Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'NEXTERA ENERGY PARTNERS, LP | ' |
Entity Central Index Key | '0001603145 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,690,360 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING REVENUES | $89 | $28 | $235 | $94 |
OPERATING EXPENSES | ' | ' | ' | ' |
Operations and maintenance | 14 | 7 | 41 | 21 |
Depreciation and amortization | 20 | 10 | 55 | 26 |
Transmission expense | 1 | 1 | 2 | 1 |
Taxes other than income taxes and other | 2 | 1 | 4 | 3 |
Total operating expenses | 37 | 19 | 102 | 51 |
OPERATING INCOME | 52 | 9 | 133 | 43 |
OTHER INCOME (DEDUCTIONS) | ' | ' | ' | ' |
Interest Expense | -26 | -10 | -68 | -30 |
Gain on settlement of contingent consideration of project acquisition | 0 | 0 | 0 | 5 |
Total other deductions—net | -26 | -10 | -68 | -25 |
INCOME BEFORE INCOME TAXES | 26 | -1 | 65 | 18 |
INCOME TAXES | 2 | 1 | 13 | 10 |
NET INCOME | 24 | -2 | 52 | 8 |
Less net income attributable to noncontrolling interest | 21 | ' | ' | ' |
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP SUBSEQUENT TO INITIAL PUBLIC OFFERING | $3 | ' | $52 | $8 |
Weighted average number of common units outstanding - basic and assuming dilution | 18.7 | ' | 18.7 | ' |
Earnings per common unit attributable to NextEra Energy Partners, LP - basic and assuming dilution | $0.17 | ' | $0.17 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Predecessor [Member] | |||||
NET INCOME | $24 | ($2) | $52 | $8 | $28 |
Less net income attributable to non-controlling interest | ' | ' | ' | ' | ' |
Effective portion of net unrealized gains (losses) (net of income tax expense/(benefit) of ($1), $0, ($0) and $3, respectively) | -2 | 0 | -15 | 9 | ' |
Reclassification from accumulated other comprehensive loss to net income (net of income tax expense of $0, $0, $0 and $0, respectively) | 1 | 1 | 3 | 3 | ' |
Unrealized gains (losses) on foreign currency translation (net of income tax benefits of $1, $0, $1 and $0, respectively) | -7 | 8 | -10 | -13 | ' |
Total other comprehensive loss, net of tax | -8 | 9 | -22 | -1 | ' |
COMPREHENSIVE INCOME (LOSS) | 16 | 7 | 30 | 7 | 14 |
Less comprehensive income attributable to non-controlling interest | 14 | ' | ' | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP SUBSEQUENT TO INITIAL PUBLIC OFFERING | $2 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Effective portion of net unrealized gains (losses), tax expense (benefit) | ($1) | $0 | $0 | $3 |
Reclassification from accumulated other comprehensive income to net income, tax expense | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on foreign currency translation, tax benefit | $1 | $0 | $1 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $118 | $27 |
Accounts receivable | 60 | 203 |
Due from related parties | 182 | 0 |
Prepaid expenses | 3 | 1 |
Other current assets | 11 | 9 |
Total current assets | 374 | 240 |
Non-current assets: | ' | ' |
Property, plant and equipment, net | 2,209 | 1,756 |
Construction work in progress | 2 | 542 |
Deferred income taxes | 120 | 29 |
Other non-current assets | 70 | 66 |
Total non-current assets | 2,401 | 2,393 |
TOTAL ASSETS | 2,775 | 2,633 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 25 | 43 |
Due to related parties | 35 | 15 |
Current maturities of long-term debt | 76 | 370 |
Accrued interest | 14 | 16 |
Other current liabilities | 16 | 10 |
Total current liabilities | 166 | 454 |
Non-current liabilities: | ' | ' |
Long-term debt | 1,781 | 1,429 |
Accumulated deferred income taxes | 48 | 9 |
Asset retirement obligation | 17 | 15 |
Other non-current liabilities | 17 | 13 |
Total non-current liabilities | 1,863 | 1,466 |
TOTAL LIABILITIES | 2,029 | 1,920 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
PARTNERS'/MEMBERSb EQUITY: | ' | ' |
General Partners' Capital Account | 0 | 0 |
Limited Partners' Capital Account | 562 | 0 |
Additional paid in capital | 0 | 665 |
Retained earnings | 0 | 63 |
Accumulated other comprehensive loss | -1 | -15 |
Noncontrolling interest | 185 | 0 |
TOTAL PARTNERS'/MEMBERSb EQUITY | 746 | 713 |
TOTAL LIABILITIES AND UNITHOLDERS'/MEMBERSb EQUITY | $2,775 | $2,633 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $52,000,000 | $8,000,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 55,000,000 | 26,000,000 |
Amortization of deferred financing costs | 5,000,000 | 2,000,000 |
Deferred income taxes | 13,000,000 | 10,000,000 |
Gain on settlement of contingent consideration for project acquisition | 0 | -5,000,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -18,000,000 | 10,000,000 |
Other non-current assets | -1,000,000 | 0 |
Accounts payable and accrued expenses | -1,000,000 | 4,000,000 |
Due to related parties | 3,000,000 | 0 |
Other current liabilities | 10,000,000 | 2,000,000 |
Other non-current liabilities | 1,000,000 | 1,000,000 |
Other | 3,000,000 | 0 |
Net cash provided by operating activities | 122,000,000 | 58,000,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -110,000,000 | -536,000,000 |
Proceeds from convertible investment tax credits | 306,000,000 | 0 |
Payments to related parties under cash sweep agreementbnet | -143,000,000 | 0 |
Acquisition of membership interest in subsidiary | -288,000,000 | 0 |
Changes in restricted cash | -5,000,000 | 245,000,000 |
Insurance proceeds | 0 | 4,000,000 |
Net cash used in investing activities | -240,000,000 | -287,000,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Member contributions | 362,000,000 | 282,000,000 |
Member distributions | -236,000,000 | -94,000,000 |
Proceeds from initial public offering | 438,000,000 | 0 |
Issuances of long-term debt | 15,000,000 | 62,000,000 |
Retirements of long-term debt | -367,000,000 | -20,000,000 |
Deferred financing costs | -1,000,000 | -1,000,000 |
Payment of contingent consideration for project acquisition | 0 | -4,000,000 |
Net cash provided by financing activities | 211,000,000 | 225,000,000 |
Effect of exchange rate changes on cash | -2,000,000 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 91,000,000 | -4,000,000 |
CASH AND CASH EQUIVALENTSbBEGINNING OF PERIOD | 27,000,000 | 21,000,000 |
CASH AND CASH EQUIVALENTSbEND OF PERIOD | 118,000,000 | 17,000,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 53,000,000 | 28,000,000 |
Cash paid for income taxes | 1,000,000 | 0 |
Members' noncash distributions and issuance of debt | 479,000,000 | 8,000,000 |
Membersb noncash contributions for construction costs and other expenditures | 105,000,000 | 109,000,000 |
Membersb net distributions for CITC payments | 150,000,000 | 67,000,000 |
New asset retirement obligation additions | 1,000,000 | 1,000,000 |
Net change in accrued but not paid for capital expenditures | 35,000,000 | 96,000,000 |
Noncash reclassification of distributions to due from related parties | 38,000 | 0 |
Noncash member contribution upon transition from predecessor method | $60,000 | $0 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Organization and Nature of Business | ' | ||||||||||||
ORGANIZATION AND NATURE OF BUSINESS | |||||||||||||
NEP was formed as a Delaware limited partnership on March 6, 2014 as an indirect wholly-owned subsidiary of NEE, a Florida corporation. NEP was formed to be a growth-oriented limited partnership that would own, operate and acquire clean and contracted generation assets with stable long-term cash flows. | |||||||||||||
On July 1, 2014, NEP completed its initial public offering by issuing 18,687,500 common units at a price to the public of $25 per unit (offering). The proceeds from the offering, net of underwriting discounts, commissions and structuring fees, were approximately $438 million, of which NEP used approximately $288 million to purchase 12,291,593 common units of NEP OpCo from NextEra Energy Equity Partners, LP (NEE Equity), a limited partnership formed under the laws of the State of Delaware and an indirect wholly-owned subsidiary of NEE, and approximately $150 million to purchase 6,395,907 NEP OpCo common units from NEP OpCo, which will use that amount for general partnership purposes, including to fund future acquisition opportunities. | |||||||||||||
NEP OpCo is a limited partnership with general and limited partners. As a result of the offering, NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. NEP owns a 20.1% limited partnership interest in NEP OpCo and NEE Equity owns a noncontrolling 79.9% limited partnership interest in NEP OpCo. | |||||||||||||
