XPLR Infrastructure (XIFR) 10-Q 22 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-36518
Entity Registrant Name	NEXTERA ENERGY PARTNERS, LP
Entity Tax Identification Number	30-0818558
Entity Address, Address Line One	700 Universe Boulevard
Entity Address, City or Town	Juno Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
City Area Code	561
Local Phone Number	694-4000
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common units
Trading Symbol	NEP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	83,905,398
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001603145
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
OPERATING REVENUES
Renewable energy sales		$ 224	$ 155
Texas pipelines service revenues		57	91
Total operating revenues(a)	[1]	281	246
OPERATING EXPENSES
Operations and maintenance(b)	[2]	129	92
Depreciation and amortization		103	67
Taxes other than income taxes and other		15	9
Total operating expenses – net		247	168
OPERATING INCOME		34	78
OTHER INCOME (DEDUCTIONS)
Interest expense		284	504
Equity in earnings of equity method investees		45	43
Equity in earnings of non-economic ownership interests		19	14
Other – net		1	2
Total other income (deductions) – net		349	563
INCOME BEFORE INCOME TAXES		383	641
INCOME TAXES		50	70
NET INCOME	[3]	333	571
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(189)	(369)
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP		$ 144	$ 202
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - basic (in dollars per share)		$ 1.72	$ 2.66
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - assuming dilution (in dollars per share)		$ 1.72	$ 2.66
[1]	Includes related party revenues of $5 million and $34 million for the three months ended March 31, 2022 and 2021, respectively.
[2]	Includes O&M expenses related to renewable energy projects of $76 million and $43 million for the three months ended March 31, 2022 and 2021, respectively. Includes O&M expenses related to the Texas pipelines of $8 million and $13 million for the three months ended March 31, 2022 and 2021, respectively. Total O&M expenses presented include related party amounts of $58 million and $45 million for the three months ended March 31, 2022 and 2021, respectively.
[3]	Comprehensive income, including comprehensive income attributable to noncontrolling interests and NextEra Energy Partners, LP, is the same as reported net income

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Related party revenues	$ 5	$ 34
Operations and maintenance related to renewable energy projects	76	43
Operations and maintenance related to Texas pipelines	8	13
Operations and maintenance related party	$ 58	$ 45

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 168	$ 147
Accounts receivable	143	112
Other receivables	30	24
Due from related parties	692	1,061
Inventory	44	41
Other	205	25
Total current assets	1,282	1,410
Other assets:
Property, plant and equipment – net	11,227	11,417
Goodwill	879	891
Investments in equity method investees	1,903	1,896
Deferred income taxes	274	322
Other	367	272
Total other assets	17,330	17,566
TOTAL ASSETS	18,612	18,976
Current liabilities:
Accounts payable and accrued expenses	595	982
Due to related parties	77	104
Current portion of long-term debt	36	33
Accrued interest	17	26
Derivatives	11	26
Accrued property taxes	17	25
Other	47	65
Total current liabilities	800	1,261
Other liabilities and deferred credits:
Long-term debt	5,378	5,294
Asset retirement obligation	258	243
Derivatives	370	595
Due to related parties	41	41
Other	389	383
Total other liabilities and deferred credits	6,436	6,556
TOTAL LIABILITIES	7,236	7,817
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	120	321
EQUITY
Common units (83.9 and 83.9 units issued and outstanding, respectively)	3,070	2,985
Accumulated other comprehensive loss	(8)	(8)
Noncontrolling interests	8,194	7,861
TOTAL EQUITY	11,256	10,838
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	18,612	18,976
Intangible assets – PPAs - net
Other assets:
Intangible assets	2,142	2,175
Customer Relationships
Other assets:
Intangible assets	$ 538	$ 593

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common units issued (in shares)	83,900,000	83,900,000
Common units outstanding (in shares)	83,900,000	83,900,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	[1]	$ 333	$ 571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		103	67
Intangible amortization – PPAs		39	26
Change in value of derivative contracts		(327)	(540)
Deferred income taxes		50	70
Equity in earnings of equity method investees, net of distributions received		(4)	(4)
Equity in earnings of non-economic ownership interests, net of distributions received		(19)	(14)
Other – net		0	2
Changes in operating assets and liabilities:
Current assets		(31)	(50)
Noncurrent assets		1	0
Current liabilities		(25)	(24)
Net cash provided by operating activities		120	104
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures and other investments		(467)	(45)
Payments to related parties under CSCS agreement – net		(78)	(74)
Reimbursements from related parties for capital expenditures		475	8
Other		0	4
Net cash used in investing activities		(70)	(107)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units – net		2	3
Issuances of long-term debt		89	102
Retirements of long-term debt		(6)	(2)
Debt issuance costs		0	(1)
Partner distributions		(137)	(117)
Proceeds from differential membership investors		46	41
Payments to differential membership investors		(9)	(6)
Payments to Class B noncontrolling interest investors		(16)	(14)
Change in amounts due to related parties		(1)	(1)
Other		(1)	(1)
Net cash provided by (used in) financing activities		(33)	4
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		17	1
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD		151	112
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD		168	113
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Accrued property additions		$ 590	$ 21
[1]	Comprehensive income, including comprehensive income attributable to noncontrolling interests and NextEra Energy Partners, LP, is the same as reported net income

