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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following at December 31:
20232022
Range of Useful
Lives (in years)
(millions)
Power-generation assets(a)
$16,079 $14,639 3 – 35
Land improvements and buildings669 609 3 – 39
Land, including perpetual rights-of-way78 68 
Construction work in progress26 404 
Other depreciable assets447 425 3 – 35
Property, plant and equipment, gross17,299 16,145 
Accumulated depreciation(2,462)(1,954)
Property, plant and equipment – net
$14,837 $14,191 
________________________
(a)    Approximately 92% of power generation assets represent machinery and equipment used to generate electricity with a 35-year depreciable life.

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was approximately $504 million, $378 million and $242 million, respectively. A number of NEP's generation facilities are encumbered by liens securing various financings. The net book value of NEP's assets serving as collateral was approximately $3.9 billion at December 31, 2023.