Turns off the answer because the password is not yet available. You just need to wait a while until the machine appears. You will also find that you also cannot get the Windows administrator password in the console, though (although ti gives a much more intuitive message).
If you have been waiting for a long time, probably because your Ec2ConfigService is not configured on the computer to reset the password. You may need to change "C: \ Program Files \ Amazon \ Ec2ConfigService \ Settings \ config.xml". There you will find a piece next to this:
<Plugin> <Name>Ec2SetPassword</Name> <State>Disabled</State> </Plugin>
Change "Disabled" to "Enabled":
<Plugin> <Name>Ec2SetPassword</Name> <State>Enabled</State> </Plugin>
I wanted to post this on the Internet somewhere, so the next guy who Googles “Get-EC2PasswordData: Value can't be null” might find something useful.
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