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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2023
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 333-203369
Clearway Energy LLC
(Exact name of registrant as specified in its charter)
Delaware32-0407370
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No x
As of April 28, 2023, there were 34,613,853 Class A units outstanding, 42,738,750 Class B units outstanding, 82,385,884 Class C units outstanding, and 42,336,750 Class D units outstanding. There is no public market for the registrant's outstanding units.




TABLE OF CONTENTS
Index
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
GLOSSARY OF TERMS
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS AND NOTES
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4 — CONTROLS AND PROCEDURES
PART II — OTHER INFORMATION
ITEM 1 — LEGAL PROCEEDINGS
ITEM 1A — RISK FACTORS
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES
ITEM 4 — MINE SAFETY DISCLOSURES
ITEM 5 — OTHER INFORMATION
ITEM 6 — EXHIBITS
SIGNATURES

2


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “believes,” “projects,” “anticipates,” “plans,” “expects,” “intends,” “estimates” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as the following:
The Company’s ability to maintain and grow its quarterly distributions;
Potential risks related to the Company's relationships with GIP, TotalEnergies and CEG;
The Company’s ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties;
The Company’s ability to acquire assets from CEG;
The Company’s ability to borrow additional funds and access capital markets, as well as the Company’s substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
The Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements;
The Company’s ability to enter into contracts to sell power and procure fuel on acceptable terms and prices as current offtake agreements expire;
Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
Operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of certain subsidiaries and project-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes; and
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company’s insurers to provide coverage.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company’s actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.
3


GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2028 Senior Notes$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDAA non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of
authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
ATM ProgramAt-The-Market Equity Offering Program
Bridge Loan AgreementSenior secured bridge credit agreement entered into by Clearway Energy Operating LLC that provided a term loan facility in an aggregate principal amount of $335 million that was repaid on May 3, 2022
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2023 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses
Capistrano Wind PortfolioFive wind projects representing 413 MW of capacity, which includes Broken Bow and Crofton Bluffs located in Nebraska, Cedro Hill located in Texas and Mountain Wind Power I and II located in Wyoming
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementMaster Services Agreements entered into as of August 31, 2018 and amended on February 2, 2023 between the Company, Clearway, Inc., Clearway Energy Operating LLC and CEG
Clearway, Inc.Clearway Energy, Inc., the holder of the Company’s Class A and Class C units
Clearway Energy Group LLCThe holder of all of Clearway, Inc.’s Class B and Class D common stock, the Company’s Class B and Class D units and, from time to time, possibly shares of Clearway, Inc.’s Class A and/or Class C common stock
Clearway Energy Operating LLCThe holder of the project assets that are owned by the Company
CompanyClearway Energy LLC, together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar power projects, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down AssetsAssets under common control acquired by the Company from CEG
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIPGlobal Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
IRAInflation Reduction Act of 2022
ITCInvestment Tax Credit
4


KKRKKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P.
LIBORLondon Inter-Bank Offered Rate
Mesquite StarMesquite Star Special LLC
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
MWtMegawatts Thermal Equivalent
Net ExposureCounterparty credit exposure to Clearway, Inc. net of collateral
NOLsNet Operating Losses
NPNSNormal Purchases and Normal Sales
OCI/OCLOther comprehensive income/loss
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PPAPower Purchase Agreement
PTCProduction Tax Credit
RENOMClearway Renewable Operation & Maintenance LLC
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
Thermal BusinessThe Company’s thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units
TotalEnergiesTotalEnergies SE
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
Utility Scale SolarSolar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VIEVariable Interest Entity

5


PART I - FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
(In millions)20232022
Operating Revenues
Total operating revenues$288 $214 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below108 128 
Depreciation, amortization and accretion128 124 
General and administrative10 12 
Transaction and integration costs 2 
Development costs 1 
Total operating costs and expenses246 267 
Operating Income (Loss)42 (53)
Other Income (Expense)
Equity in (losses) earnings of unconsolidated affiliates(3)4 
Other income, net8  
Loss on debt extinguishment (2)
Interest expense(99)(47)
Total other expense, net(94)(45)
Net Loss(52)(98)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests(30)(40)
Net Loss Attributable to Clearway Energy LLC$(22)$(58)
See accompanying notes to consolidated financial statements.
6


CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three months ended March 31,
(In millions)20232022
Net Loss$(52)$(98)
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI/OCL(4)16 
Other comprehensive (loss) income(4)16 
Comprehensive Loss(56)(82)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests(31)(37)
Comprehensive Loss Attributable to Clearway Energy LLC$(25)$(45)
See accompanying notes to consolidated financial statements.
7


CLEARWAY ENERGY LLC
CONSOLIDATED BALANCE SHEETS
(In millions)March 31, 2023December 31, 2022
ASSETS(Unaudited)
Current Assets
Cash and cash equivalents
$576 $657 
Restricted cash
437 339 
Accounts receivable — trade
150 153 
Inventory
49 47 
Derivative instruments
27 26 
Prepayments and other current assets
50 54 
Total current assets1,289 1,276 
Property, plant and equipment, net 7,863 7,421 
Other Assets
Equity investments in affiliates
346 364 
Intangible assets for power purchase agreements, net2,443 2,488 
Other intangible assets, net75 77 
Derivative instruments64 63 
Right-of-use assets, net554 527 
Other non-current assets
115 96 
Total other assets3,597 3,615 
Total Assets$12,749 $12,312 
LIABILITIES AND MEMBERS’ EQUITY
Current Liabilities
 Current portion of long-term debt — external$366 $322 
Current portion of long-term debt — affiliate
2 2 
Accounts payable — trade
70 55 
Accounts payable — affiliates53 24 
Derivative instruments
39 50 
Accrued interest expense36 54 
Accrued expenses and other current liabilities
60 95 
Total current liabilities626 602 
Other Liabilities
Long-term debt — external
6,769 6,491 
Deferred income taxes4 4 
Derivative instruments
296 303 
Long-term lease liabilities
577 548 
Other non-current liabilities
204 197 
Total other liabilities7,850 7,543 
Total Liabilities8,476 8,145 
Redeemable noncontrolling interest in subsidiaries9 7 
Commitments and Contingencies
Members’ Equity
Contributed capital
1,279 1,308 
Retained earnings1,142 1,240 
Accumulated other comprehensive income18 21 
Noncontrolling interest
1,825 1,591 
Total Members’ Equity4,264 4,160 
Total Liabilities and Members’ Equity$12,749 $12,312 
See accompanying notes to consolidated financial statements.
8


CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20232022
Cash Flows from Operating Activities
Net Loss$(52)$(98)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in losses (earnings) of unconsolidated affiliates3 (4)
Distributions from unconsolidated affiliates6 11 
Depreciation, amortization and accretion128 124 
Amortization of financing costs and debt discounts3 4 
Amortization of intangibles47 42 
Loss on debt extinguishment  2 
Reduction in carrying amount of right-of-use assets4 4 
Changes in derivative instruments and amortization of accumulated OCI/OCL3 82 
Cash used in changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements(39)(44)
Changes in other working capital(28)(30)
Net Cash Provided by Operating Activities75 93 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(7)(51)
Capital expenditures(88)(47)
Return of investment from unconsolidated affiliates9 3 
Other 3 
Net Cash Used in Investing Activities(86)(92)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions214 26 
Contributions from (distributions to) CEG, net59 (3)
Payments of distributions(76)(70)
Distributions to CEG of escrowed amounts (64)
Proceeds from the revolving credit facility 80 
Payments for the revolving credit facility (20)
Proceeds from the issuance of long-term debt — external42 194 
Payments of debt issuance costs(7)(4)
Payments for short-term and long-term debt — external(204)(317)
Other (6)
Net Cash Provided by (Used in) Financing Activities28 (184)
Reclassification of Cash to Assets Held-for-Sale (5)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash17 (188)
Cash, Cash Equivalents and Restricted Cash at beginning of period996 654 
Cash, Cash Equivalents and Restricted Cash at end of period$1,013 $466 

See accompanying notes to consolidated financial statements.
9


CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF MEMBERS’ EQUITY
(Unaudited)
(In millions)Contributed Capital Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling InterestTotal
Members’ Equity
Balances at December 31, 2022$1,308 $1,240 $21 $1,591 $4,160 
Net loss— (22)— (33)(55)
Unrealized loss on derivatives and changes in accumulated OCI— — (3)(1)(4)
Contributions from CEG, net of distributions, cash30 — — — 30 
Contributions from noncontrolling interests, net of distributions, cash— — — 215 215 
Transfers of assets under common control(59)— — 53 (6)
Distributions paid to Clearway, Inc.— (32)— — (32)
Distributions paid to CEG Class B and Class D unit holders— (44)— — (44)
Balances at March 31, 2023$1,279 $1,142 $18 $1,825 $4,264 