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions		Total		Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Units, Units	Common Units, Amount	Common Units, AmountCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Non-controlling Interests
Beginning balance, units at Dec. 31, 2020						75,900,000
Beginning balance at Dec. 31, 2020		$ 7,707		$ (57)			$ 2,362	$ (57)		$ (8)	$ 5,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		571	[2]				202				369
Related party distributions		(72)									(72)
Changes in non-economic ownership interests		(3)									(3)
Other differential membership investment activity		35									35
Payments to Class B noncontrolling interest investors		(14)									(14)
Distributions to unitholders	[3]	(47)					(47)
Other		1					0
Ending balance, units at Mar. 31, 2021						75,900,000
Ending balance at Mar. 31, 2021		$ 8,121					2,460			(8)	5,669
Beginning balance, units at Dec. 31, 2021		83,900,000				83,900,000
Beginning balance at Dec. 31, 2021		$ 10,838					2,985			(8)	7,861	$ 321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		328					144				184	5
Net income	[2]	333
Related party distributions		(78)									(78)
Other differential membership investment activity		242									242	(206)
Payments to Class B noncontrolling interest investors		(16)									(16)
Distributions to unitholders	[4]	(59)					(59)
Other		$ 1									1
Ending balance, units at Mar. 31, 2022		83,900,000				83,900,000
Ending balance at Mar. 31, 2022		$ 11,256					$ 3,070			$ (8)	$ 8,194	$ 120
[1]	See Note 7 for further discussion. Includes deferred tax impact of approximately $7 million.
[2]	Comprehensive income, including comprehensive income attributable to noncontrolling interests and NextEra Energy Partners, LP, is the same as reported net income
[3]	Distributions per common unit of $0.6150 were paid during the three months ended March 31, 2021.
[4]	Distributions per common unit of $0.7075 were paid during the three months ended March 31, 2022.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cumulative Effect, Period of Adoption, Adjustment
Deferred tax impact	$ 7
Common Stock
Distributions per common unit (usd per share)	$ 0.7075	$ 0.6150

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions In August 2021, an indirect subsidiary of NEP acquired from a third party 100% of the ownership interests (August 2021 acquisition) in a portfolio of four operating wind assets with a combined generating capacity totaling approximately 391 MW located in California and New Hampshire. In October 2021, an indirect subsidiary of NEP acquired from subsidiaries of NEER ownership interests (October 2021 acquisition) in a portfolio of wind and solar generation facilities with a combined net generating capacity totaling approximately 589 MW located in various states across the U.S. In December 2021, an indirect subsidiary of NEP acquired from subsidiaries of NEER 100% of the Class A membership interests in Star Moon Holdings, LLC (Star Moon Holdings) which represents an indirect 50% controlling ownership interest in seven wind generation facilities and six solar generation facilities located in various states across the U.S., some of which include solar storage, with a combined net generating capacity totaling approximately 1,260 MW and net storage capacity totaling 58 MW. The wind and solar generation facilities were under construction by NEER when the acquisition was announced. At closing, three projects remained under construction and NEER agreed to continue to manage the construction of such projects after the acquisition, at its own cost, and to contribute to those projects any capital necessary for the construction of such projects. During the three months ended March 31, 2022, construction of the projects was completed and the projects entered service. In December 2021, NEER sold the remaining 50% noncontrolling ownership interest in the wind and solar generation facilities to a third party, which is reflected as noncontrolling interests on NEP's condensed consolidated balance sheets (see Note 10 - Noncontrolling Interests). NEER operates the wind and solar generation facilities under O&M and administrative service agreements (see Note 9). In December 2021, an indirect subsidiary of NEP acquired from a third party a 102 MW wind generation facility (Coram II acquisition) located in California. In April 2022, an indirect subsidiary of NEP entered into an agreement with subsidiaries of NEER to acquire approximately 67% of the Class A membership interests in a battery storage facility under construction in California with storage capacity of approximately 230 MW. NEP expects to complete the acquisition during 2022, subject to the facility commencing commercial operations and customary closing conditions, for approximately $191 million, subject to closing adjustments. NEP’s share of the project’s noncontrolling interests related to differential membership interests is estimated to be approximately $80 million at the time of closing. See Part II – Item 5(b) for further discussion. Supplemental Unaudited Pro forma Results of Operations NEP’s pro forma results of operations in the combined entity had the August 2021 acquisition, the October 2021 acquisition and the Coram II acquisition been completed on January 1, 2020 are as follows: Three Months Ended (millions) Unaudited pro forma results of operations: Pro forma revenues $ 273 Pro forma operating income $ 81 Pro forma net income $ 567 Pro forma net income attributable to NEP $ 204 The unaudited pro forma consolidated results of operations include adjustments to: • reflect the historical results of the businesses acquired beginning on January 1, 2020 assuming consistent operating performance over all periods; • reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment – net and the intangible assets – PPAs; • reflect assumed interest expense related to funding the acquisitions; and • reflect related income tax effects. The unaudited pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the consolidated operations.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. NEP's operating revenues are generated primarily from various non-affiliated parties under PPAs and natural gas transportation agreements. NEP's operating revenues from contracts with customers are partly offset by the net amortization of intangible asset – PPAs and intangible liabilities – PPAs. Revenue is recognized as energy and any related renewable energy attributes are delivered, based on rates stipulated in the respective PPAs, or natural gas transportation services are performed. NEP believes that the obligation to deliver energy and provide the natural gas transportation services is satisfied over time as the customer simultaneously receives and consumes benefits provided by NEP. In addition, NEP believes that the obligation to deliver renewable energy attributes is satisfied at multiple points in time, with the control of the renewable energy attribute being transferred at the same time the related energy is delivered. Included in NEP’s operating revenues for the three months ended March 31, 2022 is $220 million and $58 million, and for the three months ended March 31, 2021 is $149 million and $60 million, of revenue from contracts with customers for renewable energy sales and natural gas transportation services, respectively. NEP's accounts receivable are primarily associated with revenues earned from contracts with customers. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEP's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. NEP recognizes revenues as energy and any related renewable energy attributes are delivered or natural gas transportation services are performed, consistent with the amounts billed to customers based on rates stipulated in the respective agreements. NEP considers the amount billed to represent the value of energy delivered or services provided to the customer. NEP’s customers typically receive bills monthly with payment due within 30 days. The contracts with customers related to pipeline service revenues contain a fixed price related to firm natural gas transportation capacity with maturity dates ranging from 2022 to 2035. At March 31, 2022, NEP expects to record approximately $1.7 billion of revenues over the remaining terms of the related contracts as the capacity is provided. Revenues yet to be earned under contracts with customers to deliver energy and any related energy attributes, which have maturity dates ranging from 2025 to 2052, will vary based on the volume of energy delivered. At March 31, 2022, NEP expects to record approximately $188 million of revenues related to the fixed price components of one PPA through 2039 as the energy is delivered.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes are calculated for NEP as a single taxpaying corporation for U.S. federal and state income taxes (based on NEP's election to be taxed as a corporation). NEP recognizes in income its applicable ownership share of U.S. income taxes due to the disregarded/partnership tax status of substantially all of the U.S. projects under NEP OpCo. Net income or loss attributable to noncontrolling interests includes minimal U.S. taxes. The effective tax rate for the three months ended March 31, 2022 was approximately 13% and for the three months ended March 31, 2021 was approximately 11%. The effective tax rate is below the U.S. statutory rate of 21% primarily due to tax expense (benefit) attributable to noncontrolling interests of approximately $(39) million for the three months ended March 31, 2022 and $(78) million for the three months ended March 31, 2021.