In connection with the offering, NEP acquired the following portfolio of clean, contracted renewable energy assets (initial portfolio): | |||||||||||||
Project | Commercial | Resource | MW | Counterparty | Contract | Project Financing | |||||||
Operation Date | Expiration | (Maturity) | |||||||||||
Northern Colorado | September 2009 | Wind | 174.3 | Public Service Company of Colorado | 2029 (22.5 MW) / | Mountain Prairie (2030) | |||||||
2034 (151.8 MW) | |||||||||||||
Elk City | December 2009 | Wind | 98.9 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Perrin Ranch | January 2012 | Wind | 99.2 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Moore | February 2012 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Conestogo | December 2012 | Wind | 22.9 | Ontario Power Authority | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124.4 | Ontario Power Authority | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125.0 MW)/ | Solar | 250 | Pacific Gas & Electric Co. | 2039 | Genesis (2038) | |||||||
March 2014 (125.0 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 59.9 | Ontario Power Authority | 2034 | Bluewater (2032) | |||||||
Total | 989.6 | ||||||||||||
For all periods prior to the offering, the accompanying unaudited condensed consolidated financial statements represent the combination of the assets that NEP acquired and were prepared using NEE’s historical basis in the assets and liabilities. For all periods subsequent to the offering, the accompanying unaudited condensed consolidated financial statements represent the consolidated results of NEP. | |||||||||||||
In October 2014, indirect subsidiaries of NEP OpCo entered into agreements to expand NEP's portfolio through two project acquisitions from NEER that are expected to close in the first quarter of 2015. | |||||||||||||
The Palo Duro acquisition is for 100% of the membership interests of Palo Duro Wind Project Holdings, LLC, which immediately prior to the Palo Duro closing will own 100% of the Class A membership interests in Palo Duro Wind Energy, LLC, a project company owning the development rights and facilities under construction of an approximately 250 megawatt wind energy generating facility located in Hansford and Ochiltree Counties, Texas (the transaction), for approximately $227 million, subject to customary working capital and other adjustments. Prior to the Palo Duro transaction, certain tax equity investors will make certain upfront capital contributions and acquire 100% of the Class B membership interests in Palo Duro Wind Energy, LLC. The tax equity investors will also make ongoing deferred contingent capital contributions based on the production and sale of electricity that generates production tax credits under Section 45 of the Internal Revenue Code of 1986, as amended. Immediately following the Palo Duro closing, Palo Duro Wind Project Holdings, LLC will hold 100% of the Class A membership interests in Palo Duro Wind Energy, LLC, and the tax equity investors will hold 100% of the Class B membership interests in Palo Duro Wind Energy, LLC. The transaction is subject to customary closing conditions, consummation of the tax equity financing and the receipt of certain regulatory approvals. The Palo Duro purchaser expects the transaction to close in January 2015, and intends to fund the purchase price through a combination of cash on hand and draws on the existing revolving credit facility. | |||||||||||||
The Shafter acquisition is for 100% of the membership interests of Shafter Solar, LLC, which owns the development rights and facilities under construction of an approximately 20 megawatt solar generating facility located in Shafter, California for approximately $64 million, subject to customary working capital and other adjustments. The Shafter purchaser expects the transaction to close in the first quarter of 2015, and intends to fund the purchase price through a combination of cash on hand and draws on the existing revolving credit facility. |
Summary_of_Significant_Account
Summary of Significant Accounting and Reporting Policies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting and Reporting Policies | ' | |||
SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | ||||
Revenue—Revenue recognized for the three and nine months ended September 30, 2014 and 2013, includes operating revenues from operations located outside of the U.S. This revenue was approximately $20 million and $13 million for the three months ended September 30, 2014 and 2013, respectively, and $61 million and $31 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||
In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard is effective for NEP beginning January 1, 2017. NEP is currently evaluating the effect the adoption of this standard will have, if any, on its financial statements. | ||||
Inventories—Spare parts inventories are stated at the lower of weighted average cost or market and are included in other current assets in NEP’s condensed consolidated balance sheets. Spare parts inventory was approximately $6 million and $4 million as of September 30, 2014 and December 31, 2013, respectively. | ||||
Property, Plant and Equipment—net and Construction Work in Progress—Property, plant and equipment consists primarily of development, engineering and construction costs for the renewable energy assets, equipment, land, substations and transmission lines. Property, plant and equipment, excluding land, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 30 years, commencing on the date the assets are placed in service. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. | ||||
Convertible Investment Tax Credits (CITCs) of approximately $595 million and $445 million as of September 30, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment—net in the condensed consolidated balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. As of September 30, 2014, NEP had recorded a CITC receivable of approximately $24 million associated with the Genesis Solar project which is included in accounts receivable on NEP's condensed consolidated balance sheets. | ||||
Construction work in progress includes construction materials, turbine generators, solar panel assemblies and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the development and construction of the various projects. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment—net. | ||||
Construction work in progress decreased and property, plant and equipment—net and CITCs increased at September 30, 2014, primarily due to the second unit of the Genesis Solar project and the Bluewater project going into service in March 2014 and July 2014, respectively. | ||||
Total net long-lived assets, including construction work in progress, held by operations outside the U.S. amounted to approximately $724 million and $626 million, respectively, as of September 30, 2014 and December 31, 2013. | ||||
Immaterial Restatement—Subsequent to the issuance of NEP's combined financial statements as of December 31, 2013, it was determined that Income tax expense and Other comprehensive loss for the year ended December 31, 2013 were overstated by approximately $4 million and $1 million, respectively, and the Deferred tax liability balance as of December 31, 2013 was overstated by approximately $5 million. The impact of this error had no impact on cash flows from operating, investing or financing activities. As a result, the prior periods in the accompanying financial statements have been corrected to appropriately reflect these balances in the condensed consolidated statements of income, condensed consolidated statements of comprehensive income, condensed consolidated balance sheets, condensed consolidated statements of cash flows, Note 2, Note 3 and Note 8. | ||||
Noncontrolling Interests—After the completion of NEP's offering, NEP owns a controlling, non-economic general partner interest and a 20.1% limited partner interest in NEP OpCo and NEE Equity owns a noncontrolling 79.9% limited partner interest in NEP OpCo. The following table reflects the changes in NEP's noncontrolling interest balance for the three and nine months ended September 30, 2014: | ||||
Noncontrolling | ||||
Interest | ||||