(In millions)Contributed Capital Retained Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
Loss
Noncontrolling InterestTotal
Members’ Equity
Balances at December 31, 2021$1,495 $43 $(13)$1,692 $3,217 
Net loss— (58)— (42)(100)
Unrealized gain on derivatives and changes in accumulated OCL— — 13 3 16 
Distributions to CEG, net of contributions, cash(3)— — — (3)
Contributions from noncontrolling interests, net of distributions, cash — — — 28 28 
Transfers of assets under common control(46)— — 9 (37)
Distributions paid to Clearway, Inc.(40)— — — (40)
Distributions paid to CEG Class B and Class D unit holders(5)(25)— — (30)
Balances at March 31, 2022$1,401 $(40)$ $1,690 $3,051 

See accompanying notes to consolidated financial statements.
10


CLEARWAY ENERGY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Nature of Business
Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company.
The Company is one of the largest renewable energy owners in the U.S. with over 5,500 net MW of installed wind and solar generation projects. The Company’s over 8,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to increase distributions to its unit holders. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.
Clearway Energy, Inc., or Clearway, Inc., consolidates the results of the Company through its controlling interest, with CEG’s interest shown as contributed capital in the Company’s consolidated financial statements. The holders of Clearway, Inc.’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company’s Class B and Class D units.
As of March 31, 2023, Clearway, Inc. owned 57.88% of the economic interests of the Company, with CEG owning 42.12% of the economic interests of the Company.
11


The following table represents a summarized structure of the Company as of March 31, 2023:
https://cdn.kscope.io/01231903a9452374bd03f8a87e9657ed-Clearway org picture as of 12.31.22 - 01.05.2023v6.jpg
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2022 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company’s consolidated financial position as of March 31, 2023, and results of operations, comprehensive loss and cash flows for the three months ended March 31, 2023 and 2022.
Note 2Summary of Significant Accounting Policies
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.
12


Cash, 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 $125 million and $121 million as of March 31, 2023 and December 31, 2022, 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 consolidated statements of cash flows:
 March 31, 2023December 31, 2022
 (In millions)
Cash and cash equivalents$576 $657 
Restricted cash437 339 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$1,013 $996 
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 March 31, 2023, these restricted funds were comprised of $143 million designated to fund operating expenses, $168 million designated for current debt service payments and $97 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $29 million is held in distributions reserve accounts.
Accumulated Depreciation and Accumulated Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,110 $3,024 
Intangible Assets Accumulated Amortization925 877 
Distributions
The following table lists distributions paid on the Company's Class A, B, C and D units during the three months ended March 31, 2023:
First Quarter 2023
Distributions per Class A, B, C and D unit$0.3745 
On May 3, 2023, the Company declared a distribution on its Class A, Class B, Class C and Class D units of $0.3818 per unit payable on June 15, 2023 to unit holders of record as of June 1, 2023.
Redeemable Noncontrolling Interests
To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance for the three months ended March 31, 2023:
(In millions)
Balance at December 31, 2022$7 
Cash distributions to redeemable noncontrolling interests(1)
Comprehensive income attributable to redeemable noncontrolling interests3 
Balance at March 31, 2023$9 
13


Revenue Recognition
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended March 31, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$1 $198 $199 
Capacity revenue (a)
100 5 105 
Contract amortization(6)(41)(47)
Other revenues 12 12 
Mark-to-market for economic hedges  19 19 
Total operating revenues95 193 288 
Less: Mark-to-market for economic hedges (19)(19)
Less: Lease revenue(101)(156)(257)
Less: Contract amortization6 41 47 
Total revenue from contracts with customers$ $59 $59 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $152 $153 
Capacity revenue100 4 104 
Total $101 $156 $257 
Three months ended March 31, 2022
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue (a)
$ $195 $37 $232 
Capacity revenue (a)
114  14 128 
Contract amortization(6)(36) (42)
Other revenues 14 8 22 
Mark-to-market for economic hedges (126) (126)
Total operating revenues108 47 59 214 
Less: Mark-to-market for economic hedges 126  126 
Less: Lease revenue(114)(162)(1)(277)
Less: Contract amortization6 36  42 
Total revenue from contracts with customers$ $47 $58 $105 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue$ $162 $1 $163 
Capacity revenue114   114 
Total $114 $162 $1 $277 
14


