View Filing Data

$ 1,053

$ 1,009

^[1]

$ 1,035

Operating Costs and Expenses

332

326

^[1]

308

^[1]

331

334

^[1]

303

^[1]

^[1],[2]

185

^[1],[2]

^[1]

Total operating costs and expenses

^[1]

706

726

^[1]

813

^[1]

347

283

^[1]

222

^[1]

Other Income (Expense)

^[1],[2]

^[1]

(7)

(3)

^[1],[2]

(306)

(307)

^[1]

(284)

^[1]

Total other expense, net

(231)

(235)

^[1]

(221)

^[1]

116

^[1]

^[1]

(1)

^[1]

Less: Pre-acquisition net income (loss) of Drop Down Assets

(24)

^[1],[2],[3]

^[1],[3]

(4)

^[1],[3]

Net Income (Loss) Excluding Pre-acquisition Net Income (Loss) of Drop Down Assets

(31)

^[1]

Less: Net income (loss) attributable to noncontrolling interests

(15)

^[1]

(51)

^[1]

Net Income (Loss) Attributable to Clearway Energy, Inc.

(16)

^[1]

Net Income (Loss) Attributable to Clearway Energy, Inc.

Other Income (Expense)

$ 16

$ (6)

$ 20

Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders

Weighted average number of common shares outstanding — basic and diluted

^[1]

Earnings (Loss) per weighted average common share — basic and diluted

$ 0.46

$ (0.16)

^[1]

$ 0.58

^[1]

Dividends per common share

$ 1.258

$ 1.098

^[1]

$ 0.945

^[1]

Net Income (Loss) Attributable to Clearway Energy, Inc.

Other Income (Expense)

$ 32

$ (10)

$ 37

Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders

Weighted average number of common shares outstanding — basic and diluted

^[1]

Earnings (Loss) per weighted average common share — basic and diluted

$ 0.46

$ (0.16)

$ 0.58

Dividends per common share

$ 1.258

$ 1.098

^[1]

$ 0.945

^[1]

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

^[3]

Dec. 31, 2016

^[3]

Income Statement [Abstract]

Unrealized gain on derivatives, net of income tax expense of $2, $7, and $0

$ 54

$ (24)

^[1],[2]

$ 2

^[1],[2]

Other comprehensive income

Comprehensive Income (Loss)

(14)

Less: Pre-acquisition net income (loss) of Drop Down Assets

^[2]

(4)

^[2]

Less: Comprehensive income (loss) attributable to noncontrolling interests

(5)

(37)

Comprehensive Income (Loss) Attributable to Clearway Energy, Inc.

$ 58

$ (16)

$ 56

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Unrealized gain/loss on derivatives, income tax benefit/(expense)	$ 2	$ (7)	$ 0

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2018

Dec. 31, 2017

Current Assets

$ 407

$ 148

^[1]

Accounts receivable — trade

176

168

^[1]

104

^[1]

Inventory

^[1]

Notes receivable — current

^[1]

Prepayments and other current assets

^[1]

Total current assets

756

482

^[1]

Property, plant and equipment, net

Property, plant and equipment, net

5,245

5,410

^[1]

Other Assets

1,172

1,178

^[1]

Intangible assets, net

1,156

1,228

^[1]

Derivative instruments

^[1]

Deferred income taxes

128

^[1]

Other non-current assets

106

^[1]

Total other assets

2,499

2,597

^[1]

8,500

8,489

^[1]

Current Liabilities

Accounts payable — affiliate

535

339

^[1]

Accounts payable

^[1]

^[1]

Derivative instruments

^[1]

Accrued interest expense

^[1]

Accrued expenses and other current liabilities

^[1]

Total current liabilities

704

540

^[1]

Other Liabilities

Other non-current liabilities

5,447

5,659

^[1]

Derivative instruments

^[1]

108

100

^[1]

Total non-current liabilities

5,572

5,790

^[1]

Total Liabilities

6,276

6,330

^[1]

Commitments and Contingencies

Stockholders' Equity

Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued

^[1]

Common Stock, Value, Issued

^[1]

Additional paid-in capital

1,897

1,843

^[1]

Accumulated deficit

(58)

(69)

^[1]

(18)

(28)

^[1]

Total Stockholders' Equity

402

412

^[1]

2,224

2,159

^[1]

Total Liabilities and Stockholders' Equity

$ 8,500

$ 8,489

^[1]

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Par value - Common Stock,	$ 0.01
Par value - Preferred Stock	$ 0.01
Preferred Stock, authorized	10,000,000
Preferred Stock, issued	0
Common Stock, Shares, Issued	193,251,396	184,780,837
Common Class A
Par value - Common Stock,	$ 0.01
Common Class B
Par value - Common Stock,	0.01
Common Class C
Par value - Common Stock,	0.01
Common Class D
Par value - Common Stock,	0.01
Clearway Energy, Inc.
Par value - Common Stock,	0.01	$ 0.01
Par value - Preferred Stock	$ 0.01	$ 0.01
Preferred Stock, authorized	10,000,000	10,000,000
Preferred Stock, issued	0	0
Clearway Energy, Inc. \| Common Class A
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	34,586,250	34,586,250
Clearway Energy, Inc. \| Common Class B
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	42,738,750	42,738,750
Clearway Energy, Inc. \| Common Class C
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	73,187,646	64,717,087
Clearway Energy, Inc. \| Common Class D
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	42,738,750	42,738,750

Consolidated Statements Of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Cash Flows from Operating Activities

Adjustments to reconcile net income to net cash provided by operating activities:

$ 54

$ (24)

^[1],[2],[3]

$ 2

^[1],[2],[3]

Distributions from unconsolidated affiliates

(74)

(71)

^[1],[2]

(60)

^[1],[2]

^[1]

Amortization of financing costs and debt discounts

331

334

^[1]

303

^[1]

^[1]

Amortization of intangibles and out-of-market contracts

^[1]

Change in deferred income taxes

^[1],[2]

^[1]

(1)

^[1]

Changes in derivative instruments

^[1],[2]

185

^[1],[2]

(16)

(15)

^[1]

(15)

^[1]

(Gain) loss on disposal of asset components

^[1]

Changes in prepaid and accrued capacity payments

(4)

^[1]

(8)

^[1]

Changes in other working capital

(30)

(5)

^[1]

Net Cash Provided by Operating Activities

498

517

^[1]

577

^[1]

Cash Flows from Investing Activities

Acquisition of business

(11)

^[1]

Acquisition of Drop Down Assets, net of cash acquired

(126)

(250)

^[1]

(77)

^[1]

Capital expenditures

(83)

(190)

^[1]

(20)

^[1]

Cash receipts from notes receivable

^[1]

Return of investment from unconsolidated affiliates

^[1]

Investments in unconsolidated affiliates

(34)

(73)

^[1]

(83)

^[1]

Other

^[1]

Net Cash Provided by (Used in) Investing Activities

(185)

(442)

^[1]

(131)

^[1]

Cash Flows from Financing Activities

Net contributions from noncontrolling interests

^[1]

Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets

(23)

^[1]

(184)

^[1]

Proceeds from the issuance of common stock

153

^[1]

Payments of dividends and distributions

(238)

(202)

^[1]

(173)

^[1]

Proceeds from the revolving credit facility

^[1]

Payments for the revolving credit facility

(90)

^[1]

(366)

^[1]

Proceeds from issuance of long-term debt

827

210

^[1]

740

^[1]

Payments of debt issuance costs

(14)

(12)

^[1]

(15)

^[1]

Payments for long-term debt

(810)

(332)

^[1]

(269)

^[1]

Net Cash (Used in) Provided by Financing Activities

(46)

(257)

^[1]

(202)

^[1]

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

267

(182)

^[1]

244

^[1]

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

^[1]

316

498

254

Cash, Cash Equivalents and Restricted Cash at End of Period

583

316

^[1]

498

^[1]

Interest paid, net of amount capitalized

(292)

(297)

^[1]

(271)

^[1]

(Reductions) Additions to fixed assets for accrued capital expenditures

(15)

^[1]

Non-cash adjustment for change in tax basis of assets

(7)

(20)

^[1]

Non-cash contributions from CEG, NRG, net of distributions

$ 38

$ (2)

^[1]

$ 90

^[1]

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Consolidated Statements of Stockholders Equity - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interest

Tax Equity Investors [Member]

Noncontrolling Interest

CEG

Noncontrolling Interest

Total Stockholders' Equity at Dec. 31, 2015

$ 2,903

$ 1

$ 1,855

$ 12

$ (27)

$ 1,062

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Net Income Related to Drop Down Asset Acquisitions

(51)

Pre-acquisition net income of Acquired Drop Down Assets

^[1]

(4)

Unrealized gain on derivatives, net of tax

(1)

Payment for Drop Down Assets

(77)

Contributions from NRG, net of distributions, non-cash

Capital contributions

Distributions to CEG, NRG, net of contributions, cash

(184)

Stock-based compensation

Non-cash adjustment for change in tax basis of assets

^[2]

Common stock dividends

(173)

(21)

(71)

(81)

Total Stockholders' Equity at Dec. 31, 2016

2,624

1,879

(2)

(28)

774

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Net Income Related to Drop Down Asset Acquisitions

(31)

(16)

^[1]

(15)

Pre-acquisition net income of Acquired Drop Down Assets

^[1]

Unrealized gain on derivatives, net of tax

Payment for Drop Down Assets

(250)

August 2017 Drop Down Assets contingent consideration

(8)

Contributions from NRG, net of distributions, non-cash

(2)

Capital contributions

Distributions to CEG, NRG, net of contributions, cash

(21)

Stock-based compensation

Proceeds of Issuance from Class C Common Stock

Non-cash adjustment for change in tax basis of assets

(20)

^[2]

(20)

Common stock dividends

(202)

(52)

(56)

(94)

Total Stockholders' Equity at Dec. 31, 2017

2,159

^[3]

1,843

(69)

(28)

412

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cumulative effect of change in accounting principle

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Net Income Related to Drop Down Asset Acquisitions

Pre-acquisition net income of Acquired Drop Down Assets

Unrealized gain on derivatives, net of tax

Payment for Drop Down Assets

(52)

(1)

(53)

August 2017 Drop Down Assets contingent consideration

(3)

Capital contributions

$ 106

$ 38

Distributions to CEG, NRG, net of contributions, cash

(11)

Stock-based compensation

(1)

Proceeds of Issuance from Class C Common Stock

153

Non-cash adjustment for change in tax basis of assets

(7)

Common stock dividends

(238)

(94)

(36)

(108)

Total Stockholders' Equity at Dec. 31, 2018

$ 2,224

$ 1

$ 1,897

$ (58)

$ (18)

$ 402

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business	Nature of Business Clearway Energy, Inc. (formerly NRG Yield, Inc.), together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. On August 31, 2018, NRG Energy, Inc., or NRG, transferred its full ownership interest in the Company to Clearway Energy Group LLC, or CEG, the holder of NRG's renewable energy development and operations platform, and subsequently sold 100% of its interest in CEG to Global Infrastructure Partners III, or GIP, referred to hereinafter as the GIP Transaction. As a result of the GIP Transaction, GIP indirectly acquired a 45.2% economic interest in Clearway Energy LLC and a 55% voting interest in the Company. GIP is an independent fund manager that invests in infrastructure assets in energy and transport sectors. The Company is sponsored by GIP through GIP's portfolio company, Clearway Energy Group. The Company’s environmentally-sound asset portfolio includes over 5,272 MW of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Nearly all of these assets sell substantially all of their output pursuant to long-term offtake agreements with creditworthy counterparties. The weighted average remaining contract duration of these offtake agreements was approximately 15 years as of December 31, 2018 based on CAFD. The Company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,385 net MWt and electric generation capacity of 133 net MW. These thermal infrastructure assets provide steam, hot and/or chilled water, and, in some instances, electricity to commercial businesses, universities, hospitals and governmental units in multiple locations, principally through long-term contracts or pursuant to rates regulated by state utility commissions. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. As a result of the Class C common stock issuances during the year ended December 31, 2018, the Company currently owns 55.8% of the economic interests of Clearway Energy LLC, with CEG retaining 44.2% of the economic interests of Clearway Energy LLC. The following table represents the structure of the Company as of December 31, 2018: On January 29, 2019, Pacific Gas and Electric, or PG&E, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. Certain subsidiaries of the Company, holding interests in 6 solar facilities totaling 480 MW and Marsh Landing with capacity of 720 MW, sell the output of their facilities to PG&E, under long-term PPAs. The Company consolidates three of the solar facilities and Marsh Landing and records its interest in the other solar facilities as equity method investments. The related subsidiaries of the Company have entered into financing agreements consisting of non-recourse project level debt and in certain cases, non-recourse holding company debt. The effect of the bankruptcy filing on the Company's operations is further described in Note 2, Summary of Significant Accounting Policies, Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, and Note 10, Long-Term Debt to the Consolidated Financial Statements. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and, in some instances, electricity at a central plant. Certain district energy systems are subject to rate regulation by state public utility commissions (although they may negotiate certain rates) while the other district energy systems have rates determined by negotiated bilateral contracts. For the complete listing of the company's generation assets, refer to Item 2 - Properties to this Form 10-K. Recast of the Historical Financial Statements Prior to the GIP Transaction on August 31, 2018, the Company completed several acquisitions of Drop Down Assets from NRG, which were accounted for as transfer of entities under common control, and are further described in Note 3, Business Acquisitions. The accounting guidance for transfers of entities under common control requires retrospective combination of the entities for all periods presented as if the combinations had been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period). The recast of the Company's consolidated financial statements for the Drop Down Assets did not affect the historical net income attributable to Clearway Energy, Inc., weighted average number of shares outstanding, earnings per share or dividends. Transition Services Agreement As a result of the GIP Transaction, the Company entered into a Transition Services Agreement with NRG, or the NRG TSA, pursuant to which NRG or certain of its affiliates began providing transitional services to the Company following the consummation of the GIP Transaction, in exchange for the payment of a fee in respect of such services. The agreement is effective until the earlier of June 30, 2019 or the date that all services are terminated by the Company. The Company may extend the term on a month-by-month basis no later than March 31, 2020 for a fixed monthly fee provided for in the agreement. Expenses related to the NRG TSA are recorded in general and administrative expenses in the consolidated statements of operations.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company's consolidated financial statements have been prepared in accordance with GAAP. The ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.

The consolidated financial statements include the Company's accounts and operations and those of its subsidiaries in which it has a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated.

Cash and Cash Equivalents, and Restricted Cash

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $109 million and $124 million as of December 31, 2018 and 2017, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.



	Year ended December 31,
	2018		2017		2016
	(In millions)
Cash and cash equivalents	$	407	$	148	$	322
Restricted cash	176		168		176
Cash, cash equivalents and restricted cash shown in the statement of cash flows	583		316		498

Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of December 31, 2018, these restricted funds comprised of $84 million is designated to fund operating expenses, approximately $26 million designated for current debt service payments, and $32 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $34 million is held in distributions reserve accounts, of which $31 million related to subsidiaries affected by the PG&E Bankruptcy as discussed further below and may not be distributed during the pendency of the bankruptcy.

On January 29, 2019, PG&E filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company has non-recourse project-level debt related to each of its subsidiaries that sell their output to PG&E under long-term PPAs. The PG&E bankruptcy filing is an event of default under the related financing agreements. As of December 31, 2018, all project level cash balances for these subsidiaries were classified as restricted cash.

Trade Receivables and Allowance for Doubtful Accounts

Trade receivables are reported on the balance sheet at the invoiced amount adjusted for any write-offs and the allowance for doubtful accounts. The allowance for doubtful accounts is reviewed periodically based on amounts past due and significance. The allowance for doubtful accounts was immaterial as of December 31, 2018 and 2017.

Inventory

Inventory consists principally of spare parts and fuel oil. Spare parts inventory is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Fuel oil inventory is valued at the lower of weighted average cost or market. The Company removes fuel inventories as they are used in the production of steam, chilled water or electricity. Spare parts inventory are removed when they are used for repairs, maintenance or capital projects.

Property, Plant and Equipment

Property, plant and equipment are stated at cost or, in the case of third party business acquisitions, fair value; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. For further discussion of the Company's property, plant and equipment refer to Note 4, Property, Plant and Equipment to the Consolidated Financial Statements.

Development costs include project development costs, which are expensed in the preliminary stages of a project and

capitalized when the project is deemed to be commercially viable. Commercial viability is determined by one or a series of actions including, among others, Board of Director approval pursuant to a formal project plan that subjects the Company to significant future obligations that can only be discharged by the use of a Company asset. When a project is available for operations, capitalized interest and capitalized project development costs are reclassified to property, plant and equipment and depreciated on a straightline basis over the estimated useful life of the project's related assets. Capitalized costs are charged to expense if a project is abandoned or management otherwise determines the costs to be unrecoverable.

Asset Impairments

Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360. An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value with the difference recorded in operating costs and expenses in the statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company's long-lived asset impairments, refer to Note 9, Asset Impairments to the Consolidated Financial Statements.

Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures, which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value.

Debt Issuance Costs

Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long term debt are presented as a direct deduction from the carrying amount of the related debt in both the current and prior periods. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the balance sheet and are amortized over the term of the credit facility.

Notes Receivable

Notes receivable consist of receivables related to the financing of required network upgrades. The notes issued with respect to network upgrades will be repaid within a 5-year period following the date each facility reached commercial operations.

Intangible Assets

Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets including power purchase agreements, leasehold improvements, customer relationships, customer contracts, and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. For further discussion of the Company's intangible assets, refer to Note 8, Intangible Assets to the Consolidated Financial Statements.

Revenue Recognition

Revenue from Contracts with Customers

On January 1, 2018, the Company adopted the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, using the modified retrospective method applied to contracts which were not completed as of the adoption date, with no adjustment required to the financial statements upon adoption. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer.

Thermal Revenues

Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement.

As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity.

Power Purchase Agreements, or PPAs

The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease.

Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent rental income recognized in the years ended December 31, 2018, 2017, and 2016 was $583 million, $559 million, and $583 million, respectively. These balances include intercompany revenue for Elbow Creek of $6 million for the eight months ended August 31, 2018 and $8 million for each of the years ended December 31, 2017 and 2016, as further discussed in Note 15, Related Party Transactions.

Renewable Energy Credits, or RECs

As stated above, renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory.

In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations.

Sale of Emission Allowances

The Company records its bank of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations.

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2018, along with the reportable segment for each category:



	Year ended December 31, 2018
(In millions)	Conventional Generation			Renewables			Thermal			Corporate		Total
Energy revenue^(a)	$	5		$	572		$	4		—		$	581
Capacity revenue^(a)	337			—			166			—		503
Other revenues	—			16			26			(3	)	39
Contract amortization	(5		)	(62		)	(3		)	—		(70		)
Total operating revenue	337			526			193			(3	)	1,053
Less: Lease revenue	(342		)	(534		)	(2		)	—		(878		)
Less: Contract amortization	5			62			3			—		70
Total revenue from contracts with customers	$	—		$	54		$	194		(3	)	$	245

^(a)The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:



	Conventional Generation		Renewables		Thermal		Total
Energy Revenue	$	5	$	534	$	2	$	541
Capacity Revenue	337		—		—		337
	342		534		2		878

Contract Amortization

Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.

Contract Balances

The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of December 31, 2018:



(In millions)	December 31, 2018		December 31, 2017
Accounts receivable, net - Contracts with customers	$	35	$	28
Accounts receivable, net - Leases	69		67
Total accounts receivable, net	$	104	$	95

Derivative Financial Instruments

The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging, or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are either:


•	Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or


•	Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings.

The Company's primary derivative instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates, power purchase or sale contracts used to mitigate variability in earnings due to fluctuations in market prices and fuels purchase contracts used to control customer reimbursable fuel cost. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analyses to measure the statistical correlation between the derivative and the associated hedged item determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in OCI would be immediately reclassified into earnings. If the derivative instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered.

Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable, notes receivable and derivative instruments, which are concentrated within entities engaged in the energy and financial industry. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. See Item 1A, Risk Factors, Risks related to the PG&E Bankruptcy for a discussion on the Company’s dependence on major customers. See Note 6, Fair Value of Financial Instruments for a further discussion of derivative concentrations and Note 13, Segment Reporting, for concentration of counterparties.

Fair Value of Financial Instruments

The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts receivable - affiliate, accounts payable, current portion of account payable - affiliate, and accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. See Note 6, Fair Value of Financial Instruments, for a further discussion of fair value of financial instruments.

Asset Retirement Obligations

Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made.

Upon initial recognition of a liability for an ARO, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its balance sheet.

The following table represents the balance of ARO obligations as of December 31, 2018 and 2017, along with the additions and accretion related to the Company's ARO obligations for the year ended December 31, 2018:



	(In millions)
Balance as of December 31, 2017	$	58
Revisions in estimates for current obligations/Additions	5
Accretion — expense	4
Balance as of December 31, 2018	$	67

Guarantees

The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.

Investments Accounted for by the Equity Method

The Company has investments in various energy projects accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the projects. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Distributions from equity method investments that represent earnings on the Company's investment are included within cash flows from operating activities and distributions from equity method investments that represent a return of the Company's investment are included within cash flows from investing activities.

Sale Leaseback Arrangements

The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third party and simultaneous leaseback to the Company. In accordance with ASC 840-40, Sale-Leaseback Transactions, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings.

Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term.

Stock-Based Compensation

The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation, or ASC 718. The fair value of the Company's relative performance stock units, or RPSUs, are estimated on the date of grant using the Monte Carlo valuation model. The Company uses the Class A and Class C common stock price on the date of grant as the fair value of the Company's restricted stock units, or RSUs. Forfeiture rates are estimated based on an analysis of the Company's historical forfeitures, employment turnover, and expected future behavior. The Company recognizes compensation expense for both graded and cliff vesting awards on a straightline basis over the requisite service period for the entire award. The Company incurred total stock compensation expense of $3 million and $2 million for the years ended December 31, 2018 and December 31, 2017, respectively, which was primarily recorded in general and administrative expense on the Company's consolidated statements of operations.

Income Taxes

The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes, or ASC 740, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences.

The Company has two categories of income tax expense or benefit — current and deferred, as follows:


•	Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and


•	Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income.

The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion to utilize projections of future profit before tax in its estimate of future taxable income, including the impact of the Tax Cuts and Jobs Act, the Company considered the profit before tax generated in recent years. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense.

In accordance with ASC 740 and as discussed further in Note 14, Income Taxes, changes to existing net deferred tax assets, valuation allowances, or changes to uncertain tax benefits, are recorded to income tax expense.

Prior to the GIP Transaction, Clearway Energy, Inc. was included in certain NRG consolidated unitary state tax return filings which was reflected in the Clearway Energy, Inc. state effective tax rate. Following the GIP Transaction, Clearway Energy, Inc. will file under a separate standalone methodology, resulting in a higher state effective tax rate due to a larger percentage of activity allocated to high-tax jurisdictions.

Business Combinations

The Company accounts for its business combinations in accordance with ASC 805, Business Combinations, or ASC 805. For third party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at fair value at the acquisition date. It also recognizes and measures the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity's financial statements to evaluate the nature and financial effects of the business combination. In addition, transaction costs are expensed as incurred. For acquisitions that relate to entities under common control, ASC 805 requires retrospective combination of the entities for all periods presented as if the combination has been in effect from the beginning of the financial statement period of from the date the entities were under common control (if later than the beginning of the financial statement period). The difference between the cash paid and historical value of the entities' equity is recorded as a distribution/contribution from/to NRG with the offset to noncontrolling interest. Transaction costs are expensed as incurred.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.

In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, environmental liabilities, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.

Tax Equity Arrangements

Certain portions of the Company’s noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of wind facilities eligible for certain tax credits. Additionally, certain portions of the Company’s investments in unconsolidated affiliates reflect the Company’s interests in tax equity arrangements, that are not consolidated by the Company, that have been entered into to finance the cost of distributed solar energy systems under operating leases or PPAs eligible for certain tax credits. The Company has determined that the provisions in the contractual agreements of these structures represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest and investment in unconsolidated affiliates that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interests and investment in unconsolidated affiliates represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interests and investment in unconsolidated affiliates at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period.

