Capitalization (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Debt

Significant long-term debt issuances and borrowings by subsidiaries of NEP during the nine months ended September 30, 2020 were as follows:

Date Issued/Borrowed	Debt Issuances/Borrowings	Interest Rate	Principal Amount			Maturity Date
			(millions)
February 2020	NEP OpCo senior secured revolving credit facility	Variable(a)	$	50	(b)	2025
January 2020 - September 2020	Senior secured limited-recourse debt	Variable(a)	$	18	(c)	2026

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(a)Variable rate is based on an underlying index plus a margin.

(b)At September 30, 2020, $550 million of borrowings were outstanding and approximately $114 million of letters of credit were issued under the NEP OpCo credit facility.

(c)At September 30, 2020, approximately $836 million of borrowings were outstanding under the existing credit agreement of the Meade purchaser and Pipeline Investment Holdings, LLC (Meade credit agreement).

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of NEP's basic and diluted earnings (loss) per unit for the three and nine months ended September 30, 2020 and 2019 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(millions, except per unit amounts)
Numerator:
Net income (loss) attributable to NEP – basic	$	56	$	(72)	$	(119)	$	(122)
Adjustments for convertible notes and preferred units(a)	2		—		—		—
Net income (loss) attributable to NEP used to compute diluted earnings (loss) per unit	$	58	$	(72)	$	(119)	$	(122)
Denominator:
Weighted-average number of common units outstanding – basic	67.7		59.9		66.2		57.4
Effect of dilutive convertible notes and preferred units(a)	8.2		—		—		—
Weighted-average number of common units outstanding and assumed conversions	75.9		59.9		66.2		57.4
Earnings (loss) per unit attributable to NEP:
Basic	$	0.83	$	(1.21)	$	(1.80)	$	(2.12)
Assuming dilution	$	0.76	$	(1.21)	$	(1.80)	$	(2.12)

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(a)Due to the net losses incurred during the nine months ended September 30, 2020 and the three and nine months ended September 30, 2019, the weighted-average number of common units issuable pursuant to the convertible notes and preferred units totaling approximately 9.6 million, 15.9 million and 18.4 million, respectively, were not included in the calculation of diluted loss per unit due to their antidilutive effect.