available for issuance under the ATM Program. As a result of the Company's sale of shares of Class C common stock under the ATM Program, the public shareholders of Class A and Class C common stock increased their economic and voting interests in NRG Yield, Inc. to 54.8%, and 45.0%, respectively, as of June 30, 2018. Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the six months ended June 30, 2018:
Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. On July 24, 2018, the Company declared quarterly dividends on its Class A common stock and Class C common stock of $0.320 per share payable on September 18, 2018, to stockholders of record as of September 4, 2018. The Company also has authorized 10 million shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss).
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following:
For the three and six months ended June 30, 2018 and 2017, the overall effective tax rate was different than the statutory rate of 21% and 35%, respectively, primarily due to production and investment tax credits generated from certain wind and solar assets, respectively, and earnings allocated to NRG resulting from its interest in NRG Yield LLC. For tax purposes, NRG Yield LLC is treated as a partnership; therefore, the Company and NRG each record their respective share of taxable income or loss. |
Related Party Transactions |
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Jun. 30, 2018 | ||||
Related Party Transactions [Abstract] | ||||
Related Party Transactions Disclosure | Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, NRG or certain subsidiaries of NRG provide services to the Company's project entities. Amounts due to NRG or its subsidiaries are recorded as accounts payable - affiliate and amounts due to the Company from NRG subsidiaries are recorded as accounts receivable - affiliate on the Company's consolidated balance sheet. The disclosures below summarize the Company's material related party transactions with NRG and its subsidiaries that are included in the Company's operating revenues and operating costs. Power Purchase Agreements (PPAs) between the Company and NRG Power Marketing Elbow Creek and Dover are parties to PPAs with NRG Power Marketing and generate revenue under the PPAs, which are recorded to operating revenues in the Company's consolidated statements of operations. For the three and six months ended June 30, 2018, Elbow Creek and Dover, collectively, generated revenues of $3 million and $6 million, respectively. For the three and six months ended June 30, 2017, Elbow Creek and Dover, collectively, generated revenue of $3 million and $7 million, respectively. Energy Marketing Services Agreement by and between Thermal entities and NRG Power Marketing NRG Energy Center Dover LLC, NRG Energy Center Minneapolis, NRG Energy Center Phoenix LLC, and NRG Energy Center Paxton LLC, or Thermal entities, which are subsidiaries of the Company, are parties to Energy Marketing Services Agreements with NRG Power Marketing, a wholly-owned subsidiary of NRG. Under the agreements, NRG Power Marketing procures fuel and fuel transportation for the operation of the Thermal entities. For each of the three and six months ended June 30, 2018 and 2017, the Thermal entities purchased $2 million and $6 million for each period in each year, respectively, of natural gas from NRG Power Marketing. Operation and Maintenance (O&M) Services Agreements by and between the Company's subsidiaries and NRG Certain of the Company's subsidiaries are party to O&M Services Agreements with NRG, pursuant to which NRG subsidiaries provide necessary and appropriate services to operate and maintain the subsidiaries' plant operations, businesses and thermal facilities. NRG is reimbursed for the provided services, as well as for all reasonable and related expenses and expenditures, and payments to third parties for services and materials rendered to or on behalf of the parties to the agreements. NRG is not entitled to any management fee or mark-up under the agreements. The fees incurred under these agreements were $10 million and $20 million for each of the three and six months ended June 30, 2018, respectively. For the three and six months ended June 30, 2017, the fees incurred were $9 million and $19 million, respectively. The Company had $9 million and $13 million due to NRG for the services performed under the O&M Agreements in accounts payable — affiliate as of June 30, 2018 and December 31, 2017, respectively. O&M Services Agreements by and between GenConn and NRG GenConn incurs fees under two O&M agreements with wholly-owned subsidiaries of NRG. For the three and six months ended June 30, 2018 and 2017, the aggregate fees incurred under the agreements were $2 million and $3 million for each period in each year, respectively. Administrative Services Agreement by and between Marsh Landing and NRG West Coast LLC Marsh Landing is a party to an administrative services agreement with NRG West Coast LLC, a wholly owned subsidiary of NRG. The Company reimbursed costs under this agreement of $6 million and $9 million for each of the three and six months ended June 30, 2018, respectively. The Company reimbursed costs under the agreement of $3 million and $6 million for the three and six months ended June 30, 2017, respectively. There was a balance of $1 million due to NRG West Coast LLC in accounts payable—affiliate as of June 30, 2018 and December 31, 2017. Administrative Services Agreements by and between the Company and NRG Renew Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to administrative services agreements with NRG Renew Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of NRG, which provides O&M services to these subsidiaries. The Company incurred total expenses for these services of $8 million and $15 million for the three and six months ended June 30, 2018, respectively. The Company incurred total expenses for these services of $6 million and $12 million for the three and six months ended June 30, 2017, respectively. There was a balance of $4 million and $5 million due to RENOM as of June 30, 2018 and December 31, 2017, respectively. Management Services Agreement by and between the Company and NRG NRG provides the Company with various operational, management, and administrative services, which include human resources, accounting, tax, legal, information systems, treasury, and risk management, as set forth in the Management Services Agreement. As of June 30, 2018, the base management fee was approximately $9 million per year, subject to an inflation-based adjustment annually at an inflation factor based on the year-over-year U.S. consumer price index. The fee is also subject to adjustments following the consummation of future acquisitions and as a result of a change in the scope of services provided under the Management Services Agreement. Costs incurred under this agreement were $3 million and $5 million for the three and six months ended June 30, 2018, respectively. Costs incurred under this agreement for the three and six months ended June 30, 2017 were $4 million and $6 million, respectively. The costs incurred under the Management Services Agreement included certain direct expenses incurred by NRG on behalf of the Company in addition to the base management fee. EPC Agreement by and between NECP and NRG NRG Business Services LLC, a subsidiary of NRG, and NECP, a wholly owned subsidiary of the Company, entered into an EPC agreement for the construction of a 73 MWt district energy system for NECP to provide 150 kpph of steam, 6,750 tons of chilled water and 7.5 MW of emergency backup power service to UPMC Mercy. The initial term of the energy services agreement with UPMC Mercy will be for a period of twenty years from the service commencement date. On June 19, 2018, as discussed in Note 3, Business Acquisitions, NECP purchased the UPMC Thermal Project assets from NRG Business Services LLC for cash consideration of $84 million, subject to working capital adjustments. The Company also recorded a payable of $4 million to be paid to NRG upon final completion of the project, which is included in accounts payable - affiliate as of June 30, 2018. |
Contingencies (Notes) |
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Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | Contingencies This note should be read in conjunction with the complete description under Note 16, Commitments and Contingencies, to the Company's 2017 Form 10-K. The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Braun v. NRG Yield, Inc. — On April 19, 2016, plaintiffs filed a putative class action lawsuit against NRG Yield, Inc., the current and former members of its board of directors individually, and other parties in California Superior Court in Kern County, California. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the NRG Yield, Inc.'s June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. The defendants filed demurrers and a motion challenging jurisdiction on October 18, 2016. On July 30, 2018, the plaintiffs filed an opposition to the defendants’ motion to quash service of the summons and an opposition to the defendants’ demurrer. GenOn Noteholders' Lawsuit — On December 13, 2016, certain indenture trustees for an ad hoc group of holders, or the Noteholders, of the GenOn Energy, Inc., or GenOn, 7.875% Senior Notes due 2017, 9.500% Notes due 2018, and 9.875% Notes due 2020, and the GenOn Americas Generation, LLC 8.50% Senior Notes due 2021 and 9.125% Senior Notes due 2031, along with certain of the Noteholders, filed a complaint in the Superior Court of the State of Delaware against NRG and GenOn alleging certain claims related to the Services Agreement between NRG and GenOn. On April 30, 2017, the Noteholders filed an amended complaint that asserts additional claims of fraudulent transfer, insider preference and breach of fiduciary duties. In addition to NRG and GenOn, the amended complaint names NRG Yield LLC and certain current and former officers and directors of GenOn as defendants. The plaintiffs, among other things, generally seek return of all monies paid under the Services Agreement and any other damages that the court deems appropriate. On April 28, 2017, the bondholders filed an amended complaint adding the GenOn directors and officers as defendants and asserting claims that they breached certain fiduciary duties. Plaintiffs specifically allege that the transfer of Marsh Landing to NRG Yield LLC constituted a fraudulent transfer. On June 12, 2017, certain GenOn entities, NRG and certain holders of the GenOn and GenOn Americas Generation, LLC senior notes entered into a restructuring support and lock-up agreement. On July 13, 2018, NRG and GenOn executed a term sheet that resolves and releases the GenOn Noteholder litigation. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, the Company adopted the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, using the modified retrospective method applied to contracts which were not completed as of the adoption date, with no adjustment required to the financial statements upon adoption. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Renewable Energy Credits, or RECs As stated above, renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its bank of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2018, along with the reportable segment for each category:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
(b) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of June 30, 2018:
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Income Tax, Policy [Policy Text Block] | Income Taxes NRG Yield, Inc. is included in certain NRG consolidated unitary state tax return filings which is reflected in NRG Yield, Inc.'s state effective tax rate. If NRG Yield, Inc. filed under a separate standalone methodology, there would be an additional state tax expense of approximately $2 million as of June 30, 2018 due to a change in the NRG Yield, Inc. state effective tax rate. |
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. |
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Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests Stockholders' equity represents the equity associated with the Class A and Class C common stockholders, the equity associated with the Class B and Class D common stockholder, NRG, and the third-party interests under certain tax equity arrangements are classified as noncontrolling interests. The following table reflects the changes in the Company's noncontrolling interest balance:
(a) As previously reported in the Company's Form 10-K for the year ended December 31, 2017. NRG Yield LLC Distributions to NRG The following table lists the distributions paid to NRG on NRG Yield LLC's Class B and D units during the six months ended June 30, 2018:
On July 24, 2018, NRG Yield LLC declared a distribution on its Class A, Class B, Class C and Class D units of $0.320 per unit payable on September 18, 2018 to unit holders of record as of September 4, 2018. |
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Distributions [Policy Text Block] | NRG Yield LLC Distributions to NRG The following table lists the distributions paid to NRG on NRG Yield LLC's Class B and D units during the six months ended June 30, 2018:
On July 24, 2018, NRG Yield LLC declared a distribution on its Class A, Class B, Class C and Class D units of $0.320 per unit payable on September 18, 2018 to unit holders of record as of September 4, 2018 |
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Recent Accounting Developments | Recent Accounting Developments - Not Yet Adopted ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company will adopt the standard effective January 1, 2019 and expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan and evaluating the anticipated impact on the Company's results of operations, cash flows and financial position. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. While this review is still in process, the Company believes the adoption of Topic 842 may be material to its financial statements. The Company is continuing to monitor potential changes to Topic 842 that have been proposed by the FASB and will assess any necessary changes to the implementation as the guidance is updated. |
Segment Reporting Segment Reporting (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss). |
Nature of Business Nature of Business (Tables) |
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IPO of NRG Yield | The following table represents the structure of the Company as of June 30, 2018: ![]() |
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Schedule of Ownership | As of June 30, 2018, the Company's operating assets are comprised of the following projects:
(a) Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2018. (b) Projects are part of tax equity arrangements. (c) The Company's total generation capacity is net of 6 MWs for noncontrolling interest for Spring Canyon II and III. The Company's generation capacity including this noncontrolling interest was 5,257 MWs. (d) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (e) Represents interests in Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, all acquired as part of the March 2017 Drop Down Assets (ownership percentage is based upon cash to be distributed). (f) Projects are part of NRG Wind TE Holdco portfolio. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Depreciation and Amortization [Table Text Block] | The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of June 30, 2018 and December 31, 2017:
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Schedule of Change in Noncontrolling Interest [Table Text Block] | The following table reflects the changes in the Company's noncontrolling interest balance:
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Distributions Made to Limited Liability Company (LLC) Member, by Distribution [Table Text Block] | The following table lists the distributions paid to NRG on NRG Yield LLC's Class B and D units during the six months ended June 30, 2018:
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Disaggregation of Revenue [Table Text Block] | The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2018, along with the reportable segment for each category:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
(b) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:
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Contract with Customer, Asset and Liability [Table Text Block] | The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of June 30, 2018:
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Business Acquisitions Business Acquisitions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2017 Drop Down Assets and August 2017 Drop Down Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following tables present a summary of the Company's historical information combining the financial information for the Buckthorn Solar Drop Down Asset, November 2017 Drop Down Assets and August 2017 Drop Down Assets transferred in connection with the acquisition:
(a) As previously reported in the Company's Form 10-Q for the quarter ended June 30, 2017 |
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Buckthorn Solar Drop Down Asset [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following is a summary of net assets transferred in connection with the acquisition of the Buckthorn Solar Drop Down Asset as of March 31, 2018:
(a) Net of $7 million of net debt issuance costs. |
Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities that are not consolidated [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The Company's maximum exposure to loss as of June 30, 2018, is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
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Consolidated Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | Summarized financial information for the Company's consolidated VIEs consisted of the following as of June 30, 2018:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated carrying values and fair values | The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:
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Fair Value Option, Disclosures [Table Text Block] | The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2018 and December 31, 2017:
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Schedule of Fair Value, Assets and Liabilities [Table Text Block] | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
(a) There were no derivative assets or liabilities classified as Level 1 or Level 3 as of June 30, 2018 and December 31, 2017. |
Accounting for Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy of the Company's open derivative transactions broken out by commodity:
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Fair value within the derivative instrument valuation on the balance sheets | he following table summarizes the fair value within the derivative instrument valuation on the balance sheet:
(a) Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of June 30, 2018 and December 31, 2017. |
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Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by the counterparty master agreement level as of June 30, 2018 and December 31, 2017:
(a) There were no commodity contracts classified as derivative assets as of June 30, 2018.