Recent Accounting Developments - Adopted in 2019

ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or Topic 842, as amended, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements.

The Company adopted the standard effective January 1, 2019 using the modified retrospective transition method and will not restate prior periods for the impact of Topic 842. In addition, the Company elected certain of the permitted practical expedients, including the expedient that permits the Company to retain its existing lease assessment and classification. The company will not record a right-of-use asset and related lease liability for leases with an initial term of 12 months or less and will account for lease and non-lease components for specific asset classes as a single lease component.

The Company's leases consist mainly of land leases for many operating asset locations, as well as leases of office space and office equipment. The Company estimates it will record lease liabilities of approximately $160 million to $170 million and right-of-use assets of approximately $155 million to $165 million, as of January 1, 2019, with an immaterial impact estimated to retained earnings. The actual amounts recorded may vary from this estimate as the Company completes its adoption of the guidance. Other than disclosed, the Company does not expect that there will be a material impact to the consolidated statements of operations, comprehensive income or consolidated cash flows as a result of adoption of this new guidance.

Business Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business acquisitions

Business Acquisitions

2018 Acquisitions

UPMC Thermal Project Asset Acquisition — On June 19, 2018, upon reaching substantial completion, the Company acquired from NRG the UPMC Thermal Project for cash consideration of $84 million, subject to working capital adjustments. The Company had a payable of $4 million to NRG as of December 31,2018, $3 million of which was paid in January 2019 upon final completion of the project pursuant to the EPC agreement. The project adds 73 MWt of thermal equivalent capacity and 7.5 MW of emergency backup electrical capacity to the Company's portfolio. The transaction is reflected in the Company's Thermal segment. The acquisition was funded with the proceeds from the sale of the Series E Notes and Series F Notes, as further described in Note 10, Long-term Debt. The assets transferred to the Company relate to interests under common control by NRG and were recorded at book value in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the purchase price and book value of the assets was recorded as a distribution to NRG and decreased the balance of its noncontrolling interest. The acquisition was determined to be an asset acquisition and not a business combination, therefore no recast of the historical financial information was deemed necessary.

Central CA Fuel Cell 1, LLC — On April 18, 2018, the Company acquired the Central CA Fuel Cell 1, LLC project in Tulare, California from FuelCell Energy Finance, Inc., for cash consideration of $11 million, subject to working capital adjustments. The project adds 2.8 MW of thermal capacity to the Company's portfolio, with a 20-year PPA contract with the City of Tulare. The transaction is reflected in the Company's Thermal segment.

Buckthorn Solar Drop Down Asset — On March 30, 2018, the Company acquired 100% of NRG's interests in Buckthorn Renewables, LLC, which owns a 154 MW construction-stage utility-scale solar generation project located in Texas, or the Buckthorn Solar Drop Down Asset, for cash consideration of approximately $42 million, subject to working capital adjustments. The Company also assumed non-recourse debt of $183 million and non-controlling interest of $19 million (as of acquisition date) attributable to the Class A member, as further described below. The Company converted $132 million of non-recourse debt to a term loan and the remainder of the outstanding debt was paid down with the contribution from the Class A member in the amount of $80 million upon the project reaching substantial completion in May 2018. The purchase price for the Buckthorn Solar Drop Down Asset was funded with cash on hand and borrowings from the Company's revolving credit facility. The assets and liabilities transferred to the Company related to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid and historical value of the entities' equity was recorded as a distribution to NRG and decreased the balance of its noncontrolling interest. Since the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control.

Buckthorn Solar Portfolio, LLC, a wholly owned subsidiary of Buckthorn Renewables, LLC, is the Class B member in a tax equity partnership, Buckthorn Holdings, LLC, the owner of the Buckthorn Solar Drop Down Asset. The Class A member is a tax equity investor, or TE investor, who receives 99% of allocations of taxable income and other items through the six month anniversary of the placed in service date, at which time the allocations change to 67% through the last calendar year before the flip point, and then back to 99% through the flip point (which occurs when the TE Investor obtains a specified return on its initial investment), at which time the allocations to the TE Investor change to 5% for all the periods thereafter. Before the flip point, the TE investor would receive a priority distribution of distributable cash, as defined, plus a percentage of remaining distributable cash after the priority distribution subject to a percentage cap.

The project sells power under a 25-year PPA to the City of Georgetown, Texas, which commenced in July 2018.

The following is a summary of net assets transferred in connection with the acquisition of the Buckthorn Solar Drop Down Asset as of March 31, 2018:



	(In millions)
Assets:
Current assets	$	20
Property, plant and equipment	212
Non-current assets	3
Total assets	235
Liabilities:
Debt (Current and non-current) ^(a)	176
Other current and non-current liabilities	15
Total liabilities	191
Less: noncontrolling interest	19
Net assets acquired	$	25

^(a) Net of $7 million of net debt issuance costs.

The following table presents a summary of the Company's historical information for the year ended December 31, 2017, which combines the financial information for the Buckthorn Solar Drop Down Asset transferred in connection with the acquisition:



	Year ended December 31, 2017
	As Previously Reported			Buckthorn Solar Drop Down Asset			As Currently Reported
(In millions)
Total operating revenues	$	1,009		$	—		$	1,009
Operating income	283			—			283
Net loss	(23		)	(1		)	(24		)
Less: Pre-acquisition net income (loss) of Drop Down Assets	8			(1		)	7
Less: Loss attributable to noncontrolling interests	(15		)	—			(15		)
Net loss attributable to Clearway Energy, Inc.	(16		)	—			(16		)

The Buckthorn Solar Drop Down Asset had no impact on the Company's consolidated statements of operations for the year end ended December 31, 2016.

2017 Acquisitions

November 2017 Drop Down Assets — On November 1, 2017, the Company acquired a 38 MW solar portfolio primarily comprised of assets from NRG's Solar Power Partners (SPP) funds and other projects developed by NRG, for cash consideration of $74 million, including working capital adjustments, plus assumed non-recourse debt of $26 million.

The purchase price for the November 2017 Drop Down Assets was funded with cash on hand. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid and historical value of the entities' equity was recorded as a contribution from NRG and increased the balance of its noncontrolling interest. Since the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control.

August 2017 Drop Down Assets — On August 1, 2017, the Company acquired the remaining 25% interest in Wind TE Holdco, a portfolio of 12 wind projects, from NRG for total cash consideration of $44 million, including working capital adjustments. The purchase agreement also included potential additional payments to NRG dependent upon actual energy prices for merchant periods beginning in 2027, which were estimated and accrued as contingent consideration in the amount of $8 million.

The Company originally acquired 75% of Wind TE Holdco on November 3, 2015, or November 2015 Drop Down Assets, which were consolidated with 25% of the net assets recorded as noncontrolling interest. The assets and liabilities transferred to the Company related to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combination - Related Issues. As the Company had reflected NRG's 25% ownership of Wind TE Holdco in noncontrolling interest, the difference between the cash paid of $44 million, net of the contingent consideration of $8 million, and the historical value of the remaining 25% of $87 million as of July 31, 2017, was recorded as an adjustment to NRG's noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the accounting guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period).

March 2017 Drop Down Assets — On March 27, 2017, the Company acquired the following interests from NRG: (i) Agua Caliente Borrower 2 LLC, which owns a 16% interest (approximately 31% of NRG's 51% interest) in the Agua Caliente solar farm, one of the ROFO Assets, representing ownership of approximately 46 net MW of capacity and (ii) NRG's interests in the Utah Solar Portfolio. Agua Caliente is located in Yuma County, AZ and sells power subject to a 25-year PPA with Pacific Gas and Electric, with 22 years remaining on that contract. The seven utility-scale solar farms in the Utah Solar Portfolio are owned by the following entities: Four Brothers Capital, LLC, Iron Springs Capital, LLC, and Granite Mountain Capital, LLC. These utility-scale solar farms achieved commercial operations in 2016, sell power subject to 20-year PPAs with PacifiCorp, a subsidiary of Berkshire Hathaway and are part of a tax equity structure with Dominion Solar Projects III, Inc., or Dominion, through which the Company is entitled to receive 50% of cash to be distributed. The Company paid cash consideration of $128 million, which includes $3 million of final net working capital adjustment received by the Company from NRG. The acquisition of the March 2017 Drop Down Assets was funded with cash on hand. The Company recorded the acquired interests as equity method investments. The Company also assumed non-recourse debt of $41 million and $287 million on Agua Caliente Borrower 2 LLC and the Utah Solar Portfolio, respectively, as well as its pro-rata share of non-recourse project-level debt of Agua Caliente Solar LLC.

The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combination - Related Issues. The difference between the cash paid and the historical value of the entities' equity of $8 million was recorded as an adjustment to noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the accounting guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period).

2016 Acquisitions

CVSR Drop Down — Prior to September 1, 2016, the Company had a 48.95% interest in CVSR, which was accounted for as an equity method investment. On September 1, 2016, the Company acquired from NRG the remaining 51.05% interest of CVSR Holdco LLC, which indirectly owns the CVSR solar facility, or the CVSR Drop Down, for total cash consideration of $78.5 million, plus an immaterial working capital adjustment. The acquisition was funded with cash on hand. The Company also assumed additional debt of $496 million, which represents 51.05% of the CVSR project level debt and 51.05% of the notes issued under the CVSR Holdco Financing Agreement, as of the closing date.

The assets and liabilities transferred to the Company related to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid and historical value of the CVSR Drop Down of $112 million, as well as $6 million of AOCL, was recorded as a distribution to NRG with the offset to noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. In connection with the retrospective adjustment of prior periods, the Company now consolidates CVSR and 100% of its debt, consisting of $771 million of project level debt and $200 million of notes issued under the CVSR Holdco Financing Agreement as of September 1, 2016. In addition, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Equity Method Investments and Joint Ventures [Abstract]

Property, Plant and Equipment

The Company’s major classes of property, plant, and equipment were as follows:



	December 31, 2018			December 31, 2017			Depreciable Lives
	(In millions)
Facilities and equipment	$	6,638		$	6,291		2 - 45 Years
Land and improvements	171			166
Construction in progress ^(a)	26			238
Total property, plant and equipment	6,835			6,695
Accumulated depreciation	(1,590		)	(1,285		)
Net property, plant and equipment	$	5,245		$	5,410

^(a) As of December 31, 2018 and 2017, construction in progress includes $6 million and $24 million of capital expenditures that relate to prepaid long-term service agreements in the Conventional segment, respectively.

The Company recorded long-lived asset impairments during the year ended December 31, 2017, as further described in Note 9, Asset Impairments.

Investments Accounted for by the Equity Method and Variable Interest Entities

12 Months Ended

Dec. 31, 2018

Investments accounted for by the equity method and variable interest entities

Investments Accounted for by the Equity Method and Variable Interest Entities

Equity Method Investments

The following table summarizes the Company's equity method investments as of December 31, 2018:



Name	Economic Interest	Investment Balance
		(In millions)
Utah Solar Portfolio^(a)	50%	$317
Desert Sunlight^(e)	25%	264
GenConn^(b)	50%	98
Agua Caliente Solar^(e)	16%	90
Elkhorn Ridge^(c)	66.7%	59
San Juan Mesa^(c)	75%	57
DGPV Holdco 1 LLC ^(d)	95%	81
DGPV Holdco 2 LLC ^(d)	95%	63
DGPV Holdco 3 LLC ^(d)	99%	116
RPV Holdco 1 LLC^(d)	95%	29
Avenal^(e)	50%	(2)
		$1,172

^(a) Economic interest based on cash to be distributed. Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC are tax equity structures and VIEs. The related allocations are described below.

^(b) GenConn is a variable interest entity.

^(c)San Juan Mesa and Elkhorn Ridge are part of the Wind TE Holdco tax equity structure, as described below. San Juan Mesa and Elkhorn Ridge are owned 75% and 66.7%, respectively, by Wind TE Holdco. The Company owns 100% of the Class B interests in Wind TE Holdco.

^(d)Economic interest based on cash to be distributed. DGPV Holdco 1 LLC, DGPV Holdco 2 LLC, DGPV Holdco 3 LLC and RPV Holdco 1 LLC are tax equity structures and VIEs. The related allocations are described below.

^(e) Entities that have PPAs with PG&E. On January 29, 2019, PG&E filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The Company has non-recourse project-level debt, and in some cases holding company debt, related to each of its subsidiaries that sell their output to PG&E under long-term PPAs. The PG&E bankruptcy filing is an event of default under the related financing agreements, and as a result, the respective lenders under these arrangements may accelerate the repayment of these debt balances. In addition, the event of default may have an impact on the Company’s ability to distribute cash from the project-level cash accounts to the parent entities. The Company continues to operate the projects in the normal course of business and is currently in the process of negotiating forbearance agreements with the related lenders.

As of December 31, 2018 and 2017, the Company had $87 million and $57 million, respectively, of undistributed earnings from its equity method investments.

The Company acquired its interest in Desert Sunlight on June 30, 2015, for $285 million, which resulted in a difference between the purchase price and the basis of the acquired assets and liabilities of $171 million. The difference is attributable to the fair value of the property, plant and equipment and power purchase agreements. In addition, the difference between the basis of the acquired assets and liabilities and the purchase price for the Utah Solar Portfolio (Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC) of $106 million is attributable to the fair value of the property, plant and equipment. The Company is amortizing the related basis differences to equity in earnings (losses) over the related useful life of the underlying assets acquired.

Non-recourse project-level debt of unconsolidated affiliates

The Company's pro-rata share of non-recourse debt held by unconsolidated affiliates was $878 million as of December 31, 2018. This included $432 million attributable to Desert Sunlight, Agua Caliente Solar, and Avenal, the unconsolidated affiliates that sell output to PG&E under long-term PPAs.

The following tables present summarized financial information for the Company's significant equity method investments:



	Year Ended December 31,
	2018		2017			2016
Income Statement Data:	(In millions)
GenConn
Operating revenues	$	65	$	71		$	72
Operating income	32		36			38
Net income	22		26			26
Desert Sunlight
Operating revenues	208		207			211
Operating income	129		127			129
Net income	84		80			80
DGPV entities ^(a)
Operating revenues	69		37			14
Operating income	23		7			2
Net income (loss)	11		(3		)	—
RPV Holdco
Operating revenues	14		16			13
Operating income	—		3			2
Net income	—		3			2
Other ^(b)
Operating revenues	249		247			193
Operating income	103		89			71
Net income	$	75	$	56		$	38
			As of December 31,
			2018			2017
Balance Sheet Data:			(In millions)
GenConn
Current assets			$	43		$	38
Non-current assets			358			374
Current liabilities			22			18
Non-current liabilities			182			189
Desert Sunlight
Current assets			133			133
Non-current assets			1,298			1,350
Current liabilities			58			64
Non-current liabilities			962			1,003
DGPV entities ^(a)
Current assets			79			74
Non-current assets			784			671
Current liabilities			84			83
Non-current liabilities			314			216
Redeemable Noncontrolling Interest			—			44
RPV Holdco
Current assets			2			3
Non-current assets			173			183
Current liabilities			1			—
Non-current liabilities			8			7
Redeemable Noncontrolling Interest			26			16
Other ^(b)
Current assets			148			139
Non-current assets			2,511			2,621
Current liabilities			58			60
Non-current liabilities			$	889		$	932

^(a)Includes DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3.

^(b)Includes Agua Caliente, Utah Solar Portfolio, Avenal, Elkhorn Ridge and San Juan Mesa.

Variable Interest Entities, or VIEs

Entities that are Consolidated

The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind facilities and are further described below.

Buckthorn Renewables, LLC — As described in Note 3, Business Acquisitions, on March 30, 2018, the Company acquired 100% of NRG’s interest in a 154 MW construction-stage utility-scale solar generation project, Buckthorn Renewables, LLC, which owns 100% interest in Buckthorn Solar Portfolio, LLC, which in turn owns 100% of the Class B membership interests in Buckthorn Holdings, LLC. Buckthorn Holdings, LLC is a tax equity fund, which is a variable interest entity that is consolidated by Buckthorn Solar Portfolio, LLC. The Company is the primary beneficiary, through its position as managing member, and indirectly consolidates Buckthorn Holdings, LLC through Buckthorn Solar Portfolio, LLC. The Class A member is a tax equity investor who made its initial contribution of $19 million on March 30, 2018, which is reflected as noncontrolling interest on the Company’s consolidated balance sheet. The project achieved substantial completion in May 2018, at which time the remaining tax equity contributions of $80 million were funded. The Company utilizes the HLBV method to determine the net income or loss allocated to the tax equity investor noncontrolling interest. The Company recorded $55 million of loss attributable to noncontrolling interest in Buckthorn Renewables, LLC during the period ended December 31, 2018.

Wind TE Holdco — As of December 31, 2018, Wind TE Holdco was a VIE and the Company, as the holder of Class B shares and the primary beneficiary through its position as managing member consolidated Wind TE Holdco. The Class A shares of Wind TE Holdco were owned by a tax equity investor, who received 99% of allocations of taxable income and other items.

On January 2, the Company bought out 100% of the Class A membership interests from the TE Investor, for cash consideration of $19 million.

On August 30, 2018, Wind TE Holdco, entered into a partnership with Clearway Renew LLC, an indirect subsidiary of CEG, in order to facilitate the repowering of wind facilities of the two of its indirect subsidiaries, Elbow Creek Wind Project LLC and Wildorado Wind LLC. Wind TE Holdco contributed its interests in the two facilities and Clearway Renew LLC contributed a turbine supply agreement, including title to certain components that qualify for production tax credits. Clearway Renew LLC paid a total of $35 million to the service provider, which was recorded to other non current assets on the Company's consolidated balance sheets as of December 31, 2018. Wind TE Holdco is the managing member of Repowering Partnership LLC and consolidates the entity, which is a VIE. Clearway Renew LLC is entitled to allocations of 21% of income, which is reflected in Wind TE Holdco’s noncontrolling interests.

Alta TE Holdco — On June 30, 2015, the Company sold an economic interest in Alta TE Holdco to a financial institution in order to monetize certain cash and tax attributes, primarily PTCs. The financial institution, or Alta Investor, receives 99% of allocations of taxable income and other items until the flip point, which occurs when the Alta Investor obtains a specified return on its initial investment, at which time the allocations to the Alta Investor change to 5%. The Company receives 94.34% until the flip point, at which time the allocations to the Company of CAFD will change to 97.12%, unless the flip point will not have occurred by a specified date, which would result in 100% of CAFD allocated to the Alta Investor until the flip point occurs. Alta TE Holdco is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Alta TE Holdco, with the Alta Investor's interest shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the noncontrolling interest.

Spring Canyon — The Company holds 90.1% of the Class B interests in Spring Canyon II, a 32 MW wind facility, and Spring Canyon III, a 28 MW wind facility, each located in Logan County, Colorado, and Invenergy Wind Global LLC owns 9.9% of the Class B interests. The projects are financed with a partnership flip tax-equity structure with a financial institution, who owns the Class A interests, to monetize certain cash and tax attributes, primarily PTCs. Until the flip point, the Class A member receives a variable percentage of cash distributions based on the projects’ production level during the prior year. The Class A member received 34.81% of the cash distributions and the Company and Invenergy received 65.19% during the period ended December 31, 2017. After the flip point, cash distributions are allocated 5% to the Class A member and 95% to the Company and Invenergy. Spring Canyon is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Spring Canyon. The Class A member and Invenergy's interests are shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the Class A member. Net income or loss attributable to the Class B interests is allocated to Invenergy's noncontrolling interest based on its 9.9% ownership interest.

Summarized financial information for the Company's consolidated VIEs consisted of the following as of December 31, 2018:



(In millions)	Wind TE Holdco		Alta TE Holdco		Spring Canyon		Buckthorn Renewables, LLC
Other current and non-current assets	$	215	$	17	$	2	$	15
Property, plant and equipment	346		410		91		223
Intangible assets	2		249		—		—
Total assets	563		676		93		238
Current and non-current liabilities	210		9		4
Total liabilities	210		9		4		135
Noncontrolling interest	45		63		49		43
Net assets less noncontrolling interests	$	308	$	604	$	40	$	60

Entities that are not Consolidated

The Company has interests in entities that are considered VIEs under ASC 810, Consolidation, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities under the equity method of accounting.

Utah Solar Portfolio Assets — As described in Note 3, Business Acquisitions, as part of the March 2017 Drop Down Assets acquisition, the Company acquired from NRG 100% of the Class A equity interests in the Utah Solar Portfolio, comprised of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC. The Class B interests of the Utah Solar Portfolio are owned by a tax equity investor, or TE Investor, who receives 99% of allocations of taxable income and other items until the flip point, which occurs on the last day of the calendar month on which the Class B member does not have an agreed upon adjusted capital account deficit, but not prior to the 10th day after the five year anniversary of the last project to achieve its placed in service date, at which time the allocations to the TE Investor change to 50%. The Company generally receives 50% of distributable cash throughout the term of the tax-equity arrangements. The three entities comprising the Utah Solar Portfolio are VIEs. As the Company is not the primary beneficiary, the Company uses the equity method of accounting to account for its interests in the Utah Solar Portfolio. The Company utilizes the HLBV method to determine its share of the income or losses in the investees.

DGPV Holdco 1 LLC — The Company and CEG are parties to the DGPV Holdco 1 LLC partnership, or DGPV Holdco 1, the purpose of which is to own or purchase solar power generation projects and other ancillary related assets from Clearway Energy Group LLC or its subsidiaries via intermediate funds. The Company owns approximately 52 MW of distributed solar capacity, based on cash to be distributed, with a weighted average contract life of 17 years. Under this partnership, the Company committed to fund up to $100 million of capital.

DGPV Holdco 2 LLC — The Company and CEG are parties to the DGPV Holdco 2 LLC partnership, or DGPV Holdco 2, the purpose of which is to own or hold solar power generation projects as well as other ancillary related assets from Clearway Energy Group LLC or its subsidiaries. The Company owns approximately 113 MW of distributed solar capacity, based on cash to be distributed, with a weighted average contract life of 20 years. Under this partnership, the Company committed to fund up to $60 million of capital.

DGPV Holdco 3 LLC — The Company and CEG are parties to the DGPV Holdco 3 LLC partnership, or DGPV Holdco 3, in which the Company would invest up to $50 million in an operating portfolio of distributed solar assets, primarily comprised of community solar projects, developed by CEG. The Company owns approximately 59 MW of distributed solar capacity, based on cash to be distributed, with a weighted average contract life of approximately 21 years as of December 31, 2018. In December 2018, the Company and CEG amended the DGPV Holdco 3 partnership agreement to increase the capital commitment of $50 million to $70 million. The Company had a $9 million payable due to DGPV Holdco 3 LLC as of December 31, 2018.

The Company's maximum exposure to loss is limited to its equity investment in DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3, which was $260 million on a combined basis.

RPV Holdco 1 LLC — The Company and CEG are parties to the RPV Holdco 1 LLC partnership, or RPV Holdco, the purpose of which is to hold operating portfolios of residential solar assets developed by NRG's residential solar business, including: (i) an existing, unlevered portfolio of over 2,200 leases across nine states representing approximately 14 MW, based on cash to be distributed, with a weighted average remaining lease term of approximately 14 years that was acquired outside of the partnership; and (ii) a tax equity-financed portfolio of approximately 5,400 leases representing approximately 30 MW, based on cash to be distributed, with a weighted average remaining lease term for the existing and new leases of approximately 17 years. The Company has fully funded the partnership as of December 31, 2017.

The Company's maximum exposure to loss is limited to its equity investment, which was $29 million as of December 31, 2018.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Fair Value of Financial Instruments

For cash and cash equivalents, restricted cash, accounts receivable — affiliate, accounts receivable, accounts payable, current portion of accounts payable — affiliate, accrued expenses and other liabilities, the carrying amount approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:



	As of December 31, 2018				As of December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Assets:
Notes receivable, including current portion	$	—	$	—	$	13	$	13
Liabilities:
Long-term debt, including current portion ^(a)	$	6,043	$	5,943	$	6,066	$	6,099

^(a)Carrying amounts are presented net of discounts.