Contract Balances
The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:
March 31, 2023December 31, 2022
(In millions)
Accounts receivable, net - Contracts with customers$40 $37 
Accounts receivable, net - Leases110 116 
Total accounts receivable, net$150 $153 
Recently Adopted Accounting Standards
In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company’s debt and interest rate swap agreements. The guidance is effective for all entities as of March 20, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-6, Deferral of the Sunset Date of Reference Rate Reform, to extend the end of the transition period to December 31, 2024. As of March 31, 2023, the Company has amended the majority of the contracts that previously used LIBOR as a reference rate and elected to apply relief to certain modified cash flow interest rate swap and debt agreements. The adoption did not have a material impact on the Company’s financial statements. The Company intends to amend the remaining contracts that use LIBOR as a reference rate no later than June 30, 2023, the LIBOR cessation date.
Note 3 — Acquisitions and Dispositions
Acquisitions
Daggett 3 Drop Down — On February 17, 2023, the Company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett TargetCo LLC, the indirect owner of the Daggett 3 solar project, a 300 MW solar project with matching storage capacity that is currently under construction, located in San Bernardino, California, from Clearway Renew LLC, a subsidiary of CEG, for cash consideration of $21 million. Simultaneously, a cash equity investor acquired the Class B membership interests in Daggett TargetCo LLC from Clearway Renew LLC for cash consideration of $129 million. The Company and the cash equity investor then contributed their Class A and B membership interests, respectively, into Daggett Renewable Holdco LLC, a partnership between the Company and the cash equity investor, which consolidates Daggett TargetCo LLC. Daggett TargetCo LLC consolidates, as the indirect owner of the primary beneficiary, a tax equity fund, Daggett TE Holdco LLC, which owns the Daggett 3 solar project, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Daggett 3 has PPAs with investment-grade counterparties that have a 15-year weighted average contract duration that commence when the underlying operating assets reach commercial operations, which is expected to occur for the majority of the operating assets in the second quarter of 2023. The Daggett 3 operations are reflected in the Company’s Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Daggett 3 on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $21 million and the historical cost of the Company’s net assets acquired of $15 million was recorded as an adjustment to CEG’s contributed capital balance. In addition, the Company reflected $21 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item contributions from CEG, net of distributions in the consolidated statement of members’ equity.
15


The following is a summary of assets and liabilities transferred in connection with the acquisition as of February 17, 2023:
(In millions)Daggett 3
Restricted cash$14 
Property, plant and equipment534 
Right-of-use-assets, net31 
Derivative assets27 
Total assets acquired606 
Long-term debt (a)
480 
Long-term lease liabilities33 
Other current and non-current liabilities (b)
78 
Total liabilities assumed591 
Net assets acquired$15 
(a) Includes a $181 million construction loan, $75 million sponsor equity bridge loan and $229 million tax equity bridge loan, offset by $5 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
(b) Includes $32 million of project costs that were subsequently funded by CEG and will be repaid with the proceeds expected to be received when the project reaches substantial completion.
Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are not Consolidated
The Company has an interest in an entity that is considered a VIE under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interest in this entity and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2022 Form 10-K.
The Company’s maximum exposure to loss as of March 31, 2023 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
NameEconomic
 Interest
Investment Balance
(In millions)
Avenal50%$7 
Desert Sunlight25%226 
Elkhorn Ridge67%20 
GenConn (a)
50%80 
San Juan Mesa75%13 
$346 
(a) GenConn is a variable interest entity.
16