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Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:
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Long-term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | Long-term debt consisted of the following:
(a) As of June 30, 2018, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 where L+ equals 6 month LIBOR plus 3.00% and Buckthorn Solar and Utah Solar Portfolio, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) The 2019 Convertible Notes become due in February 2019 and are included in current portion of long-term debt on the Company's consolidated balance sheet as of June 30, 2018. Upon conversion of the 2019 Convertible Notes, pursuant to a notice delivered by the Company to the holders of the 2019 Convertible Notes on July 26, 2018, the Company will settle all conversions through the payment of cash, as described in the 2019 Convertible Notes indenture. (d) Discounts relate to the 2019 Convertible Notes and 2020 Convertible Notes. |
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NRG Energy Center Minneapolis Series E, F, G, H Notes [Member] [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Long-term Debt Instruments [Table Text Block] | On June 19, 2018, NRG Energy Center Minneapolis LLC, a subsidiary of the Company, entered into an amended and restated Thermal note purchase and private shelf agreement under which it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes, as further described in the table below:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of the Company's basic and diluted earnings per share is shown in the following tables:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share:
|
Changes in Capital Structure Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Changes in Capital Structure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the six months ended June 30, 2018:
|
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the U.S. federal statutory rate to the Company's effective rate | The income tax provision consisted of the following:
|
Nature of Business (Details) $ in Millions |
6 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
|
Aug. 02, 2017
USD ($)
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Mar. 27, 2017
USD ($)
MW
|
Jun. 30, 2018
USD ($)
MW
|
Mar. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
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||||||||||||||
Nature of Business | |||||||||||||||||||
Weighted Average Remaining PPA Term | 15 years | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[2] | 5,251 | |||||||||||||||||
Power Generation Capacity, Megawatts, including portion attributable to noncontrolling interest | 5,257 | ||||||||||||||||||
Megawatts Thermal Equivalent, Available Under right-to-use Provisions | 134 | ||||||||||||||||||
Long-term Debt | $ | $ 5,970 | $ 6,083 | |||||||||||||||||
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 5,118 | |||||||||||||||||
Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 1,945 | |||||||||||||||||
Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 921 | |||||||||||||||||
Distributed Solar [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | 52 | ||||||||||||||||||
Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 2,200 | |||||||||||||||||
Thermal [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 133 | |||||||||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | [1],[3] | 1,392 | |||||||||||||||||
NRG Energy Center Dover [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
NRG Yield, Inc. [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 45.00% | ||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 54.80% | ||||||||||||||||||
NRG Yield LLC | NRG [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 55.00% | ||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 45.20% | ||||||||||||||||||
GenConn Middletown | Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 95 | |||||||||||||||||
GenConn Devon [Member] | Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 95 | |||||||||||||||||
Marsh Landing | Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 720 | |||||||||||||||||
El Segundo [Member] | Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 550 | |||||||||||||||||
Walnut Creek [Member] | Conventional Generation [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 485 | |||||||||||||||||
Agua Caliente [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 16.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 46 | |||||||||||||||||
Alpine [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 66 | |||||||||||||||||
Avenal [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 23 | |||||||||||||||||
Avra Valley | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 26 | |||||||||||||||||
NRG Solar Blythe LLC [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 21 | |||||||||||||||||
Borrego [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 26 | |||||||||||||||||
CVSR [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 250 | |||||||||||||||||
Desert Sunlight [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 25.00% | ||||||||||||||||||
Kansas South [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||||||||||||||
Roadrunner | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||||||||||||||
TA - High Desert LLC [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||||||||||||||
Utah Portfolio [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 50.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[5] | 265 | |||||||||||||||||
AZ DG Solar Projects [Member] | Distributed Solar [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | 5 | ||||||||||||||||||
PFMG DG Solar Projects [Member] | Distributed Solar [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | 9 | ||||||||||||||||||
Alta I [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||||||||||||||
Alta II [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||||||||||||||
Alta III [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||||||||||||||
Alta IV [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 102 | |||||||||||||||||
Alta V [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 168 | |||||||||||||||||
Alta X [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4] | 137 | |||||||||||||||||
Alta XI [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4] | 90 | |||||||||||||||||
South Trent | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 101 | |||||||||||||||||
Spanish Fork [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 19 | |||||||||||||||||
Spring Canyon II [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 90.10% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4] | 29 | |||||||||||||||||
Laredo Ridge [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 80 | |||||||||||||||||
Lookout [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 38 | |||||||||||||||||
Odin Wind Farm [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 99.90% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 20 | |||||||||||||||||
Taloga [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 130 | |||||||||||||||||
Wildorado [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4] | 161 | |||||||||||||||||
Pinnacle [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 55 | |||||||||||||||||
San Juan Mesa Wind Project, LLC [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 75.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 90 | |||||||||||||||||
Sleeping Bear [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 95 | |||||||||||||||||
Buffalo Bear [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 19 | |||||||||||||||||
Crosswinds [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 99.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 21 | |||||||||||||||||
Elbow Creek [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 122 | |||||||||||||||||
Elkhorn Ridge Wind, LLC [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 66.70% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 54 | |||||||||||||||||
Forward [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 29 | |||||||||||||||||
Goat Wind [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 150 | |||||||||||||||||
Hardin [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 99.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4],[6] | 15 | |||||||||||||||||
Spring Canyon [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts attributed to noncontrolling interest | 6 | ||||||||||||||||||
Spring Canyon III [Member] | Wind Farms [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 90.10% | ||||||||||||||||||
Power Generation Capacity, Megawatts | [1],[4] | 25 | |||||||||||||||||
Thermal [Member] | Thermal [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 30 | |||||||||||||||||
NRG Energy Center Dover [Member] | Thermal [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 103 | |||||||||||||||||