Fair Value Accounting under ASC 820

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:


•	Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.


•	Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.


•	Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.

In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement.

The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2018 and 2017:



	As of December 31, 2018				As of December 31, 2017
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,620	$	4,323	$	1,502	$	4,597

Recurring Fair Value Measurements

The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:



	As of December 31, 2018		As of December 31, 2017
	Fair Value ^(a)		Fair Value ^(a)
(In millions)	Level 2		Level 2
Derivative assets:
Commodity contracts ^(b)	$	—	$	1
Interest rate contracts	11		1
Total assets	$	11	$	2
Derivative liabilities:
Commodity contracts ^(b)	$	—	$	1
Interest rate contracts	21		48
Total liabilities	$	21	$	49

^(a)There were no derivative assets or liabilities classified as Level 1 or 3 as of December 31, 2018 and 2017.

^(b)The fair value of commodities was not material as of December 31, 2018.

Derivative Fair Value Measurements

The Company's contracts are non-exchange-traded and valued using prices provided by external sources. For the Company’s energy markets, management receives quotes from multiple sources. To the extent that multiple quotes are received, the prices reflect the average of the bid-ask mid-point prices obtained from all sources believed to provide the most liquid market for the commodity.

The fair value of each contract is discounted using a risk free interest rate. In addition, a credit reserve is applied to reflect credit risk, which for interest rate swaps, is calculated based on credit default swaps utilizing the bilateral method. For commodities, to the extent that the Company's net exposure under a specific master agreement is an asset, the Company uses the counterparty's default swap rate. If the exposure under a specific master agreement is a liability, the Company uses its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of December 31, 2018, the credit reserve was not material. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, the following item is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) daily monitoring of counterparties' credit limits; (iii) the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.

Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including but not limited to internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of December 31, 2018, credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.3 billion for the next five years. The majority of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations, which the Company is unable to predict.

As previously described, on January 29, 2019, PG&E filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Certain subsidiaries of the Company sell the output of their facilities to PG&E under long-term PPAs, including interests in 6 solar facilities totaling 480 MW and Marsh Landing with a capacity of 720 MW. The Company consolidates three of the solar facilities and Marsh Landing and records its interest in the other solar facilities as equity method investments. The Company had $17 million in accounts receivable for its consolidated projects as of December 31, 2018. All of these amounts were collected in January 2019.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounting for Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2018

Accounting for derivative instruments and hedging activities

Accounting for Derivative Instruments and Hedging Activities

ASC 815 requires the Company to recognize all derivative instruments on the balance sheet as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a NPNS exception. The Company may elect to designate certain derivatives as cash flow hedges, if certain conditions are met, and defer the change in fair value of the derivatives to accumulated OCI/OCL, until the hedged transactions occur and are recognized in earnings. For derivatives that are not designated as cash flow hedges or do not qualify for hedge accounting treatment, the changes in the fair value will be immediately recognized in earnings. Certain derivative instruments may qualify for the NPNS exception and are therefore exempt from fair value accounting treatment. ASC 815 applies to the Company's energy related commodity contracts and interest rate swaps.

Energy-Related Commodities

To manage the commodity price risk associated with its competitive supply activities and the price risk associated with wholesale power sales, the Company may enter into derivative hedging instruments, namely, forward contracts that commit the Company to sell energy commodities or purchase fuels/electricity in the future. The objectives for entering into derivatives contracts designated as hedges include fixing the price for a portion of anticipated future electricity sales and fixing the price of a portion of anticipated fuel/electricity purchases for the operation of its subsidiaries. As of December 31, 2018, the Company had forward contracts for the purchase of fuel commodities relating to the forecasted usage of the Company’s district energy centers extending through 2020 and electricity contracts to supply retail power to the Company's district energy centers extending through 2020. At December 31, 2018, these contracts were not designated as cash flow or fair value hedges.

Also, as of December 31, 2018, the Company had other energy-related contracts that did not meet the definition of a derivative instrument or qualified for the NPNS exception and were therefore exempt from fair value accounting treatment as follows:


•	Power purchase agreements through 2043, and


•	Natural gas transportation contracts through 2028.

Interest Rate Swaps

The Company is exposed to changes in interest rates through the issuance of variable rate debt. In order to manage interest rate risk, it enters into interest rate swap agreements.

As of December 31, 2018, the Company had interest rate derivative instruments on non-recourse debt extending through 2041, a portion of which are designated as cash flow hedges.

Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2018 and 2017:



		Total Volume
		December 31, 2018		December 31, 2017
Commodity	Units	(In millions)
Natural Gas	MMBtu	1		2
Interest	Dollars	$	1,862	$	2,050

Fair Value of Derivative Instruments

The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:



	Fair Value
	Derivative Assets ^(a)				Derivative Liabilities
	December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	—	$	1	$	4
Interest rate contracts long-term	3		1		6		9
Total Derivatives Designated as Cash Flow Hedges	5		1		7		13
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	1		—		3		13
Interest rate contracts long-term	5		—		11		22
Commodity contracts current ^(b)	—		1		—		1
Total Derivatives Not Designated as Cash Flow Hedges	6		1		14		36
Total Derivatives	$	11	$	2	$	21	$	49

^(a) Derivative Asset balances classified as current are included within the prepayments and other current assets line item of the Consolidated Balance Sheet.

^(b) The fair value of commodities was not material as of December 31, 2018

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. As of December 31, 2018 and 2017, there was no outstanding collateral paid or received. As of December 31, 2018, the commodity balances were not material. The following tables summarize the offsetting of derivatives by counterparty master agreement level:



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2018	Gross Amounts of Recognized Assets/Liabilities			Derivative Instruments			Net Amount
Interest rate contracts:
Derivative assets	$	11		$	(1	)	$	10
Derivative liabilities	(21		)	1			(20		)
Total interest rate contracts	(10		)	—			(10		)
Total derivative instruments	$	(10	)	$	—		$	(10	)



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2017	Gross Amounts of Recognized Assets/Liabilities			Derivative Instruments			Net Amount
Commodity contracts:	(In millions)
Derivative assets	$	1		$	—		$	1
Derivative liabilities	(1		)	—			(1		)
Total commodity contracts	—			—			—
Interest rate contracts:
Derivative assets	1			(1		)	—
Derivative liabilities	(48		)	1			(47		)
Total interest rate contracts	(47		)	—			(47		)
Total derivative instruments	$	(47	)	$	—		$	(47	)

Accumulated Other Comprehensive Loss

The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:



	Year ended December 31,
	2018			2017			2016
	(In millions)
Accumulated OCL beginning balance	$	(60	)	$	(70	)	$	(83	)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts	14			10			13
Mark-to-market of cash flow hedge accounting contracts	8			—			—
Accumulated OCL ending balance, net of income tax benefit of $7, $9 and $16, respectively	$	(38	)	$	(60	)	$	(70	)
Accumulated OCL attributable to noncontrolling interests	(20		)	(32		)	(42		)
Accumulated OCL attributable to Clearway Energy, Inc.	$	(18	)	$	(28	)	$	(28	)
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1	$	8

Amounts reclassified from accumulated OCL into income are recorded to interest expense.

The Company's regression analysis for Marsh Landing, Walnut Creek and Avra Valley interest rate swaps, while positively correlated, no longer contain matching terms for cash flow hedge accounting. As a result, the Company voluntarily de-designated the Marsh Landing, Walnut Creek and Avra Valley cash flow hedges as of April 28, 2017, and will prospectively mark these derivatives to market through the income statement.

Impact of Derivative Instruments on the Statements of Income

The Company has interest rate derivative instruments that are not designated as cash flow hedges. The effect of interest rate hedges is recorded to interest expense. For the years ended December 31, 2018, 2017 and 2016 the impact to the consolidated statements of income was a gain of $15 million, a gain of $6 million and a loss of $2 million, respectively.

A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel/electricity commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of income for these contracts.

See Note 6, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk.

Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Earnings (Loss) Per Share

Intangible Assets

Intangible Assets — The Company's intangible assets as of December 31, 2018 and 2017 primarily reflect intangible assets established from its business acquisitions and are comprised of the following:


•	PPAs — Established predominantly with the acquisitions of the Alta Wind Portfolio, Walnut Creek, Tapestry and Laredo Ridge, these represent the fair value of the PPAs acquired. These are amortized, generally on a straight-line basis, over the term of the PPA.


•	Leasehold Rights — Established with the acquisition of the Alta Wind Portfolio, this represents the fair value of contractual rights to receive royalty payments equal to a percentage of PPA revenue from certain projects. These are amortized on a straight-line basis.


•	Customer relationships — Established with the acquisition of Energy Center Phoenix and Energy Center Omaha, these intangibles represent the fair value at the acquisition date of the businesses' customer base. The customer relationships are amortized to depreciation and amortization expense based on the expected discounted future net cash flows by year.


•	Customer contracts — Established with the acquisition of Energy Center Phoenix, these intangibles represent the fair value at the acquisition date of contracts that primarily provide chilled water, steam and electricity to its customers. These contracts are amortized to revenues based on expected volumes.


•	Emission Allowances — These intangibles primarily consist of SO₂ and NOx emission allowances established with the El Segundo and Walnut Creek acquisitions. These emission allowances are held-for-use and are amortized to cost of operations, with NOx allowances amortized on a straight-line basis and SO₂ allowances amortized based on units of production.


•	Other — Consists of a) the acquisition date fair value of the contractual rights to a ground lease for South Trent and to utilize certain interconnection facilities for Blythe, as well as land rights acquired in connection with the acquisition of Elbow Creek, and b) development rights related to certain solar businesses acquired in 2010 and 2011.

The following tables summarize the components of intangible assets subject to amortization:



Year ended December 31, 2018	PPAs			Leasehold Rights			Customer Relationships			Customer Contracts			Emission Allowances			Other			Total
(In millions)
December 31, 2018	$	1,280		$	86		$	66		$	15		$	9		$	8		$	1,464
Less accumulated amortization	(269		)	(18		)	(7		)	(9		)	(2		)	(3		)	(308		)
Net carrying amount	$	1,011		$	68		$	59		$	6		$	7		$	5		$	1,156



Year ended December 31, 2017	PPAs			Leasehold Rights			Customer Relationships			Customer Contracts			Emission Allowances			Other			Total
(In millions)
January 1, 2017	$	1,286		$	86		$	66		$	15		$	9		$	9		$	1,471
Asset Impairments ^(a)	(6		)	—			—			—			—			—			(6		)
December 31, 2017	1,280			86			66			15			9			9			1,465
Less accumulated amortization	(205		)	(13		)	(5		)	(8		)	(3		)	(3		)	(237		)
Net carrying amount	$	1,075		$	73		$	61		$	7		$	6		$	6		$	1,228

^(a) $6 million of asset impairments relate to one of the November 2017 Drop Down Assets that was recorded by NRG during the quarter ended September 30, 2017, as further described in Note 9, Asset Impairments.

The Company recorded amortization expense of $71 million during the years ended December 31, 2018, 2017 and 2016. Of these amounts, $70 million for the years ended December 31, 2018, 2017 and 2016 were recorded to contract amortization expense and reduced operating revenues in the consolidated statements of operations. The Company estimates the future amortization expense for its intangibles to be $71 million for the next five years through 2023.

Out-of-market contracts — The out-of-market contract liability represents the out-of-market value of the PPAs for the Blythe solar project and Spring Canyon wind projects and the out-of-market value of the land lease for Alta Wind XI, LLC, as of their respective acquisition dates. The Blythe solar project's liability of $7 million was recorded to other non-current liabilities on the consolidated balance sheet and is amortized to revenue in the consolidated statements of income on a units-of-production basis over the twenty-year term of the agreement. Spring Canyon's liability of $3 million was recorded to other non-current liabilities and is amortized to revenue on a straight-line basis over the twenty-five year term of the agreement. The Alta Wind XI, LLC's liability of $5 million was recorded to other non-current liabilities and is amortized as a reduction to cost of operations on a straight-line basis over the thirty-four year term of the land lease. At December 31, 2018, accumulated amortization of out-of-market contracts was $4 million and amortization expense was $1 million for each of the years ended December 31, 2018 and 2017.

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Asset impairments	Asset Impairments During the fourth quarter of 2017, as the Company updated its estimated cash flows in connection with the preparation and review of the Company's annual budget, the Company determined that the cash flows for Elbow Creek, located in Texas, and the Forward project, located in Pennsylvania, were below the carrying value of the related assets, primarily driven by continued declining merchant power prices in post-contract periods, and that the assets were considered impaired. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the long-term budgets for each respective plant. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurement and include key inputs, such as forecasted power prices, operations and maintenance expense, and discount rates. The Company measured the impairment loss as the difference between the carrying amount and the fair value of the assets and recorded impairment losses of $26 million and $5 million for Elbow Creek and Forward, respectively. Additionally, during the quarter ended September 30, 2017, in connection with the preparation of the model for sale of the November 2017 Drop Down Assets, it was identified that undiscounted cash flows were lower than the book value of certain SPP funds and NRG recorded an impairment expense of $13 million, $8 million of which relates to property, plant, and equipment and $5 million to PPAs, as described in Note 8, Intangible Assets. In accordance with the guidance for transfer of assets under common control, the impairment is reflected in the pre-acquisition net income of Drop Down Assets of the Company's consolidated statements of operations for the period ended December 31, 2018. During the fourth quarter of 2016, as the Company updated its estimated cash flows in connection with the preparation and review of the Company's annual budget, the Company determined that the cash flows for the Elbow Creek and Goat Wind projects and the Forward project were below the carrying value of the related assets, primarily driven by declining merchant power prices in post-contract periods, and that the assets were considered impaired. These projects were acquired in connection with the acquisition of the November 2015 Drop Down Assets and were recorded as part of the Renewables segment of the Company. The projects were recorded at historical cost at acquisition date as they were related to interests under common control by NRG. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the long-term budgets for each respective plant. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurement and include key inputs, such as forecasted power prices, operations and maintenance expense, and discount rates. The Company measured the impairment loss as the difference between the carrying amount and the fair value of the assets and recorded impairment losses of $117 million, $60 million and $6 million for Elbow Creek, Goat Wind, and Forward, respectively. Other Impairments — During the fourth quarter of 2016, NRG recorded impairment losses of approximately $2 million related to the projects that were part of the November 2017 Drop Down Assets. Since the acquisition by the Company of the November 2017 Drop Down Assets related to transfer of assets under common control, these impairments were reflected in the Company's consolidated statements of operations for the periods ending December 31, 2016.

Long-term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-term Debt

The Company's borrowings, including short term and long term portions consisted of the following:



	December 31, 2018			December 31, 2017			Interest rate % ^(a)	Letters of Credit Outstanding at December 31, 2018
	(In millions, except rates)
2019 Convertible Notes	$	220		$	345		3.500
2020 Convertible Notes	45			288			3.250
2024 Senior Notes	500			500			5.375
2025 Senior Notes	600			—			5.750
2026 Senior Notes	350			350			5.000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2019 ^(b)	—			55			L+1.75	$	41
Project-level debt:
Agua Caliente Borrower 2, due 2038^(d)	39			41			5.430	17
Alpine, due 2022 ^(d)	127			135			L+1.750	16
Alta Wind I - V lease financing arrangements, due 2034 and 2035	886			926			5.696 - 7.015	44
Buckthorn Solar, due 2025	132			169			L+1.750	26
CVSR, due 2037 ^(d)	720			746			2.339 - 3.775	—
CVSR Holdco Notes, due 2037 ^(d)	188			194			4.680	13
El Segundo Energy Center, due 2023	352			400			L+1.75 - L+2.375	138
Energy Center Minneapolis Series C, D, E, F, G, H Notes, due 2025-2037	328			208			various	—
Laredo Ridge, due 2028	89			95			L+1.875	10
Kansas South, due 2030 ^(d)	26			29			L+2.00	2
Marsh Landing, due 2023 ^(d)	263			318			L+2.125	60
South Trent Wind, due 2020	50			53			L+1.625	10
Tapestry, due 2021	151			162			L+1.75	20
Utah Solar Portfolio, due 2022	267			278			various	13
Viento, due 2023	146			163			L+2.00	26
Walnut Creek, due 2023	222			267			L+1.75	74
Other	343			361			various	24
Subtotal project-level debt	4,329			4,545
Total debt	6,044			6,083
Less current maturities	(535		)	(339		)
Less net debt issuance costs	(61		)	(68		)
Less discounts^(c)	(1		)	(17		)
Total long-term debt	$	5,447		$	5,659

^(a) As of December 31, 2018, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 and Kansas South, due 2030 where L+ equals 6 month LIBOR plus 2.00% and Utah Solar Portfolio, where L+equals 1 month LIBOR plus x%.

^(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement.

^(c) Discounts relate to the 2019 Convertible Notes and 2020 Convertible Notes.

^(d) On January 29, 2019, PG&E filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The Company has non-recourse project-level debt, and in some cases holding company debt, related to each of its subsidiaries that sell their output to PG&E under long-term PPAs. The PG&E bankruptcy filing is an event of default under the related financing agreements, and as a result, the respective lenders under these arrangements may accelerate the repayment of these debt balances. In addition, the event of default may have an impact on the Company’s ability to distribute cash from the project-level cash accounts to the parent entities. The Company continues to operate the projects in the normal course of business and is currently in the process of negotiating forbearance agreements with the related lenders.

The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of December 31, 2018, the Company was in compliance with all of the required covenants.

Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility

The Company borrowed $55 million from the revolving credit facility during the year ended December 31, 2017 for general corporate needs as well as to fund dividend payments.

On April 30, 2018, the Company closed on the refinancing of the revolving credit facility, which extended the maturity of the facility to April 28, 2023, and decreased the Company's overall cost of borrowing from L+2.50% to L+1.75%. The applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and was L+1.75% as of December 31, 2018. The facility will continue to be used for general corporate purposes including financing of future acquisitions and posting letters of credit.

On October 9, 2018, the Company terminated certain letters of credit relating to certain project PPAs in exchange for a one-time payment, which reduced the outstanding letters of credit under the revolving credit facility. As of December 31, 2018, there were no outstanding borrowings under the revolving credit facility and the Company had $41 million of letters of credit outstanding.

Bridge Credit Agreement

On August 31, 2018, the Company entered into a senior unsecured 364-day bridge credit agreement, or the Bridge Credit Agreement, which provided total borrowings of up to a maximum amount of $1.5 billion at a rate per annum equal to LIBOR or a base rate plus an applicable margin equal to 3.00% in the case of LIBOR loans and 2.00% in the case of base rate loans.

In October 2018, the Company reduced the lenders' commitments under the bridge agreement from $1.5 billion to $867.5 million following the offering of the 2025 Senior Notes and the convertible notes tender offer results, each described below. On October 31, 2018, the Company terminated the Bridge Credit Agreement.

2025 Senior Notes

On October 1, 2018, Clearway Energy Operating LLC issued $600 million of senior unsecured notes, or the 2025 Senior Notes. The 2025 Senior Notes bear interest at 5.750% and mature on October 15, 2025. Interest on the 2025 Senior Notes is payable semi-annually on April 15 and October 15 of each year, and interest payments will commence on April 15, 2019. The 2025 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The proceeds from the 2025 Senior Notes were partially used to repay the 2019 Convertible Notes.

2020 Convertible Senior Notes

The Company has outstanding $45 million aggregate principal amount of 3.25% Convertible Senior Notes due 2020, or the

2020 Convertible Notes. The 2020 Convertible Notes are convertible, under certain circumstances, into the Company’s Class C common stock, cash or a combination thereof at an initial conversion price of $27.50 per Class C common share, which is equivalent

to a conversion rate of approximately 36.3636 shares of Class C common stock per$1,000 principal amount of notes. Interest on

the 2020 Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year. Prior to the close of business

on the business day immediately preceding December 1, 2019, the 2020 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled

trading day immediately preceding the maturity date. The 2020 Convertible Notes are guaranteed by Clearway Energy Operating LLC and Clearway Energy LLC.

The Company separately accounts for the liability (debt) and equity (conversion option) components of the 2020 Convertible Notes and recognized $23 million as the value for the equity component in 2015 with the offset to debt discount. The debt discount is amortized to interest expense using the effective interest method through June 2020.

As a result of the tender offer, as further described below, a total of $45 million aggregate principal amount of the 2020 Convertible Notes remained outstanding.

As of December 31, 2018, the 2020 Convertible Notes were trading at approximately 95.36% of their face value, resulting in a total market value of $43 million. The actual conversion value of the 2020 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class C common stock, as defined in the 2020 Convertible Notes indenture. As of December 31, 2018, the Company's Class C common stock closed at $17.25 per share, resulting in a pro forma conversion value for the 2020 Convertible Notes of approximately $28 million.

2019 Convertible Senior Notes

The Company had outstanding $220 million aggregate principal amount of 3.50% Convertible Notes due 2019, or the 2019

Convertible Notes. The 2019 Convertible Notes were convertible, under certain circumstances, into the Company’s Class A common stock, cash or a combination thereof at a conversion rate was of approximately 42.9644 shares of Class A common stock per$1,000 principal amount of 2019 Convertible Notes in accordance with the terms of the related indenture. The 2019 Convertible Notes are guaranteed by Clearway Energy Operating LLC and Clearway Energy LLC.

The Company separately accounted for the liability (debt) and equity (conversion option) components of the 2019 Convertible

Notes and recognized $23 million as the value for the equity component in 2014 with the offset to debt discount. The debt discount was amortized to interest expense using the effective interest method through February 2019.

In August 2018, the Company repurchased an aggregate principal amount of $16 million of the 2019 Convertible Notes in open market transactions. The repurchases were funded through a partial repayment of the intercompany note between Clearway Energy Operating LLC and Clearway Energy, Inc., which was reduced by $16 million.

As a result of the tender offer, as further described below, a total of $220 million aggregate principal amount of the 2019 Convertible Notes remained outstanding as of December 31, 2018.

As of December 31, 2018, the 2019 Convertible Notes were trading at approximately 99.81% of their face value, resulting in a total market value of $219.6 million. The actual conversion value of the 2019 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class A common stock, as defined in the Convertible Debt indenture. As of December 31, 2018, the Company's Class A common stock closed at $16.92 per share, resulting in a pro forma conversion value for the Convertible Notes of approximately $160 million.

In January 2019, the Company repurchased an additional aggregate principal amount of $50 million of the 2019 Convertible Notes in open market transactions. The repurchase was funded through a partial repayment of the intercompany note between Clearway Energy Operating LLC and Clearway Energy, Inc., which was reduced by $50 million.

The 2019 Convertible Notes matured on February 1, 2019 and the Company paid off the remaining balance of an aggregate principal amount of $170 million.

During the years ended December 31, 2018 and 2017, the Company recorded the following expenses in relation to the 2020 and 2019 Convertible Notes on a combined basis at the effective rates of 5.10% and 5.00%, respectively:



(In millions)	December 31, 2018		December 31, 2017
Interest expense^(a)	$	19	$	21
Debt discount amortization	9		9
Debt issuance costs amortization	3		3
	$	31	$	33

(a) Interest expense is calculated using coupon rate of 3.25% and 3.50% for 2020 and 2019 Convertible Notes, respectively.

2019 Convertible Notes and 2020 Convertible Notes Tender Offer

On September 10, 2018, pursuant to the 2019 Convertible Notes and the 2020 Convertible Notes indentures, the Company delivered to the holders of the 2019 Convertible Notes and the 2020 Convertible Notes a fundamental change notice and offer to repurchase any and all of the 2019 Convertible Notes and 2020 Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes plus any accrued and unpaid interest. An aggregate principal amount of $109 million of the 2019 Convertible Notes and $243 million of the 2020 Convertible Notes were tendered on or prior to the expiration date of October 9, 2018 and accepted by the Company for purchase. The Company recorded a loss on extinguishment in the amount $7 million primarily related to the repurchase of the 2020 Convertible Notes.