(in millions) | ||||
Noncontrolling interest at December 31, 2013 and June 30, 2014 | $ | — | ||
Contributions from noncontrolling interest, net of returns of capital | 171 | |||
Comprehensive income attributable to noncontrolling interest | 14 | |||
Noncontrolling interest at September 30, 2014 | $ | 185 | ||
The contributions from NEP's offering primarily reflect the value of the underlying net assets sold to third parties in NEP's offering. | ||||
Cash Flows—Following the offering, NEP will present transactions with related parties where it does not directly receive the cash as cash transactions on its condensed consolidated statement of cash flows. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
For periods ending prior to July 1, 2014, income taxes are calculated using the separate return method for each of the project entities that are structured as corporations or as limited liability companies electing to be taxed as corporations. Income taxes are not included for entities that are structured as flow through entities (partnerships) electing to be taxed as partnerships. | ||||||||||||||||
For periods ending after July 1, 2014, taxes are calculated for NEP as a single taxpaying entity for U.S. federal and state income tax purposes (based on its election to be taxed as a corporation). Because NEP OpCo is a limited partnership electing to be taxed as a partnership for U.S. federal and state income tax purposes, NEP has only included its 20.1% proportionate share of U.S. income taxes. The U.S. income taxes on the remaining 79.9% of NEP OpCo earnings were allocated to NEE Equity and are not included in NEP's condensed consolidated financial statements. The Canadian subsidiaries are all Canadian taxpayers subject to Canadian income tax, and therefore all Canadian taxes are included in NEP's condensed consolidated financial statements. NEE Equity's share of Canadian taxes is included in noncontrolling interest on NEP's condensed financial statements. | ||||||||||||||||
The effective tax rate for the three months ended September 30, 2014 and 2013 was approximately 8% and (100%), respectively and for the nine months ended September 30, 2014 and 2013, approximately 20% and 56%, respectively. The effective tax rate is affected by recurring items, such as the relative amount of income earned in jurisdictions, the 50% tax basis reduction due to CITCs that are recognized when assets are placed into service, and valuation allowances on deferred tax assets. Additionally, in periods ending after July 1, 2014, the effective tax rate is affected by taxes attributable to the noncontrolling interest, and the taxation of Canadian income in both Canada and the U.S. | ||||||||||||||||
A reconciliation of income tax at the U.S. federal statutory rate to income tax expense is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Income tax expense at 35% statutory rate | $ | 9 | $ | — | $ | 23 | $ | 6 | ||||||||
Increases (reductions) resulting from: | ||||||||||||||||
Taxes attributable to noncontrolling interest | (7 | ) | — | (7 | ) | — | ||||||||||
State income taxes, net of federal tax benefit | — | — | 1 | 1 | ||||||||||||
CITCs(a) | — | (5 | ) | (12 | ) | (15 | ) | |||||||||
Valuation allowance(a) | — | 7 | 11 | 20 | ||||||||||||
Effect of flow through entities and foreign tax differential(b) | — | (1 | ) | (3 | ) | (2 | ) | |||||||||
Income tax expense | $ | 2 | $ | 1 | $ | 13 | $ | 10 | ||||||||
____________________ | ||||||||||||||||
(a) | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to the Genesis Solar project. | |||||||||||||||
(b) | The Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities for periods ending prior to July 1, 2014. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities for periods ending prior to July 1, 2014) at Canadian statutory rates compared to the U.S. statutory rate. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEP uses several different valuation techniques to measure the fair value of assets and liabilities relying primarily on the market approach of using prices and other market information for identical or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the fair value measurement of its assets and liabilities and the placement of those assets and liabilities within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. All transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred. | ||||||||||||||||||||||||
Cash Equivalents and Restricted Cash — Cash equivalents and restricted cash consist of short-term, highly liquid investments with original maturities of three months or less. NEP primarily holds these investments in money market funds. The fair value of these funds is calculated using current market prices. | ||||||||||||||||||||||||
Interest Rate Swaps — NEP estimates the fair value of its derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the swap agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit spreads. | ||||||||||||||||||||||||
NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 118 | $ | — | $ | 118 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Restricted cash | 4 | — | 4 | 2 | — | 2 | ||||||||||||||||||
Interest rate swaps | — | 8 | 8 | — | 14 | 14 | ||||||||||||||||||
Total assets | $ | 122 | $ | 8 | $ | 130 | $ | 29 | $ | 14 | $ | 43 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Total liabilities | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Fair Value of Financial Instruments Recorded at the Carrying Amount — The carrying amounts of accounts receivable approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding assets and liabilities which are recorded at fair value and disclosed above, are as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Notes receivable(a) | $ | 3 | $ | 3 | $ | 4 | $ | 4 | ||||||||||||||||
Long-term debt, including current maturities(b) | $ | 1,857 | $ | 1,890 | $ | 1,799 | $ | 1,815 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
(a) | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have short to mid-term maturities (Level 2) and are included in other assets on the condensed consolidated balance sheet. | |||||||||||||||||||||||
(b) | Fair value is estimated based on the borrowing rates as of each date for similar issues of debt with similar remaining maturities (Level 2). |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments and Hedging Activity | ' | |||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITY | ||||||||||||||||
NEP recognizes all derivative instruments, when required to be marked to market, on the balance sheet as either assets or liabilities and measures them at fair value each reporting period. In connection with its debt financings in September 2012 and June 2014, NEP entered into interest rate swap agreements to manage interest rate cash flow risk. Under the interest rate swap agreements, NEP pays a fixed rate of interest and receives a floating rate of interest over the term of the agreements without the exchange of the underlying notional amounts. These agreements allow NEP to offset the variability of its floating-rate loan interest cash flows with the variable interest cash flows received from the interest rate swap agreements. The commencement and termination dates of the interest rate swap agreements and the related hedging relationship coincide with the corresponding dates of the underlying variable-rate debt instruments, which mature in 2030 and 2032. As of September 30, 2014 and December 31, 2013, the combined notional amounts of the swap agreements were approximately $344 million and $212 million, respectively. In order to apply hedge accounting, the transactions must be designated as hedges and must be highly effective in offsetting the hedged risk. For interest rate swaps, generally NEP assesses a hedging instrument’s effectiveness by using non-statistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout the hedge’s life. The effective portion of changes in the fair value of derivatives accounted for as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income (AOCI). The amounts deferred in AOCI are recognized in earnings when the hedged transactions occur. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss, is reported in current earnings. | ||||||||||||||||