SPP Projects [Member] | Distributed Solar [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | 25 | ||||||||||||||||||
Other DG Assets [Member] | Distributed Solar [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 100.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | 13 | ||||||||||||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | 154 | ||||||||||||||||||
Business Acquisitions, Purchase Price | $ | $ 42 | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ | $ 19 | ||||||||||||||||||
August 2017 Drop Down Assets [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Business Acquisitions, Purchase Price | $ | $ 44 | ||||||||||||||||||
Southern California Edison [Member] | Desert Sunlight [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 63 | |||||||||||||||||
Pacific Gas and Electric [Member] | Desert Sunlight [Member] | Utility-Scale Solar | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | [1] | 75 | |||||||||||||||||
Common Class D [Member] | NRG Yield LLC | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | ||||||||||||||||||
Unconsolidated Solar Partnerships [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Power Generation Capacity, Megawatts | 268 | ||||||||||||||||||
Agua Caliente [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Long-term Debt | $ | $ 812 | ||||||||||||||||||
March 2017 Drop Down Assets [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Business Acquisitions, Purchase Price | $ | $ 128 | ||||||||||||||||||
Agua Caliente Borrower 2 [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 16.00% | ||||||||||||||||||
Power Generation Capacity, Megawatts | 46 | ||||||||||||||||||
Agua Caliente Borrower 2 [Member] | NRG [Member] | |||||||||||||||||||
Nature of Business | |||||||||||||||||||
Percentage of Ownership | 51.00% | ||||||||||||||||||
|
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,428 | $ 1,428 | $ 1,285 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 272 | 272 | 237 | ||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | (419) | (419) | (412) | [1] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,287 | 2,287 | 2,159 | [1] | |||||||||||||
Payment of capital distributions and returns of capital, net of capital distributions, non-cash | (13) | ||||||||||||||||
Pre-acquisition net income of the Buckthorn Solar Drop Down Asset | 0 | $ 2 | [1] | 4 | $ 15 | [1] | |||||||||||
Comprehensive income | 21 | 11 | [1] | 10 | 2 | [1] | |||||||||||
Stockholders' Equity, Other | (2) | ||||||||||||||||
Distributions to NRG, net | $ (63) | ||||||||||||||||
Dividends Payable, Date Declared | Jul. 24, 2018 | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.320 | ||||||||||||||||
Dividends Payable, Date to be Paid | Sep. 18, 2018 | ||||||||||||||||
Dividends Payable, Date of Record | Sep. 04, 2018 | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58 | $ 119 | |||||||||||||||
Capitalized Contract Cost, Amortization | 18 | 35 | |||||||||||||||
Total operating revenues | 307 | 288 | [1] | 532 | 509 | [1] | |||||||||||
Operating Leases, Income Statement, Contingent Revenue | (267) | (448) | |||||||||||||||
Accounts Receivable, Net | $ 132 | 132 | |||||||||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Payment for the Buckthorn Solar Drop Down Asset | (42) | ||||||||||||||||
Pre-acquisition net income of the Buckthorn Solar Drop Down Asset | (3) | (3) | |||||||||||||||
Total operating revenues | 0 | 0 | |||||||||||||||
Financial Institutions [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Capital contributions from tax equity investors, net of distributions | 109 | ||||||||||||||||
Common Class B [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.309 | $ 0.298 | |||||||||||||||
Common Class D [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.309 | $ 0.298 | |||||||||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | (21) | ||||||||||||||||
Capital contributions from tax equity investors, net of distributions | $ 80 | ||||||||||||||||
Customer Contracts [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Accounts Receivable, Net | $ 29 | 29 | |||||||||||||||
Lease Agreements [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Accounts Receivable, Net | 103 | 103 | |||||||||||||||
Conventional Generation [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||||||||||||||
Capitalized Contract Cost, Amortization | 2 | 3 | |||||||||||||||
Total operating revenues | 85 | 83 | 164 | 158 | |||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (87) | (167) | |||||||||||||||
Renewables [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 14 | 26 | |||||||||||||||
Capitalized Contract Cost, Amortization | 16 | 31 | |||||||||||||||
Total operating revenues | 177 | 165 | 275 | 267 | |||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (179) | (280) | |||||||||||||||
Thermal [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 44 | 93 | |||||||||||||||
Capitalized Contract Cost, Amortization | 0 | 1 | |||||||||||||||
Total operating revenues | 45 | 40 | 93 | 84 | |||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (1) | (1) | |||||||||||||||
Energy Revenue [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 238 | 398 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (182) | (284) | |||||||||||||||
Energy Revenue [Member] | Conventional Generation [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 2 | 3 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (2) | (3) | |||||||||||||||
Energy Revenue [Member] | Renewables [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 193 | 306 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (179) | (280) | |||||||||||||||
Energy Revenue [Member] | Thermal [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 43 | 89 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (1) | (1) | |||||||||||||||
Capacity Revenue [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 87 | 169 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (85) | (164) | |||||||||||||||
Capacity Revenue [Member] | Conventional Generation [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 85 | 164 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | (85) | (164) | |||||||||||||||
Capacity Revenue [Member] | Renewables [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 0 | 0 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | 0 | 0 | |||||||||||||||
Capacity Revenue [Member] | Thermal [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 2 | 5 | ||||||||||||||
Operating Leases, Income Statement, Contingent Revenue | $ 0 | $ 0 | |||||||||||||||
Previously Reported [Member] | |||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | [1] | $ (391) | |||||||||||||||
Pre-acquisition net income of the Buckthorn Solar Drop Down Asset | [3] | 0 | 12 | ||||||||||||||
Total operating revenues | [3] | $ 284 | $ 502 | ||||||||||||||
|
Business Acquisitions Business Acquisitions - UPMC Thermal (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
MW
|
Jun. 19, 2018
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||||||
Power Generation Capacity, Megawatts | [1],[2] | 5,251 | ||||||||
UPMC Thermal [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ | $ 84 | |||||||||
Accounts Payable, Related Parties | $ | $ 4 | |||||||||
Thermal [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | [1],[3] | 1,392 | ||||||||
Power Generation Capacity, Megawatts | [1] | 133 | ||||||||
UPMC Thermal [Member] | Thermal [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 73 | |||||||||
Power Generation Capacity, Megawatts | 7.5 | |||||||||
|
Business Acquisitions Business Acquisitions - Central CA Fuel Cell (Details) $ in Millions |
Apr. 18, 2018
USD ($)
MW
|
Jun. 30, 2018
MW
|
||||
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | [1],[2] | 5,251 | ||||
Central CA Fuel Cell 1 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ | $ 11 | |||||
Power Generation Capacity, Megawatts | 2.8 | |||||
Power Purchase Agreement Period | 20 years | |||||
|
Business Acquisitions Business Acquisitions - Buckthorn Solar Drop Down Asset (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Mar. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | [1],[2] | 5,251 | |||||||||
Long-term Debt | $ 5,970 | $ 6,083 | |||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 154 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 20 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 212 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 3 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 235 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | [3] | 176 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 15 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 191 | ||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 19 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 25 | ||||||||||
Business Combination, Consideration Transferred | $ 42 | ||||||||||