Non-Derivative Fair Value Measu

Non-Derivative Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Non-Derivative Fair Value Measurements	Non-Derivative Fair Value Measurements Non-derivative fair value measurements consist of NEP's cash equivalents. The fair value of these financial assets is determined using the valuation techniques and inputs as described in Note 3 – Fair Value Measurement of Derivative Instruments. The fair value of money market funds that are included in cash and cash equivalents, current other assets and noncurrent other assets on NEP's condensed consolidated balance sheets is estimated using a market approach based on current observable market prices. Recurring Non-Derivative Fair Value Measurements – NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: March 31, 2022 December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 4 $ — $ 4 $ 3 $ — $ 3 Total assets $ 4 $ — $ 4 $ 3 $ — $ 3 Financial Instruments Recorded at Other than Fair Value – The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (millions) Long-term debt, including current maturities (a) $ 5,414 $ 5,505 $ 5,327 $ 5,529 ____________________ (a)

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated with outstanding and expected future debt issuances and borrowings. NEP records all derivative instruments that are required to be marked to market as either assets or liabilities on its condensed consolidated balance sheets and measures them at fair value each reporting period. NEP does not utilize hedge accounting for its derivative instruments. All changes in the derivatives' fair value are recognized in interest expense in NEP's condensed consolidated statements of income. At March 31, 2022 and December 31, 2021, the net notional amounts of the interest rate contracts were approximately $7,870 million and $7,873 million, respectively. Cash flows from the interest rate contracts are reported in cash flows from operating activities in NEP's condensed consolidated statements of cash flows. Fair Value Measurement of Derivative Instruments – 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 and/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 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. Transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred. NEP estimates the fair value of its derivative instruments using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit profiles. The significant inputs for the resulting fair value measurement are market-observable inputs and the measurements are reported as Level 2 in the fair value hierarchy. The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at March 31, 2022 and December 31, 2021, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets. March 31, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Interest rate contracts $ — $ 93 $ — $ — $ 93 Liabilities: Interest rate contracts $ — $ 381 $ — $ — $ 381 Net fair value by balance sheet line item: Current other assets $ 8 Noncurrent other assets 85 Total derivative assets $ 93 Current derivative liabilities $ 11 Noncurrent derivative liabilities 370 Total derivative liabilities $ 381 December 31, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Interest rate contracts $ — $ 17 $ — $ (10) $ 7 Liabilities: Interest rate contracts $ — $ 631 $ — $ (10) $ 621 Net fair value by balance sheet line item: Current other assets $ — Noncurrent other assets 7 Total derivative assets $ 7 Current derivative liabilities $ 26 Noncurrent derivative liabilities 595 Total derivative liabilities $ 621 ____________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements. Financial Statement Impact of Derivative Instruments – Gains related to NEP's interest rate contracts are recorded in NEP's condensed consolidated financial statements as follows: Three Months Ended March 31, 2022 2021 (millions) Interest rate contracts: Gains recognized in interest expense $ 320 $ 535 Credit-Risk-Related Contingent Features – Certain of NEP's derivative instruments contain credit-related cross-default and material adverse change triggers, none of which contain requirements to maintain certain credit ratings or financial ratios. At March 31, 2022 and December 31, 2021, the aggregate fair value of NEP's derivative instruments with contingent risk features that were in a liability position was approximately $378 million and $608 million, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities NEP has identified NEP OpCo, a limited partnership with a general partner and limited partners, as a VIE. NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. At March 31, 2022, NEP owned an approximately 45.3% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 54.7% limited partner interest in NEP OpCo (NEE's noncontrolling interest). The assets and liabilities of NEP OpCo as well as the operations of NEP OpCo represent substantially all of NEP's assets and liabilities and its operations. In addition, at March 31, 2022, NEP OpCo consolidated 16 VIEs related to certain subsidiaries which have sold differential membership interests in entities which own and operate 32 wind generation facilities as well as seven solar projects, including related battery storage facilities. These entities are considered VIEs because the holders of the differential membership interests do not have substantive rights over the significant activities of these entities. The assets, primarily property, plant and equipment - net, and liabilities, primarily accounts payable and accrued expenses and asset retirement obligation, of the VIEs, totaled approximately $9,424 million and $897 million, respectively, at March 31, 2022 and $9,740 million and $1,310 million, respectively, at December 31, 2021. At March 31, 2022, NEP OpCo also consolidated five VIEs related to the sales of noncontrolling Class B interests in certain NEP subsidiaries (see Note 10 - Noncontrolling Interests) which have ownership interests in and operate wind and solar facilities with a combined net generating capacity of approximately 3,576 MW as well as ownership interests in eight natural gas pipeline assets. These entities are considered VIEs because the holders of the noncontrolling Class B interests do not have substantive rights over the significant activities of the entities. The assets, primarily property, plant and equipment - net, intangible assets - PPAs and investments in equity method investees, and the liabilities, primarily accounts payable and accrued expenses, long-term debt, other long-term liabilities and asset retirement obligation, of the VIEs totaled approximately $11,392 million and $2,059 million, respectively, at March 31, 2022 and $11,810 million and $2,480 million, respectively, at December 31, 2021. Certain of these VIEs include five other VIEs related to NEP's ownership interests in Rosmar, Silver State, Meade, Pine Brooke Holdings and Star Moon Holdings (see Note 1). In addition, certain of these VIEs contain entities which have sold differential membership interests and approximately $4,467 million and $4,749 million of assets and $756 million and $1,159 million of liabilities are also included in the disclosure of the VIEs related to differential membership interests at March 31, 2022 and December 31, 2021, respectively. Certain subsidiaries of NEP OpCo have noncontrolling interests in entities accounted for under the equity method that are considered VIEs. NEP has an indirect equity method investment in three NEER solar projects with a total generating capacity of 277 MW and battery storage capacity of 230 MW. Through a series of transactions, a subsidiary of NEP issued 1,000,000 NEP OpCo Class B Units, Series 1 and 1,000,000 NEP OpCo Class B Units, Series 2, to NEER for approximately 50% of the ownership interests in the three solar projects (non-economic ownership interests). NEER, as holder of the NEP OpCo Class B Units, will retain 100% of the economic rights in the projects to which the respective Class B Units relate, including the right to all distributions paid by the project subsidiaries that own the projects to NEP OpCo. NEER has agreed to indemnify NEP against all risks relating to NEP’s ownership of the projects until NEER offers to sell economic interests to NEP and NEP accepts such offer, if NEP chooses to do so. NEER has also agreed to continue to manage the operation of the projects at its own cost, and to contribute to the projects any capital necessary for the operation of the projects, until NEER offers to sell economic interests to NEP and NEP accepts such offer. At March 31, 2022 and December 31, 2021, NEP's equity method investment related to the non-economic ownership interests of approximately $65 million and $47 million, respectively, is reflected as noncurrent other assets on NEP's condensed consolidated balance sheets. All equity in earnings of the non-economic ownership interests is allocated to net income attributable to noncontrolling interests. NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have a controlling interest in these entities.