Project - level Debt

Energy Center Minneapolis Series E, F, G, H Notes

On June 19, 2018, Energy Center Minneapolis LLC, a subsidiary of the Company, entered into an amended and restated Thermal note purchase and private shelf agreement under which it authorized the issuance of the Series E Notes, Series F Notes, Series G Notes, and Series H Notes, as further described in the table below:



(In millions)	Amount			Interest Rate
Energy Center Minneapolis Series E Notes, due 2033	$	70		4.80	%
Energy Center Minneapolis Series F Notes, due 2033	10			4.60	%
Energy Center Minneapolis Series G Notes, due 2035	83			5.90	%
Energy Center Minneapolis Series H Notes, due 2037	40			4.83	%
Total proceeds	$	203
Repayment of Energy Center Minneapolis Series C Notes, due 2025	(83		)	5.95	%
Net borrowings	$	120

The proceeds from the sale of the Series E Notes and the Series F Notes were utilized to finance the acquisition of the UPMC Thermal Project as described in Note 3, Business Acquisitions. The Series G Notes were used to refinance the Series C Notes as noted above in the table. The Series H Notes were used to make a dividend to Clearway Energy Operating LLC.

The amended and restated Thermal note purchase and private shelf agreement also established a private shelf facility for the future issuance of notes in the amount of $40 million.

Buckthorn Solar Drop Down Asset Debt

As part of the Buckthorn Solar Drop Down Asset acquisition, as further described in Note 3, Business Acquisitions, the Company assumed non-recourse debt of $183 million relating to Buckthorn Solar Portfolio, LLC as of the date of the acquisition, March 30, 2018. The assumed debt consisted of a construction loan and an Investment Tax Credits, or ITC, bridge loan, both at an interest rate of LIBOR plus 1.75%. On May 31, 2018, $132 million of non-recourse debt was converted to a term loan with an expected maturity of May 2025, and the remainder of the non-recourse debt was repaid with the final contribution from the Class A member in the amount of $80 million upon the project reaching substantial completion in May 2018.

Buckthorn Solar entered into a series of fixed for floating interest rate swaps that would fix the interest rate for a minimum of 80% of the outstanding notional amount. All interest rate swap payments by Buckthorn Solar and its counterparties are made quarterly and LIBOR is determined in advance of each interest period.

November 2017 Drop Down Assets Debt

As part of the November 2017 Drop Down acquisition, the Company assumed non-recourse debt of $26 million relating to certain SPP funds. The assumed debt consisted of the following: a) a term loan under a credit agreement with a bank, with a maturity date of December 31, 2038 and interest rate of 4.69%. The credit agreement includes a letter of credit supporting debt service requirements and a letter of credit in support of the PPA; b) and financing obligation in connection with a sale-leaseback transaction with a bank for a period through March 31, 2032. The company will accrete the financing obligation over the lease term based on the lease's implicit interest rate of 8%.

Agua Caliente Borrower 2, due 2038

On February 17, 2017, Agua Caliente Borrower 1 LLC, an indirect subsidiary of NRG, and Agua Caliente Borrower 2 LLC, issued $130 million of senior secured notes under the Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC financing agreement, or Agua Caliente Holdco Financing Agreement, that bear interest at 5.43% and mature on December 31, 2038. As described in Note 3, Business Acquisitions, on March 27, 2017, the Company acquired Agua Caliente Borrower 2 LLC from NRG as part of the March 2017 Drop Down Assets acquisition and assumed NRG's portion of senior secured notes under the Agua Caliente Holdco Financing Agreement. Agua Caliente Borrower 2 LLC held $39 million of the Agua Caliente Holdco debt as of December 31, 2018.

The debt is joint and several with respect to Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC and is secured by the equity interests of each borrower in the Agua Caliente solar facility.

Utah Solar Portfolio, due 2022

As part of the March 2017 Drop Down Assets acquisition, the Company assumed non-recourse debt of $287 million relating to the Utah Solar Portfolio at an interest rate of LIBOR plus 2.625%. The debt matures on December 16, 2022. The $287 million consisted of $222 million outstanding at the time of NRG's acquisition of the Utah Solar Portfolio on November 2, 2016, and additional borrowings of $65 million, net of debt issuance costs, incurred during 2016. The Company held $267 million of the Utah Solar Portfolio debt as of December 31, 2018.

Interest Rate Swaps — Project Financings

Many of the Company's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period.

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2018:



	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2018 (In millions)		Effective Date	Maturity Date
Alpine	85	%	various		3-Month LIBOR	$	108	various	various
Avra Valley	87	%	2.333	%	3-Month LIBOR	44		November 30, 2012	November 30, 2030
AWAM	100	%	2.47	%	3-Month LIBOR	16		May 22, 2013	May 15, 2031
Blythe	75	%	3.563	%	3-Month LIBOR	12		June 25, 2010	June 25, 2028
Borrego	75	%	1.125	%	3-Month LIBOR	3		April 3, 2013	June 30, 2020
Buckthorn Solar	83	%	various		3-Month LIBOR	109		February 28, 2018	December 31, 2041
El Segundo	85	%	various		3-Month LIBOR	299		various	various
Kansas South	75	%	2.368	%	6-Month LIBOR	20		June 28, 2013	December 31, 2030
Laredo Ridge	80	%	2.31	%	3-Month LIBOR	71		March 31, 2011	March 31, 2026
Marsh Landing	94	%	3.244	%	3-Month LIBOR	246		June 28, 2013	June 30, 2023
Roadrunner	75	%	4.313	%	3-Month LIBOR	24		September 30, 2011	December 31, 2029
South Trent	75	%	3.265	%	3-Month LIBOR	37		June 15, 2010	June 14, 2020
South Trent	75	%	4.95	%	3-Month LIBOR	21		June 30, 2020	June 14, 2028
Tapestry	90	%	2.21	%	3-Month LIBOR	136		December 30, 2011	December 21, 2021
Tapestry	50	%	3.57	%	3-Month LIBOR	60		December 21, 2021	December 21, 2029
Utah Solar Portfolio	80	%	various		1-Month LIBOR	214		various	September 30, 2036
Viento Funding II	91	%	various		6-Month LIBOR	134		various	various
Viento Funding II	90	%	4.985	%	6-Month LIBOR	65		July 11, 2023	June 30, 2028
Walnut Creek Energy	90	%	various		3-Month LIBOR	200		June 28, 2013	May 31, 2023
WCEP Holdings	100	%	4.003	%	3-Month LIBOR	43		June 28, 2013	May 31, 2023
Total						$	1,862

Annual Maturities

Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2018, are as follows:



	(In millions)
2019	$	534
2020	406
2021	447
2022	646
2023	389
Thereafter	3,622
Total	$	6,044

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period.

The reconciliation of the Company's basic and diluted (loss) earnings per share is shown in the following table:



	Year Ended December 31,
	2018				2017						2016
(In millions, except per share data) ^(a)	Common Class A		Common Class C		Common Class A			Common Class C			Common Class A		Common Class C
Basic and diluted earnings (loss) per share attributable to Clearway Energy, Inc. common stockholders
Net income (loss) attributable to Clearway Energy, Inc.	$	16	$	32	$	(6	)	$	(10	)	$	20	$	37
Weighted average number of common shares outstanding — basic and diluted	35		69		35			64			35		63
Earnings (Loss) per weighted average common share — basic and diluted	$	0.46	$	0.46	$	(0.16	)	$	(0.16	)	$	0.58	$	0.58

^(a)Net (loss) income attributable to Clearway Energy, Inc. and basic and diluted (loss) earnings per share might not recalculate due to presenting values in millions rather than whole dollars.

The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share:



	Year Ended December 31,
	2018	2017	2016
	(In millions of shares)
2019 Convertible Notes - Common Class A	9	15	15
2020 Convertible Notes - Common Class C	8	10	10

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Class C Common Stock Issuance

On September 27, 2018, Clearway Energy, Inc. issued and sold 3,916,449 shares of Class C common stock for net proceeds of $75 million. The Company utilized the proceeds of the offering to acquire 3,916,449 Class C units of Clearway Energy LLC.

At-the-Market Equity Offering Program, or the ATM Program

Clearway Energy, Inc. is party to an equity distribution agreement with Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as sales agents. Pursuant to the terms of the equity distribution agreement, Clearway Energy, Inc. may offer and sell shares of its Class C common stock par value $0.01 per share, from time to time through the sales agents up to an aggregate sales price of $150 million through an at-the-market equity offering program, or the ATM Program. Clearway Energy, Inc. may also sell shares of its Class C common stock to any of the sales agents, as principals for its own account, at a price agreed upon at the time of sale.

The Company sold a total of 4,492,473 shares of Class C common stock for gross proceeds of $79 million during the year ended December 31, 2018. The Company incurred commission fees of $790 thousand during the nine months ended December 31, 2018.

The Company sold a total of 6,414,339 shares of Class C common stock for gross proceeds of $114 million since the inception of the ATM Program. Approximately $36 million of Class C common stock remains available for issuance under the ATM Program.

Dividends to Class A and Class C common stockholders

The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2018:



	Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Dividends per Class A share	$	0.331	$	0.320	$	0.309	$	0.298
Dividends per Class C share	$	0.331	$	0.320	$	0.309	$	0.298

Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. The Company will continue to evaluate its capital allocation approach during the pendency of the PG&E Bankruptcy.

On February 12, 2019, the Company declared a quarterly dividend on its Class A and Class C common stock of $0.20 per share payable on March 15, 2019, to stockholders of record as of March 1, 2019.

The Company also authorized 10,000,000 shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued.

Distributions/Contributions to/from NRG and CEG

The following table lists the distributions paid to NRG during the period from January 1, 2018 through August 31, 2018 and to CEG during the period from September 1, 2018 through December 31, 2018 on Clearway Energy LLC's Class B and D units:



	Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Distributions per Class B unit	$	0.331	$	0.320	$	0.309	$	0.298
Distributions per Class D unit	$	0.331	$	0.320	$	0.309	$	0.298

The portion of the distributions paid by Clearway Energy LLC to NRG and CEG is recorded as a reduction to the Company's noncontrolling interest balance. The portion of the distributions paid by Clearway Energy LLC to the Company was utilized to fund the dividends to the Class A and Class C common stockholders described above.

On February 12, 2019, Clearway Energy LLC declared a quarterly distribution on its Class B and Class D units of $0.20 per unit payable to CEG on March 15, 2019.

During 2018, 2017, and 2016, the Company acquired the Drop Down Assets from NRG, as described in Note 3, Business Acquisitions. The difference between the cash paid and historical value of the acquired Drop Down Assets was recorded as a distribution to/contribution from NRG with the offset to noncontrolling interest. As the projects were owned by NRG prior to the Drop Down Assets acquisitions, the pre-acquisition income (loss) of such projects were recorded as attributable to NRG's noncontrolling interest. Prior to the date of acquisition, certain of the projects made distributions to NRG and NRG made contributions into certain projects. These amounts are reflected within the Company’s statement of stockholders’ equity as changes in the noncontrolling interest balance.

Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs and includes eliminating entries. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss).

The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2018, 2017 and 2016:



	2018		2017		2016
Customer	Conventional (%)	Renewables (%)	Conventional (%)	Renewables (%)	Conventional (%)	Renewables (%)
SCE	20%	20%	21%	20%	21%	21%
PG&E	12%	11%	12%	11%	12%	11%



	Year ended December 31, 2018
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues ^(a)	$	337		$	526		$	193		$	(3	)	$	1,053
Cost of operations ^(a)	62			146			127			(3		)	332
Depreciation and amortization	101			207			23			—			331
General and administrative	—			—			1			19			20
Acquisition-related transaction and integration costs	—			—			—			20			20
Development costs	—			—			2			1			3
Operating income (loss)	174			173			40			(40		)	347
Equity in earnings of unconsolidated affiliates	11			63			—			—			74
Other income, net	1			4			1			2			8
Loss on debt extinguishment	—			—			—			(7		)	(7		)
Interest expense	(51		)	(154		)	(12		)	(89		)	(306		)
Income (loss) before income taxes	135			86			29			(134		)	116
Income tax expense	—			—			—			62			62
Net Income (Loss)	135			86			29			(196		)	54
Less: Net income (loss) attributable to noncontrolling interests and Pre-acquisition net income of Drop Down Assets	—			(100		)	—			106			6
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	135		$	186		$	29		$	(302	)	$	48
Balance Sheet
Equity investment in affiliates	$	98		$	1,074		$	—		$	—		$	1,172
Capital expenditures ^(b)	14			26			28			—			68
Total Assets	$	1,788		$	5,836		$	516		$	360		$	8,500

^(a) Inter-segment revenues and cost of operations include operations and maintenance fee revenue and related costs recorded in the Renewables segment.

^(b) Includes accruals.



	Year ended December 31, 2017
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues	$	336		$	501		$	172		$	—		$	1,009
Cost of operations	77			133			116			—			326
Depreciation and amortization	103			210			21			—			334
Impairment losses	—			44			—			—			44
General and administrative	—			—			—			19			19
Acquisition-related transaction and integration costs	—			—			—			3			3
Operating income (loss)	156			114			35			(22		)	283
Equity in earnings of unconsolidated affiliates	12			59			—			—			71
Other income, net	1			2			—			1			4
Loss on debt extinguishment	—			(3		)	—			—			(3		)
Interest expense	(49		)	(164		)	(10		)	(84		)	(307		)
Income (loss) before income taxes	120			8			25			(105		)	48
Income tax benefit	—			—			—			72			72
Net Income (Loss)	120			8			25			(177		)	(24		)
Less: Net (loss) income attributable to noncontrolling interests	—			(75		)	—			60			(15		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	120		$	76		$	25		$	(237	)	(16		)
Balance Sheet
Equity investments in affiliates	$	102		$	1,076		$	—		$	—		$	1,178
Capital expenditures ^(a)	15			181			16			—			212
Total Assets	$	1,897		$	6,017		$	422		$	153		$	8,489

^(a) Includes accruals.



	Year ended December 31, 2016
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues	$	333		$	532		$	170		$	—		$	1,035
Cost of operations	66			128			114			—			308
Depreciation and amortization	80			203			20			—			303
Impairment losses	—			185			—			—			185
General and administrative	—			—			—			16			16
Acquisition-related transaction and integration costs	—			—			—			1			1
Operating income (loss)	187			16			36			(17		)	222
Equity in earnings of unconsolidated affiliates	13			47			—			—			60
Other income, net	1			2			—			—			3
Interest expense	(48		)	(151		)	(7		)	(78		)	(284		)
Income (loss) before income taxes	153			(86		)	29			(95		)	1
Income tax expense	—			—			—			(1		)	(1		)
Net Income (Loss)	153			(86		)	29			(94		)	2
Less: Net (loss) income attributable to noncontrolling interests	—			(111		)	—			60			(51		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	153		$	29		$	29		$	(154	)	57

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Effective Tax Rate

The income tax provision consisted of the following amounts:



	Year Ended December 31,
	2018		2017			2016
	(In millions, except percentages)
Current
U.S. Federal	$	—	$	—		$	—
State	—		—			—
Total — current	—		—			—
Deferred
U.S. Federal	28		75			(1		)
State	34		(3		)	—
Total — deferred	62		72			(1		)
Total income tax expense (benefit)	$	62	$	72		$	(1	)

A reconciliation of the U.S. federal statutory rate of 21% and 35% to the Company's effective rate is as follows:



	Year Ended December 31,
	2018			2017			2016
	(In millions, except percentages)
Income Before Income Taxes	$	116		$	48		$	1
Tax at 21%/35%	24			17			—
State taxes, net of federal benefit	8			(3		)	—
Deferred state rate change due to deconsolidation from NRG	20			—			—
Tax Cuts and Jobs Act - tax rate change	—			68			—
Impact of non-taxable equity earnings	8			(9		)	(1		)
Investment tax credits	(3		)	(1		)	(1		)
Production tax credits, including prior year true-up	(1		)	(1		)	4
Valuation allowance adjustment	3			—			—
Other	3			1			(3		)
Income tax expense (benefit)	$	62		$	72		$	(1	)
Effective income tax rate	53		%	150		%	(100		)%

For the year ended December 31, 2018, the overall effective tax rate was different than the statutory rate of 21% primarily due to higher state income tax rate following the Company’s separation from NRG as well as taxable earnings and losses allocated to partners’ interest in Clearway Energy LLC which includes the effects of applying HLBV method of accounting for book purposes of certain partnerships. The Company has completed the accounting for all of the income tax effects related to the Tax Cuts and Jobs Act, which resulted in no material adjustments in 2018 to the provisional amounts recorded.

For the year ended December 31, 2017, the overall effective tax rate was different than the statutory rate of 35% primarily due to tax expense recorded from the revaluation of the existing net deferred tax asset pursuant to the reduction in the corporate income tax rate to 21% in accordance with the Tax Cuts and Jobs Act. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, which addresses how a company may recognize provisional amounts for the effect of the changes related to the Tax Act. Consistent with that guidance, the Company recognized provisional amounts at December 31, 2017, based upon its interpretation of the tax laws and estimates which require significant judgments.

For the year ended December 31, 2016, the overall effective tax rate was different than the statutory rate of 35% primarily due to taxable earnings allocated to NRG resulting from its interest in Clearway Energy LLC and production and investment tax credits generated from certain wind and solar assets, respectively.

For tax purposes, Clearway Energy LLC is treated as a partnership; therefore, the Company and NRG each record their respective share of taxable income or loss.

The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following:



	As of December 31,
	2018			2017
	(In millions)
Deferred tax liabilities:
Investment in projects	$	192		$	70
Total deferred tax liabilities	192			70
Deferred tax assets:
Interest expense disallowance carryforward - Investment in Projects	28
Production tax credits	8			7
Investment tax credits	5			1
U.S. Federal net operating loss carryforwards	199			183
Capital loss carryforwards	12			10
State net operating loss carryforwards	12			7
Total deferred tax assets	264			208
Valuation allowance	$	(15	)	$	(10	)
Total deferred tax assets, net of valuation allowance	$	249		$	198
Net deferred noncurrent tax asset	$	57		$	128

The primary driver for the decrease in the net deferred tax asset from $128 million to $57 million as of December 31, 2018, is the taxable loss generated by the Company’s investment in Clearway Energy LLC, partially offset by an increase in Federal and state tax carryforwards.

Tax Receivable and Payable

As of December 31, 2018, the Company has no current or long term tax receivable or payable to be recorded.

Deferred Tax Assets and Valuation Allowance

Net deferred tax balance — As of December 31, 2018 and 2017, the Company recorded a net deferred tax asset of $57 million and $128 million, respectively. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets. The Company considered the profit before tax generated in recent years, as well as projections of future earnings and estimates of taxable income in arriving at this conclusion. The Company believes that $15 million, a deferred tax asset, for which there are no existing capital gains or available tax planning strategies to utilize the asset in the future may not be realized, resulting in the recording of a valuation allowance.

NOL carryforwards — At December 31, 2018, the Company had domestic NOLs carryforwards for federal income tax purposes of $199 million and cumulative state NOLs of $12 million tax-effected.

Interest disallowance carryforward — Beginning in 2018, the Company had a deferred tax asset of $28 million related to disallowed interest expense under the proposed IRC §163(j) regulation, which was enacted as part of the Tax Cuts and Jobs Act. The disallowed interest deduction has an indefinite carry forward period and any limitations on the utilization of this carryforward have been factored into the valuation allowance analysis. These are proposed regulations which are not final and are subject to change in the regulatory review process.

Uncertain Tax Positions

The Company had no identified uncertain tax positions that require evaluation as of December 31, 2018.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related Party Transactions with CEG entities Administrative Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC (formerly NRG Renew Operation & Maintenance LLC) Various wholly-owned subsidiaries of the Company in the Renewables segment are party to administrative services agreements with Clearway Renewable Operation & Maintenance LLC (formerly NRG Renew Operation & Maintenance LLC), or RENOM, a wholly-owned subsidiary of CEG, which provides Operation and Maintenance, O&M, services to these subsidiaries. The Company incurred total expenses for these services of $30 million, $23 million and $13 million for the years ended December 31, 2018, 2017 and 2016, respectively. There was a balance of $6 million and $5 million due to RENOM as of December 31, 2018 and 2017, respectively. CEG Master Services Agreements Following the consummation of the GIP Transaction, Clearway Energy, Inc. along with Clearway Energy LLC and Clearway Energy Operating LLC entered into Master Services Agreements with CEG, pursuant to which CEG and certain of its affiliates or third party service providers began providing certain services to the Company, including operational and administrative services, which include human resources, information systems, external affairs, accounting, procurement and risk management services, and the Company began providing certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. Amounts due to CEG or its subsidiaries are recorded as accounts payable - affiliate and amounts due to the Company from CEG and subsidiaries are recorded as accounts receivable - affiliate on the Company's consolidated balance sheet. Related Party Transactions with NRG entities prior to the GIP Transaction The following transactions relate to the period prior to sale of NRG's interest in CEG to GIP on August 31, 2018 and therefore were considered to be related party transactions for all the periods prior to August 31, 2018: Power Purchase Agreements (PPAs) between the Company and NRG Power Marketing Elbow Creek and Dover are parties to PPAs with NRG Power Marketing and generate revenue under the PPAs, which are recorded to operating revenues in the Company's consolidated statements of operations. For the eight months ended August 31, 2018, Elbow Creek and Dover, collectively, generated revenues of $8 million. For the years ended December 31, 2017 and 2016, Elbow Creek and Dover, collectively, generated revenues of $12 million and $13 million, respectively. Energy Marketing Services Agreement by and between Thermal entities and NRG Power Marketing Energy Center Dover LLC, Energy Center Minneapolis, Energy Center Phoenix LLC, and Energy Center Paxton LLC, or Thermal entities, are parties to Energy Marketing Services Agreements with NRG Power Marketing, a wholly-owned subsidiary of NRG. Under the agreements, NRG Power Marketing procures fuel and fuel transportation for the operation of Thermal entities. For the eight months ended August 31, 2018, the Thermal entities purchased $7 million of natural gas from NRG Power Marketing. The Thermal entities purchased a total of $9 million of natural gas during each of the years ended December 31, 2017 and 2016. Operation and Maintenance (O&M) Services Agreements by and between Company's subsidiaries and NRG Certain of the Company's subsidiaries are party to O&M Services Agreements with NRG, pursuant to which NRG subsidiaries provide necessary and appropriate services to operate and maintain the subsidiaries' plant operations, businesses and thermal facilities. NRG is reimbursed for the provided services, as well as for all reasonable and related expenses and expenditures, and payments to third parties for services and materials rendered to or on behalf of the parties to the agreements. NRG is not entitled to any management fee or mark-up under the agreements. The fees incurred under these agreements was $27 million for the eight months ended August 31, 2018. The fees incurred under this agreement were $39 million and $36 million for the years ended December 31, 2017 and 2016, respectively. O&M Services Agreements by and between GenConn and NRG GenConn incurs fees under two O&M agreements with wholly-owned subsidiaries of NRG. For the eight months ended August 31, 2018, the aggregate fees incurred under the agreements were $4 million. The fees incurred under the agreements were $5 million during each of the years ended December 31, 2017 and 2016. Administrative Services Agreement by and between Marsh Landing and NRG West Coast LLC Marsh Landing is a party to an administrative services agreement with NRG West Coast LLC, a wholly owned subsidiary of NRG. The Company reimbursed costs under this agreement of $11 million for the eight months ended August 31, 2018. The Company reimbursed costs under this agreement of approximately $15 million and $14 million for the years ended December 31, 2017 and 2016, respectively. Project Administrative Services Agreement by and between ESEC and NRG West Coast LLC During 2018, ESEC, NRG West Coast LLC and NRG Power Marketing LLC, or PML, entered into confirmation agreements under the Project Administration Services Agreement between ESEC and NRG West Coast LLC, whereby PML purchased California Carbon Allowances which ESEC could subsequently purchase for the purposes of ESEC’s compliance with the California Cap-and-Trade Program. ESEC reimbursed costs under these agreements of $11 million for the eight months ended August 31, 2018. Management Services Agreement by and between the Company and NRG Prior to the GIP Transaction, NRG provided the Company with various operational, management, and administrative services, which include human resources, accounting, tax, legal, information systems, treasury, and risk management, as set forth in the Management Services Agreement. Costs incurred under this agreement were $7 million for the eight months ended August 31, 2018. Costs incurred under this agreement were approximately $10 million during each of the years ended December 31, 2017 and 2016, respectively. The costs incurred under the Management Services Agreement included certain direct expenses incurred by NRG on behalf of the Company in addition to the base management fee. On August 31, 2018, in connection with the consummation of the GIP Transaction, the Company entered into a Termination Agreement with Clearway Energy LLC, Clearway Energy Operating LLC and NRG terminating the Management Services Agreement, dated as of July 22, 2013, by and among the Company, Clearway Energy LLC, Clearway Energy Operating LLC and NRG. Subsequent to the GIP Transaction, the Company entered into a Transition Services Agreement with NRG, or the NRG TSA, pursuant to which NRG or certain of its affiliates began providing transitional services to the Company following the consummation of the GIP Transaction, in exchange for the payment of a fee in respect of such services. Expenses related to the NRG TSA are recorded in acquisition-related transaction and integration costs in the consolidated statements of operations. EPC Agreement by and between ECP and NRG NRG Business Services LLC, a subsidiary of NRG, and Energy Center Pittsburgh LLC, or ECP, a wholly owned subsidiary of the Company, entered into an EPC agreement for the construction of a 73 MWt district energy system for ECP to provide 150 kpph of steam, 6,750 tons of chilled water and 7.5 MW of emergency backup power service to UPMC Mercy. The initial term of the energy services agreement with UPMC Mercy will be for a period of twenty years from the service commencement date. On June 19, 2018, as discussed in Note 3, Business Acquisitions, ECP purchased the UPMC Thermal Project assets from NRG Business Services LLC for cash consideration of $84 million, subject to working capital adjustments. The Company paid an additional $3 million to NRG upon final completion of the project in January 2019 pursuant to the EPC agreement.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Lease Commitments

The Company leases certain facilities and equipment under operating leases, some of which include escalation clauses, expiring on various dates through 2048. The effects of these scheduled rent increases, leasehold incentives, and rent concessions are recognized on a straight-line basis over the lease term unless another systematic and rational allocation basis is more representative of the time pattern in which the leased property is physically employed. Lease expense under operating leases was $18 million, $17 million, and $15 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Future minimum lease commitments under operating leases for the years ending after December 31, 2018 are as follows:



	(In millions)
2019	$	13
2020	13
2021	13
2022	13
2023	12
Thereafter	207
Total	$	271

Gas and Transportation Commitments

The Company has entered into contractual arrangements to procure power, fuel and associated transportation services. For the years ended December 31, 2018, 2017 and 2016, the Company purchased $39 million, $34 million and $32 million, respectively, under such arrangements. As further described in Note 15, Related Party Transactions, these purchases include intercompany transactions through August 31, 2018 between certain Thermal entities and NRG Power Marketing under the Energy Marketing Services Agreements in the amount of $7 million for the eight months ended August 31, 2018 and $9 million during each of the years ended December 31, 2017 and 2016.

