Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

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Equity Method Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of June 30, 2024, we held the following equity method investments:
Investee Carrying Value
  (in millions)
Jupiter Equity Holdings LLC $ 604 
Daggett Renewable HoldCo LLC 447 
Lighthouse Renewable HoldCo 2 LLC 367 
CarbonCount Holdings 1 LLC 66 
Other equity method investments 1,887 
Total equity method investments $ 3,371 
The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges.
Jupiter Equity Holdings LLC Daggett Renewable Holdco LLC
Other Investments (1)
Total
(in millions)
Balance Sheet
As of March 31, 2024
Current assets $ 45  $ 59  $ 970  $ 1,074 
Total assets 2,922  1,144  15,859  19,925 
Current liabilities 210  12  819  1,041 
Total liabilities 506  453  8,363  9,322 
Members' equity 2,416  691  7,496  10,603 
As of December 31, 2023
Current assets 52  35  916  1,003 
Total assets 2,950  677  14,981  18,608 
Current liabilities 205  10  723  938 
Total liabilities 500  262  7,904  8,666 
Members' equity 2,450  415  7,077  9,942 
Income Statement
For the three months ended March 31, 2024
Revenue 20  12  229  261 
Income (loss) from continuing operations (33) 1  (52) (84)
Net income (loss) (33) 1  (52) (84)
For the three months ended March 31, 2023
Revenue 26  —  130  156 
Income (loss) from continuing operations (25) (6) (128) (159)
Net income (loss) (25) (6) (128) (159)
(1)     Represents aggregated financial statement information for investments not separately presented.