Approximately $5 million of net losses included in AOCI at September 30, 2014, is expected to be reclassified into interest expense within the next 12 months as interest payments are made. Such amount assumes no change in interest rates. Cash flows from these interest rate swap contracts are reported in cash flows from operating activities in NEP's condensed consolidated statements of cash flows. | ||||||||||||||||
The fair values of NEP's derivative instruments designated as cash flow hedging instruments are included in NEP's condensed consolidated balance sheets as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 11 | $ | — | $ | 18 | $ | — | ||||||||
Other current liabilities | $ | — | $ | 5 | $ | — | $ | 4 | ||||||||
Other non-current liabilities | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||
Gains (losses) related to NEP's cash flow hedges are recorded in NEP's condensed consolidated financial statements as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (3 | ) | $ | — | $ | (15 | ) | $ | 12 | ||||||
Losses reclassified from AOCI to net income(a) | $ | 1 | $ | 1 | $ | 3 | $ | 3 | ||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
DEBT | |
During the second quarter of 2014, a NEP subsidiary issued $280 million principal amount of 5.60% limited-recourse senior secured amortizing notes maturing in September 2038 related to the Genesis Solar project. The proceeds were used primarily to reimburse NEER for a portion of the costs associated with the construction of the Genesis Solar project, and are included as noncash activity in NEP's condensed consolidated statements of cash flows. The notes are secured by liens on the equity interests in Genesis Solar Funding, LLC and its wholly-owned subsidiary, which indirectly owns the Genesis Solar project. | |
In June 2014, subsidiaries of NEP also entered into and borrowed C$170 million (approximately $157 million dollar equivalent as of the date of the borrowing) under a Canadian limited-recourse senior secured variable rate term loan agreement related to its Bluewater project that matures in 2032. Interest on the loan is based on the applicable Canadian Dealer Offered Rate (CDOR) plus a specified margin and is payable quarterly. Principal on the loan will be payable semi-annually. In connection with the borrowing, Bluewater entered into an interest rate swap to hedge against interest rate movements with respect to substantially all interest payments on the loan. Substantially all of the loan proceeds were used to repay, in part, a loan from a Canadian subsidiary of NEER, and are included as noncash activity in NEP's condensed consolidated statements of cash flows. The loan is secured by liens on the Bluewater project's assets and certain other assets of, and the ownership interest in, the subsidiary which owns the facility. | |
Both debt agreements contain default and related acceleration provisions relating to the failure to make required payments or to observe other covenants in the loan agreement and related documents, actions by the NEP subsidiaries or by other parties under specified agreements relating to the generating facility or the debt agreements, the termination of certain of such specified agreements and certain bankruptcy-related events. | |
On July 1, 2014, NEP OpCo and its direct subsidiaries (Loan Parties) entered into a $250 million variable rate, senior secured revolving credit facility that expires in July 2019. The revolving credit facility includes borrowing capacity for letters of credit and incremental commitments to increase the revolving credit facility to up to $1 billion in the aggregate, subject to certain conditions. Borrowings under the revolving credit facility can be used by the Loan Parties to fund working capital and expansion projects, to make acquisitions and for general business purposes. Loans outstanding in U.S. dollars under the revolving credit facility will bear interest at either (i) a base rate, which will be the higher of (x) the federal funds rate plus 0.50%, (y) the administrative agent's prime rate or (z) the one-month London Interbank Offered Rate (LIBOR) plus 1.0%, in each case, plus an applicable margin; or (ii) one-, two-, three- or six-month LIBOR plus an applicable margin. Loans outstanding in Canadian dollars will bear interest at either (i) a Canadian prime rate, which will be the higher of (x) the Canadian prime rate of a Canadian branch of the administrative agent and (y) the one-month CDOR plus 1.0%, in each case, plus an applicable margin; or (ii) one-, two-, three- or six-month CDOR plus an applicable margin. The revolving credit facility will be subject to a facility fee ranging from 0.375% to 0.50% per annum depending on NEP OpCo's leverage ratio (as defined in the revolving credit facility). The revolving credit facility is secured by liens on certain of the assets of NEP OpCo, and certain other assets of, and the ownership interest in, one of its direct subsidiaries. The revolving credit facility contains default and related acceleration provisions relating to the failure to make required payments or to observe other covenants in the revolving credit facility and related documents. Additionally, NEP OpCo and one of its direct subsidiaries are required to comply with certain financial covenants on a quarterly basis and NEP OpCo's ability to pay cash distributions is subject to certain other restrictions. All borrowings under the revolving credit facility are guaranteed by NEP OpCo and NEP, and must be repaid by the end of the revolving credit term. As of November 11, 2014, no amounts have been drawn under the revolving credit facility. |
Intangible_Liabilities
Intangible Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Other Liabilities Disclosure [Abstract] | ' |
Intangible Liabilities | ' |
INTANGIBLE LIABILITIES | |
NEP’s intangible liabilities are the result of a 2012 acquisition that resulted in the St. Clair project assuming liabilities for the acquired RESOP Contracts. The acquired value represents the fair value of the RESOP Contracts, which were out-of-the-money contracts, at the acquisition date. The recorded intangible liabilities are amortized to operating revenues over the term of the RESOP Contracts through February 2032, according to the cash flow benefits or detriments associated with the contracts as determined at acquisition. The liabilities as of September 30, 2014 and December 31, 2013 were approximately $8 million and are included in other non-current liabilities in the accompanying condensed consolidated balance sheets. NEP recorded less than $1 million of amortization for the three months and nine months ended September 30, 2014 and 2013. Estimated amortization over the next five years is approximately $1 million in each year. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Losses on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Three months ended September 30, 2014 | ||||||||||||
Balances, June 30, 2014 | $ | (1 | ) | $ | (28 | ) | $ | (29 | ) | |||
Other comprehensive loss before reclassification | (2 | ) | (7 | ) | (9 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 1 | — | 1 | |||||||||
Net other comprehensive loss | (1 | ) | (7 | ) | (8 | ) | ||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | |||||||||
Balances, September 30, 2014 | 4 | (35 | ) | (31 | ) | |||||||
AOCI attributable to noncontrolling interest | 4 | (34 | ) | (30 | ) | |||||||
AOCI attributable to NextEra Energy Partners, September 30, 2014 | $ | — | $ | (1 | ) | $ | (1 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Losses on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Nine months ended September 30, 2014 | ||||||||||||
Balances, December 31, 2013 | $ | 10 | $ | (25 | ) | $ | (15 | ) | ||||
Other comprehensive loss before reclassification | (15 | ) | (10 | ) | (25 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 3 | — | 3 | |||||||||
Net other comprehensive loss | (12 | ) | (10 | ) | (22 | ) | ||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | |||||||||
Balances, September 30, 2014 | 4 | (35 | ) | (31 | ) | |||||||
AOCI attributable to noncontrolling interest | $ | 4 | $ | (34 | ) | $ | (30 | ) | ||||
AOCI attributable to NextEra Energy Partners, September 30, 2014 | $ | — | $ | (1 | ) | $ | (1 | ) | ||||