As of December 31, 2018, the Company's commitments under such outstanding agreements are estimated as follows:



Period	(In millions)
2019	$	11
2020	3
2021	3
2022	3
2023	3
Thereafter	13
Total	$	36

Contingencies

The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material.

In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows.

Nebraska Public Power District Litigation

On January 11, 2019, Nebraska Public Power District, or NPPD, sent written notice to certain of the Company’s subsidiaries which own the Laredo Ridge and Elkhorn Ridge wind projects alleging an event of default under each of the power purchase agreements between NPPD and the projects. NPPD alleges that Company moved forward with certain transactions without obtaining the consent of NPPD. NPPD threatened to terminate the applicable power purchase agreements by February 11, 2019 if the alleged default was not cured. The Company filed a motion for a temporary restraining order and preliminary injunction in the U.S. District Court for the District of Nebraska relating to the Laredo Ridge project, and a similar motion in the District Court of Knox County, Nebraska for the Elkhorn Ridge project, to enjoin NPPD from taking any actions related to the power purchase agreements. On February 19, 2019, the U.S. District Court in the Laredo Ridge matter approved a stipulation between the parties to provide for an injunction preventing NPPD from terminating the PPA pending disposition of the litigation. On February 26, 2019, the Knox County District Court approved a similar stipulation relating to the Elkhorn Ridge project. The Company believes the allegations of NPPD are meritless and the Company is vigorously defending its rights under the power purchase agreements.

Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

Unaudited Quarterly Data

Below is summarized unaudited quarterly financial data for the periods ending December 31, 2018 and 2017. The Company's historical financial results for the four quarters of 2017 were recast to include the results of the Buckthorn Solar Drop Down Asset acquisition, which took place on March 30, 2018, and is further described in Note 3, Business Acquisitions. The Company originally recast its historical quarterly financial statements to include the result of the Buckthorn Drop Down Asset acquisition in its Form 10-Q for the period ended September 30, 2018. Additionally, the quarterly results for the period ended December 31, 2017, as presented below in the table, were recast to include the quarterly operating results of the Buckthorn Solar Drop Down Asset for the period ending December 31, 2017.



	Quarter Ended
	December 31,			September 30,		June 30,		March 31,
	2018
	(In millions, except per share data)
Operating Revenues	$	229		$	292	$	307	$	225
Operating Income	54			100		144		49
Net (Loss) Income	(91		)	49		96		—
Net Income Attributable to Clearway Energy, Inc.	$	(68	)	$	21	$	79	$	16
Weighted average number of Class A common shares outstanding — basic	35			35		35		35
Weighted average number of Class A common shares outstanding — diluted	35			35		49		35
Weighted average number of Class C common shares outstanding — basic	73			69		67		65
Weighted average number of Class C common shares outstanding — diluted	73			69		78		65
Earnings per Weighted Average Class A and Class C Common Share - Basic	$	(0.63	)	$	0.20	$	0.77	$	0.16
Earnings per Weighted Average Class A Common Share - Diluted	$	(0.63	)	$	0.20	$	0.61	$	0.16
Earnings per Weighted Average Class C Common Share - Diluted	$	(0.63	)	$	0.20	$	0.70	$	0.16



	Quarter Ended
	December 31,				September 30,		June 30,		March 31,
	2017
	(In millions, except per share data)
Operating Revenues	$	231			$	269	$	288	$	221
Operating (Loss) Income	20				84		125		54
Net (Loss) Income	(97		)	^(a)	31		44		(2		)
Net (Loss) Income Attributable to Clearway Energy, Inc.	$	(70	)		$	29	$	28	$	(3	)
Weighted average number of Class A common shares outstanding — basic	35				35		35		35
Weighted average number of Class A common shares outstanding — diluted	35				49		49		35
Weighted average number of Class C common shares outstanding — basic	65				64		63		63
Weighted average number of Class C common shares outstanding — diluted	65				75		74		63
(Loss) Earnings per Weighted Average Class A and Class C Common Share - Basic	$	(0.71	)		$	0.30	$	0.29	$	(0.03	)
(Loss) Earnings per Weighted Average Class A Common Share - Diluted	$	(0.71	)		$	0.27	$	0.26	$	(0.03	)
(Loss) Earnings per Weighted Average Class C Common Share - Diluted	$	(0.71	)		$	0.29	$	0.28	$	(0.03	)

^(a) The Company reported Net loss of $98 million for the quarter ending December 31, 2017, as previously reported in the Note 17 , Unaudited Quarterly Financial Data of its Form 2017 10-K. The recast results in the table above include $1 million of Net Income attributable to the Buckthorn Solar Drop Down Asset acquisition.

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant

Clearway Energy, Inc. (Parent)

Condensed Financial Information of Registrant

Condensed Statements of Operations



	Year ended December 31,
(In millions)	2018			2017 ^(a)			2016 ^(a)

Total operating expense	$	1		$	1		$	2
Equity earnings in consolidated subsidiaries	135			61			15
Loss on debt extinguishment	(7		)	—			—
Interest expense, net	(11		)	(12		)	(12		)
Total other income, net	117			49			3
Income Before Income Taxes	116			48			1
Income tax expense (benefit)	62			72			(1		)
Net Income (Loss)	54			(24		)	2
Less: Pre-acquisition net income (loss) of Drop Down Assets	4			7			(4		)
Less: Net income (loss) attributable to noncontrolling interests	2			(15		)	(51		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	48		$	(16	)	$	57

^(a) Retrospectively adjusted as discussed in Note 1, Nature of Business.

Clearway Energy, Inc. (Parent)

Condensed Balance Sheets



	December 31,			December 31,
	2018			2017 ^(a)
ASSETS	(In millions)

Current Assets
Cash and cash equivalents	$	—		$	2
Note receivable - Clearway Energy Operating LLC	215			—
Other Assets
Investment in consolidated subsidiaries	2,182			2,029
Note receivable - Clearway Energy Operating LLC	44			618
Deferred income taxes	57			128
Total Assets	$	2,498		$	2,777
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt	220			—
Accounts payable — affiliate	5			—
Other current liabilities	—			2
Other Liabilities
Long-term debt	44			610
Other non-current liabilities	5			6
Total Liabilities	274			618

Stockholders' Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	—			—
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 193,251,396 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 73,187,646, Class D 42,738,750) at December 31, 2018 and 184,780,837 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 64,717,087, Class D 42,738,750) at December 31, 2017	1			1
Additional paid-in capital	1,897			1,843
Accumulated deficit	(58		)	(69		)
Accumulated other comprehensive loss	(18		)	(28		)
Noncontrolling interest	402			412
Total Stockholders' Equity	2,224			2,159
Total Liabilities and Stockholders' Equity	$	2,498		$	2,777

^(a) Retrospectively adjusted as discussed in Note 1, Nature of Business.

Clearway Energy, Inc. (Parent)

Condensed Statements of Cash Flows



	Years ended December 31,
	2018			2017			2016
	(In millions)
Net Cash Provided by (Used in) Operating Activities	$	3		$	—		$	(5	)
Cash Flows from Investing Activities
Investments in consolidated affiliates	(150		)	(33		)	5
Decrease in notes receivable - affiliate	359			—			—
Net Cash Provided by (Used in) Investing Activities	209			(33		)	5
Cash Flows from Financing Activities
Payments for long-term debt	(367		)	—			—
Proceeds from the issuance of common stock	153			34			—
Cash received from Clearway Energy LLC for the payment of dividends	130			108			92
Payment of dividends	(130		)	(108		)	(92		)
Net Cash (Used in) Provided by Financing Activities	(214		)	34			—
Net (Decrease) Increase in Cash and Cash Equivalents	(2		)	1			—
Cash and Cash Equivalents at Beginning of Period	2			1			1
Cash and Cash Equivalents at End of Period	$	—		$	2		$	1

Background and Basis of Presentation

Background

Clearway Energy, Inc. (formerly NRG Yield, Inc.), together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. On August 31, 2018, NRG Energy, Inc., or NRG, transferred its full ownership interest in the Company to Clearway Energy Group LLC, or CEG, the holder of NRG's renewable energy development and operations platform, and subsequently sold 100% of its interest in CEG to Global Infrastructure Partners III, or GIP, referred to hereinafter as the NRG Transaction. As a result of the NRG Transaction, GIP indirectly acquired a 45.2% economic interest in Clearway Energy LLC and a 55% voting interest in the Company. GIP is an independent fund manager that invests in infrastructure assets in energy and transport sectors. The Company is sponsored by GIP through GIP's portfolio company, Clearway Energy Group.

The Company’s environmentally-sound asset portfolio includes over 5,272 MW of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The weighted average remaining contract duration of these offtake agreements was approximately 15 years as of December 31, 2018 based on CAFD. The Company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,385 net MWt and electric generation capacity of 133 net MW. These thermal infrastructure assets provide steam, hot and/or chilled water, and, in some instances, electricity to commercial businesses, universities, hospitals and governmental units in multiple locations, principally through long-term contracts or pursuant to rates regulated by state utility commissions.

The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units.

As a result of the Class C common stock issuances during the year ended December 31, 2018, the Company currently owns 55.8% of the economic interests of Clearway Energy LLC, with CEG retaining 44.2% of the economic interests of Clearway Energy LLC.

Basis of Presentation

The condensed parent-only company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of Clearway Energy, Inc.’s subsidiaries exceed 25% of the consolidated net assets of Clearway Energy, Inc. The parent's 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent-only financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Clearway Energy, Inc.

Prior to the GIP Transaction on August 31, 2018, the Company completed several acquisitions of Drop Down Assets from NRG, which were accounted for as transfer of entities under common control. The accounting guidance for transfers of entities under common control requires retrospective combination of the entities for all periods presented as if the combinations had been in effect from the beginning of the financial statement period or from the date the entities were under common control (if later than the beginning of the financial statement period). For further discussion, see Note 3, Business Acquisitions to the Consolidated Financial Statements.

Note 2 — Long-Term Debt

For a discussion of Clearway Energy, Inc.’s financing arrangements, see Note 10, Long-term Debt, to the Company's consolidated financial statements.

Note 3 — Commitments, Contingencies and Guarantees

See Note 14, Income Taxes, and Note 16, Commitments and Contingencies, to the Company's consolidated financial statements for a detailed discussion of Clearway Energy, Inc.’s commitments and contingencies.

Note 4 — Dividends

Cash distributions paid to Clearway Energy, Inc. by its subsidiary, Clearway Energy LLC, were $130 million, $108 million, and $92 million for the years ended December 31, 2018, 2017, and 2016, respectively.

Schedule II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2018, 2017, and 2016



	Balance at Beginning of Period		Charged to Costs and Expenses			Charged to Other Accounts		Balance at End of Period
	(In millions)
Income tax valuation allowance, deducted from deferred tax assets
Year Ended December 31, 2018	$	10	$	5		$	—	$	15
Year Ended December 31, 2017	16		(6		)	—		10
Year Ended December 31, 2016	—		—			16		16

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Cash and Cash Equivalents

Cash and Cash Equivalents, and Restricted Cash

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase.

Restricted Cash



	Year ended December 31,
	2018		2017		2016
	(In millions)
Cash and cash equivalents	$	407	$	148	$	322
Restricted cash	176		168		176
Cash, cash equivalents and restricted cash shown in the statement of cash flows	583		316		498

Trade Receivables and Allowance for Doubtful Accounts

Notes Receivable

Inventory

Property, Plant and Equipment

Development costs include project development costs, which are expensed in the preliminary stages of a project and

Asset Impairments

Debt Issuance Costs

Long-Term Debt

For a discussion of Clearway Energy, Inc.’s financing arrangements, see Note 10, Long-term Debt, to the Company's consolidated financial statements.

Revenue Recognition

Revenue from Contracts with Customers

Thermal Revenues

Power Purchase Agreements, or PPAs

Renewable Energy Credits, or RECs

Sale of Emission Allowances

Derivative Financial Instruments


•	Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or


•	Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings.

Concentrations of Credit Risk

Fair Value of Financial Instruments

Asset Retirement Obligations



	(In millions)
Balance as of December 31, 2017	$	58
Revisions in estimates for current obligations/Additions	5
Accretion — expense	4
Balance as of December 31, 2018	$	67

Guarantees

Investments Accounted for by the Equity Method

Leases

Sale Leaseback Arrangements

Business Combinations

Use of Estimates

Tax Equity Arrangements

Recent Accounting Developments

Recent Accounting Developments - Adopted in 2019

Commitments, Contingencies and Guarantees

Dividends

Nature of Business Nature of Business (Tables)	12 Months Ended
Nature of Business Nature of Business (Tables)	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company organization chart	The following table represents the structure of the Company as of December 31, 2018:
The Company's operating assets are comprised of the following projects:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Reconciliation of cash and cash equivalents and restricted cash and funds deposited to cash flow



	Year ended December 31,
	2018		2017		2016
	(In millions)
Cash and cash equivalents	$	407	$	148	$	322
Restricted cash	176		168		176
Cash, cash equivalents and restricted cash shown in the statement of cash flows	583		316		498

Disaggregation of revenue

The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2018, along with the reportable segment for each category:



	Year ended December 31, 2018
(In millions)	Conventional Generation			Renewables			Thermal			Corporate		Total
Energy revenue^(a)	$	5		$	572		$	4		—		$	581
Capacity revenue^(a)	337			—			166			—		503
Other revenues	—			16			26			(3	)	39
Contract amortization	(5		)	(62		)	(3		)	—		(70		)
Total operating revenue	337			526			193			(3	)	1,053
Less: Lease revenue	(342		)	(534		)	(2		)	—		(878		)
Less: Contract amortization	5			62			3			—		70
Total revenue from contracts with customers	$	—		$	54		$	194		(3	)	$	245

^(a)The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840:



	Conventional Generation		Renewables		Thermal		Total
Energy Revenue	$	5	$	534	$	2	$	541
Capacity Revenue	337		—		—		337
	342		534		2		878

Contract balances

The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of December 31, 2018:



(In millions)	December 31, 2018		December 31, 2017
Accounts receivable, net - Contracts with customers	$	35	$	28
Accounts receivable, net - Leases	69		67
Total accounts receivable, net	$	104	$	95

Schedule of asset retirement obligations



	(In millions)
Balance as of December 31, 2017	$	58
Revisions in estimates for current obligations/Additions	5
Accretion — expense	4
Balance as of December 31, 2018	$	67

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Buckthorn solar drop down asset

The following is a summary of net assets transferred in connection with the acquisition of the Buckthorn Solar Drop Down Asset as of March 31, 2018:



	(In millions)
Assets:
Current assets	$	20
Property, plant and equipment	212
Non-current assets	3
Total assets	235
Liabilities:
Debt (Current and non-current) ^(a)	176
Other current and non-current liabilities	15
Total liabilities	191
Less: noncontrolling interest	19
Net assets acquired	$	25

^(a) Net of $7 million of net debt issuance costs.



	Year ended December 31, 2017
	As Previously Reported			Buckthorn Solar Drop Down Asset			As Currently Reported
(In millions)
Total operating revenues	$	1,009		$	—		$	1,009
Operating income	283			—			283
Net loss	(23		)	(1		)	(24		)
Less: Pre-acquisition net income (loss) of Drop Down Assets	8			(1		)	7
Less: Loss attributable to noncontrolling interests	(15		)	—			(15		)
Net loss attributable to Clearway Energy, Inc.	(16		)	—			(16		)

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

The Company’s major classes of property, plant, and equipment were as follows:



	December 31, 2018			December 31, 2017			Depreciable Lives
	(In millions)
Facilities and equipment	$	6,638		$	6,291		2 - 45 Years
Land and improvements	171			166
Construction in progress ^(a)	26			238
Total property, plant and equipment	6,835			6,695
Accumulated depreciation	(1,590		)	(1,285		)
Net property, plant and equipment	$	5,245		$	5,410

Investments Accounted for by the Equity Method and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

The following tables present summarized financial information for the Company's significant equity method investments:



	Year Ended December 31,
	2018		2017			2016
Income Statement Data:	(In millions)
GenConn
Operating revenues	$	65	$	71		$	72
Operating income	32		36			38
Net income	22		26			26
Desert Sunlight
Operating revenues	208		207			211
Operating income	129		127			129
Net income	84		80			80
DGPV entities ^(a)
Operating revenues	69		37			14
Operating income	23		7			2
Net income (loss)	11		(3		)	—
RPV Holdco
Operating revenues	14		16			13
Operating income	—		3			2
Net income	—		3			2
Other ^(b)
Operating revenues	249		247			193
Operating income	103		89			71
Net income	$	75	$	56		$	38
			As of December 31,
			2018			2017
Balance Sheet Data:			(In millions)
GenConn
Current assets			$	43		$	38
Non-current assets			358			374
Current liabilities			22			18
Non-current liabilities			182			189
Desert Sunlight
Current assets			133			133
Non-current assets			1,298			1,350
Current liabilities			58			64
Non-current liabilities			962			1,003
DGPV entities ^(a)
Current assets			79			74
Non-current assets			784			671
Current liabilities			84			83
Non-current liabilities			314			216
Redeemable Noncontrolling Interest			—			44
RPV Holdco
Current assets			2			3
Non-current assets			173			183
Current liabilities			1			—
Non-current liabilities			8			7
Redeemable Noncontrolling Interest			26			16
Other ^(b)
Current assets			148			139
Non-current assets			2,511			2,621
Current liabilities			58			60
Non-current liabilities			$	889		$	932

^(a)Includes DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3.

^(b)Includes Agua Caliente, Utah Solar Portfolio, Avenal, Elkhorn Ridge and San Juan Mesa.

The following table summarizes the Company's equity method investments as of December 31, 2018:



Name	Economic Interest	Investment Balance
		(In millions)
Utah Solar Portfolio^(a)	50%	$317
Desert Sunlight^(e)	25%	264
GenConn^(b)	50%	98
Agua Caliente Solar^(e)	16%	90
Elkhorn Ridge^(c)	66.7%	59
San Juan Mesa^(c)	75%	57
DGPV Holdco 1 LLC ^(d)	95%	81
DGPV Holdco 2 LLC ^(d)	95%	63
DGPV Holdco 3 LLC ^(d)	99%	116
RPV Holdco 1 LLC^(d)	95%	29
Avenal^(e)	50%	(2)
		$1,172

^(b) GenConn is a variable interest entity.

Schedule of variable interest entities

Summarized financial information for the Company's consolidated VIEs consisted of the following as of December 31, 2018:



(In millions)	Wind TE Holdco		Alta TE Holdco		Spring Canyon		Buckthorn Renewables, LLC
Other current and non-current assets	$	215	$	17	$	2	$	15
Property, plant and equipment	346		410		91		223
Intangible assets	2		249		—		—
Total assets	563		676		93		238
Current and non-current liabilities	210		9		4
Total liabilities	210		9		4		135
Noncontrolling interest	45		63		49		43
Net assets less noncontrolling interests	$	308	$	604	$	40	$	60

Estimated carrying amounts and fair values

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:



	As of December 31, 2018				As of December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Assets:
Notes receivable, including current portion	$	—	$	—	$	13	$	13
Liabilities:
Long-term debt, including current portion ^(a)	$	6,043	$	5,943	$	6,066	$	6,099

^(a)Carrying amounts are presented net of discounts.

Level within fair value hierarchy

The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2018 and 2017:



	As of December 31, 2018				As of December 31, 2017
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,620	$	4,323	$	1,502	$	4,597

Assets and liabilities measured and recorded at fair value

The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:



	As of December 31, 2018		As of December 31, 2017
	Fair Value ^(a)		Fair Value ^(a)
(In millions)	Level 2		Level 2
Derivative assets:
Commodity contracts ^(b)	$	—	$	1
Interest rate contracts	11		1
Total assets	$	11	$	2
Derivative liabilities:
Commodity contracts ^(b)	$	—	$	1
Interest rate contracts	21		48
Total liabilities	$	21	$	49

^(a)There were no derivative assets or liabilities classified as Level 1 or 3 as of December 31, 2018 and 2017.

^(b)The fair value of commodities was not material as of December 31, 2018.

Accounting for Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity

The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2018 and 2017:



		Total Volume
		December 31, 2018		December 31, 2017
Commodity	Units	(In millions)
Natural Gas	MMBtu	1		2
Interest	Dollars	$	1,862	$	2,050

Fair value within the derivative instrument valuation on the balance sheets

The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:



	Fair Value
	Derivative Assets ^(a)				Derivative Liabilities
	December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	—	$	1	$	4
Interest rate contracts long-term	3		1		6		9
Total Derivatives Designated as Cash Flow Hedges	5		1		7		13
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	1		—		3		13
Interest rate contracts long-term	5		—		11		22
Commodity contracts current ^(b)	—		1		—		1
Total Derivatives Not Designated as Cash Flow Hedges	6		1		14		36
Total Derivatives	$	11	$	2	$	21	$	49

^(a) Derivative Asset balances classified as current are included within the prepayments and other current assets line item of the Consolidated Balance Sheet.