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Significant long-term debt issuances and borrowings by subsidiaries of NEP during the three months ended March 31, 2022 were as follows: Date Issued/Borrowed Debt Issuances/Borrowings Interest Principal Maturity (millions) February 2022 NEP OpCo credit facility Variable (a) $ 86 (b) 2027 January 2022 – March 2022 Senior secured limited-recourse debt Variable (a) $ 3 (c) 2026 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) At March 31, 2022, approximately $640 million of borrowings were outstanding and $117 million of letters of credit were issued under the NEP OpCo credit facility. Approximately $26 million of the outstanding borrowings have a maturity date in 2025. (c) At March 31, 2022, approximately $871 million of borrowings were outstanding under the existing credit agreement of the Meade purchaser and Pipeline Investment Holdings, LLC. In February 2022, the maturity date was extended from February 2026 to February 2027 for essentially all of the NEP OpCo credit facility. NEP OpCo and its subsidiaries' secured long-term debt agreements are secured by liens on certain assets and contain provisions which, under certain conditions, could restrict the payment of distributions or related party fee payments. At March 31, 2022, NEP and its subsidiaries were in compliance with all financial debt covenants under their financings.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Distributions – On April 20, 2022, the board of directors of NEP authorized a distribution of $0.7325 per common unit payable on May 12, 2022 to its common unitholders of record on May 5, 2022. Earnings Per Unit – Diluted earnings per unit is based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of convertible notes. The dilutive effect of the 2021 convertible notes and the 2020 convertible notes is computed using the if-converted method. The reconciliation of NEP's basic and diluted earnings per unit for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, 2022 2021 (millions, except per unit amounts) Numerator – Net income attributable to NEP $ 144 $ 202 Denominator: Weighted-average number of common units outstanding – basic 83.9 75.9 Effect of dilutive convertible notes 0.1 0.1 Weighted-average number of common units outstanding and assumed conversions 84.0 76.0 Earnings per unit attributable to NEP: Basic $ 1.72 $ 2.66 Assuming dilution $ 1.72 $ 2.66 Accumulated Other Comprehensive Income (Loss) – During the three months ended March 31, 2022 and 2021, NEP did not recognize any other comprehensive income (loss). At March 31, 2022 and 2021, NEP's accumulated other comprehensive loss totaled approximately $18 million and $20 million, respectively, of which $10 million and $12 million, respectively, was attributable to noncontrolling interest and $8 million and $8 million, respectively, was attributable to NEP.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Each project entered into O&M agreements and ASAs with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain O&M and administrative services performed under these agreements. These services are reflected as operations and maintenance in NEP's condensed consolidated statements of income. Additionally, certain NEP subsidiaries pay affiliates for transmission and retail power services which are reflected as operations and maintenance in NEP's condensed consolidated statements of income. Certain projects have also entered into various types of agreements including those related to shared facilities and transmission lines, transmission line easements, technical support and construction coordination with subsidiaries of NEER whereby certain fees or cost reimbursements are paid to, or received by, certain subsidiaries of NEER. Management Services Agreement – Under the MSA, an indirect wholly owned subsidiary of NEE provides operational, management and administrative services to NEP, including managing NEP’s day-to-day affairs and providing individuals to act as NEP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and ASAs described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo pays NEE an annual management fee equal to the greater of 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which is paid in quarterly installments with an additional payment each January to the extent 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo also makes certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders. NEP’s O&M expenses for the three months ended March 31, 2022 include approximately $38 million and for the three months ended March 31, 2021 include approximately $31 million related to the MSA. Cash Sweep and Credit Support Agreement – NEP OpCo is a party to the CSCS agreement with NEER under which NEER and certain of its affiliates provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo pays NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s O&M expenses for the three months ended March 31, 2022 include approximately $2 million and for the three months ended March 31, 2021 include approximately $1 million related to the CSCS agreement. NEER and certain of its affiliates may withdraw funds (Project Sweeps) from NEP OpCo under the CSCS agreement, or its subsidiaries in connection with certain long-term debt agreements, and hold those funds in accounts belonging to NEER or its affiliates 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 affiliates 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 or its affiliates fail to return withdrawn funds when required by NEP's subsidiaries’ financing agreements, the lenders will be entitled to draw on any credit support provided by NEER or its affiliates 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. At March 31, 2022 and December 31, 2021, the cash sweep amounts held in accounts belonging to NEER or its affiliates were approximately $135 million and $57 million, respectively, and are included in due from related parties on NEP's condensed consolidated balance sheets. Guarantees and Letters of Credit Entered into by Related Parties – Certain PPAs include requirements of the project entities to meet certain performance obligations. NEECH or NEER has provided letters of credit or guarantees for certain of these performance obligations and payment of any obligations from the transactions contemplated by the PPAs . In addition, certain financing agreements require cash and cash equivalents to be reserved for various purposes . In accordance with the terms of these financing agreements, guarantees from NEECH have been substituted in place of these cash and cash equivalents reserve requirements. Also, under certain financing agreements, indemnifications have been provided by NEECH. In addition, certain interconnection agreements and site certificates require letters of credit or a surety bond to secure certain payment or restoration obligations related to those agreements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER, as described above. In addition, NEECH and NEER provided guarantees associated with obligations, primarily incurred and future construction payables, associated with the December 2021 acquisition from NEER discussed in Note 1. At March 31, 2022, NEECH or NEER guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $3,382 million related to these obligations. Due to Related Parties – Noncurrent amounts due to related parties on NEP's condensed consolidated balance sheets primarily represent amounts owed by certain of NEP's wind projects to NEER to refund NEER for certain transmission costs paid on behalf of the wind projects. Amounts will be paid to NEER as the wind projects receive payments from third parties for related notes receivable recorded in noncurrent other assets on NEP's condensed consolidated balance sheets.

