Revenue (Notes)

12 Months Ended

Dec. 31, 2022

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions):

	Year Ended December 31, 2022
	US and Utilities SBU		South America SBU		MCAC SBU		Eurasia SBU		Corporate, Other and Eliminations		Total
Regulated Revenue
Revenue from contracts with customers	$	3,507	$	—	$	—	$	—	$	—	$	3,507
Other regulated revenue	31		—		—		—		—		31
Total regulated revenue	3,538		—		—		—		—		3,538
Non-Regulated Revenue
Revenue from contracts with customers	1,374		3,514		2,770		1,002		(21)		8,639
Other non-regulated revenue (1)	101		25		98		215		1		440
Total non-regulated revenue	1,475		3,539		2,868		1,217		(20)		9,079
Total revenue	$	5,013	$	3,539	$	2,868	$	1,217	$	(20)	$	12,617

	Year Ended December 31, 2021
	US and Utilities SBU		South America SBU		MCAC SBU		Eurasia SBU		Corporate, Other and Eliminations		Total
Regulated Revenue
Revenue from contracts with customers	$	2,831	$	—	$	—	$	—	$	—	$	2,831
Other regulated revenue	37		—		—		—		—		37
Total regulated revenue	2,868		—		$	—	—		—		2,868
Non-Regulated Revenue
Revenue from contracts with customers	1,132		3,531		2,057		881		(15)		7,586
Other non-regulated revenue (1)	335		10		100		242		—		687
Total non-regulated revenue	1,467		3,541		2,157		1,123		(15)		8,273
Total revenue	$	4,335	$	3,541	$	2,157	$	1,123	$	(15)	$	11,141

	Year Ended December 31, 2020
	US and Utilities SBU		South America SBU		MCAC SBU		Eurasia SBU		Corporate, Other and Eliminations		Total
Regulated Revenue
Revenue from contracts with customers	$	2,626	$	—	$	—	$	—	$	—	$	2,626
Other regulated revenue	35		—		—		—		—		35
Total regulated revenue	2,661		—		—		—		—		2,661
Non-Regulated Revenue
Revenue from contracts with customers	1,015		3,151		1,668		594		(10)		6,418
Other non-regulated revenue (1)	242		8		98		234		(1)		581
Total non-regulated revenue	1,257		3,159		1,766		828		(11)		6,999
Total revenue	$	3,918	$	3,159	$	1,766	$	828	$	(11)	$	9,660

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(1)Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606.

Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $337 million and $216 million as of December 31, 2022 and December 31, 2021, respectively.

During the years ended December 31, 2022 and 2021, we recognized revenue of $36 million and $410 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.

In August 2020, AES Andes reached an agreement with Minera Escondida and Minera Spence to early terminate two PPAs of the Angamos coal-fired plant in Chile, further accelerating AES Andes' decarbonization strategy. As a result of the termination payment, Angamos recognized a contract liability of $655 million, of which $55 million was derecognized each month through the end of the remaining performance obligation in August 2021.

A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a BOT contract and will be transferred to the Vietnamese government after the completion of a 25 year PPA. The performance obligation to construct the facility was substantially completed in 2015. Contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected on the Consolidated Balance Sheet. As of December 31, 2021, Mong Duong met the held-for-sale criteria and the loan receivable balance of $1.2 billion, net of CECL reserve of $30 million, was classified as held-for-sale assets. Of the loan receivable balance, $91 million was classified as Current held-for-sale assets, and $1.1 billion was classified as Noncurrent held-for-sale assets. As of December 31, 2022, Mong Duong no longer met the held-for-sale criteria, as such, the loan receivable balance of $1.1 billion, net of CECL reserve of $28 million, was classified as a Loan receivable on the Consolidated Balance Sheet. See Note 24—Held-for-Sale and Dispositions for further information.

Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of December 31, 2022, the aggregate amount of transaction price allocated to remaining performance obligations was $9 million, primarily consisting of fixed consideration for the sale of renewable energy credits ("RECs") in long-term contracts in the U.S. We expect to recognize revenue on approximately one-fifth of the remaining performance obligations in 2023 and 2024, with the remainder recognized thereafter.