^(b) The fair value of commodities was not material as of December 31, 2018

Offsetting of derivatives by counterparty master agreement level and collateral received or paid

The following tables summarize the offsetting of derivatives by counterparty master agreement level:



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2018	Gross Amounts of Recognized Assets/Liabilities			Derivative Instruments			Net Amount
Interest rate contracts:
Derivative assets	$	11		$	(1	)	$	10
Derivative liabilities	(21		)	1			(20		)
Total interest rate contracts	(10		)	—			(10		)
Total derivative instruments	$	(10	)	$	—		$	(10	)



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2017	Gross Amounts of Recognized Assets/Liabilities			Derivative Instruments			Net Amount
Commodity contracts:	(In millions)
Derivative assets	$	1		$	—		$	1
Derivative liabilities	(1		)	—			(1		)
Total commodity contracts	—			—			—
Interest rate contracts:
Derivative assets	1			(1		)	—
Derivative liabilities	(48		)	1			(47		)
Total interest rate contracts	(47		)	—			(47		)
Total derivative instruments	$	(47	)	$	—		$	(47	)

Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax

The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:



	Year ended December 31,
	2018			2017			2016
	(In millions)
Accumulated OCL beginning balance	$	(60	)	$	(70	)	$	(83	)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts	14			10			13
Mark-to-market of cash flow hedge accounting contracts	8			—			—
Accumulated OCL ending balance, net of income tax benefit of $7, $9 and $16, respectively	$	(38	)	$	(60	)	$	(70	)
Accumulated OCL attributable to noncontrolling interests	(20		)	(32		)	(42		)
Accumulated OCL attributable to Clearway Energy, Inc.	$	(18	)	$	(28	)	$	(28	)
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1	$	8

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of the components of the Company's intangible assets subject to amortization

The following tables summarize the components of intangible assets subject to amortization:



Year ended December 31, 2018	PPAs			Leasehold Rights			Customer Relationships			Customer Contracts			Emission Allowances			Other			Total
(In millions)
December 31, 2018	$	1,280		$	86		$	66		$	15		$	9		$	8		$	1,464
Less accumulated amortization	(269		)	(18		)	(7		)	(9		)	(2		)	(3		)	(308		)
Net carrying amount	$	1,011		$	68		$	59		$	6		$	7		$	5		$	1,156



Year ended December 31, 2017	PPAs			Leasehold Rights			Customer Relationships			Customer Contracts			Emission Allowances			Other			Total
(In millions)
January 1, 2017	$	1,286		$	86		$	66		$	15		$	9		$	9		$	1,471
Asset Impairments ^(a)	(6		)	—			—			—			—			—			(6		)
December 31, 2017	1,280			86			66			15			9			9			1,465
Less accumulated amortization	(205		)	(13		)	(5		)	(8		)	(3		)	(3		)	(237		)
Net carrying amount	$	1,075		$	73		$	61		$	7		$	6		$	6		$	1,228

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt



(In millions)	December 31, 2018		December 31, 2017
Interest expense^(a)	$	19	$	21
Debt discount amortization	9		9
Debt issuance costs amortization	3		3
	$	31	$	33

(a) Interest expense is calculated using coupon rate of 3.25% and 3.50% for 2020 and 2019 Convertible Notes, respectively.

The Company's borrowings, including short term and long term portions consisted of the following:



	December 31, 2018			December 31, 2017			Interest rate % ^(a)	Letters of Credit Outstanding at December 31, 2018
	(In millions, except rates)
2019 Convertible Notes	$	220		$	345		3.500
2020 Convertible Notes	45			288			3.250
2024 Senior Notes	500			500			5.375
2025 Senior Notes	600			—			5.750
2026 Senior Notes	350			350			5.000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2019 ^(b)	—			55			L+1.75	$	41
Project-level debt:
Agua Caliente Borrower 2, due 2038^(d)	39			41			5.430	17
Alpine, due 2022 ^(d)	127			135			L+1.750	16
Alta Wind I - V lease financing arrangements, due 2034 and 2035	886			926			5.696 - 7.015	44
Buckthorn Solar, due 2025	132			169			L+1.750	26
CVSR, due 2037 ^(d)	720			746			2.339 - 3.775	—
CVSR Holdco Notes, due 2037 ^(d)	188			194			4.680	13
El Segundo Energy Center, due 2023	352			400			L+1.75 - L+2.375	138
Energy Center Minneapolis Series C, D, E, F, G, H Notes, due 2025-2037	328			208			various	—
Laredo Ridge, due 2028	89			95			L+1.875	10
Kansas South, due 2030 ^(d)	26			29			L+2.00	2
Marsh Landing, due 2023 ^(d)	263			318			L+2.125	60
South Trent Wind, due 2020	50			53			L+1.625	10
Tapestry, due 2021	151			162			L+1.75	20
Utah Solar Portfolio, due 2022	267			278			various	13
Viento, due 2023	146			163			L+2.00	26
Walnut Creek, due 2023	222			267			L+1.75	74
Other	343			361			various	24
Subtotal project-level debt	4,329			4,545
Total debt	6,044			6,083
Less current maturities	(535		)	(339		)
Less net debt issuance costs	(61		)	(68		)
Less discounts^(c)	(1		)	(17		)
Total long-term debt	$	5,447		$	5,659

^(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement.

^(c) Discounts relate to the 2019 Convertible Notes and 2020 Convertible Notes.

Series E,F,G,H interest rates



(In millions)	Amount			Interest Rate
Energy Center Minneapolis Series E Notes, due 2033	$	70		4.80	%
Energy Center Minneapolis Series F Notes, due 2033	10			4.60	%
Energy Center Minneapolis Series G Notes, due 2035	83			5.90	%
Energy Center Minneapolis Series H Notes, due 2037	40			4.83	%
Total proceeds	$	203
Repayment of Energy Center Minneapolis Series C Notes, due 2025	(83		)	5.95	%
Net borrowings	$	120

Summary of swaps related to the Company's project level debt

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2018:



	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2018 (In millions)		Effective Date	Maturity Date
Alpine	85	%	various		3-Month LIBOR	$	108	various	various
Avra Valley	87	%	2.333	%	3-Month LIBOR	44		November 30, 2012	November 30, 2030
AWAM	100	%	2.47	%	3-Month LIBOR	16		May 22, 2013	May 15, 2031
Blythe	75	%	3.563	%	3-Month LIBOR	12		June 25, 2010	June 25, 2028
Borrego	75	%	1.125	%	3-Month LIBOR	3		April 3, 2013	June 30, 2020
Buckthorn Solar	83	%	various		3-Month LIBOR	109		February 28, 2018	December 31, 2041
El Segundo	85	%	various		3-Month LIBOR	299		various	various
Kansas South	75	%	2.368	%	6-Month LIBOR	20		June 28, 2013	December 31, 2030
Laredo Ridge	80	%	2.31	%	3-Month LIBOR	71		March 31, 2011	March 31, 2026
Marsh Landing	94	%	3.244	%	3-Month LIBOR	246		June 28, 2013	June 30, 2023
Roadrunner	75	%	4.313	%	3-Month LIBOR	24		September 30, 2011	December 31, 2029
South Trent	75	%	3.265	%	3-Month LIBOR	37		June 15, 2010	June 14, 2020
South Trent	75	%	4.95	%	3-Month LIBOR	21		June 30, 2020	June 14, 2028
Tapestry	90	%	2.21	%	3-Month LIBOR	136		December 30, 2011	December 21, 2021
Tapestry	50	%	3.57	%	3-Month LIBOR	60		December 21, 2021	December 21, 2029
Utah Solar Portfolio	80	%	various		1-Month LIBOR	214		various	September 30, 2036
Viento Funding II	91	%	various		6-Month LIBOR	134		various	various
Viento Funding II	90	%	4.985	%	6-Month LIBOR	65		July 11, 2023	June 30, 2028
Walnut Creek Energy	90	%	various		3-Month LIBOR	200		June 28, 2013	May 31, 2023
WCEP Holdings	100	%	4.003	%	3-Month LIBOR	43		June 28, 2013	May 31, 2023
Total						$	1,862

Schedule of annual payments based on the maturities of NRG Yield's debt

Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2018, are as follows:



	(In millions)
2019	$	534
2020	406
2021	447
2022	646
2023	389
Thereafter	3,622
Total	$	6,044

Reconciliation of the Company's basic earnings per share to diluted earnings per share

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

The reconciliation of the Company's basic and diluted (loss) earnings per share is shown in the following table:



	Year Ended December 31,
	2018				2017						2016
(In millions, except per share data) ^(a)	Common Class A		Common Class C		Common Class A			Common Class C			Common Class A		Common Class C
Basic and diluted earnings (loss) per share attributable to Clearway Energy, Inc. common stockholders
Net income (loss) attributable to Clearway Energy, Inc.	$	16	$	32	$	(6	)	$	(10	)	$	20	$	37
Weighted average number of common shares outstanding — basic and diluted	35		69		35			64			35		63
Earnings (Loss) per weighted average common share — basic and diluted	$	0.46	$	0.46	$	(0.16	)	$	(0.16	)	$	0.58	$	0.58

^(a)Net (loss) income attributable to Clearway Energy, Inc. and basic and diluted (loss) earnings per share might not recalculate due to presenting values in millions rather than whole dollars.

Summary of Company's outstanding equity instruments not included in diluted earnings per share

The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share:



	Year Ended December 31,
	2018	2017	2016
	(In millions of shares)
2019 Convertible Notes - Common Class A	9	15	15
2020 Convertible Notes - Common Class C	8	10	10

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of dividends paid

The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2018:



	Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Dividends per Class A share	$	0.331	$	0.320	$	0.309	$	0.298
Dividends per Class C share	$	0.331	$	0.320	$	0.309	$	0.298

Schedule of distributions paid



	Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Distributions per Class B unit	$	0.331	$	0.320	$	0.309	$	0.298
Distributions per Class D unit	$	0.331	$	0.320	$	0.309	$	0.298

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Customers accounting for more than 10% of revenue

The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2018, 2017 and 2016:



	2018		2017		2016
Customer	Conventional (%)	Renewables (%)	Conventional (%)	Renewables (%)	Conventional (%)	Renewables (%)
SCE	20%	20%	21%	20%	21%	21%
PG&E	12%	11%	12%	11%	12%	11%

Segment reporting information



	Year ended December 31, 2017
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues	$	336		$	501		$	172		$	—		$	1,009
Cost of operations	77			133			116			—			326
Depreciation and amortization	103			210			21			—			334
Impairment losses	—			44			—			—			44
General and administrative	—			—			—			19			19
Acquisition-related transaction and integration costs	—			—			—			3			3
Operating income (loss)	156			114			35			(22		)	283
Equity in earnings of unconsolidated affiliates	12			59			—			—			71
Other income, net	1			2			—			1			4
Loss on debt extinguishment	—			(3		)	—			—			(3		)
Interest expense	(49		)	(164		)	(10		)	(84		)	(307		)
Income (loss) before income taxes	120			8			25			(105		)	48
Income tax benefit	—			—			—			72			72
Net Income (Loss)	120			8			25			(177		)	(24		)
Less: Net (loss) income attributable to noncontrolling interests	—			(75		)	—			60			(15		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	120		$	76		$	25		$	(237	)	(16		)
Balance Sheet
Equity investments in affiliates	$	102		$	1,076		$	—		$	—		$	1,178
Capital expenditures ^(a)	15			181			16			—			212
Total Assets	$	1,897		$	6,017		$	422		$	153		$	8,489

^(a) Includes accruals.



	Year ended December 31, 2016
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues	$	333		$	532		$	170		$	—		$	1,035
Cost of operations	66			128			114			—			308
Depreciation and amortization	80			203			20			—			303
Impairment losses	—			185			—			—			185
General and administrative	—			—			—			16			16
Acquisition-related transaction and integration costs	—			—			—			1			1
Operating income (loss)	187			16			36			(17		)	222
Equity in earnings of unconsolidated affiliates	13			47			—			—			60
Other income, net	1			2			—			—			3
Interest expense	(48		)	(151		)	(7		)	(78		)	(284		)
Income (loss) before income taxes	153			(86		)	29			(95		)	1
Income tax expense	—			—			—			(1		)	(1		)
Net Income (Loss)	153			(86		)	29			(94		)	2
Less: Net (loss) income attributable to noncontrolling interests	—			(111		)	—			60			(51		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	153		$	29		$	29		$	(154	)	57



	Year ended December 31, 2018
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues ^(a)	$	337		$	526		$	193		$	(3	)	$	1,053
Cost of operations ^(a)	62			146			127			(3		)	332
Depreciation and amortization	101			207			23			—			331
General and administrative	—			—			1			19			20
Acquisition-related transaction and integration costs	—			—			—			20			20
Development costs	—			—			2			1			3
Operating income (loss)	174			173			40			(40		)	347
Equity in earnings of unconsolidated affiliates	11			63			—			—			74
Other income, net	1			4			1			2			8
Loss on debt extinguishment	—			—			—			(7		)	(7		)
Interest expense	(51		)	(154		)	(12		)	(89		)	(306		)
Income (loss) before income taxes	135			86			29			(134		)	116
Income tax expense	—			—			—			62			62
Net Income (Loss)	135			86			29			(196		)	54
Less: Net income (loss) attributable to noncontrolling interests and Pre-acquisition net income of Drop Down Assets	—			(100		)	—			106			6
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	135		$	186		$	29		$	(302	)	$	48
Balance Sheet
Equity investment in affiliates	$	98		$	1,074		$	—		$	—		$	1,172
Capital expenditures ^(b)	14			26			28			—			68
Total Assets	$	1,788		$	5,836		$	516		$	360		$	8,500

^(a) Inter-segment revenues and cost of operations include



	Year ended December 31, 2016
(In millions)	Conventional Generation			Renewables			Thermal			Corporate			Total
Operating revenues	$	333		$	532		$	170		$	—		$	1,035
Cost of operations	66			128			114			—			308
Depreciation and amortization	80			203			20			—			303
Impairment losses	—			185			—			—			185
General and administrative	—			—			—			16			16
Acquisition-related transaction and integration costs	—			—			—			1			1
Operating income (loss)	187			16			36			(17		)	222
Equity in earnings of unconsolidated affiliates	13			47			—			—			60
Other income, net	1			2			—			—			3
Interest expense	(48		)	(151		)	(7		)	(78		)	(284		)
Income (loss) before income taxes	153			(86		)	29			(95		)	1
Income tax expense	—			—			—			(1		)	(1		)
Net Income (Loss)	153			(86		)	29			(94		)	2
Less: Net (loss) income attributable to noncontrolling interests	—			(111		)	—			60			(51		)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	153		$	29		$	29		$	(154	)	57

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income tax provision from continuing operations

The income tax provision consisted of the following amounts:



	Year Ended December 31,
	2018		2017			2016
	(In millions, except percentages)
Current
U.S. Federal	$	—	$	—		$	—
State	—		—			—
Total — current	—		—			—
Deferred
U.S. Federal	28		75			(1		)
State	34		(3		)	—
Total — deferred	62		72			(1		)
Total income tax expense (benefit)	$	62	$	72		$	(1	)

Reconciliation of the U.S. federal statutory rate to the Company's effective rate

A reconciliation of the U.S. federal statutory rate of 21% and 35% to the Company's effective rate is as follows:



	Year Ended December 31,
	2018			2017			2016
	(In millions, except percentages)
Income Before Income Taxes	$	116		$	48		$	1
Tax at 21%/35%	24			17			—
State taxes, net of federal benefit	8			(3		)	—
Deferred state rate change due to deconsolidation from NRG	20			—			—
Tax Cuts and Jobs Act - tax rate change	—			68			—
Impact of non-taxable equity earnings	8			(9		)	(1		)
Investment tax credits	(3		)	(1		)	(1		)
Production tax credits, including prior year true-up	(1		)	(1		)	4
Valuation allowance adjustment	3			—			—
Other	3			1			(3		)
Income tax expense (benefit)	$	62		$	72		$	(1	)
Effective income tax rate	53		%	150		%	(100		)%

Company's deferred tax assets and liabilities

The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following:



	As of December 31,
	2018			2017
	(In millions)
Deferred tax liabilities:
Investment in projects	$	192		$	70
Total deferred tax liabilities	192			70
Deferred tax assets:
Interest expense disallowance carryforward - Investment in Projects	28
Production tax credits	8			7
Investment tax credits	5			1
U.S. Federal net operating loss carryforwards	199			183
Capital loss carryforwards	12			10
State net operating loss carryforwards	12			7
Total deferred tax assets	264			208
Valuation allowance	$	(15	)	$	(10	)
Total deferred tax assets, net of valuation allowance	$	249		$	198
Net deferred noncurrent tax asset	$	57		$	128

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Long-term purchase commitment

As of December 31, 2018, the Company's commitments under such outstanding agreements are estimated as follows:



Period	(In millions)
2019	$	11
2020	3
2021	3
2022	3
2023	3
Thereafter	13
Total	$	36

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of unaudited quarterly financial data



	Quarter Ended
	December 31,			September 30,		June 30,		March 31,
	2018
	(In millions, except per share data)
Operating Revenues	$	229		$	292	$	307	$	225
Operating Income	54			100		144		49
Net (Loss) Income	(91		)	49		96		—
Net Income Attributable to Clearway Energy, Inc.	$	(68	)	$	21	$	79	$	16
Weighted average number of Class A common shares outstanding — basic	35			35		35		35
Weighted average number of Class A common shares outstanding — diluted	35			35		49		35
Weighted average number of Class C common shares outstanding — basic	73			69		67		65
Weighted average number of Class C common shares outstanding — diluted	73			69		78		65
Earnings per Weighted Average Class A and Class C Common Share - Basic	$	(0.63	)	$	0.20	$	0.77	$	0.16
Earnings per Weighted Average Class A Common Share - Diluted	$	(0.63	)	$	0.20	$	0.61	$	0.16
Earnings per Weighted Average Class C Common Share - Diluted	$	(0.63	)	$	0.20	$	0.70	$	0.16



	Quarter Ended
	December 31,				September 30,		June 30,		March 31,
	2017
	(In millions, except per share data)
Operating Revenues	$	231			$	269	$	288	$	221
Operating (Loss) Income	20				84		125		54
Net (Loss) Income	(97		)	^(a)	31		44		(2		)
Net (Loss) Income Attributable to Clearway Energy, Inc.	$	(70	)		$	29	$	28	$	(3	)
Weighted average number of Class A common shares outstanding — basic	35				35		35		35
Weighted average number of Class A common shares outstanding — diluted	35				49		49		35
Weighted average number of Class C common shares outstanding — basic	65				64		63		63
Weighted average number of Class C common shares outstanding — diluted	65				75		74		63
(Loss) Earnings per Weighted Average Class A and Class C Common Share - Basic	$	(0.71	)		$	0.30	$	0.29	$	(0.03	)
(Loss) Earnings per Weighted Average Class A Common Share - Diluted	$	(0.71	)		$	0.27	$	0.26	$	(0.03	)
(Loss) Earnings per Weighted Average Class C Common Share - Diluted	$	(0.71	)		$	0.29	$	0.28	$	(0.03	)

Nature of Business - Narrative (Details) - MW	12 Months Ended
Nature of Business - Narrative (Details) - MW	Dec. 31, 2018	Aug. 31, 2018	Mar. 30, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ownership interest acquired			100.00%
Weighted average remaining PPA term	15 years
Clearway Energy, Inc. \| NRG
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ownership interest sold		100.00%
Clearway Energy LLC \| GIP
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ownership interest acquired		45.20%
Clearway Energy, Inc. \| GIP
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ownership interest acquired		55.00%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Power generation gapacity, megawatts	5,272
Thermal
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Power generation gapacity, megawatts	133
Steam and chilled water capacity, megawatts thermal equivalent	1,385
Shareholders \| Clearway Energy LLC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Limited liability company (LLC) or limited partnership (LP), members or limited partners, voting interest	45.00%
Limited liability company or limited partnership, members or limited partners, ownership interest	55.80%
GIP \| Clearway Energy LLC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Limited liability company (LLC) or limited partnership (LP), members or limited partners, voting interest	55.00%
Limited liability company or limited partnership, members or limited partners, ownership interest	44.20%
CEG \| Clearway Energy LLC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Limited liability company or limited partnership, members or limited partners, ownership interest	44.20%
Clearway Energy, Inc. \| Clearway Energy LLC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Limited liability company or limited partnership, members or limited partners, ownership interest	55.80%

Summary of Significant Accounting Policies (Details) - USD ($)

3 Months Ended

8 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Aug. 31, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Jan. 01, 2019

Dec. 31, 2015

^[2]

Summary of Significant Accounting Policies [Line Items]

$ 407,000,000

$ 148,000,000

^[1]

$ 407,000,000

$ 148,000,000

^[1]

$ 322,000,000

Cash, cash equivalents and restricted cash shown in the statement of cash flows

176,000,000

168,000,000

^[1]

176,000,000

168,000,000

^[1]

176,000,000

583,000,000

316,000,000

^[2]

583,000,000

316,000,000

^[2]

498,000,000

^[2]

$ 254,000,000

Contingent rental income

583,000,000

559,000,000

583,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset Retirement Obligation

$ 58,000,000

58,000,000

Revisions in estimates for current obligations/Additions

5,000,000

Accretion — expense

4,000,000

Asset Retirement Obligation

67,000,000

58,000,000

67,000,000

58,000,000

229,000,000

$ 292,000,000

$ 307,000,000

$ 225,000,000

231,000,000

$ 269,000,000

$ 288,000,000

$ 221,000,000

1,053,000,000

1,009,000,000

^[3]

1,035,000,000

878,000,000

Disaggregation of revenue from contracts with customers

(70,000,000)

245,000,000

Accounts receivable

104,000,000

95,000,000

104,000,000

95,000,000

Income Taxes, Threshold Percentage

$ 3,000,000

2,000,000

50.00%

Project Level Subsidiaries

Summary of Significant Accounting Policies [Line Items]

Cash and cash equivalents held at project subsidiaries

109,000,000

124,000,000

$ 109,000,000

124,000,000

Operating Funds

Summary of Significant Accounting Policies [Line Items]

Summary of Significant Accounting Policies [Line Items]

84,000,000

Long-Term Debt, Current

Summary of Significant Accounting Policies [Line Items]

26,000,000

Debt Service Obligations

Summary of Significant Accounting Policies [Line Items]

32,000,000

Cash Distribution

Subsidiaries Affected By Bankruptcy

34,000,000

Summary of Significant Accounting Policies [Line Items]

Summary of Significant Accounting Policies [Line Items]

31,000,000

NRG

Intercompany revenue

8,000,000

12,000,000

13,000,000

NRG | Elbow Creek

Summary of Significant Accounting Policies [Line Items]

Intercompany revenue

$ 6,000,000

8,000,000

Customer Contracts

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Accounts receivable

35,000,000

28,000,000

35,000,000

28,000,000

Lease Agreements

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Accounts receivable

$ 69,000,000

$ 67,000,000

69,000,000

67,000,000

Energy Revenue

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

581,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

541,000,000

Capacity Revenue

503,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

337,000,000

Other revenues

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

39,000,000

Conventional Generation

337,000,000

336,000,000

333,000,000

Conventional Generation | Energy Revenue

342,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Conventional Generation | Capacity Revenue

5,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

337,000,000

Renewables

526,000,000

501,000,000

532,000,000

Renewables | Energy Revenue

534,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Renewables | Capacity Revenue

534,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

193,000,000

$ 172,000,000

$ 170,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

2,000,000

Thermal | Energy Revenue

Thermal | Capacity Revenue

2,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Conventional Generation

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

337,000,000

342,000,000

Disaggregation of revenue from contracts with customers

(5,000,000)

Operating Segments | Conventional Generation | Energy Revenue

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Conventional Generation | Capacity Revenue

5,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Conventional Generation | Other revenues

337,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Renewables

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

526,000,000

534,000,000

Disaggregation of revenue from contracts with customers

(62,000,000)

54,000,000

Operating Segments | Renewables | Energy Revenue

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Renewables | Capacity Revenue

572,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Renewables | Other revenues

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Thermal

16,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

193,000,000

2,000,000

Disaggregation of revenue from contracts with customers

(3,000,000)

