Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

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Equity Method Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of September 30, 2024, we held the following equity method investments:
Investee Carrying Value
  (in millions)
Jupiter Equity Holdings LLC $ 579 
Daggett Renewable HoldCo LLC 445 
Lighthouse Renewable HoldCo 2 LLC 350 
CarbonCount Holdings 1 LLC 84 
Other equity method investments 1,895 
Total equity method investments $ 3,353 
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 June 30, 2024
Current assets $ 59  $ 68  $ 1,036  $ 1,163 
Total assets 2,906  1,141  16,540  20,587 
Current liabilities 316  13  907  1,236 
Total liabilities 546  454  8,718  9,718 
Members' equity 2,360  687  7,822  10,869 
As of December 31, 2023
Current assets 52  35  898  985 
Total assets 2,950  677  14,965  18,592 
Current liabilities 205  10  715  930 
Total liabilities 500  262  7,898  8,660 
Members' equity 2,450  415  7,067  9,932 
Income Statement
For the six months ended June 30, 2024
Revenue 6  31  489  526 
Income (loss) from continuing operations (95) 1  (102) (196)
Net income (loss) (95) 1  (102) (196)
For the six months ended June 30, 2023
Revenue 59  2  386  447 
Income (loss) from continuing operations (27) 2  (61) (86)
Net income (loss) (27) 2  (61) (86)
(1)     Represents aggregated financial statement information for investments not separately presented.