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Each project entered into operations and maintenance (O&M) and administrative services agreements with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with O&M and administrative services performed under these agreements. NEP’s O&M expenses for the three months ended September 30, 2014 and 2013 include approximately $1 million and less than $1 million, respectively, and approximately $3 million and $1 million for the nine months ended September 30, 2014 and 2013, respectively, related to such services. Additionally, Northern Colorado Wind Energy, LLC pays an affiliate for transmission services. NEP’s transmission expense for the three and nine months ended September 30, 2014 and 2013 represents the fees paid for these services. | |
Management Services Agreement (MSA) - Effective July 1, 2014, subsidiaries of NEP entered into a MSA with indirect wholly owned subsidiaries of NEE, under which operational, management and administrative services are provided to NEP, including managing NEP’s day to day affairs and providing individuals to act as NEP GP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and administrative services agreements described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo will pay NEE an annual management fee equal to the greater of 1% of NEP OpCo’s EBITDA for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which will be paid in quarterly installments of $1 million with an additional payment each January to the extent 1% of NEP OpCo’s annual EBITDA for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo will also make certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders (incentive distribution rights, or IDRs). NEP’s O&M expenses for the three and nine months ended September 30, 2014 include $1 million related to payments made under the MSA. There was no expense for the three and nine months ended September 30, 2013 related to the MSA. | |
Cash Sweep and Credit Support Agreement - Effective July 1, 2014, NEP OpCo entered into a cash sweep and credit support agreement with NEER, under which NEER and certain of its subsidiaries may provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo will pay NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s interest expense for the three and nine months ended September 30, 2014 includes less than $1 million each related to payments made under the cash sweep and credit support agreement. There was no expense for the three and nine months ended September 30, 2013 related to the credit support agreement. | |
In addition, under this agreement, NEER and certain of its subsidiaries may withdraw funds received by NEP or its subsidiaries, including NEP OpCo, and hold those funds in accounts belonging to NEER or its subsidiaries to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries. NEER and its subsidiaries may keep the funds until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs or NEP OpCo otherwise demands the return of such funds. If NEER fails to return withdrawn funds when required by NEP's subsidiaries’ financings, the lenders will be entitled to draw on credit support provided by NEER in the amount of such withdrawn funds. If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings. The cash sweep amounts held in accounts belonging to NEER or its subsidiaries as of September 30, 2014 and 2013, were approximately $182 million and $0, respectively, and are included in due from related parties in NEP’s condensed consolidated balance sheets. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Land Use Commitments — The project owners are parties to various agreements that provide for payments to landowners for the right to use the land upon which the projects are located. These leases and easements can typically be renewed by the project owners for various periods. The annual fees range from minimum rent payments varying by lease to maximum rent payments of a certain percentage of gross revenues, varying by lease. Total lease expense was approximately $3 million and $2 million for the three months ended September 30, 2014 and 2013, respectively, and approximately $8 million and $6 million for the nine months ended September 30, 2014 and 2013, respectively, and is classified as operations and maintenance expenses in NEP's accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||
The Genesis Solar project's land lease includes a right-of-way lease/grant that provides for payments to the U.S. Bureau of Land Management (BLM) for the right to use the public lands upon which the project is located. The lease may be renewed at expiration at the Genesis Solar project's option and will be subject to the regulations existing at the time of renewal. As required by the terms of this lease, the Genesis Solar project obtained a surety bond in favor of BLM for approximately $23 million. The surety bond will remain in effect until the BLM is satisfied that there is no outstanding liability on the bond or satisfactory replacement bond coverage is obtained. | |||||||
As the base rent and the MW capacity fee payable to the BLM are both based on fair value, these payments are considered contingent rent and, therefore, expense is recognized as incurred. | |||||||
The total minimum rental commitments at September 30, 2014 under these land use agreements are as follows: | |||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2014 (Remaining) | $ | 1 | |||||
2015 | 4 | ||||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4 | ||||||
Thereafter | 112 | ||||||
Total minimum land use payments | $ | 129 | |||||
Development, Engineering and Construction Commitments — At September 30, 2014, Bluewater had several open engineering, procurement and construction contracts related to the procurement of materials and services. Those contracts have varying payment terms and some include performance obligations that allow Bluewater to receive liquidated damages if the contractor does not perform. During the three months ended September 30, 2014, Bluewater purchased $10 million under these contracts, which costs have been capitalized in construction work in progress. As of September 30, 2014, Bluewater has remaining commitments under these contracts of less than $1 million. | |||||||
Letter of Credit Facility — The Genesis Solar project entered into a letter of credit (LOC) facility (LOC facility), under which the LOC lender may issue standby letters of credit not to exceed approximately $83 million, with a maturity date of August 15, 2017. | |||||||
The purpose and amounts of letters of credit outstanding as of September 30, 2014 are as follows: | |||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
PPA security | $ | 25 | 9/9/2011 - Maturity | ||||
Large generator interconnection agreement obligations | 12 | 9/23/2011 - Maturity | |||||
O&M reserve | 10 | 12/2/2013 - Maturity | |||||
Debt service reserve | 35 | 8/8/2014 - Maturity | |||||
Total | $ | 82 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Revenue | ' |
Revenue—Revenue recognized for the three and nine months ended September 30, 2014 and 2013, includes operating revenues from operations located outside of the U.S. | |
New Accounting Pronouncements | ' |
In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard is effective for NEP beginning January 1, 2017. NEP is currently evaluating the effect the adoption of this standard will have, if any, on its financial statements. | |
Inventory | ' |
Inventories—Spare parts inventories are stated at the lower of weighted average cost or market and are included in other current assets in NEP’s condensed consolidated balance sheets. | |
Property, Plant and Equipment, net and Construction Work in Progress | ' |
Property, Plant and Equipment—net and Construction Work in Progress—Property, plant and equipment consists primarily of development, engineering and construction costs for the renewable energy assets, equipment, land, substations and transmission lines. Property, plant and equipment, excluding land, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 30 years, commencing on the date the assets are placed in service. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. | |
Construction work in progress includes construction materials, turbine generators, solar panel assemblies and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the development and construction of the various projects. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment—net. | |