Summary of Significant Accounti

Summary of Significant Accounting and Reporting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies	. Summary of Significant Accounting and Reporting Policies Restricted Cash – A t March 31, 2022 and December 31, 2021 , NEP had less than $1 million and approximately $4 million, respectively, of restricted cash included in current other assets on NEP's condensed consolidated balance sheets. Restricted cash at March 31, 2022 and December 31, 2021 is primarily related to collateral deposits from a counterparty. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds. Property, Plant and Equipment – Property, plant and equipment consists of the following: March 31, 2022 December 31, 2021 (millions) Property, plant and equipment, gross $ 13,017 $ 13,124 Accumulated depreciation (1,790) (1,707) Property, plant and equipment – net $ 11,227 $ 11,417 Noncontrolling Interests – At March 31, 2022, noncontrolling interests on NEP's condensed consolidated balance sheets primarily reflects the Class B noncontrolling ownership interests (the Class B noncontrolling ownership interests in NEP Renewables II, NEP Pipelines, STX Midstream, Genesis Holdings, and NEP Renewables III owned by third parties), the differential membership interests, NEE Equity's approximately 54.7% noncontrolling interest in NEP OpCo, NEER's approximately 50% noncontrolling ownership interest in Silver State, non-affiliated parties' 10% interest in one of the Texas pipelines and 50% interest in Star Moon Holdings and the non-economic ownership interests. The impact of the net income (loss) attributable to the differential membership interests and the Class B noncontrolling ownership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income attributable to NEP based on the respective ownership percentage of NEP OpCo. Details of the activity in noncontrolling interests are below: Class B Noncontrolling Ownership Interests Differential Membership Interests NEE's Indirect Noncontrolling Ownership Interests (a) Other Noncontrolling Ownership Interests Total Noncontrolling Three months ended March 31, 2022 (millions) Balances, December 31, 2021 $ 3,783 $ 3,150 $ (38) $ 966 $ 7,861 Net income (loss) attributable to noncontrolling interests 69 (148) 232 31 184 Related party distributions — — (77) (1) (78) Differential membership investment contributions, net of distributions — 36 — — 36 Payments to Class B noncontrolling interest investors (16) — — — (16) Reclassification of redeemable noncontrolling interests — 206 — — 206 Other (1) — (5) 7 1 Balances, March 31, 2022 $ 3,835 $ 3,244 $ 112 $ 1,003 $ 8,194 Class B Noncontrolling Ownership Interests Differential Membership Interests NEE's Indirect Noncontrolling Ownership Interests (a) Other Noncontrolling Ownership Interests Total Noncontrolling Three months ended March 31, 2021 (millions) Balances, December 31, 2020 $ 3,551 $ 1,758 $ (14) $ 58 $ 5,353 Net income (loss) attributable to noncontrolling interests 67 (77) 363 16 369 Related party distributions — — (71) (1) (72) Changes in non-economic ownership interests, net of distributions — — — (3) (3) Differential membership investment contributions, net of distributions — 35 — — 35 Payments to Class B noncontrolling interest investors (14) — — — (14) Other 1 (1) 1 — 1 Balances, March 31, 2021 $ 3,605 $ 1,715 $ 279 $ 70 $ 5,669 ———————————— (a) Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State. Redeemable Noncontrolling Interests – Prior to the acquisition in December 2021 from NEER (see Note 1), differential membership interests related to certain of the acquired solar facilities were sold to third party investors. If, subject to certain contingencies, certain events occurred that delayed or prevented completion of any underlying projects, NEP could have been obligated to reacquire all or a portion of the third party investors' interests in these projects for up to approximately $204 million. As these potential redemptions were outside of NEP’s control, the balances were classified as redeemable noncontrolling interests on NEP's condensed consolidated balance sheet as of December 31, 2021. During the three months ending March 31, 2022, the underlying projects were completed and the redeemable noncontrolling interests amount related to the completion of the projects was reclassified to noncontrolling interests. Reference Rate Reform – In March 2020, the Financial Accounting Standards Board (FASB) issued an accounting standards update which provides certain options to apply GAAP guidance on contract modifications and hedge accounting as companies transition from the London Inter-Bank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. NEP’s contracts that reference LIBOR or other interbank offered rates mainly relate to debt and derivative instruments. The standards update was effective upon issuance and can be applied prospectively through December 31, 2022. As agreements that reference LIBOR or other interbank offered rates as an interest rate benchmark are amended, NEP evaluates whether to apply the options provided by the standards update with regard to eligible contract modifications. Disposal of Pipeline – In April 2022, subsidiaries of NEP sold (the pipeline sale) to a third party all of their ownership interests in an approximately 156-mile, 16-inch pipeline that transports natural gas in Texas for total consideration of approximately $203 million, subject to working capital and other adjustments. Approximately $67 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in STX Midstream. In connection with the sale, NEP anticipates recording a gain of approximately $26 million ($23 million after tax) in the second quarter of 2022. The carrying amounts of the major classes of assets related to the pipeline that were classified as held for sale, which are included in current other assets on NEP's condensed consolidated balance sheets, were approximately $176 million at March 31, 2022 and primarily represent property, plant and equipment – net and intangible assets – customer relationships – net. Liabilities associated with assets held for sale, which are included in current other liabilities on NEP's condensed consolidated balance sheets, were less than $1 million at March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Development, Engineering and Construction Commitments – At March 31, 2022, an indirect subsidiary of NEP had a funding commitment related to a pipeline expansion project. As of March 31, 2022, the NEP subsidiary had invested approximately $79 million related to the expansion project which is reflected as investments in equity method investees on NEP's condensed consolidated balance sheets. As of March 31, 2022, the NEP subsidiary expects to invest approximately $4 million of additional funds under its commitment as the expansion project began operations in the fourth quarter of 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests – Prior to the acquisition in December 2021 from NEER (see Note 1), differential membership interests related to certain of the acquired solar facilities were sold to third party investors. If, subject to certain contingencies, certain events occurred that delayed or prevented completion of any underlying projects, NEP could have been obligated to reacquire all or a portion of the third party investors' interests in these projects for up to approximately $204 million. As these potential redemptions were outside of NEP’s control, the balances were classified as redeemable noncontrolling interests on NEP's condensed consolidated balance sheet as of December 31, 2021. During the three months ending March 31, 2022, the underlying projects were completed and the redeemable noncontrolling interests amount related to the completion of the projects was reclassified to noncontrolling interests.
Reference Rate Reform	Reference Rate Reform – In March 2020, the Financial Accounting Standards Board (FASB) issued an accounting standards update which provides certain options to apply GAAP guidance on contract modifications and hedge accounting as companies transition from the London Inter-Bank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. NEP’s contracts that reference LIBOR or other interbank offered rates mainly relate to debt and derivative instruments. The standards update was effective upon issuance and can be applied prospectively through December 31, 2022. As agreements that reference LIBOR or other interbank offered rates as an interest rate benchmark are amended, NEP evaluates whether to apply the options provided by the standards update with regard to eligible contract modifications.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Supplemental Unaudited Pro forma Results of Operations	NEP’s pro forma results of operations in the combined entity had the August 2021 acquisition, the October 2021 acquisition and the Coram II acquisition been completed on January 1, 2020 are as follows: Three Months Ended (millions) Unaudited pro forma results of operations: Pro forma revenues $ 273 Pro forma operating income $ 81 Pro forma net income $ 567 Pro forma net income attributable to NEP $ 204