|
Business Acquisitions Business Acquisitions - November 2017 Drop Down (Details) $ in Millions |
Nov. 02, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Dec. 31, 2017
USD ($)
|
Nov. 01, 2017
USD ($)
MW
|
||||
---|---|---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||||
Power Generation Capacity, Megawatts | MW | [1],[2] | 5,251 | ||||||
Long-term Debt | $ 5,970 | $ 6,083 | ||||||
November 2017 Drop Down Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Power Generation Capacity, Megawatts | MW | 38 | |||||||
Business Combination, Consideration Transferred | $ 74 | |||||||
November 2017 Drop Down Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term Debt | $ 26 | |||||||
|
Business Acquisitions Business Acquisitions - August 2017 Drop Down (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Nov. 02, 2017 |
Aug. 02, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Aug. 01, 2017 |
||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total operating revenues | $ 307 | $ 288 | [1] | $ 532 | $ 509 | [1] | |||||||||
Operating Income (Loss) | 144 | 125 | [1] | 193 | 179 | [1] | |||||||||
Net Income (Loss) | 96 | 44 | [1] | 96 | 42 | [1] | |||||||||
Less: Pre-acquisition net income of Drop Down Assets | 0 | 2 | [1] | 4 | 15 | [1] | |||||||||
Less: Income (loss) attributable to noncontrolling interests | 17 | 14 | [1] | (3) | 2 | [1] | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 79 | 28 | [1] | 95 | 25 | [1] | |||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 42 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25 | 25 | |||||||||||||
Total operating revenues | 0 | 0 | |||||||||||||
Operating Income (Loss) | 0 | 0 | |||||||||||||
Net Income (Loss) | (3) | (3) | |||||||||||||
Less: Pre-acquisition net income of Drop Down Assets | (3) | (3) | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 0 | 0 | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 0 | 0 | |||||||||||||
August 2017 Drop Down Assets [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 44 | ||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 8 | $ 8 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 87 | ||||||||||||||
Total operating revenues | 0 | 0 | |||||||||||||
Operating Income (Loss) | 0 | 0 | |||||||||||||
Net Income (Loss) | 0 | 0 | |||||||||||||
Less: Pre-acquisition net income of Drop Down Assets | 3 | 5 | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | (3) | (5) | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 0 | 0 | |||||||||||||
November 2017 Drop Down Assets [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 74 | ||||||||||||||
Total operating revenues | 4 | 7 | |||||||||||||
Operating Income (Loss) | 3 | 3 | |||||||||||||
Net Income (Loss) | 2 | 1 | |||||||||||||
Less: Pre-acquisition net income of Drop Down Assets | 2 | 1 | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 0 | 0 | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 0 | 0 | |||||||||||||
August 2017 Drop Down Assets [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 25.00% | ||||||||||||||
Previously Reported [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total operating revenues | [2] | 284 | 502 | ||||||||||||
Operating Income (Loss) | [2] | 122 | 176 | ||||||||||||
Net Income (Loss) | [2] | 45 | 44 | ||||||||||||
Less: Pre-acquisition net income of Drop Down Assets | [2] | 0 | 12 | ||||||||||||
Less: Income (loss) attributable to noncontrolling interests | [2] | 17 | 7 | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | [2] | $ 28 | $ 25 | ||||||||||||
|
Business Acquisitions Business Acquisitions - March 2017 Drop Down (Details) $ in Millions |
Mar. 27, 2017
USD ($)
MW
|
Jun. 30, 2018
USD ($)
MW
|
||||
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [1],[2] | 5,251 | ||||
Agua Caliente Borrower 2 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 16.00% | |||||
Percentage of NRG's Ownership | 31.00% | |||||
Power Generation Capacity, Megawatts | MW | 46 | |||||
Power Purchase Agreement Period | 25 years | |||||
Remaining Power Purchase Agreement term | 22 years | |||||
Non-Recourse Debt | $ 41 | |||||
Utah Portfolio [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Remaining Power Purchase Agreement term | 20 years | |||||
Percentage of Cash Available for Distributions | 50.00% | |||||
Non-Recourse Debt | $ 287 | |||||
March 2017 Drop Down Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | 128 | |||||
Business Acquisition, Consideration Transferred, Working Capital | $ 3 | |||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 8 | |||||
NRG [Member] | Agua Caliente Borrower 2 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of Ownership | 51.00% | |||||
NRG [Member] | Utah Portfolio [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of Cash Available for Distributions | 50.00% | |||||
|
Variable Interest Entities Variable Interest Entities - Consolidated Entities (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Jun. 30, 2017
USD ($)
|
Mar. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Power Generation Capacity, Megawatts | MW | [1],[2] | 5,251 | 5,251 | ||||||||||||||
Long-term Debt | $ 5,970 | $ 5,970 | $ 6,083 | ||||||||||||||
Other Assets | 2,600 | 2,600 | 2,597 | [3] | |||||||||||||
Property, Plant and Equipment, Net | 5,376 | 5,376 | 5,410 | [3] | |||||||||||||
Total Assets | 8,448 | 8,448 | 8,489 | [3] | |||||||||||||
Liabilities | 6,161 | 6,161 | 6,330 | [3] | |||||||||||||
Less: Income (loss) attributable to noncontrolling interests | 17 | $ 14 | [3] | (3) | $ 2 | [3] | |||||||||||
November 2015 Drop Down Assets [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Other Assets | 163 | 163 | |||||||||||||||
Property, Plant and Equipment, Net | 362 | 362 | |||||||||||||||
Intangible Assets | 2 | 2 | |||||||||||||||
Total Assets | 527 | 527 | |||||||||||||||
Liabilities | 184 | 184 | |||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 10 | 10 | |||||||||||||||
Net Assets | 333 | 333 | |||||||||||||||
Alta X and XI TE Holdco [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Other Assets | 23 | 23 | |||||||||||||||
Property, Plant and Equipment, Net | 423 | 423 | |||||||||||||||
Intangible Assets | 256 | 256 | |||||||||||||||
Total Assets | 702 | 702 | |||||||||||||||
Liabilities | 9 | 9 | |||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 72 | 72 | |||||||||||||||
Net Assets | 621 | 621 | |||||||||||||||
Spring Canyon [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Other Assets | 1 | 1 | |||||||||||||||
Property, Plant and Equipment, Net | 93 | 93 | |||||||||||||||
Intangible Assets | 0 | 0 | |||||||||||||||
Total Assets | 94 | 94 | |||||||||||||||
Liabilities | 4 | 4 | |||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 48 | 48 | |||||||||||||||
Net Assets | 42 | 42 | |||||||||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Other Assets | 24 | 24 | |||||||||||||||
Property, Plant and Equipment, Net | 226 | 226 | |||||||||||||||
Intangible Assets | 0 | 0 | |||||||||||||||
Total Assets | 250 | 250 | |||||||||||||||
Liabilities | 141 | 141 | |||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 48 | 48 | |||||||||||||||
Net Assets | $ 61 | 61 | |||||||||||||||
Proceeds from Noncontrolling Interests | $ 80 | ||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | $ 51 | ||||||||||||||||
Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Power Generation Capacity, Megawatts | MW | 154 | 154 | |||||||||||||||
Business Combination, Consideration Transferred | $ 42 | ||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 19 | ||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | $ 0 | $ 0 | |||||||||||||||
Buckthorn Solar, due 2025 [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Long-term Debt | $ 132 | $ 132 | $ 132 | $ 169 | |||||||||||||
Buckthorn Solar, due 2025 [Member] | Buckthorn Solar Drop Down Asset [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Long-term Debt | $ 183 | ||||||||||||||||
|
Variable Interest Entities Variable Interest Entities - Unconsolidated Entities (Details) $ in Millions |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
MW
|
Dec. 31, 2017
USD ($)
|
[1] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | $ 1,183 | $ 1,178 | |||||||
Power Generation Capacity, Megawatts | MW | [2],[3] | 5,251 | |||||||
Four Brothers Solar [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | $ 209 | ||||||||
Granite Mountain Holdings [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 76 | ||||||||
Iron Springs Holdings [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 53 | ||||||||
Gen Conn Energy LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 100 | ||||||||
NRG DGPV Holdco 1 [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 81 | ||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 4 | ||||||||
Due to Affiliate | $ 3 | ||||||||
Power Generation Capacity, Megawatts | MW | 52 | ||||||||