Convertible Investment Tax Credits | ' |
Convertible Investment Tax Credits (CITCs) of approximately $595 million and $445 million as of September 30, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment—net in the condensed consolidated balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. | |
Hedge Effectiveness | ' |
In order to apply hedge accounting, the transactions must be designated as hedges and must be highly effective in offsetting the hedged risk. For interest rate swaps, generally NEP assesses a hedging instrument’s effectiveness by using non-statistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout the hedge’s life. The effective portion of changes in the fair value of derivatives accounted for as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income (AOCI). The amounts deferred in AOCI are recognized in earnings when the hedged transactions occur. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss, is reported in current earnings. |
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of clean, contracted renewable assets acquired | ' | ||||||||||||
In connection with the offering, NEP acquired the following portfolio of clean, contracted renewable energy assets (initial portfolio): | |||||||||||||
Project | Commercial | Resource | MW | Counterparty | Contract | Project Financing | |||||||
Operation Date | Expiration | (Maturity) | |||||||||||
Northern Colorado | September 2009 | Wind | 174.3 | Public Service Company of Colorado | 2029 (22.5 MW) / | Mountain Prairie (2030) | |||||||
2034 (151.8 MW) | |||||||||||||
Elk City | December 2009 | Wind | 98.9 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Perrin Ranch | January 2012 | Wind | 99.2 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Moore | February 2012 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Conestogo | December 2012 | Wind | 22.9 | Ontario Power Authority | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124.4 | Ontario Power Authority | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125.0 MW)/ | Solar | 250 | Pacific Gas & Electric Co. | 2039 | Genesis (2038) | |||||||
March 2014 (125.0 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 59.9 | Ontario Power Authority | 2034 | Bluewater (2032) | |||||||
Total | 989.6 |
Summary_of_Significant_Account2
Summary of Significant Accounting and Reporting Policies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Changes in noncontrolling interest balance | ' | |||
The following table reflects the changes in NEP's noncontrolling interest balance for the three and nine months ended September 30, 2014: | ||||
Noncontrolling | ||||
Interest | ||||
(in millions) | ||||
Noncontrolling interest at December 31, 2013 and June 30, 2014 | $ | — | ||
Contributions from noncontrolling interest, net of returns of capital | 171 | |||
Comprehensive income attributable to noncontrolling interest | 14 | |||
Noncontrolling interest at September 30, 2014 | $ | 185 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of reconciliation of U.S. federal income tax at the statutory rate to income tax expense | ' | |||||||||||||||
A reconciliation of income tax at the U.S. federal statutory rate to income tax expense is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Income tax expense at 35% statutory rate | $ | 9 | $ | — | $ | 23 | $ | 6 | ||||||||
Increases (reductions) resulting from: | ||||||||||||||||
Taxes attributable to noncontrolling interest | (7 | ) | — | (7 | ) | — | ||||||||||
State income taxes, net of federal tax benefit | — | — | 1 | 1 | ||||||||||||
CITCs(a) | — | (5 | ) | (12 | ) | (15 | ) | |||||||||
Valuation allowance(a) | — | 7 | 11 | 20 | ||||||||||||
Effect of flow through entities and foreign tax differential(b) | — | (1 | ) | (3 | ) | (2 | ) | |||||||||
Income tax expense | $ | 2 | $ | 1 | $ | 13 | $ | 10 | ||||||||
____________________ | ||||||||||||||||
(a) | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to the Genesis Solar project. | |||||||||||||||
(b) | The Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities for periods ending prior to July 1, 2014. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities for periods ending prior to July 1, 2014) at Canadian statutory rates compared to the U.S. statutory rate. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of financial assets and liabilities and other fair value measurements on a recurring basis | ' | |||||||||||||||||||||||
’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 118 | $ | — | $ | 118 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Restricted cash | 4 | — | 4 | 2 | — | 2 | ||||||||||||||||||
Interest rate swaps | — | 8 | 8 | — | 14 | 14 | ||||||||||||||||||
Total assets | $ | 122 | $ | 8 | $ | 130 | $ | 29 | $ | 14 | $ | 43 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Total liabilities | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Schedule of other financial instrument, carrying amounts and estimated fair values | ' | |||||||||||||||||||||||
The carrying amounts and estimated fair values of other financial instruments, excluding assets and liabilities which are recorded at fair value and disclosed above, are as follows: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Notes receivable(a) | $ | 3 | $ | 3 | $ | 4 | $ | 4 | ||||||||||||||||
Long-term debt, including current maturities(b) | $ | 1,857 | $ | 1,890 | $ | 1,799 | $ | 1,815 | ||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of the fair values of derivative instruments designated as cash flow hedging instruments included in balance sheets | ' | |||||||||||||||
The fair values of NEP's derivative instruments designated as cash flow hedging instruments are included in NEP's condensed consolidated balance sheets as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 11 | $ | — | $ | 18 | $ | — | ||||||||
Other current liabilities | $ | — | $ | 5 | $ | — | $ | 4 | ||||||||
Other non-current liabilities | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||
Schedule of gains (losses) related to cash flow hedges | ' | |||||||||||||||
Gains (losses) related to NEP's cash flow hedges are recorded in NEP's condensed consolidated financial statements as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (3 | ) | $ | — | $ | (15 | ) | $ | 12 | ||||||
Losses reclassified from AOCI to net income(a) | $ | 1 | $ | 1 | $ | 3 | $ | 3 | ||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Losses on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Three months ended September 30, 2014 | ||||||||||||
Balances, June 30, 2014 | $ | (1 | ) | $ | (28 | ) | $ | (29 | ) | |||
Other comprehensive loss before reclassification | (2 | ) | (7 | ) | (9 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 1 | — | 1 | |||||||||
Net other comprehensive loss | (1 | ) | (7 | ) | (8 | ) | ||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | |||||||||
Balances, September 30, 2014 | 4 | (35 | ) | (31 | ) | |||||||
AOCI attributable to noncontrolling interest | 4 | (34 | ) | (30 | ) | |||||||
AOCI attributable to NextEra Energy Partners, September 30, 2014 | $ | — | $ | (1 | ) | $ | (1 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Losses on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Nine months ended September 30, 2014 | ||||||||||||
Balances, December 31, 2013 | $ | 10 | $ | (25 | ) | $ | (15 | ) | ||||
Other comprehensive loss before reclassification | (15 | ) | (10 | ) | (25 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 3 | — | 3 | |||||||||
Net other comprehensive loss | (12 | ) | (10 | ) | (22 | ) | ||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | |||||||||
Balances, September 30, 2014 | 4 | (35 | ) | (31 | ) | |||||||
AOCI attributable to noncontrolling interest | $ | 4 | $ | (34 | ) | $ | (30 | ) | ||||
AOCI attributable to NextEra Energy Partners, September 30, 2014 | $ | — | $ | (1 | ) | $ | (1 | ) | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Minimum rental commitments under land use agreements | ' | ||||||
The total minimum rental commitments at September 30, 2014 under these land use agreements are as follows: | |||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2014 (Remaining) | $ | 1 | |||||