Non-Derivative Fair Value Mea_2

Non-Derivative Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities and other fair value measurements on a recurring basis	NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: March 31, 2022 December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 4 $ — $ 4 $ 3 $ — $ 3 Total assets $ 4 $ — $ 4 $ 3 $ — $ 3
Schedule of other financial instrument, carrying amounts and estimated fair values	The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (millions) Long-term debt, including current maturities (a) $ 5,414 $ 5,505 $ 5,327 $ 5,529 ____________________ (a)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the fair values included in balance sheets	The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at March 31, 2022 and December 31, 2021, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets. March 31, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Interest rate contracts $ — $ 93 $ — $ — $ 93 Liabilities: Interest rate contracts $ — $ 381 $ — $ — $ 381 Net fair value by balance sheet line item: Current other assets $ 8 Noncurrent other assets 85 Total derivative assets $ 93 Current derivative liabilities $ 11 Noncurrent derivative liabilities 370 Total derivative liabilities $ 381 December 31, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Interest rate contracts $ — $ 17 $ — $ (10) $ 7 Liabilities: Interest rate contracts $ — $ 631 $ — $ (10) $ 621 Net fair value by balance sheet line item: Current other assets $ — Noncurrent other assets 7 Total derivative assets $ 7 Current derivative liabilities $ 26 Noncurrent derivative liabilities 595 Total derivative liabilities $ 621 ____________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements.
Schedule of gains (losses) related to interest rate contracts	Gains related to NEP's interest rate contracts are recorded in NEP's condensed consolidated financial statements as follows: Three Months Ended March 31, 2022 2021 (millions) Interest rate contracts: Gains recognized in interest expense $ 320 $ 535

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Significant long-term debt issuances and borrowings by subsidiaries of NEP during the three months ended March 31, 2022 were as follows: Date Issued/Borrowed Debt Issuances/Borrowings Interest Principal Maturity (millions) February 2022 NEP OpCo credit facility Variable (a) $ 86 (b) 2027 January 2022 – March 2022 Senior secured limited-recourse debt Variable (a) $ 3 (c) 2026 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) At March 31, 2022, approximately $640 million of borrowings were outstanding and $117 million of letters of credit were issued under the NEP OpCo credit facility. Approximately $26 million of the outstanding borrowings have a maturity date in 2025. (c) At March 31, 2022, approximately $871 million of borrowings were outstanding under the existing credit agreement of the Meade purchaser and Pipeline Investment Holdings, LLC.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The reconciliation of NEP's basic and diluted earnings per unit for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, 2022 2021 (millions, except per unit amounts) Numerator – Net income attributable to NEP $ 144 $ 202 Denominator: Weighted-average number of common units outstanding – basic 83.9 75.9 Effect of dilutive convertible notes 0.1 0.1 Weighted-average number of common units outstanding and assumed conversions 84.0 76.0 Earnings per unit attributable to NEP: Basic $ 1.72 $ 2.66 Assuming dilution $ 1.72 $ 2.66

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment – Property, plant and equipment consists of the following: March 31, 2022 December 31, 2021 (millions) Property, plant and equipment, gross $ 13,017 $ 13,124 Accumulated depreciation (1,790) (1,707) Property, plant and equipment – net $ 11,227 $ 11,417
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Schedule of Noncontrolling Interest	Details of the activity in noncontrolling interests are below: Class B Noncontrolling Ownership Interests Differential Membership Interests NEE's Indirect Noncontrolling Ownership Interests (a) Other Noncontrolling Ownership Interests Total Noncontrolling Three months ended March 31, 2022 (millions) Balances, December 31, 2021 $ 3,783 $ 3,150 $ (38) $ 966 $ 7,861 Net income (loss) attributable to noncontrolling interests 69 (148) 232 31 184 Related party distributions — — (77) (1) (78) Differential membership investment contributions, net of distributions — 36 — — 36 Payments to Class B noncontrolling interest investors (16) — — — (16) Reclassification of redeemable noncontrolling interests — 206 — — 206 Other (1) — (5) 7 1 Balances, March 31, 2022 $ 3,835 $ 3,244 $ 112 $ 1,003 $ 8,194 Class B Noncontrolling Ownership Interests Differential Membership Interests NEE's Indirect Noncontrolling Ownership Interests (a) Other Noncontrolling Ownership Interests Total Noncontrolling Three months ended March 31, 2021 (millions) Balances, December 31, 2020 $ 3,551 $ 1,758 $ (14) $ 58 $ 5,353 Net income (loss) attributable to noncontrolling interests 67 (77) 363 16 369 Related party distributions — — (71) (1) (72) Changes in non-economic ownership interests, net of distributions — — — (3) (3) Differential membership investment contributions, net of distributions — 35 — — 35 Payments to Class B noncontrolling interest investors (14) — — — (14) Other 1 (1) 1 — 1 Balances, March 31, 2021 $ 3,605 $ 1,715 $ 279 $ 70 $ 5,669 ———————————— (a) Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State.