Remaining Lease Term | 18 years | ||||||||
NRG RPV Holdco [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | $ 46 | ||||||||
NRG DGPV Holdco 2 [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 61 | ||||||||
NRG DGPV Holdco 3 [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity investments in affiliates | 75 | ||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 12 | ||||||||
Due to Affiliate | $ 10 | ||||||||
Power Generation Capacity, Megawatts | MW | 59 | ||||||||
Remaining Lease Term | 21 years | ||||||||
|
Variable Interest Entities Variable Interest Entities - Utah Solar Portfolio (Details) - Utah Portfolio [Member] |
Jun. 30, 2018 |
---|---|
Variable Interest Entity [Line Items] | |
Percentage of Cash Available for Distributions | 50.00% |
Capital Unit, Class A [Member] | |
Variable Interest Entity [Line Items] | |
Percentage of Ownership | 100.00% |
Financial Institutions [Member] | Capital Unit, Class B [Member] | |
Variable Interest Entity [Line Items] | |
Taxable Income Allocation, Pre-Flip | 99.00% |
Taxable Income Allocation, Post-Flip | 50.00% |
Variable Interest Entities Variable Interest Entities - Debt Held by Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt | $ 5,970 | $ 6,083 |
Agua Caliente [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term Debt | $ 812 | |
Debt Instrument, Basis Spread on Libor Rate | 0.375% | |
Agua Caliente Borrower 2 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 16.00% | |
Pro-Rate Share of Debt Held by Unconsolidated Affiliates | $ 130 |
Fair Value of Financial Instruments Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Financing Receivable, Net | $ 6 | $ 13 | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [1] | 5,936 | 6,099 | ||
Reported Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Financing Receivable, Net | 6 | 13 | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [1] | 5,957 | 6,066 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,456 | 1,502 | |||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 4,480 | $ 4,597 | |||
|
Fair Value of Financial Instruments Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 24,000,000 | $ 2,000,000 | |||||||
Derivative Liability, Fair Value, Gross Liability | 18,000,000 | 49,000,000 | ||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 24,000,000 | 2,000,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability, Fair Value, Gross Liability | [2] | 18,000,000 | 49,000,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||||
Commodity Contract [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | |||||||||
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | [3] | 1,000,000 | |||||||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 1,000,000 | |||||||
Derivative Liability, Fair Value, Gross Liability | [2] | 1,000,000 | 1,000,000 | |||||||
Interest Rate Contract [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | 24,000,000 | 1,000,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability | 17,000,000 | 48,000,000 | ||||||||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 24,000,000 | 1,000,000 | |||||||
Derivative Liability, Fair Value, Gross Liability | [2] | $ 17,000,000 | $ 48,000,000 | |||||||
|
Fair Value of Financial Instruments Fair Value of Financial Instruments - Credit Risk and Derivative FV Measurements (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value Assets, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 0 |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,600 |
Estimated Counterparty Credit Risk Exposure to Certain Counterparties, Period | 5 years |
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||
---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 24 | $ 2 | |||||
Derivative Liability, Fair Value, Gross Liability | 18 | 49 | ||||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | 6 | (47) | ||||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 | ||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 6 | (47) | ||||||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | ||||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ||||||
Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 10 | 1 | |||||
Derivative Liability, Fair Value, Gross Liability | 6 | 13 | ||||||
Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 14 | 1 | |||||
Derivative Liability, Fair Value, Gross Liability | 12 | 36 | ||||||
Interest Rate Contract Current [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 1 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 1 | 4 | ||||||
Interest Rate Contract Current [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 4 | 13 | ||||||
Interest Rate Contract Non Current [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 9 | 1 | |||||
Derivative Liability, Fair Value, Gross Liability | 5 | 9 | ||||||
Interest Rate Contract Non Current [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 14 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 7 | 22 | ||||||
Commodity Contract Current [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 1 | ||||||
Derivative Liability, Fair Value, Gross Liability | 1 | 1 | ||||||
Commodity Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 1 | |||||||
Derivative Liability, Fair Value, Gross Liability | 1 | [2] | 1 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | |||||||
Derivative Liability, Fair Value, Gross Asset | 0 | [2] | 0 | |||||
Derivative Asset | 1 | |||||||
Derivative Liability | 1 | [2] | 1 | |||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (1) | [2] | 0 | |||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | [2] | 0 | |||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (1) | [2] | 0 | |||||
Interest Rate Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 24 | 1 | ||||||
Derivative Liability, Fair Value, Gross Liability | 17 | 48 | ||||||
Derivative Asset, Fair Value, Gross Liability | 2 | 1 | ||||||
Derivative Liability, Fair Value, Gross Asset | 2 | 1 | ||||||
Derivative Asset | 22 | 0 | ||||||
Derivative Liability | 15 | 47 | ||||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | 7 | (47) | ||||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 | ||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 7 | (47) | ||||||
Interest [Member] | United States of America, Dollars | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 1,972 | 2,050 | ||||||
Natural Gas [Member] | MMbtu [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 1 | $ 2 | ||||||
|
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
||||
Derivative [Line Items] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | $ (36) | $ (70) | $ (36) | $ (70) | $ (43) | $ (60) | $ (64) | $ (70) | ||||
Accumulated Other Comprehensive Loss, Cumulative Change in Loss from Cash Flow Hedges, Tax Amount | (6) | (6) | $ (16) | |||||||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 2 | 2 | 6 | 6 | ||||||||
Mark-to-market of cash flow hedge accounting contracts | 5 | (8) | 18 | (6) | ||||||||
Accumulated other comprehensive loss | (17) | (28) | (17) | (28) | $ (28) | [1] | ||||||
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1 | 9 | |||||||||||
Losses expected to be realized from OCL during the next 12 months, Tax Amount | (1) | (1) | ||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | |||||||||||
Noncontrolling Interest [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Accumulated other comprehensive loss | $ (19) | $ (42) | $ (19) | $ (42) | ||||||||
|
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - Impact to Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | $ (7) | $ (13) | $ (31) | $ (9) |
Long-term Debt Long-term Debt - Debt Table (Details) - USD ($) $ in Millions |
6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 |
Jun. 30, 2018 |
May 31, 2018 |
Dec. 31, 2017 |
||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 5,970 | $ 6,083 | |||||||||||||||
Current portion of long-term debt | (651) | [1] | (339) | [2] | |||||||||||||
Debt Issuance Costs, Net | (62) | (68) | |||||||||||||||
Long-term Debt, Excluding Current Maturities | 5,244 | 5,659 | |||||||||||||||
Debt Instrument, Unamortized Discount | [3] | (13) | (17) | ||||||||||||||
3.5% Convertible Notes due 2019 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 345 | 345 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.50% | |||||||||||||||
3.25% Convertible Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 288 | 288 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.25% | |||||||||||||||
5.375% Senior Notes due in 2024 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior Notes | $ 500 | 500 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.375% | |||||||||||||||
5.00% Senior Notes due in 2026 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior Notes | $ 350 | 350 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.00% | |||||||||||||||
NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 0 | 55 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4],[5] | 3 month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.50% | 1.75% | [5] | |||||||||||||
Agua Caliente Borrower 2 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 40 | 41 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.43% | |||||||||||||||
Alpine Financing Agreement, due 2022 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 133 | 135 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||
Alta Wind I-V, lease financing arrangement, due 2034 and 2035 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 901 | 926 | |||||||||||||||
Buckthorn Solar, due 2025 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 132 | $ 132 | 169 | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1-Month LIBOR | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||
CVSR, due 2037 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 731 | 746 | |||||||||||||||
CVSR Holdco due 2037 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 188 | 194 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 4.68% | |||||||||||||||
El Segundo Energy Center, due 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 369 | 400 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | ||||||||||||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||
Energy Center Minneapolis Series C Notes, due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 0 | 83 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.95% | |||||||||||||||
Energy Center Minneapolis Series D Notes, due 2031 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 125 | 125 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.55% | |||||||||||||||
NRG Energy Center Minneapolis Series E, F, G, H Notes [Member] [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 203 | 0 | |||||||||||||||
Letters of Credit Outstanding, Amount | 0 | ||||||||||||||||
Laredo Ridge Wind, LLC, due in 2026 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 92 | 95 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||||||||||
Marsh Landing Term Loan Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 305 | 318 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | ||||||||||||||||
Tapestry Wind LLC due in 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 155 | 162 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||||||||||
Utah Solar Portfolio, due 2022 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 273 | 278 | |||||||||||||||
Viento Funding II, Inc., due in 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 154 | 163 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 254 | 267 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | [4] | 3-Month LIBOR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||||||||||
Other Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 432 | 443 | |||||||||||||||
Letters of Credit Outstanding, Amount | 36 | ||||||||||||||||
Project [Domain] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt | $ 4,487 | $ 4,545 | |||||||||||||||
Minimum [Member] | Alta Wind I-V, lease financing arrangement, due 2034 and 2035 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.696% | ||||||||||||||||
Minimum [Member] | CVSR, due 2037 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.339% | ||||||||||||||||
Maximum [Member] | Alta Wind I-V, lease financing arrangement, due 2034 and 2035 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.015% | ||||||||||||||||
Maximum [Member] | CVSR, due 2037 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.775% | ||||||||||||||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | $ 67 | ||||||||||||||||
Letter of Credit [Member] | Agua Caliente Borrower 2 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 17 | ||||||||||||||||
Letter of Credit [Member] | Alpine Financing Agreement, due 2022 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 16 | ||||||||||||||||
Letter of Credit [Member] | Alta Wind I-V, lease financing arrangement, due 2034 and 2035 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 102 | ||||||||||||||||
Letter of Credit [Member] | Buckthorn Solar, due 2025 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 16 | ||||||||||||||||
Letter of Credit [Member] | CVSR, due 2037 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 0 | ||||||||||||||||
Letter of Credit [Member] | CVSR Holdco due 2037 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 13 | ||||||||||||||||
Letter of Credit [Member] | El Segundo Energy Center, due 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 138 | ||||||||||||||||
Letter of Credit [Member] | Energy Center Minneapolis Series C Notes, due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 0 | ||||||||||||||||
Letter of Credit [Member] | Energy Center Minneapolis Series D Notes, due 2031 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 0 | ||||||||||||||||
Letter of Credit [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 10 | ||||||||||||||||
Letter of Credit [Member] | Marsh Landing Term Loan Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 65 | ||||||||||||||||
Letter of Credit [Member] | Tapestry Wind LLC due in 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 20 | ||||||||||||||||
Letter of Credit [Member] | Utah Solar Portfolio, due 2022 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 13 | ||||||||||||||||
Letter of Credit [Member] | Viento Funding II, Inc., due in 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | 26 | ||||||||||||||||
Letter of Credit [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of Credit Outstanding, Amount | $ 93 | ||||||||||||||||
|
Long-term Debt Long-term Debt - Debt Disclosures (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 19, 2018 |
Apr. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | |||||||||||
Long-term Debt | 5,970 | $ 6,083 | ||||||||||
CVSR Holdco due 2037 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 188 | 194 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.68% | ||||||||||
NRG Yield Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 2.50% | 1.75% | [3] | ||||||||
Long-term Debt | $ 0 | 55 | ||||||||||
Buckthorn Solar Drop Down Asset [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
NRG Energy Center Minneapolis Series E Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 70 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.80% | ||||||||||
NRG Energy Center Minneapolis Series F Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 10 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.60% | ||||||||||
NRG Energy Center Minneapolis Series G Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 83 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.90% | ||||||||||
NRG Energy Center Minneapolis Series H Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 40 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.83% | ||||||||||
Energy Center Minneapolis Series C Notes, due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | (83) | |||||||||||
Long-term Debt | $ 0 | 83 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.95% | ||||||||||
NRG Energy Center Minneapolis Series E, F, G, H Notes [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | 203 | |||||||||||
Letters of Credit Outstanding, Amount | $ 0 | |||||||||||
Long-term Debt | 203 | $ 0 | ||||||||||
Proceeds from (Repayments of) Debt | $ 120 | |||||||||||
Thermal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40 | |||||||||||
Letter of Credit [Member] | CVSR Holdco due 2037 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 13 | |||||||||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 67 | |||||||||||
Letter of Credit [Member] | Energy Center Minneapolis Series C Notes, due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | |||||||||||
Buckthorn Solar Drop Down Asset [Member] | Buckthorn Solar Drop Down Asset [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage | 80.00% | |||||||||||
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 79 | $ 28 | [1] | $ 95 | $ 25 | [1] | |||||
Common Class A [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | [2] | $ 27 | $ 10 | $ 33 | $ 9 | ||||||
Weighted Average Number of Shares Outstanding, Basic | [2] | 35 | 35 | 35 | 35 | ||||||
Earnings Per Share, Basic | [2] | $ 0.77 | $ 0.29 | $ 0.94 | $ 0.26 | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted | [2] | $ 30 | $ 13 | $ 40 | $ 9 | ||||||
Weighted Average Number of Shares Outstanding, Diluted | [2] | 49 | 49 | 49 | 35 | ||||||
Earnings Per Share, Diluted | [2] | $ 0.61 | $ 0.26 | $ 0.80 | $ 0.26 | ||||||
Common Class C [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | [2] | $ 52 | $ 18 | $ 62 | $ 16 | ||||||
Weighted Average Number of Shares Outstanding, Basic | [2] | 67 | 63 | 66 | 63 | ||||||
Earnings Per Share, Basic | [2] | $ 0.77 | $ 0.29 | $ 0.94 | $ 0.26 | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted | [2] | $ 55 | $ 21 | $ 68 | $ 16 | ||||||