2015 | 4 | ||||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4 | ||||||
Thereafter | 112 | ||||||
Total minimum land use payments | $ | 129 | |||||
Schedule of the purpose and amounts of contemplated letters of credit | ' | ||||||
The purpose and amounts of letters of credit outstanding as of September 30, 2014 are as follows: | |||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
PPA security | $ | 25 | 9/9/2011 - Maturity | ||||
Large generator interconnection agreement obligations | 12 | 9/23/2011 - Maturity | |||||
O&M reserve | 10 | 12/2/2013 - Maturity | |||||
Debt service reserve | 35 | 8/8/2014 - Maturity | |||||
Total | $ | 82 | |||||
Organization_and_Nature_of_Bus2
Organization and Nature of Business - Additional Disclosures (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 30, 2014 |
NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | NEP OpCo [Member] | |||
NEP OpCo [Member] | |||||
Schedule of Limited Partnership Activity [Line Items] | ' | ' | ' | ' | ' |
Common units sold to the public | 18,687,500 | ' | ' | ' | ' |
Common units sold to the public, price per share (in dollars per share) | ' | $25 | ' | ' | ' |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | $438 | ' | ' | ' | ' |
Payments to acquire limited partner interests | ' | ' | $288 | $150 | ' |
Common units purchased | ' | ' | 12,291,593 | 6,395,907 | ' |
Noncontrolling interest, percent ownership | ' | ' | ' | ' | 20.10% |
Noncontrolling interest, percent ownership by noncontrolling owners | ' | ' | ' | ' | 79.90% |
Organization_and_Nature_of_Bus3
Organization and Nature of Business - Renewable Energy Assets Acquired (Details) | Jul. 01, 2014 |
MW | |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 989.6 |
Northern Colorado Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 174.3 |
Northern Colorado Project, Expiring in 2029 [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 22.5 |
Northern Colorado Project, Expiring in 2034 [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 151.8 |
Elk City Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 98.9 |
Perrin Ranch Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 99.2 |
Moore Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 20 |
Sombra Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 20 |
Conestogo Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 22.9 |
Tuscola Bay Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 120 |
Summerhaven Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 124.4 |
Genesis Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 250 |
Genesis Project, Operation Date November 2013 [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 125 |
Genesis Project, Operation Date March 2014 [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 125 |
Bluewater Project [Member] | ' |
Renewable Energy Assets Acquired [Line Items] | ' |
Renewable energy assets, power capacity (megawatts) | 59.9 |
Organization_and_Nature_of_Bus4
Organization and Nature of Business - Projected Acquisitions (Details) (USD $) | Jul. 01, 2014 | Mar. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
In Millions, unless otherwise specified | MW | Forecast [Member] | Palo Duro WInd Project Holdings, LLC [Member] | Shafter Solar, LLC [Member] | Hansford and Ochiltree Countries, Texas [Member] | Shafter, California [Member] | Class A [Member] | Class B [Member] |
acquisition | Forecast [Member] | Forecast [Member] | Palo Duro WInd Project Holdings, LLC [Member] | Shafter Solar, LLC [Member] | Palo Duro WInd Project Holdings, LLC [Member] | Palo Duro WInd Project Holdings, LLC [Member] | ||
Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | |||||
MW | MW | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of planned project acquisitions | ' | 2 | ' | ' | ' | ' | ' | ' |
Percent of membership interest acquired | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' |
Acquiree's interest in affiliate before transaction | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Renewable energy assets, power capacity (megawatts) | 989.6 | ' | ' | ' | 250 | 20 | ' | ' |
Consideration transferred | ' | ' | $227 | $64 | ' | ' | ' | ' |
Percent of affiliate's stock acquired by tax equity investors before transaction | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Acquiree's interest in affiliate after transaction | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Percent of affiliate's stock held by tax equity investors after transaction | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting and Reporting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | $89 | $28 | $235 | $94 | ' |
Property, plant and equipment, net | 2,209 | ' | 2,209 | ' | 1,756 |
Inventory, Net | 6 | ' | 6 | ' | 4 |
CITC receivable | 595 | ' | 595 | ' | 445 |
Convertible Investment Tax Credit Receivable | 24 | ' | 24 | ' | ' |
Foreign Countries [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | 20 | 13 | 61 | 31 | ' |
Property, plant and equipment, net | $724 | ' | $724 | ' | $626 |
Minimum [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of property, plant, and equipment | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of property, plant, and equipment | ' | ' | '30 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting and Reporting Policies - Noncontrolling Interest (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Partners' Capital Attributable to Noncontrolling Interest [Roll Forward] | ' |
Noncontrolling interest, beginning of period | $0 |
Contributions from NEP offering | 171 |
Comprehensive income attributable to noncontrolling interests | 14 |
Noncontrolling interest, end of period | $185 |
NEP OpCo [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling interest, percent ownership | 20.10% |
Noncontrolling interest, percent ownership by noncontrolling owners | 79.90% |
Summary_of_Significant_Account5
Summary of Significant Accounting and Reporting Policies - Immaterial Restatement (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restatement Adjustment [Member] | ||||||
Income tax expense, overstatement adjustment | ($2) | ($1) | ($13) | ($10) | ' | $4 |
Other comprehensive loss, overstatement adjustment | -8 | 9 | -22 | -1 | ' | 1 |
Deferred tax liabilities, overstatement adjustment | ($48) | ' | ($48) | ' | ($9) | $5 |
Income_Taxes_Additional_Disclo
Income Taxes - Additional Disclosures (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Effective tax rate | 8.00% | 20.00% | 56.00% |
NEP OpCo [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling interest, percent ownership | 20.10% | 20.10% | ' |
Noncontrolling interest, percent ownership by noncontrolling owners | 79.90% | 79.90% | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Income Tax to Income Tax Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||
Income tax expense at 35% statutory rate | $9 | $0 | $23 | $6 | ||||
Increases (reductions) resulting from: | ' | ' | ' | ' | ||||
Taxes attributable to noncontrolling interest | -7 | 0 | -7 | 0 | ||||
State income taxes, net of federal tax benefit | 0 | 0 | 1 | 1 | ||||
CITCs | 0 | [1] | -5 | [1] | -12 | [1] | -15 | [1] |
Valuation allowance | 0 | [1] | 7 | [1] | 11 | [1] | 20 | [1] |
Effect of flow through entity and foreign tax differential | 0 | [2] | -1 | [2] | -3 | [2] | -2 | [2] |
Income tax expense | $2 | $1 | $13 | $10 | ||||
[1] | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to the Genesis Solar project. | |||||||
[2] | Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities for periods ending prior to July 1, 2014. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities for periods ending prior to July 1, 2014) at Canadian statutory rates compared to the U.S. statutory rate. |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) (Recurring Basis [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $118 | $27 |
Restricted cash | 4 | 2 |
Interest rate swaps | 8 | 14 |
Total assets | 130 | 43 |
Liabilities: | ' | ' |
Interest rate swaps | 5 | 0 |
Total liabilities | 5 | 0 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 118 | 27 |
Restricted cash | 4 | 2 |
Interest rate swaps | 0 | 0 |
Total assets | 122 | 29 |
Liabilities: | ' | ' |
Interest rate swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate swaps | 8 | 14 |
Total assets | 8 | 14 |
Liabilities: | ' | ' |
Interest rate swaps | 5 | 0 |