194,000,000

Operating Segments | Thermal | Energy Revenue

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Thermal | Capacity Revenue

4,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Operating Segments | Thermal | Other revenues

166,000,000

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

26,000,000

Eliminations

Disaggregation of revenue from contracts with customers

(3,000,000)

(3,000,000)

Eliminations | Other revenues

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Scenario, Forecast | Minimum | Accounting Standards Update 2016-02 | Subsequent Event

$ (3,000,000)

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Lease liability

$ 160,000,000

Right-of-Use Asset

155,000,000

Scenario, Forecast | Maximum | Accounting Standards Update 2016-02 | Subsequent Event

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Lease liability

170,000,000

Right-of-Use Asset

$ 165,000,000

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Business Acquisitions - Additional Information (Details)

1 Months Ended

12 Months Ended

Jun. 19, 2018

USD ($)

May 31, 2018

USD ($)

Apr. 18, 2018

USD ($)

Mar. 31, 2018

USD ($)

Nov. 02, 2017

USD ($)

Aug. 02, 2017

USD ($)

Mar. 27, 2017

USD ($)

Sep. 02, 2016

USD ($)

Jan. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

^[1]

Mar. 30, 2018

USD ($)

Nov. 01, 2017

USD ($)

Aug. 01, 2017

USD ($)

Sep. 01, 2016

USD ($)

Aug. 31, 2016

Nov. 03, 2015

USD ($)

100.00%

Proceeds from noncontrolling interests

$ 6,044,000,000

$ 6,083,000,000

91,000,000

13,000,000

^[1]

$ 5,000,000

Central CA Fuel Cell 1 [Member]

$ 878,000,000

$ 11,000,000

Power purchase agreement period

2.8

20 years

$ 42,000,000

Power purchase agreement period

154

25 years

Non-controlling interest

19,000,000

Allocations of taxable income from tax equity investor

$ 0.99

67.00%

Allocations of investor change percent

99.00%

5.00%

Net assets acquired

$ 25,000,000

UPMC Thermal

$ 84,000,000

CVSR

$ 78,500,000

Percentage of debt consolidated

51.05%

48.95%

112,000,000

$ 496,000,000

$ 6,000,000

100.00%

August 2017 Drop Down Assets

$ 44,000,000

Business acquisition, percentage of assets recorded as noncontrolling interest

25.00%

75.00%

Contingent consideration

$ 8,000,000

25.00%

Net assets acquired

$ 87,000,000

November 2017 Drop Down Assets

$ 74,000,000

Buckthorn Solar, due 2025

$ 26,000,000

Buckthorn Solar, due 2025 | Buckthorn Solar Drop Down Asset

$ 132,000,000

169,000,000

$ 183,000,000

CVSR Financing Agreement

CVSR Financing Agreement | CVSR

720,000,000

746,000,000

$ 771,000,000

CVSR Holdco due 2037

CVSR Holdco due 2037 | CVSR

$ 188,000,000

$ 194,000,000

$ 200,000,000

Power purchase agreement period

25 years

Ownership percentage

16.00%

Percentage of NRG's ownership

31.00%

Remaining power purchase agreement term

22 years

$ 41,000,000

Utah Portfolio

Remaining power purchase agreement term

Ownership percentage

50.00%

20 years

Net working capital adjustment

$ 106,000,000

March 2017 Drop Down Assets

$ 287,000,000

Net working capital adjustment

128,000,000

$ 3,000,000

Historical value

$ 8,000,000

Proceeds from noncontrolling interests

$ 80,000,000

NRG | Agua Caliente Borrower 2

Percentage of ownership

51.00%

Steam and chilled water capacity, megawatts thermal equivalent | MW

1,385

133

Thermal | UPMC Thermal

Steam and chilled water capacity, megawatts thermal equivalent | MW

Subsequent Event | UPMC Thermal

7.5

$ 3,000,000

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Business Acquisitions - Buckthorn Solar Drop down Asset (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Less net debt issuance costs

$ 61

$ 68

$ 61

$ 68

229

$ 292

$ 307

$ 225

231

$ 269

$ 288

$ 221

1,053

1,009

^[1]

$ 1,035

100

144

125

347

283

^[1]

222

^[1]

Less: Pre-acquisition net income (loss) of Drop Down Assets

(91)

(97)

(2)

(24)

^[1],[2],[3]

^[1],[3]

(4)

^[1],[3]

Less: Net income (loss) attributable to noncontrolling interests

(15)

^[1]

(51)

^[1]

Net income (loss) attributable to Clearway Energy, Inc.

$ (68)

$ 21

$ 79

(70)

$ 29

$ 28

$ (3)

$ 48

(16)

^[1]

$ 57

^[1]

Debt (Current and non-current) (a)

212

Non-current assets

Total assets

235

176

Other current and non-current liabilities

Less: noncontrolling interest

191

Net assets acquired

Less net debt issuance costs

$ 7

Less: Pre-acquisition net income (loss) of Drop Down Assets

(1)

(1)

Less: Net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to Clearway Energy, Inc.

Previously Reported

1,009

283

Less: Pre-acquisition net income (loss) of Drop Down Assets

$ (98)

(23)

Less: Net income (loss) attributable to noncontrolling interests

(15)

Net income (loss) attributable to Clearway Energy, Inc.

$ (16)

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Property, Plant and Equipment (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Net property, plant and equipment

$ 6,835

$ 6,695

Accumulated depreciation

(1,590)

(1,285)

5,245

5,410

^[1]

Prepaid long term service agreement

Support Equipment and Facilities

6,638

6,291

Land and improvements

171

166

Construction in Progress

Minimum | Support Equipment and Facilities

$ 26

$ 238

Property, plant and equipment, useful life

2 years

Maximum | Support Equipment and Facilities

Property, plant and equipment, useful life

45 years

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Investments Accounted for by the Equity Method and Variable Interest Entities - Additional Information (Details)
$ in Millions

12 Months Ended

May 31, 2018

USD ($)

Mar. 31, 2018

USD ($)

Jun. 30, 2015

USD ($)

Dec. 31, 2018

USD ($)

generatingunit

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Aug. 31, 2018

USD ($)

Mar. 30, 2018

Oct. 12, 2017

USD ($)

Mar. 27, 2017

USD ($)

Schedule of Equity Method Investments [Line Items]

Net contributions from noncontrolling interests

$ 91

$ 13

^[1]

$ 5

^[1]

Less: Net income (loss) attributable to noncontrolling interests

(15)

^[2]

$ (51)

^[2]

Retained earnings, undistributed earnings from equity method investees

878

100.00%

Schedule of Equity Method Investments [Line Items]

1,172

1,178

^[3]

GCE Holding LLC

$ 98

Schedule of Equity Method Investments [Line Items]

50.00%

Desert Sunlight

Payments to acquire equity method investments

$ 285

Business acquisition, consideration transferred, working capital

$ 171

$ 264

Schedule of Equity Method Investments [Line Items]

25.00%

Utah Portfolio

Business acquisition, consideration transferred, working capital

$ 106

$ 287

50.00%

$ 317

Schedule of Equity Method Investments [Line Items]

50.00%

PG&E

Pro-rate share of debt held by unconsolidated affiliates

$ 432

DGPV Holdco 1

Schedule of Equity Method Investments [Line Items]

$ 81

Schedule of Equity Method Investments [Line Items]

95.00%

NRG DGPV Holdco 2

20 years

$ 63

Schedule of Equity Method Investments [Line Items]

95.00%

DGPV Holdco 3

21 years

Due to related parties

$ 9

$ 116

Schedule of Equity Method Investments [Line Items]

99.00%

NRG DGPV Holdco

Schedule of Equity Method Investments [Line Items]

$ 260

RPV Holdco

$ 29

95.00%

Schedule of Equity Method Investments [Line Items]

$ 41

$ 90

Schedule of Equity Method Investments [Line Items]

16.00%

Elkhorn Ridge Wind, LLC

$ 59

San Juan Mesa Wind Project, LLC

66.70%

Schedule of Equity Method Investments [Line Items]

$ 57

Schedule of Equity Method Investments [Line Items]

75.00%

Avenal

$ (2)

50.00%

Schedule of Equity Method Investments [Line Items]

Less: noncontrolling interest

154

$ 19

Less: Net income (loss) attributable to noncontrolling interests

$ 0

67.00%

$ 42

Financial Institutions | November 2015 Drop Down Assets

99.00%

Schedule of Equity Method Investments [Line Items]

99.00%

100.00%

$ 19

Schedule of Equity Method Investments [Line Items]

Net contributions from noncontrolling interests

$ 80

Less: Net income (loss) attributable to noncontrolling interests

$ (55)

Alta X and XI TE Holdco | Financial Institutions

Schedule of Equity Method Investments [Line Items]

99.00%

Schedule of Equity Method Investments [Line Items]

5.00%

Spring Canyon

Noncontrolling interest, ownership percentage by noncontrolling owners

9.90%

Second Year through Flip Point | Alta X and XI TE Holdco

Schedule of Equity Method Investments [Line Items]

Post-Flip Point | Alta X and XI TE Holdco

94.34%

Schedule of Equity Method Investments [Line Items]

Post-Flip Point | Spring Canyon

97.12%

Schedule of Equity Method Investments [Line Items]

Post-Flip Point | Spring Canyon | Financial Institutions

95.00%

Schedule of Equity Method Investments [Line Items]

Pre-determined Date Through Flip Point If Flip Has Not Occured | Alta X and XI TE Holdco | Financial Institutions

5.00%

Schedule of Equity Method Investments [Line Items]

Pre-Flip Point | Spring Canyon

100.00%

Schedule of Equity Method Investments [Line Items]

Pre-Flip Point | Spring Canyon | Financial Institutions

65.19%

Schedule of Equity Method Investments [Line Items]

Wind Farms | Spring Canyon

34.81%

Schedule of Equity Method Investments [Line Items]

Wind Farms | Spring Canyon II

90.10%

Schedule of Equity Method Investments [Line Items]

Wind Farms | Spring Canyon III

Schedule of Equity Method Investments [Line Items]

Capital Unit, Class A | Utah Portfolio

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

100.00%

Capital Unit, Class B | Financial Institutions | Utah Portfolio

Schedule of Equity Method Investments [Line Items]

99.00%

Tax Equity Financed Portfolio of Leases - Commercial PV 1 | DGPV Holdco 1

50.00%

Schedule of Equity Method Investments [Line Items]

Tax Equity Financed Portfolio of Leases - Commercial PV 1 | NRG DGPV Holdco 2

17 years

Schedule of Equity Method Investments [Line Items]

Tax Equity Financed Portfolio of Leases | RPV Holdco

113

Schedule of Equity Method Investments [Line Items]

Number of solar leases in portfolio | generatingunit

5,400

Existing Portfolio of Leases | RPV Holdco

Schedule of Equity Method Investments [Line Items]

Number of solar leases in portfolio | generatingunit

14 years

2,200

Maximum | Tax Equity Financed Portfolio of Leases | DGPV Holdco 1

Schedule of Equity Method Investments [Line Items]

Maximum | Tax Equity Financed Portfolio of Leases | NRG DGPV Holdco 2

$ 100

Schedule of Equity Method Investments [Line Items]

Maximum | Tax Equity Financed Portfolio of Leases | DGPV Holdco 3

$ 60

Schedule of Equity Method Investments [Line Items]

Maximum | Tax Equity Financed Portfolio of Leases | RPV Holdco

$ 70

Schedule of Equity Method Investments [Line Items]

Minimum | Tax Equity Financed Portfolio of Leases | DGPV Holdco 3

17 years

Schedule of Equity Method Investments [Line Items]

Clearway Energy LLC | CEG | Repowering Partnership LLC

$ 50

Schedule of Equity Method Investments [Line Items]

Business acquisition, consideration transferred, working capital

$ 35

Noncontrolling interest, ownership percentage by noncontrolling owners

21.00%

Wind Global LLC | Wind Farms

Schedule of Equity Method Investments [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

9.90%

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Investments Accounted for by the Equity Method and Variable Interest Entities - Equity Method Investments (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Schedule of Equity Method Investments [Line Items]

$ 229

$ 292

$ 307

$ 225

$ 231

$ 269

$ 288

$ 221

$ 1,053

$ 1,009

^[1]

$ 1,035

100

144

125

347

283

^[1]

222

^[1]

(91)

$ 49

$ 96

$ 0

(97)

$ 31

$ 44

$ (2)

(24)

^[1],[2],[3]

756

482

^[4]

756

482

^[4]

704

540

^[4]

704

540

^[4]

Schedule of Equity Method Investments [Line Items]

5,572

5,790

^[4]

5,572

5,790

^[4]

GCE Holding LLC

358

374

358

374

Schedule of Equity Method Investments [Line Items]

182

189

182

189

Desert Sunlight

208

207

211

129

127

129

133

Non-current assets

1,298

1,350

1,298

1,350

Schedule of Equity Method Investments [Line Items]

962

1,003

962

1,003

NRG DGPV Holdco

(3)

784

671

784

671

Redeemable Noncontrolling Interest

314

216

314

216

RPV Holdco

Schedule of Equity Method Investments [Line Items]

173

183

173

183

Redeemable Noncontrolling Interest

Investments, Other

Schedule of Equity Method Investments [Line Items]

249

247

193

103

$ 38

148

139

148

139

Non-current assets

2,511

2,621

2,511

2,621

Schedule of Equity Method Investments [Line Items]

$ 889

$ 932

$ 889

$ 932

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[4]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Investments Accounted for by the Equity Method and Variable Interest Entities - VIEs that are consolidated (Details) - USD ($)
$ in Millions

Dec. 31, 2018

Dec. 31, 2017

^[1]

$ 2,499

$ 2,597

5,245

5,410

1,156

1,228

8,500

8,489

November 2015 Drop Down Assets

6,276

$ 6,330

Schedule of Equity Method Investments [Line Items]

215

346

563

210

Schedule of Equity Method Investments [Line Items]

308

Alta X and XI TE Holdco

410

249

676

Schedule of Equity Method Investments [Line Items]

604

Spring Canyon

Schedule of Equity Method Investments [Line Items]

223

238

135

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ 60

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, including current portion	$ 0	$ 13
Long-term debt, including current portion (a)	5,943	6,099
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, including current portion	0	13
Long-term debt, including current portion (a)	6,043	6,066
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion (a)	1,620	1,502
Fair Value, Inputs, Level 3 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion (a)	$ 4,323	$ 4,597

Fair Value of Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 11,000,000	$ 2,000,000
Derivative liabilities	21,000,000	49,000,000
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	11,000,000	2,000,000
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities) classified as level 1 or level 3		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	21,000,000	49,000,000
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1,000,000
Derivative liabilities		1,000,000
Commodity contracts \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	1,000,000
Derivative liabilities	0	1,000,000
Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	11,000,000	1,000,000
Derivative liabilities	21,000,000	48,000,000
Interest Rate Contract \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	11,000,000	1,000,000
Derivative liabilities	$ 21,000,000	$ 48,000,000

Fair Value of Financial Instruments - Derivative FV Measurement and Credit Risk (Details)	12 Months Ended
	Dec. 31, 2018 USD ($) facility MW
Nature of Business [Line Items]
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 0
Company ownership interests	$ 2,300,000,000
Estimated counterparty credit risk exposure to certain counterparties, period	5 years
PG&E
Nature of Business [Line Items]
Number of solar leases in portfolio \| facility	6
Accounts Receivable, Related Parties	$ 17,000,000
Solar Facilities \| PG&E
Nature of Business [Line Items]
Steam and chilled water capacity, megawatts thermal equivalent \| MW	480
March Landing \| PG&E
Nature of Business [Line Items]
Steam and chilled water capacity, megawatts thermal equivalent \| MW	720

Accounting for Derivative Instruments and Hedging Activities - Volume Buy/Sell of Company's Open Derivative Transactions (Details) MMBTU in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) MMBTU	Dec. 31, 2017 USD ($) MMBTU
Natural Gas
Derivative [Line Items]
Notional amount, energy measure \| MMBTU	1	2
Interest
Derivative [Line Items]
Open derivative transactions \| $	$ 1,862	$ 2,050

Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative assets	$ 11	$ 2
Derivative liabilities	21	49
Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	5	1
Derivative liabilities	7	13
Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	6	1
Derivative liabilities	14	36
Interest rate contracts current \| Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	2	0
Derivative liabilities	1	4
Interest rate contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	1	0
Derivative liabilities	3	13
Interest rate contracts long-term \| Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	3	1
Derivative liabilities	6	9
Interest rate contracts long-term \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets	5	0
Derivative liabilities	11	22
Commodity contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative assets		1
Derivative liabilities	$ 0	$ 1

Accounting for Derivative Instruments and Hedging Activities - Offsetting Derivatives by Counterparty Master Agreement Level (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative assets	$ 11	$ 2
Derivative liabilities	21	49
Fair value of gross derivative assets/(liabilities), net	(10)	(47)
Derivative instruments	0	0
Net amount	(10)	(47)
Interest Rate Contract
Derivative [Line Items]
Derivative assets	11	1
Derivative instruments	(1)	(1)
Net amount	10	0
Derivative liabilities	21	48
Derivative instruments	1	1
Net amount	(20)	(47)
Fair value of gross derivative assets/(liabilities), net	(10)	(47)
Derivative instruments	0	0
Net amount	$ (10)	(47)
Commodity contracts
Derivative [Line Items]
Derivative assets		1
Derivative instruments		0
Net amount		1
Derivative liabilities		1
Derivative instruments		0
Net amount		(1)
Fair value of gross derivative assets/(liabilities), net		0
Derivative instruments		0
Net amount		$ 0

Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Reclassified from accumulated OCL to income due to realization of previously deferred amounts

$ (38)

$ (60)

$ (70)

$ (83)

Mark-to-market of cash flow hedge accounting contracts

Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1

(18)

(28)

^[1]

(28)

Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ (20)

$ (32)

$ (42)

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Accounting for Derivative Instruments and Hedging Activities - Impact of Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on derivatives, net of tax	$ 22	$ 10	$ 13
Interest Rate Contract \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on derivatives, net of tax	$ 15	$ 6	$ (2)

Accounting for Derivative Instruments and Hedging Activities - Phantom (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated OCL ending balance, net of income tax benefit of $7, $9 and $16, respectively	$ 7	$ 9	$ 16
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $1	1
Paid	0	0
Received	$ 0	$ 0

Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 71	$ 71	$ 71
Contract amortization expense	70	70	$ 70
Future amortization expense, next twelve months	71
Future amortization expense, year two	71
Future amortization expense, year three	71
Future amortization expense, year four	71
Future amortization expense, year five	71
Accumulated amortization of out of market contracts	4
Blythe
Finite-Lived Intangible Assets [Line Items]
Out of market contracts	$ 7
Agreement term	20 years
Spring Canyon
Finite-Lived Intangible Assets [Line Items]
Out of market contracts	$ 3
Agreement term	25 years
Alta Wind XI
Finite-Lived Intangible Assets [Line Items]
Out of market contracts	$ 5
Out of Market Contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1	$ 1

Intangible Assets - Components Subject to Amortization (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2016

$ 1,465

$ 1,464

$ 1,471

(6)

1,465

1,464

1,471

(237)

(308)

Supply Commitment Arrangement

1,228

^[1]

1,156

1,280

1,286

1,280

1,286

(205)

(269)

1,075

1,011

Leasehold Rights

(13)

(18)

Customer Relationships

(5)

(7)

Customer Contracts

(8)

(9)

Emission Allowances

(3)

(2)

Other Intangible Assets

$ 9

(3)

Impaired Long-Lived Assets Held and Used [Line Items]

$ 6

$ 5

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Asset Impairments (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Dec. 31, 2016

Dec. 31, 2018

Dec. 31, 2017

^[1],[2]

Dec. 31, 2016

^[1],[2]

Impaired Long-Lived Assets Held and Used [Line Items]

$ 0

$ 44

$ 185

Elbow Creek

Impaired Long-Lived Assets Held and Used [Line Items]

$ 26

$ 117

Goat Wind

Impaired Long-Lived Assets Held and Used [Line Items]

Forward

November 2017 Drop Down Assets

$ 5

Impaired Long-Lived Assets Held and Used [Line Items]

Property, Plant and Equipment | November 2017 Drop Down Assets

$ 13

$ 2

Impaired Long-Lived Assets Held and Used [Line Items]

Finite-Lived Intangible Assets | November 2017 Drop Down Assets

Impaired Long-Lived Assets Held and Used [Line Items]

$ 5

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Long-term Debt - Short and Long-term Borrowings (Details) - USD ($)
$ in Millions

12 Months Ended

Apr. 30, 2018

Apr. 28, 2018

Dec. 31, 2018

Oct. 01, 2018

Jun. 19, 2018

May 31, 2018

Dec. 31, 2017

Mar. 27, 2017

Feb. 17, 2017

$ 6,044

$ 6,083

Less net debt issuance costs

(535)

(339)

^[1]

(61)

(68)

Less discounts

(1)

(17)

Total long-term debt

$ 5,447

5,659

Revolving Credit Facility due in 2019 [Member]

3-Month LIBOR

3.5% Convertible Notes due 2019

1.75%

$ 220

345

3.25% Convertible Notes due 2020

3.50%

$ 45

288

5.375% Senior Notes due in 2024

3.25%

Senior Notes

$ 500

500

5.75% Senior Notes due 2025

5.375%

Senior Notes

$ 600

5.00% Senior Notes due in 2026

5.75%

Senior Notes

$ 350

350

Revolving Credit Facility

5.00%

$ 0

2.50%

1.75%

$ 39

$ 130

Alpine Financing Agreement, due 2022

5.43%

$ 127

135

Alta Wind I-V, lease financing arrangement, due 2034 and 2035

3-Month LIBOR

Buckthorn Solar, due 2025

$ 886

926

$ 132

169

3-Month LIBOR

Marsh Landing Tranche B due 2023

1.75%

3-Month LIBOR

2.125%

CVSR Financing Agreement

$ 720

746

CVSR Holdco due 2037

$ 188

194

El Segundo Energy Center, due 2023

4.68%

Energy Center Minneapolis Series C Notes

$ 352

400

328

208

Laredo Ridge Wind, LLC, due in 2026

5.95%

$ 89

3-Month LIBOR

Kansas South, due in 2030

1.875%

$ 26

6-Month LIBOR

Kansas South, due in 2030 | London Interbank Offered Rate (LIBOR)

2.00%

Marsh Landing Term Loan Facility

2.00%

South Trent Wind Due 2020

$ 263

318

$ 50

3-Month LIBOR

Tapestry Wind LLC due in 2021

1.625%

$ 151

162

3-Month LIBOR

Utah Solar Portfolio, due 2022

1.75%

$ 267

278

$ 287

Viento Funding II, Inc., due in 2023

2.625%

$ 146

163

6-Month LIBOR

Walnut Creek Energy, LLC, due in 2023

2.00%

$ 222

267

3-Month LIBOR

1.75%

Other Debt

$ 343

361

Project Level Debt

Letter of Credit | Revolving Credit Facility

4,329

$ 4,545

Letter of Credit | Agua Caliente Borrower 2

Letter of Credit | Alpine Financing Agreement, due 2022

Letter of Credit | Alta Wind I-V, lease financing arrangement, due 2034 and 2035

Letter of Credit | Buckthorn Solar, due 2025

Letter of Credit | CVSR Financing Agreement

Letter of Credit | CVSR Holdco due 2037

Letter of Credit | El Segundo Energy Center, due 2023

Letter of Credit | Energy Center Minneapolis Series C Notes

138

Letter of Credit | Laredo Ridge Wind, LLC, due in 2026

Letter of Credit | Kansas South, due in 2030

Letter of Credit | Marsh Landing Term Loan Facility

Letter of Credit | South Trent Wind Due 2020

Letter of Credit | Tapestry Wind LLC due in 2021

Letter of Credit | Utah Solar Portfolio, due 2022

Letter of Credit | Viento Funding II, Inc., due in 2023

Letter of Credit | Walnut Creek Energy, LLC, due in 2023

Letter of Credit | Other Debt

Minimum | Alpine Financing Agreement, due 2022

$ 24

Minimum | CVSR Financing Agreement

1.75%

Minimum | Alta Wind I - V Lease financing arrangement

2.339%

Minimum | West Holdings Credit Agreement

5.696%

Minimum | West Holdings Credit Agreement due 2023 Tranche B

3-Month LIBOR

Minimum | West Holdings Credit Agreement due 2023 Tranche A

2.375%

Maximum | CVSR Financing Agreement

1.75%

Maximum | Alta Wind I - V Lease financing arrangement

3.775%

7.015%

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Long-term Debt (Details) - USD ($)
$ / shares in Units, $ in Millions

