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Dispositions
9 Months Ended
Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSITIONS
DISPOSITIONS
U.K. wind projects — On August 22, 2014, the Company sold 100% of its interests in four operating wind projects located in the U.K. with an aggregate generation capacity of 88 MW. Net proceeds from the sale transaction were $161 million and the Company recognized a pretax gain on sale of $78 million during the third quarter of 2014. These wind projects are reported in the EMEA SBU reportable segment. These wind projects do not meet the criteria to be reported as discontinued operations under ASU 2014-8 and, accordingly, the results are reflected within continuing operations. Excluding the gain on sale, the pretax loss for these disposed projects was $19 million and $18 million, respectively, for the three and nine months ended September 30, 2014, and $3 million and $2 million, respectively, for the three and nine months ended September 30, 2013.
Cartagena — On April 26, 2013, the Company sold its remaining interest in AES Energia Cartagena S.R.L. (“AES Cartagena”), a 1,199 MW gas-fired generation business in Spain upon the exercise of a purchase option included in the 2012 sale agreement where the Company sold its majority interest in the business. Net proceeds from the exercise of the option were approximately $24 million and the Company recognized a pretax gain of $20 million during the second quarter of 2013. In 2012, the Company had sold 80% of its 70.81% equity interest in Cartagena and had recognized a pretax gain of $178 million. Under the terms of the 2012 sale agreement, the buyer was granted an option to purchase the Company’s remaining 20% interest during a five-month period beginning March 2013, which was exercised on April 26, 2013 as described above. Due to the Company’s continued ownership interest, which extended beyond one year from the completion of the sale of its 80% interest in February 2012, the prior-period operating results of AES Cartagena were not reclassified as discontinued operations.