Total liabilities | $5 | $0 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Carrying Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes receivable | $3 | [1] | $4 | [1] |
Long-term debt, including current maturities | 1,857 | [2] | 1,799 | [2] |
Level 2 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes receivable | 3 | [1] | 4 | [1] |
Long-term debt, including current maturities | $1,890 | [2] | $1,815 | [2] |
[1] | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have short to mid-term maturities (LevelB 2) and are included in other assets on the condensed consolidated balance sheet. | |||
[2] | Fair value is estimated based on the borrowing rates as of each date for similar issues of debt with similar remaining maturities (LevelB 2). |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity - Additional Disclosures (Details) (Interest Rate Swap [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | $344 | $212 |
Net losses included in AOCI expected to be reclassified into interest expense within the next 12 months | $5 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) (Cash Flow Hedges [Member], Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Noncurrent Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, assets | $11 | $18 |
Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, liabilities | 5 | 4 |
Other Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, liabilities | $0 | ' |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activity - Gains (Losses) Related to Cash Flow Hedges (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], Cash Flow Hedges [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gains (losses) recognized in other comprehensive income | ($3) | $0 | ($15) | $12 | ||||
Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Losses reclassified from AOCI to net income | $1 | [1] | $1 | [1] | $3 | [1] | $3 | [1] |
[1] | Included in interest expense. |
LongTerm_Debt_Details
Long-Term Debt (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Senior Note Due September 2038 [Member] | Term Loan Due 2032 [Member] | Term Loan Due 2032 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility, Letters of Credit, and Incremental Commitments [Member] | Federal Funds Rate [Member] | LIBOR [Member] | Canadian Dealer Offered Rate [Member] | Minimum [Member] | Maximum [Member] | |
Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | NEP OpCo [Member] | NEP OpCo [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | USD ($) | USD ($) | NEP OpCo [Member] | NEP OpCo [Member] | NEP OpCo [Member] | NEP OpCo [Member] | NEP OpCo [Member] | |
USD ($) | USD ($) | CAD | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | $280,000,000 | $157,000,000 | 170,000,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | $250,000,000 | $1,000,000,000 | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 0.50% | 1.00% | 1.00% | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% |
Intangible_Liabilities_Details
Intangible Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Intangible liabilities | $8 | ' | $8 | ' | $8 |
Amortization of intangible liabilities, less than 1 million | 1 | 1 | 1 | 1 | ' |
Future estimated amortization: | ' | ' | ' | ' | ' |
Amortization, next year | 1 | ' | 1 | ' | ' |
Amortization. year two | 1 | ' | 1 | ' | ' |
Amortization, year three | 1 | ' | 1 | ' | ' |
Amortization, year four | 1 | ' | 1 | ' | ' |
Amortization, year five | $1 | ' | $1 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | ($29) | ' | ($15) | ' | ' |
Other comprehensive loss before reclassification | -9 | ' | -25 | ' | ' |
Amounts reclassified from AOCI to interest expense | 1 | ' | 3 | ' | ' |
Total other comprehensive loss, net of tax | -8 | 9 | -22 | -1 | ' |
Balance, end of period | -31 | ' | -31 | ' | ' |
Balance sheet reclassification related to transitioning from separate return method | 6 | ' | 6 | ' | ' |
AOCI attributable to noncontrolling interest | -30 | ' | -30 | ' | ' |
AOCI attributable to NextEra Energy Partners | -1 | ' | -1 | ' | -15 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | -1 | ' | 10 | ' | ' |
Other comprehensive loss before reclassification | -2 | ' | -15 | ' | ' |
Amounts reclassified from AOCI to interest expense | 1 | ' | 3 | ' | ' |
Total other comprehensive loss, net of tax | -1 | ' | -12 | ' | ' |
Balance, end of period | 4 | ' | 4 | ' | ' |
Balance sheet reclassification related to transitioning from separate return method | 6 | ' | 6 | ' | ' |
AOCI attributable to noncontrolling interest | 4 | ' | 4 | ' | ' |
AOCI attributable to NextEra Energy Partners | 0 | ' | 0 | ' | ' |
Net Unrealized Gains (Losses) on Foreign Currency Translation [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | -28 | ' | -25 | ' | ' |
Other comprehensive loss before reclassification | -7 | ' | -10 | ' | ' |
Amounts reclassified from AOCI to interest expense | 0 | ' | 0 | ' | ' |
Total other comprehensive loss, net of tax | -7 | ' | -10 | ' | ' |
Balance, end of period | -35 | ' | -35 | ' | ' |
Balance sheet reclassification related to transitioning from separate return method | 0 | ' | 0 | ' | ' |
AOCI attributable to noncontrolling interest | -34 | ' | -34 | ' | ' |
AOCI attributable to NextEra Energy Partners | ($1) | ' | ($1) | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Subsidiaries of NEER [Member] | Subsidiaries of NEER [Member] | Subsidiaries of NEER [Member] | Subsidiaries of NEER [Member] | NextEra Energy, Inc. [Member] | NextEra Energy, Inc. [Member] | NextEra Energy, Inc. [Member] | NextEra Energy, Inc. [Member] | NEER [Member] | NEER [Member] | NEER [Member] | NEP OpCo [Member] | |||
Operations, Maintenance,and Administrative Services [Member] | Operations, Maintenance,and Administrative Services [Member] | Operations, Maintenance,and Administrative Services [Member] | Operations, Maintenance,and Administrative Services [Member] | Management Services Agreement [Member] | Management Services Agreement [Member] | Management Services Agreement [Member] | Management Services Agreement [Member] | Cash Sweep and Credit Support Agreement [Member] | Cash Sweep and Credit Support Agreement [Member] | Cash Sweep and Credit Support Agreement [Member] | NextEra Energy, Inc. [Member] | |||
Management Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses from transactions with related party | ' | ' | $1,000,000 | $1,000,000 | $3,000,000 | $1,000,000 | $1,000,000 | $0 | $1,000,000 | $0 | ' | ' | ' | ' |
Management fee, percent of EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Annual management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 |
Annual management fee, quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Management fee, additional payment threshold, minimum EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 |
Interest expense, less than $1 million | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' |
Due from related parties | $182,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $182,000,000 | $182,000,000 | $0 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Lease expense | $3 | $2 | $8 | $6 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 (Remaining) | 1 | ' | 1 | ' |
2015 | 4 | ' | 4 | ' |
2016 | 4 | ' | 4 | ' |
2017 | 4 | ' | 4 | ' |
2018 | 4 | ' | 4 | ' |
Thereafter | 112 | ' | 112 | ' |
Total minimum land use payments | 129 | ' | 129 | ' |
Genesis [Member] | Surety Bond [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Surety bond | 23 | ' | 23 | ' |
EPC Contracts [Member] | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Purchases under contracts | 10 | ' | ' | ' |
Remaining commitment | $1 | ' | $1 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Letters of Credit (Details) (Genesis [Member], Standby Letters of Credit [Member], USD $) | Sep. 30, 2014 |
Line of Credit Facility [Line Items] | ' |
Credit facility, maximum borrowing capacity | $83,000,000 |
Credit facility, amount outstanding | 82,000,000 |
PPA Security [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | 25,000,000 |
Large Generator Interconnection Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | 12,000,000 |
Operations & Maintenance Reserve [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | 10,000,000 |
Debt service reserve [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | $35,000,000 |