Weighted Average Number of Shares Outstanding, Diluted | [2] | 78 | 74 | 77 | 63 | ||||||
Earnings Per Share, Diluted | [2] | $ 0.70 | $ 0.28 | $ 0.89 | $ 0.26 | ||||||
3.5% Convertible Notes due 2019 [Member] | Common Class A [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 15 | |||||||
3.25% Convertible Notes due 2020 [Member] | Common Class C [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 10 | |||||||
|
Changes in Capital Structure Changes in Capital Structure - Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 03, 2018 |
Jun. 30, 2018 |
|
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
ATM Program, Maximum Dollar Value of Shares to Be Issued | $ 150,000 | |
Common Stock, Shares, Issued | 4,392,583 | |
Proceeds from Issuance of Common Stock, Before Commission Fees | $ 77,000 | |
Commission Fees | $ 762 | |
NRG Yield, Inc. [Member] | ||
Class of Stock [Line Items] | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 54.80% | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 45.00% | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock, Before Commission Fees | $ 1,000 | |
ATM program, dollar value of shares remaining | $ 38,000 |
Changes in Capital Structure Changes in Capital Structure - Dividends (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Class of Stock [Line Items] | ||||||
Dividends Per Common Share, Cash Paid | $ 0.309 | $ 0.298 | ||||
Dividends Payable, Date Declared | Jul. 24, 2018 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.320 | |||||
Dividends Payable, Date to be Paid | Sep. 18, 2018 | |||||
Dividends Payable, Date of Record | Sep. 04, 2018 | |||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividends Per Common Share, Cash Paid | 0.309 | $ 0.27 | 0.607 | $ 0.53 | ||
Common Class C [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividends Per Common Share, Cash Paid | $ 0.309 | $ 0.27 | $ 0.607 | $ 0.53 |
Segment Reporting (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
[1] | |||||
Segment Reporting | ||||||||||
Operating revenues | $ 307 | $ 288 | [1] | $ 532 | $ 509 | [1] | ||||
Cost of operations | 74 | 77 | 163 | 162 | ||||||
Depreciation and amortization | 82 | 79 | [1] | 163 | 156 | [1] | ||||
General and administrative | 6 | 6 | [1] | 11 | 10 | [1] | ||||
Acquisition-related transaction and integration costs | 1 | 1 | [1] | 2 | 2 | [1] | ||||
Operating Income (Loss) | 144 | 125 | [1] | 193 | 179 | [1] | ||||
Equity in earnings of unconsolidated affiliates | 29 | 16 | [1] | 33 | 35 | [1] | ||||
Other income, net | 1 | 1 | [1] | 2 | 2 | [1] | ||||
Loss on debt extinguishment | 0 | 0 | [1] | 0 | (2) | [1] | ||||
Interest expense | (71) | (90) | [1] | (126) | (165) | [1] | ||||
Income (loss) before income taxes | 103 | 52 | [1] | 102 | 49 | [1] | ||||
Income tax expense | 7 | 8 | [1] | 6 | 7 | [1] | ||||
Net Income (Loss) | 96 | 44 | [1] | 96 | 42 | [1] | ||||
Total Assets | 8,448 | 8,448 | $ 8,489 | |||||||
Conventional Generation | ||||||||||
Segment Reporting | ||||||||||
Operating revenues | 85 | 83 | 164 | 158 | ||||||
Cost of operations | 10 | 15 | 32 | 37 | ||||||
Depreciation and amortization | 24 | 26 | 50 | 50 | ||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||
Operating Income (Loss) | 51 | 42 | 82 | 71 | ||||||
Equity in earnings of unconsolidated affiliates | 2 | 3 | 5 | 6 | ||||||
Other income, net | 1 | 0 | 1 | 0 | ||||||
Loss on debt extinguishment | 0 | |||||||||
Interest expense | (13) | (14) | (20) | (26) | ||||||
Income (loss) before income taxes | 41 | 31 | 68 | 51 | ||||||
Income tax expense | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) | 41 | 31 | 68 | 51 | ||||||
Total Assets | 1,828 | 1,828 | ||||||||
Renewables [Member] | ||||||||||
Segment Reporting | ||||||||||
Operating revenues | 177 | 165 | 275 | 267 | ||||||
Cost of operations | 33 | 35 | 67 | 68 | ||||||
Depreciation and amortization | 52 | 48 | 102 | 96 | ||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||
Operating Income (Loss) | 92 | 82 | 106 | 103 | ||||||
Equity in earnings of unconsolidated affiliates | 27 | 13 | 28 | 29 | ||||||
Other income, net | 0 | 0 | 1 | 1 | ||||||
Loss on debt extinguishment | (2) | |||||||||
Interest expense | (35) | (53) | (59) | (92) | ||||||
Income (loss) before income taxes | 84 | 42 | 76 | 39 | ||||||
Income tax expense | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) | 84 | 42 | 76 | 39 | ||||||
Total Assets | 5,937 | 5,937 | ||||||||
Thermal [Member] | ||||||||||
Segment Reporting | ||||||||||
Operating revenues | 45 | 40 | 93 | 84 | ||||||
Cost of operations | 31 | 27 | 64 | 57 | ||||||
Depreciation and amortization | 6 | 5 | 11 | 10 | ||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||
Operating Income (Loss) | 8 | 8 | 18 | 17 | ||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||||
Other income, net | 0 | 0 | 0 | 0 | ||||||
Loss on debt extinguishment | 0 | |||||||||
Interest expense | (2) | (2) | (4) | (5) | ||||||
Income (loss) before income taxes | 6 | 6 | 14 | 12 | ||||||
Income tax expense | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) | 6 | 6 | 14 | 12 | ||||||
Total Assets | 512 | 512 | ||||||||
Corporate | ||||||||||
Segment Reporting | ||||||||||
Operating revenues | 0 | 0 | 0 | 0 | ||||||
Cost of operations | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||
General and administrative | 6 | 6 | 11 | 10 | ||||||
Acquisition-related transaction and integration costs | 1 | 1 | 2 | 2 | ||||||
Operating Income (Loss) | (7) | (7) | (13) | (12) | ||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||||
Other income, net | 0 | 1 | 0 | 1 | ||||||
Loss on debt extinguishment | 0 | |||||||||
Interest expense | (21) | (21) | (43) | (42) | ||||||
Income (loss) before income taxes | (28) | (27) | (56) | (53) | ||||||
Income tax expense | 7 | 8 | 6 | 7 | ||||||
Net Income (Loss) | (35) | $ (35) | (62) | $ (60) | ||||||
Total Assets | $ 171 | $ 171 | ||||||||
|
Income Taxes (Provision) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||
Income before income taxes | $ 103 | $ 52 | [1] | $ 102 | $ 49 | [1] | ||
Income tax expense | $ 7 | $ 8 | [1] | $ 6 | $ 7 | [1] | ||
Effective income tax rate | 6.80% | 15.40% | 5.90% | 14.30% | ||||
U.S. federal statutory rate (as a percent) | 21.00% | 35.00% | ||||||
|
Related Party Transactions (Details) |
3 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
MW
|
Jun. 30, 2017
USD ($)
|
Jun. 19, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
||||||||||||
Related Party Transaction | |||||||||||||||||||
General and administrative | $ 6,000,000 | $ 6,000,000 | [1] | $ 11,000,000 | $ 10,000,000 | [1] | |||||||||||||
Power Generation Capacity, Megawatts | MW | [2],[3] | 5,251 | 5,251 | ||||||||||||||||
NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Revenue from Related Parties | $ 3,000,000 | 3,000,000 | $ 6,000,000 | 7,000,000 | |||||||||||||||
NRG RENOM [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 8,000,000 | 6,000,000 | 15,000,000 | 12,000,000 | |||||||||||||||
Due to Affiliate | 4,000,000 | 4,000,000 | $ 5,000,000 | ||||||||||||||||
Thermal [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,000,000 | 2 | 6,000,000 | 6,000,000 | |||||||||||||||
Marsh Landing [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 6,000,000 | 3,000,000 | 9,000,000 | 6,000,000 | |||||||||||||||
Due to Affiliate | 1,000,000 | 1,000,000 | $ 1,000,000 | ||||||||||||||||
NRG Yield [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
General and administrative | 3,000,000 | 4,000,000 | 5,000,000 | 6,000,000 | |||||||||||||||
Operations and Maintenance services [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 10,000,000 | 9,000,000 | 20,000,000 | 19,000,000 | |||||||||||||||
Due to Affiliate | 9,000,000 | 9,000,000 | $ 13,000,000 | ||||||||||||||||
Operations and Maintenance services [Member] | GCE Holding LLC [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2,000,000 | $ 2 | 3,000,000 | $ 3,000,000 | |||||||||||||||
Management Service, Base [Member] | NRG [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 9,000,000 | ||||||||||||||||||
Thermal [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | MW | [2],[4] | 1,392 | 1,392 | ||||||||||||||||
Power Generation Capacity, Megawatts | MW | [2] | 133 | 133 | ||||||||||||||||
Thermal [Member] | Thermal [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Power Generation Capacity, Megawatts | MW | [2] | 30 | 30 | ||||||||||||||||
Thermal [Member] | UPMC Thermal [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | MW | 73 | 73 | |||||||||||||||||
Power Generation Capacity, Megawatts | MW | 7.5 | 7.5 | |||||||||||||||||
UPMC Thermal [Member] | |||||||||||||||||||
Related Party Transaction | |||||||||||||||||||
Business Combination, Consideration Transferred | $ 84,000,000 | ||||||||||||||||||
Accounts Payable, Related Parties | $ 4,000,000 | ||||||||||||||||||
|
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