1 Months Ended

9 Months Ended

12 Months Ended

Oct. 10, 2018

Oct. 02, 2018

Aug. 31, 2018

May 31, 2018

Apr. 30, 2018

Apr. 28, 2018

Nov. 02, 2017

Mar. 27, 2017

Jan. 31, 2019

Aug. 31, 2018

Sep. 30, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

^[1]

Feb. 01, 2019

Oct. 01, 2018

Mar. 30, 2018

Nov. 01, 2017

Feb. 17, 2017

Sep. 01, 2016

Proceeds from the revolving credit facility

$ 35.0

$ 55.0

^[1]

$ 60.0

Combined basis on effective rates

$ 6,044.0

$ 6,083.0

5.10%

5.00%

Debt discount amortization

$ 19.0

$ 21.0

9.0

Debt issuance costs amortization

3.0

Interest expense at effective rate

31.0

33.0

$ (3.0)

(7.0)

(3.0)

^[1],[2]

$ 0.0

^[2]

Buckthorn Solar, due 2025

$ 878.0

1.75%

$ 132.0

169.0

Revolving Credit Facility

$ 80.0

Outstanding borrowings

$ 0.0

Debt Covenant Leverage Ratio

2.50%

1.75%

1.75%

Proceeds from the revolving credit facility

55.0

5.75% Senior Notes due 2025

$ 0.0

55.0

Borrowings from revolving credit facility

$ 600.0

3.5% Convertible Notes due 2019

5.75%

3.50%

Value of equity component

$ 220.0

345.0

Conversion ratio

42.9644

$ 23.0

Percent of face value

99.81%

Total market value

$ 219.6

Conversion value of convertible debt

$ 160.0

$ 109.0

$ 16.0

Intercompany Credit Agreement due 2019

7.0

16.0

5.43%

3.25% Convertible Notes due 2020

$ 39.0

41.0

$ 130.0

3.25%

Value of equity component

$ 45.0

288.0

Conversion price

$ 27.50

Conversion ratio

36.3636

$ 23.0

Percent of face value

95.36%

Total market value

$ 43.0

Conversion value of convertible debt

28.0

$ 243.0

Bridge credit agreement, borrowing amount

$ 40.0

5.375% Senior Notes due in 2024

1.75%

5.00% Senior Notes due in 2026

5.375%

Alpine Financing Agreement, due 2022

5.00%

Utah Solar Portfolio, due 2022

$ 127.0

135.0

Borrowings from revolving credit facility

$ 65.0

2.625%

Outstanding debt at time of acquisition

$ 287.0

267.0

$ 278.0

$ 222.0

Letter of Credit | Buckthorn Solar, due 2025

Letter of Credit | Revolving Credit Facility

26.0

Letter of Credit | Agua Caliente Borrower 2

41.0

Letter of Credit | Alpine Financing Agreement, due 2022

17.0

Letter of Credit | Utah Solar Portfolio, due 2022

16.0

$ 13.0

Bridge Loan

Bridge credit agreement, borrowing amount

2.00%

$ 1,500.0

$ 867.5

Base rate and applicable margin for LIBOR loans

3.00%

Subsequent Event | 3.5% Convertible Notes due 2019

$ 170.0

$ 50.0

Common stock closing price

$ 17.25

Common stock closing price

$ 16.92

November 2017 Drop Down Assets

4.69%

Imputed interest rate

8.00%

Buckthorn Solar Drop Down Asset | Buckthorn Solar, due 2025

$ 26.0

Buckthorn Solar Drop Down Asset | Buckthorn Solar Drop Down Asset

$ 183.0

Outstanding notional amount

80.00%

CVSR

Outstanding debt at time of acquisition

$ 496.0

Minimum | Alpine Financing Agreement, due 2022

Net income (loss) attributable to Clearway Energy, Inc.

1.75%

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Long-term Debt - Series E,F,G,H Notes (Details) $ in Millions	Jun. 19, 2018 USD ($)
Energy Center Minneapolis Series E Notes
Debt Instrument [Line Items]
Proceeds from energy center notes	$ 70
Interest rate, percentage	4.80%
Energy Center Minneapolis Series F Notes
Debt Instrument [Line Items]
Proceeds from energy center notes	$ 10
Interest rate, percentage	4.60%
Energy Center Minneapolis Series G Notes
Debt Instrument [Line Items]
Proceeds from energy center notes	$ 83
Interest rate, percentage	5.90%
Energy Center Minneapolis Series H Notes
Debt Instrument [Line Items]
Proceeds from energy center notes	$ 40
Interest rate, percentage	4.83%
Energy Center Minneapolis Series E, F, G, H Notes
Debt Instrument [Line Items]
Proceeds from energy center notes	$ 203
Net borrowings	$ 120
Energy Center Minneapolis Series C Notes
Debt Instrument [Line Items]
Interest rate, percentage	5.95%
Aggregate principal amount repurchased	$ 83

Long-term Debt - Interest Rate Swaps (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount	$ 1,862
Interest Rate Swap \| NRG Solar Alpine LLC
Debt Instrument [Line Items]
Percentage of principal	85.00%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 108
Interest Rate Swap \| Avra Valley \| Maturity - November 30, 2030
Debt Instrument [Line Items]
Percentage of principal	87.00%
Fixed interest rate	2.333%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 44
Interest Rate Swap \| AWAM \| Maturity - May 15, 2031
Debt Instrument [Line Items]
Percentage of principal	100.00%
Fixed interest rate	2.47%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 16
Interest Rate Swap \| Blythe \| Maturity - June 25, 2028
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	3.563%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 12
Interest Rate Swap \| Borrego \| Maturity - June 30, 2020
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	1.125%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 3
Interest Rate Swap \| Buckthorn Solar \| Maturity - December 31, 2041
Debt Instrument [Line Items]
Percentage of principal	83.00%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 109
Interest Rate Swap \| El Segundo
Debt Instrument [Line Items]
Percentage of principal	85.00%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 299
Interest Rate Swap \| Kansas South \| Maturity - December 31, 2030
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	2.368%
Description of variable rate basis	6-Month LIBOR
Notional amount	$ 20
Interest Rate Swap \| Laredo Ridge \| Maturity - March 31, 2026
Debt Instrument [Line Items]
Percentage of principal	80.00%
Fixed interest rate	2.31%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 71
Interest Rate Swap \| Marsh Landing \| Maturity - June 30, 2023
Debt Instrument [Line Items]
Percentage of principal	94.00%
Fixed interest rate	3.244%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 246
Interest Rate Swap \| Roadrunner \| Maturity - December 31, 2029
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	4.313%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 24
Interest Rate Swap \| South Trent \| Maturity - June14, 2020
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	3.265%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 37
Interest Rate Swap \| South Trent \| Maturity - June 14, 2028
Debt Instrument [Line Items]
Percentage of principal	75.00%
Fixed interest rate	4.95%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 21
Interest Rate Swap \| Tapestry Wind \| Maturity - December 21, 2021
Debt Instrument [Line Items]
Percentage of principal	90.00%
Fixed interest rate	2.21%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 136
Interest Rate Swap \| Tapestry Wind \| Maturity - December 31, 2029
Debt Instrument [Line Items]
Percentage of principal	50.00%
Fixed interest rate	3.57%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 60
Interest Rate Swap \| Utah Portfolio \| Maturity - September 30, 2036
Debt Instrument [Line Items]
Percentage of principal	80.00%
Description of variable rate basis	1-Month LIBOR
Notional amount	$ 214
Interest Rate Swap \| Viento Funding II
Debt Instrument [Line Items]
Percentage of principal	91.00%
Description of variable rate basis	6-Month LIBOR
Notional amount	$ 134
Interest Rate Swap \| Viento Funding II \| Maturity - June 30, 2028
Debt Instrument [Line Items]
Percentage of principal	90.00%
Fixed interest rate	4.985%
Description of variable rate basis	6-Month LIBOR
Notional amount	$ 65
Interest Rate Swap \| Walnut Creek \| Maturity - May 31, 2023
Debt Instrument [Line Items]
Percentage of principal	90.00%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 200
Interest Rate Swap \| WCEP Holdings \| Maturity - May 31, 2023
Debt Instrument [Line Items]
Percentage of principal	100.00%
Fixed interest rate	4.003%
Description of variable rate basis	3-Month LIBOR
Notional amount	$ 43
Revolving Credit Facility due in 2019 [Member]
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.75%
Alpine Financing Agreement, due 2022
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Buckthorn Solar, due 2025
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.75%
Marsh Landing Tranche B due 2023
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	2.125%
Walnut Creek Energy, LLC, due in 2023
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.75%
South Trent Wind Due 2020
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.625%
Kansas South, due in 2030
Debt Instrument [Line Items]
Description of variable rate basis	6-Month LIBOR
Basis spread on variable rate	2.00%
Tapestry Wind LLC due in 2021
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.75%
Laredo Ridge Wind, LLC, due in 2026
Debt Instrument [Line Items]
Description of variable rate basis	3-Month LIBOR
Basis spread on variable rate	1.875%
Viento Funding II, Inc., due in 2023
Debt Instrument [Line Items]
Description of variable rate basis	6-Month LIBOR
Basis spread on variable rate	2.00%
Minimum \| Alpine Financing Agreement, due 2022
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Long-term Debt - Annual Maturities (Details) $ in Millions	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 534
2020	406
2021	447
2022	646
2023	389
Thereafter	3,622
Long-term debt, gross	$ 6,044

Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Numerator:

$ (68)

$ 21

$ 79

$ 16

$ (70)

$ 29

$ 28

$ (3)

$ 48

$ (16)

^[1]

$ 57

^[1]

Net income (loss) attributable to Clearway Energy, Inc.

Numerator:

$ 16

$ (6)

$ 20

Denominator:

Weighted average number of common shares outstanding — basic and diluted

^[1]

Earnings (Loss) per weighted average common share — basic and diluted

$ 0.46

$ (0.16)

^[1]

$ 0.58

^[1]

Net income (loss) attributable to Clearway Energy, Inc.

Numerator:

$ 32

$ (10)

$ 37

Denominator:

Weighted average number of common shares outstanding — basic and diluted

^[1]

Earnings (Loss) per weighted average common share — basic and diluted

$ 0.46

$ (0.16)

$ 0.58

3.5% Convertible Notes due 2019 | Common Class A

Diluted earnings per share

3.25% Convertible Notes due 2020 | Common Class C

Diluted earnings per share

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Stockholders' Equity (Details) - USD ($)

3 Months Ended

12 Months Ended

Feb. 12, 2019

Sep. 27, 2018

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2018

Dec. 31, 2017

^[1]

Shares of common stock sold

3,916,449

4,492,473

Proceeds from issuance or sale of equity

$ 75,000,000

Par value, common stock, (in usd)

$ 0.01

Aggregate sales price

$ 150,000,000

Gross proceeds from sale of class C common stock

79,000,000

Commissions incurred

$ 790,000

Dividends per common share

$ 0.331

$ 0.320

$ 0.309

$ 0.298

Quarterly dividend, date declared

Feb. 12, 2019

Dividends payable, date to be paid

Mar. 15, 2019

Stockholders, date of record

Mar. 01, 2019

Preferred Stock, authorized

10,000,000

Par value - Preferred Stock

$ 0.01

Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued

$ 0

Distributions paid to NRG

$ 0.331

$ 0.320

$ 0.309

$ 0.298

Clearway Energy LLC | Clearway Energy, Inc.

Company ownership, percentage

55.80%

Clearway Energy LLC | CEG

Company ownership, percentage

44.20%

ATM Program

Shares of common stock sold

6,414,339

Gross proceeds from sale of class C common stock

$ 114,000,000

Class C common stock remaining available for issuance

$ 36,000,000

Subsequent Event

Class C common stock payable per share

$ 0.20

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Segment Reporting - (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Sep. 30, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 229

$ 292

$ 307

$ 225

$ 231

$ 269

$ 288

$ 221

$ 1,053

$ 1,009

^[1]

$ 1,035

332

326

^[1]

308

^[1]

331

334

^[1]

303

^[1]

^[1],[2]

185

^[1],[2]

^[1]

^[1]

100

144

125

347

283

^[1]

222

^[1]

^[1],[2]

^[1]

$ (3)

(7)

(3)

^[1],[2]

(306)

(307)

^[1]

(284)

^[1]

116

^[1]

^[1]

(1)

^[1]

Less: Net income (loss) attributable to noncontrolling interests

(91)

(97)

(2)

(24)

^[1],[2],[3]

(15)

^[1]

(51)

^[1]

Net Income (Loss) Attributable to Clearway Energy, Inc.

(68)

$ 21

$ 79

$ 16

(70)

$ 29

$ 28

$ (3)

(16)

^[1]

1,172

1,178

^[4]

1,172

1,178

^[4]

212

8,500

8,489

^[4]

8,500

8,489

^[4]

Conventional Generation

337

336

333

101

103

174

156

187

(51)

(49)

(48)

135

153

Less: Net income (loss) attributable to noncontrolling interests

135

120

153

Net Income (Loss) Attributable to Clearway Energy, Inc.

135

120

153

102

1,788

1,897

1,788

1,897

Renewables

526

501

532

146

133

128

207

210

203

185

173

114

(3)

(154)

(164)

(151)

(86)

Less: Net income (loss) attributable to noncontrolling interests

(86)

(104)

(75)

(111)

Net Income (Loss) Attributable to Clearway Energy, Inc.

186

1,074

1,076

1,074

1,076

181

5,836

6,017

5,836

6,017

193

172

170

127

116

114

(12)

(10)

(7)

Less: Net income (loss) attributable to noncontrolling interests

Net Income (Loss) Attributable to Clearway Energy, Inc.

516

422

516

422

Corporate

(3)

(3)

(40)

(22)

(17)

$ 0

(7)

(89)

(84)

(78)

(134)

(105)

(95)

(1)

Less: Net income (loss) attributable to noncontrolling interests

(196)

(177)

(94)

106

Net Income (Loss) Attributable to Clearway Energy, Inc.

(302)

(237)

$ (154)

Southern California Edison | Conventional Generation

$ 360

$ 153

$ 360

$ 153

Southern California Edison | Renewables

20.00%

21.00%

PG&E | Conventional Generation

20.00%

21.00%

12.00%

PG&E | Renewables

Income tax (benefit) expense

11.00%

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[4]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Income Taxes (Provision) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Current

$ 0

Deferred

(1)

(3)

(1)

^[1]

(1)

^[1]

Reconciliation of the U.S. federal statutory rate to the Company's effective rate from continuing operations

Income Before Income Taxes

116

^[1]

Tax at 21%/35%

State taxes, net of federal benefit

(3)

Deferred state rate change due to deconsolidation from NRG

Tax Cuts and Jobs Act - tax rate change

Impact of non-taxable equity earnings

(9)

(1)

Investment tax credits

(3)

(1)

Production tax credits, including prior year true-up

(1)

Valuation allowance adjustment

Other

$ 3

$ 1

$ (3)

Effective income tax rate

53.00%

150.00%

(100.00%)

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Income Taxes (Deferred) (Details) - USD ($)

Dec. 31, 2018

Dec. 31, 2017

Deferred Tax Liabilities, Gross [Abstract]

Total deferred tax assets, net of valuation allowance

$ 192,000,000

$ 70,000,000

Deferred Tax Liabilities, Gross

192,000,000

70,000,000

Deferred Tax Assets, Gross [Abstract]

Interest expense disallowance carryforward - Investment in Projects

28,000,000

Production tax credits

8,000,000

7,000,000

Investment tax credits

5,000,000

1,000,000

U.S. Federal net operating loss carryforwards

199,000,000

183,000,000

Capital loss carryforwards

12,000,000

10,000,000

State net operating loss carryforwards

12,000,000

7,000,000

Total deferred tax assets

264,000,000

208,000,000

Valuation allowance

15,000,000

10,000,000

Total deferred tax assets, net of valuation allowance

249,000,000

198,000,000

Net deferred noncurrent tax asset

57,000,000

128,000,000

^[1]

Deferred tax asset, tax cut and job acts disallowed interest

28,000,000

Net deferred tax asset

57,000,000

$ 128,000,000

Unrecognized tax positions

$ 0

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Related Party Transactions (Details)

1 Months Ended

8 Months Ended

12 Months Ended

Jun. 19, 2018

USD ($)

Jan. 31, 2019

USD ($)

Aug. 31, 2018

USD ($)

Dec. 31, 2018

USD ($)

kpph

ton

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

$ 20,000,000

$ 19,000,000

^[1]

$ 16,000,000

^[1]

RENOM

Incurred expenses for transactions with related party

30,000,000

23,000,000

13,000,000

Due to RENOM

$ 6,000,000

5,000,000

NRG

NRG | Operations and Maintenance services

Intercompany revenue

$ 8,000,000

12,000,000

13,000,000

Incurred expenses for transactions with related party

27,000,000

39,000,000

36,000,000

Steam and chilled water capacity, megawatts thermal equivalent | MW

1,385

133

Thermal | NRG

Incurred expenses for transactions with related party

7,000,000

9,000,000

GCE Holding LLC | NRG | Operations and Maintenance services

Incurred expenses for transactions with related party

4,000,000

5,000,000

Marsh Landing | NRG

Incurred expenses for transactions with related party

11,000,000

15,000,000

14,000,000

NRG Yield | NRG

7,000,000

$ 10,000,000

$ 10

UPMC Thermal | Thermal

Steam and chilled water capacity, megawatts thermal equivalent | MW

Chilled Water Capacity | ton

7.5

Steam Energy | kpph

150

6,750

UPMC Thermal

Related party transaction term

20 years

UPMC Thermal | Subsequent Event

$ 84,000,000

Management Service, Base | PML | NRG

$ 3,000,000

Total Emissions Credit Purchases

$ 11,000,000

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Commitments and Contingencies (Details) - USD ($) $ in Millions	8 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Long-term Purchase Commitment [Line Items]
Lease expense		$ 18	$ 17	$ 15
Lease expense, due next twelve months		13
Future minimum lease commitments, due in 2019		13
Future minimum lease commitments, due in 2020		13
Future minimum lease commitments, due in 2021		13
Future minimum lease commitments, due in 2022		12
Future minimum lease commitments, due thereafter		207
Future minimum lease commitments, total		271
Power procurement arrangements		39	34	32
Purchase obligation, due in 2019		11
Purchase obligation, due in 2020		3
Purchase obligation, due in 2021		3
Purchase obligation, due in 2022		3
Purchase obligation, due in 2023		3
Purchase obligation, thereafter		13
Total		$ 36
Thermal \| NRG
Long-term Purchase Commitment [Line Items]
Incurred expenses for transactions with related party	$ 7		$ 9	$ 9

Unaudited Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 229

$ 292

$ 307

$ 225

$ 231

$ 269

$ 288

$ 221

$ 1,053

$ 1,009

^[1]

$ 1,035

100

144

125

347

283

^[1]

222

^[1]

Net income (loss) attributable to Clearway Energy, Inc.

(91)

(97)

(2)

(24)

^[1],[2],[3]

$ (68)

$ 21

$ 79

$ 16

$ (70)

$ 29

$ 28

$ (3)

(16)

^[1]

Net income/(loss) per weighted average common share - basic (in dollars per share)

$ (0.63)

$ 0.20

$ 0.77

$ 0.16

$ (0.71)

$ 0.30

$ 0.29

$ (0.03)

Net income (loss) attributable to Clearway Energy, Inc.

(6)

Weighted average number of shares outstanding, basic

Weighted average number of shares outstanding, diluted

Earnings per share, diluted

$ (0.63)

$ 0.20

$ 0.61

$ 0.16

$ (0.71)

$ 0.27

$ 0.26

$ (0.03)

Net income (loss) attributable to Clearway Energy, Inc.

$ 32

(10)

$ 37

Weighted average number of shares outstanding, basic

Weighted average number of shares outstanding, diluted

Earnings per share, diluted

$ (0.63)

$ 0.20

$ 0.70

$ 0.16

$ (0.71)

$ 0.29

$ 0.28

$ (0.03)

Previously Reported

1,009

283

Net income (loss) attributable to Clearway Energy, Inc.

$ (98)

(23)

$ (16)

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[2]	Retrospectively adjusted as discussed in Note 1, Nature of Business.
[3]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Schedule I - Condensed Financial Information of Registrant Condensed Financial Information of Registrant B/S (Details) - USD ($)
$ in Millions

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Condensed Balance Sheet Statements, Captions [Line Items]

Notes receivable — current

$ 407

$ 148

^[1]

$ 322

^[1]

Deferred income taxes

128

^[1]

8,500

8,489

^[1]

Accounts payable — affiliate

535

339

^[1]

^[1]

Other non-current liabilities

6,044

6,083

108

100

^[1]

Total Liabilities

6,276

6,330

^[1]

Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued

^[1]

Common Stock, Value, Issued

^[1]

Additional paid-in capital

1,897

1,843

^[1]

Accumulated deficit

(58)

(69)

^[1]

(18)

(28)

^[1]

(28)

Total Stockholders' Equity

402

412

^[1]

2,224

2,159

^[1]

2,624

$ 2,903

Total Liabilities and Stockholders' Equity

8,500

8,489

^[1]

Clearway Energy, Inc.

Condensed Balance Sheet Statements, Captions [Line Items]

Notes receivable — current

$ 1

215

Investment in consolidated subsidiaries

2,182

2,029

Note receivable - Clearway Energy Operating LLC

618

Deferred income taxes

128

2,498

2,777

Accounts payable — affiliate

220

Other current liabilities

Other non-current liabilities

610

Total Liabilities

274

618

Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued

Common Stock, Value, Issued

Additional paid-in capital

1,897

1,843

Accumulated deficit

(58)

(69)

(18)

(28)

Total Stockholders' Equity

402

412

2,224

2,159

Total Liabilities and Stockholders' Equity

$ 2,498

$ 2,777

[1]	Retrospectively adjusted as discussed in Note 1, Nature of Business.

Schedule II (Details) - USD ($) $ in Millions	12 Months Ended
Schedule II (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 10	$ 16	$ 0
Charged to costs and expenses	5	(6)	0
Charged to other accounts	0	0	16
Balance at end of period	$ 15	$ 10	$ 16

Schedule I - Condensed Financial Information of Registrant Condensed Financial Information of Registrant - P/L (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Sep. 30, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Condensed Financial Statements, Captions [Line Items]

Income Before Income Taxes

$ (3)

$ (7)

$ (3)

^[1],[2]

$ 0

^[1],[2]

Interest expense, net

(306)

(307)

^[1]

(284)

^[1]

Total other expense, net

(231)

(235)

^[1]

(221)

^[1]

116

^[1]

^[1]

(1)

^[1]

Less: Pre-acquisition net income (loss) of Drop Down Assets

$ (91)

$ 49

$ 96

$ 0

$ (97)

$ 31

$ 44

$ (2)

(24)

^[1],[2],[3]

^[1],[3]

(4)

^[1],[3]

Less: Net income (loss) attributable to noncontrolling interests

(15)

^[1]

(51)

^[1]

Net Income (Loss) Attributable to Clearway Energy, Inc.

$ (68)

$ 21

$ 79

$ 16

$ (70)

$ 29

$ 28

$ (3)

(16)

^[1]

Clearway Energy, Inc.

Condensed Financial Statements, Captions [Line Items]

Operating Expenses

Equity earnings in consolidated subsidiaries

135

Income Before Income Taxes

(7)

Interest expense, net

(11)

(12)

Total other expense, net

117

116

(1)