Entities that are Consolidated
As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2022 Form 10-K, 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 and solar facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which have also been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.
The discussion below describes material changes to VIEs during the three months ended March 31, 2023.
Daggett Renewable Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on February 17, 2023, Daggett Solar Investment LLC, an indirect subsidiary of the Company, acquired the Class A membership interests in Daggett TargetCo LLC while a cash equity investor acquired the Class B membership interests. The Company and the cash equity investor then contributed their Class A and B membership interests, respectively, into Daggett Renewable Holdco LLC, a partnership between the Company and the cash equity investor, and concurrently, Daggett TargetCo LLC became a wholly-owned subsidiary of Daggett Renewable Holdco LLC. The Company consolidates Daggett Renewable Holdco LLC as a VIE as the Company is the primary beneficiary, through its role as managing member. The Company recorded the noncontrolling interest of the cash equity investor in Daggett Renewable Holdco LLC at historical carrying amount, with the offset to contributed capital. Daggett TargetCo LLC consolidates, as the indirect owner of the primary beneficiary, a tax equity fund, Daggett TE Holdco LLC, which owns the Daggett 3 solar project. The tax equity investor’s interest is shown as noncontrolling interest and the HLBV method is utilized to allocate the income or losses of Daggett TE Holdco LLC.
Summarized financial information for the Company’s consolidated VIEs consisted of the following as of March 31, 2023:
(In millions)Alta TE Holdco LLCBuckthorn Renewables, LLC
DGPV Funds (a)
Daggett Renewable Holdco LLC (b)
Langford TE Partnership LLC
Lighthouse Renewable Holdco LLC (c)
Other current and non-current assets$55 $3 $73 $147 $13 $122 
Property, plant and equipment296 192 516 559 121 823 
Intangible assets196  14  2  
Total assets547 195 603 706 136 945 
Current and non-current liabilities38 11 65 493 54 305 
Total liabilities38 11 65 493 54 305 
Noncontrolling interest38 26 18 231 65 513 
Net assets less noncontrolling interest$471 $158 $520 $(18)$17 $127 
(a) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC, which are all tax equity funds.
(b) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC, which is a consolidated VIE.
(c) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, Black Rock TE Holdco LLC, Mililani TE Holdco LLC and Waiawa TE Holdco LLC, which are consolidated VIEs.
17


(In millions)
Lighthouse Renewable Holdco 2 LLC(a)
Oahu Solar LLC
Pinnacle Repowering TE Holdco LLC
Rattlesnake TE Holdco LLCRosie TargetCo LLC
Wildorado TE Holdco LLC
Other (b)
Other current and non-current assets$44 $39 $7 $15 $35 $25 $16 
Property, plant and equipment357 162 101 182 236 205 151 
Intangible assets  16    1 
Total assets401 201 124 197 271 230 168 
Current and non-current liabilities132 22 5 17 98 21 74 
Total liabilities132 22 5 17 98 21 74 
Noncontrolling interest233 26 42 87 127 109 68 
Net assets less noncontrolling interest$36 $153 $77 $93 $46 $100 $26 
(a) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, which is a consolidated VIE.
(b) Other is comprised of Elbow Creek TE Holdco LLC and Spring Canyon TE Holdco LLC.
Note 5 — Fair Value of Financial Instruments
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.
For cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, accounts payable — affiliates and accrued expenses and other current liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.
The carrying amounts and estimated fair values of the Company’s recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows:
As of March 31, 2023As of December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
(In millions)
Long-term debt, including current portion — affiliate$2 $2 $$2 
Long-term debt, including current portion — external (a)
7,197 6,760 6,874 6,288 
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.
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 March 31, 2023As of December 31, 2022
Level 2Level 3Level 2Level 3
 (In millions)
Long-term debt, including current portion$1,904 $4,858 $1,836 $4,454 
18


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 March 31, 2023As of December 31, 2022
Fair Value (a)
Fair Value (a)
(In millions)Level 2Level 3Level 2Level 3
Derivative assets:
Interest rate contracts$91 $ $89 $ 
Other financial instruments (b)
 18  17 
Total assets$91 $18 $89 $17 
Derivative liabilities:
Commodity contracts$ $334 $ $353 
Interest rate contracts1    
Total liabilities$1 $334 $ $353 
(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of March 31, 2023 and December 31, 2022.
(b) Includes SREC contract.
The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs:
Three months ended March 31,
20232022
(In millions)Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance$(336)$(154)
Settlements4 6 
Additions due to loss of NPNS exception (21)
Total gains (losses) for the period included in earnings16 (111)
Ending balance $(316)$(280)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of March 31, 2023$16 
Derivative and Financial Instruments Fair Value Measurements
The Company's contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its commodi