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022USD ($)	Apr. 30, 2022MW	Mar. 31, 2022	Dec. 31, 2021MW	Dec. 31, 2021wind_generation_facility	Dec. 31, 2021solar_generation_facility	Oct. 31, 2021MW	Aug. 31, 2021MW
Solar Holdings Portfolio Twelve, LLC | NEER
Business Acquisition [Line Items]
Ownership percentage sold	0.50
Star Moon Holdings, LLC
Business Acquisition [Line Items]
Noncontrolling limited partner interest percentage				50.00%
August 2021 Acquisition | Indirect Subsidiary
Business Acquisition [Line Items]
Ownership interests percentage									100.00%
Generation facility capacity (mw)									391
October 2021 Acquisition | Indirect Subsidiary Of NEER
Business Acquisition [Line Items]
Generation facility capacity (mw)								589
Star Moon Holdings, LLC | Indirect Subsidiary Of NEER
Business Acquisition [Line Items]
Generation facility capacity (mw)					1,260
Number of generation facilities						7	6
Power generation capacity					58
Star Moon Holdings, LLC | Star Moon Holdings, LLC | Indirect Subsidiary Of NEER
Business Acquisition [Line Items]
Ownership interests percentage	100.00%
Noncontrolling limited partner interest percentage	50.00%
Indirect Subsidiary, Coram II Acquisition | Indirect Subsidiary
Business Acquisition [Line Items]
Generation facility capacity (mw)					102
April 2022 Acquisition | Forecast | Subsequent Event
Business Acquisition [Line Items]
Cash consideration, gross | $		$ 191
Noncontrolling Interests related to differential membership interests | $		$ 80
April 2022 Acquisition | Indirect Subsidiary Of NEER | Subsequent Event
Business Acquisition [Line Items]
Ownership interests percentage			67.00%
Power generation capacity			230

Acquisitions - Supplemental Una

Acquisitions - Supplemental Unaudited Pro forma Results of Operations (Details) - August 2021, October 2021, Coram II Acquisitions $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenues	$ 273
Pro forma operating income	81
Pro forma net income	567
Pro forma net income attributable to NEP	$ 204

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Renewable Energy Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 220	$ 149
Revenues over the remaining terms of the related contacts	188
Natural Gas Transportation Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	58	$ 60
Revenues over the remaining terms of the related contacts	$ 1,700

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	13.00%	11.00%
Taxes attributable to the noncontrolling interests	$ (39)	$ (78)

Non-Derivative Fair Value Mea_3

Non-Derivative Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash equivalents	$ 4	$ 3
Total assets	4	3
Level 1 [Member]
Assets:
Cash equivalents	4	3
Total assets	4	3
Level 2 [Member]
Assets:
Cash equivalents	0	0
Total assets	$ 0	$ 0

Non-Derivative Fair Value Mea_4

Non-Derivative Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	$ 5,414	$ 5,327
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	5,505	5,529
Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	5,483	5,506
Level 2 [Member] | Fair Value [Member] | 2020 and 2021 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	$ 1,179	$ 1,188

Derivative Instruments and He_3

Derivative Instruments and Hedging Activity - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Instruments with Contingent Features Liabilities, at Fair Value	$ 378	$ 608
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 7,870	$ 7,873

Derivative Instruments and He_4

Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 93	$ 7
Derivative Liability	381	621
Current derivative liabilities	11	26
Noncurrent derivative liabilities	370	595
Current other assets
Derivatives, Fair Value [Line Items]
Current other assets	8	0
Noncurrent other assets
Derivatives, Fair Value [Line Items]
Noncurrent other assets	85	7
Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	(10)
Derivative Liability	0	(10)
Derivative Asset, Total	93	7
Derivative Liability, Total	381	621
Interest Rate Contract [Member] | Level 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Interest Rate Contract [Member] | Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	93	17
Derivative Liability	381	631
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activity - Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Rate Contract [Member] | Interest Expense [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains recognized in interest expense	$ 320	$ 535

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)variable_interest_entitysolar_generation_facilityequity_investmentelectric_generation_facilityMWshares	Dec. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Assets	$ 18,612	$ 18,976
Liabilities	7,236	7,817
Non-current assets	$ 17,330	17,566
NEP OpCo [Member] | Subsidiaries [Member]
Variable Interest Entity [Line Items]
Number of investments | equity_investment	3
Generation facility capacity (mw) | MW	277
Power generation capacity | MW	230
Economic rights percentage	100.00%
Differential Membership Interests
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity	16
Number of investments | electric_generation_facility	32
Number of solar facilities | solar_generation_facility	7
Differential Membership Interests | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	$ 9,424	9,740
Liabilities	897	1,310
Non-Economic Ownership Interest | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Non-current assets	$ 65	47
NEP Subsidiaries [Member] | Noncontrolling Class B interests [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity	5
Assets	$ 11,392	11,810
Liabilities	$ 2,059	2,480
Generation facility capacity (mw) | MW	3,576
Number of natural gas pipelines | solar_generation_facility	8
Rosmar, Silver State and Meade [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity	5
Other Acquisitions [Member] | Differential Membership And Noncontrolling Class B Interests [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	$ 4,467	4,749
Liabilities	$ 756	$ 1,159
NEP OpCo [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Ownership interests percentage	50.00%
NEP OpCo [Member] | Class B Units, Series 1 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Number of units issued (in units) | shares	1,000,000
NEP OpCo [Member] | Class B Units, Series 2 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Number of units issued (in units) | shares	1,000,000
NEP OpCo [Member]
Variable Interest Entity [Line Items]
Limited partner interest percentage	45.30%
Noncontrolling limited partner interest percentage	54.70%

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - NEP OpCo [Member]	Mar. 31, 2022USD ($)
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
NEP OpCo credit facility	$ 86,000,000
Outstanding borrowings	640,000,000
Secured Debt [Member]
Debt Instrument [Line Items]
Senior secured limited-recourse debt	3,000,000
Outstanding borrowings	871,000,000
Letter of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total amount of letters of credit	117,000,000
Letter of Credit [Member] | Revolving Credit Facility Due 2025 [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 26,000,000

Debt - Additional Information (

Debt - Additional Information (Details) - Secured Debt [Member] $ in Millions	Jan. 01, 2021USD ($)
Debt Instrument [Line Items]
Principal amount	$ 600
Convertible notes	$ 64

Equity (Details)

Equity (Details) - USD ($)	Apr. 20, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income related to equity method investees		$ 0	$ 0
Noncontrolling interests		8,194,000,000		$ 7,861,000,000
Stockholders' equity, including portion attributable to noncontrolling interest		11,256,000,000	8,121,000,000	$ 10,838,000,000	$ 7,707,000,000
Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Distribution made to limited partner, distributions declared, per unit (in dollars per share)	$ 0.7325
Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		18,000,000	20,000,000
Total Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Noncontrolling interests		10,000,000	12,000,000
Total Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent		$ 8,000,000	$ 8,000,000

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable to NEP – basic	$ 144	$ 202
Denominator:
Weighted-average number of common units outstanding – basic (in shares)	83.9	75.9
Convertible notes and preferred units (in shares)	0.1	0.1
Weighted-average number of common units outstanding – assuming dilution (in shares)	84	76
Earnings per unit attributable to NEP:
Basic (in shares)	$ 1.72	$ 2.66
Assuming dilution (in shares)	$ 1.72	$ 2.66

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from related parties	$ 692		$ 1,061
Revenue from related parties	5	$ 34
Transportation and Fuel Management Agreement [Member]
Related Party Transaction [Line Items]
Revenue from related parties	2	33
NextEra Energy, Inc. [Member] | Management Services Agreement [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party	(38)	(31)
NEER | Cash Sweep and Credit Support Agreement [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party	(2)	$ (1)
Due from related parties	$ 135		$ 57
NEP OpCo [Member] | NextEra Energy, Inc. [Member] | Management Services Agreement [Member]
Related Party Transaction [Line Items]
Management fee, percent of EBITDA	1.00%
Annual management fee	$ 4
Related Party Transaction, Additional Management Fee, Threshold, Prior Year EBITDA	4
NextEra Energy Capital Holdings [Member] | Guarantees and Letters of Credit [Member]
Related Party Transaction [Line Items]
Total amount of letters of credit	$ 3,382

Summary of Significant Accoun_4

Summary of Significant Accounting and Reporting Policies - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2022USD ($)	Jun. 30, 2022USD ($)	Mar. 31, 2022USD ($)pipeline	Dec. 31, 2021USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash, current			$ 1	$ 4
Redeemable noncontrolling interest, contingent obligation, reaquisition amount (up to)				$ 204
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Pipeline Sale
Property, Plant and Equipment [Line Items]
Assets held for sale, disposal			176
Liabilities, disposal			$ 1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Pipeline Sale | Subsequent Event
Property, Plant and Equipment [Line Items]
Disposal consideration	$ 203
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Pipeline Sale | Subsequent Event | Forecast
Property, Plant and Equipment [Line Items]
Gain on disposal of pipeline		$ 26
Gain on sale of pipeline, net of tax		$ 23
Non Affiliated Party
Property, Plant and Equipment [Line Items]
Number of pipelines | pipeline			1
Third-Party Owner Of Class B Membership Interests | Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Pipeline Sale | Subsequent Event
Property, Plant and Equipment [Line Items]
Proceeds from sale of pipeline	$ 67
NEP OpCo [Member]
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest			54.70%
NEP OpCo [Member] | Non Affiliated Party
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest			10.00%
Silver State [Member]
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest			50.00%
Star Moon Holdings, LLC
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest			50.00%

Summary of Significant Accoun_5

Summary of Significant Accounting and Reporting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Property, plant and equipment, gross	$ 13,017	$ 13,124
Accumulated depreciation	(1,790)	(1,707)
Property, plant and equipment - net	$ 11,227	$ 11,417

Summary of Significant Accoun_6

Summary of Significant Accounting and Reporting Policies - Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	$ 7,861
Net income (loss) attributable to noncontrolling interests	(189)	$ (369)
Related party distributions	(78)	(72)
Changes in non-economic ownership interests		(3)
Payments to Class B noncontrolling interest investors	(16)	(14)
Other	1	1
Balances, end of period	8,194
Class B Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	3,783	3,551
Net income (loss) attributable to noncontrolling interests	69	67
Payments to Class B noncontrolling interest investors	(16)	(14)
Other	(1)	1
Balances, end of period	3,835	3,605
Differential Membership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	3,150	1,758
Net income (loss) attributable to noncontrolling interests	(148)	(77)
Differential membership investment contributions, net of distributions	36	35
Reclassification of redeemable noncontrolling interests	206
Other	0	(1)
Balances, end of period	3,244	1,715
NEE's Indirect Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	(38)	(14)
Net income (loss) attributable to noncontrolling interests	232	363
Related party distributions	(77)	(71)
Other	(5)	1
Balances, end of period	112	279
Other Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	966	58
Net income (loss) attributable to noncontrolling interests	31	16
Related party distributions	(1)	(1)
Changes in non-economic ownership interests		(3)
Other	7
Balances, end of period	1,003	70
Noncontrolling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period	7,861	5,353
Net income (loss) attributable to noncontrolling interests	184	369
Related party distributions	(78)	(72)
Changes in non-economic ownership interests		(3)
Differential membership investment contributions, net of distributions	36	35
Payments to Class B noncontrolling interest investors	(16)	(14)
Reclassification of redeemable noncontrolling interests	206
Other	1	1
Balances, end of period	$ 8,194	$ 5,669

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Payments to acquire projects	$ 79
Remaining commitments	$ 4