0001567683-24-000029 | 10-Q | XBRL Viewer

Long-term Debt

9 Months Ended

Sep. 30, 2024

This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company’s 2023 Form 10-K. The Company’s borrowings, including short-term and long-term portions, consisted of the following:


(In millions, except rates)	September 30, 2024		December 31, 2023		September 30, 2024 interest rate % (a)	Letters of Credit Outstanding at September 30, 2024


2028 Senior Notes	$	850	$	850	4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)	—		—		S+1.500	$	108

Non-recourse facility-level debt:
Agua Caliente Solar LLC, due 2037	591		612		2.395-3.633	14
Alta Wind Asset Management LLC, due 2031	10		11		S+2.775	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	629		660		5.696-7.015	67
Alta Wind Realty Investments LLC, due 2031	18		20		7.000	—
Borrego, due 2024 and 2038	46		48		Various	4
Broken Bow, due 2031	38		41		S+2.350	6
Buckthorn Solar, due 2025	113		116		S+2.100	21


Carlsbad Energy Holdings LLC, due 2027	76		93		S+1.900	68
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, LLC, due 2038	195		195		4.210	6
Cedar Creek, due 2029	109		—		S+1.625	19
Cedro Hill, due 2024 and 2029	186		165		S+1.250-1.375	—
Crofton Bluffs, due 2031	25		27		S+2.350	3
CVSR, due 2037	573		601		2.339-3.775	12
CVSR Holdco Notes, due 2037	143		152		4.680	—
Daggett 2, due 2028	155		156		S+1.762	32
Daggett 3, due 2028	217		217		S+1.762	44
DG-CS Master Borrower LLC, due 2040	356		385		3.510	30









Mililani Class B Member Holdco LLC, due 2028	90		92		S+1.600	18
Natural Gas Holdco LC Facility, due 2027	—		—		S+1.750	107
NIMH Solar, due 2031 and 2033	130		148		S+2.000-2.125	17
Oahu Solar Holdings LLC, due 2026	79		81		S+1.525	10

Rosie Class B LLC, due 2029	192		347		S+1.750	31
Texas Solar Nova 1, due 2028 (c)	—		102			—
TSN1 Class B Member LLC, due 2029 (c)	179		—		S+1.750	54
Utah Solar Holdings, due 2036	238		242		3.590	161

Viento Funding II, LLC, due 2029	164		175		S+1.475	29
Victory Pass and Arica, due 2024	—		757			—
Other	115		124		Various	76
Subtotal non-recourse facility-level debt	5,074		5,974
Total debt	7,199		8,099
Less current maturities	(412)		(558)
Less net debt issuance costs	(57)		(65)
Add premiums (d)	2		3
Total long-term debt	$	6,732	$	7,479

(a) As of September 30, 2024, S+ equals SOFR plus x%.

(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and only applies to outstanding borrowings.

(c) On March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the facility-level debt of Texas Solar Nova 1 and Texas Solar Nova 2 as a combined term loan under TSN1 Class B Member LLC.

(d) Premiums relate to the 2028 Senior Notes.

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 September 30, 2024, the Company was in compliance with all of the required covenants.

The discussion below describes material changes to or additions of long-term debt for the nine months ended September 30, 2024.

Facility-level Debt

Capistrano Portfolio Holdco LLC

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Broken Bow, Crofton Bluffs, Mountain Wind 1 and Mountain Wind 2 wind facilities. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on September 28, 2033. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

Natural Gas Holdco LC Facility

On July 25, 2024, the Company, through its indirect subsidiary, Natural Gas Holdco, entered into a financing agreement that provides for a $200 million letter of credit facility, which is being utilized to support the collateral needs of the Company’s merchant conventional facilities. The letter of credit facility has an initial term of three years and the option for two additional one-year extensions.

Rosamond Central (Rosie Class B LLC)

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility, which occurred on December 1, 2023. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. The additional purchase price consisted of $64 million that was funded by the Company from existing sources of liquidity and $215 million funded through contributions from the cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE Holdco LLC. Clearway Renew utilized the proceeds to repay the balance of $184 million on the loan previously issued to its consolidated subsidiary by Rosie Class B LLC and to redeem Rosie Class B LLC’s entire equity investment in Rosie Central BESS of $28 million, as further discussed in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The Company utilized proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price that was contributed back by CEG, to repay the $186 million tax equity bridge loan, to distribute $44 million to the cash equity investor, to fund $21 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $11 million in associated fees.

Additionally, on June 13, 2024, the outstanding construction loans were converted to a term loan in the amount of $115 million.

NIMH Solar

On June 11, 2024, the Company, through its indirect subsidiary, NIMH Solar LLC, refinanced its amended and restated credit agreement, which was scheduled to mature in September 2024, resulting in the issuance of a $137 million term loan facility, as well as $17 million in letters of credit in support of debt service and facility obligations. The obligations under the new financing arrangement are supported by the Company’s interests in the Alpine, Blythe and Roadrunner solar facilities. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt in the amount of $146 million.

Victory Pass and Arica

On May 1, 2024, when the Victory Pass and Arica solar and BESS facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, in connection with the Company’s acquisition of the Class A membership interests in VP-Arica TargetCo LLC on October 31, 2023, which was funded with existing sources of liquidity. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. Also on May 1, 2024, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the $351 million cash equity bridge loan, to repay the $468 million tax equity bridge loan, to fund $75 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $18 million in associated fees. Prior to the repayment of the tax equity bridge loan, the Company borrowed an additional $62 million in 2024.

Cedar Creek

On April 16, 2024, as part of the acquisition of Cedar Creek, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $112 million construction loan, a $91 million cash equity bridge loan and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $108 million, which was utilized, along with the Company’s entire purchase price that was contributed back by CEG, to repay the tax equity bridge loan, to repay the cash equity bridge loan, to partially repay $2 million in construction loans, to fund $16 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $6 million in associated fees. Also at acquisition date, the outstanding construction loans were converted to a term loan in the amount of $110 million.

Texas Solar Nova 1 and Texas Solar Nova 2

On March 15, 2024, as part of the acquisition of Texas Solar Nova 2, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $130 million, which was utilized, along with $9 million of the Company’s purchase price that was contributed back by CEG, to repay the $115 million tax equity bridge loan, to fund $19 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $4 million in associated fees.

Additionally, on March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the Texas Solar Nova 1 and Texas Solar Nova 2 term loans as a combined term loan under TSN1 Class B Member LLC.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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:


	September 30, 2024		December 31, 2023
	(In millions)
Cash and cash equivalents	$	292	$	535
Restricted cash	382		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	674	$	1,051

Schedule of Restricted Cash


	September 30, 2024		December 31, 2023
	(In millions)
Cash and cash equivalents	$	292	$	535
Restricted cash	382		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	674	$	1,051

Schedule of Supplemental Cash Flow Information

The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:


	Nine months ended September 30,
	2024		2023
	(In millions)
Cash paid to acquire Drop Down Assets	$	(673)	$	(34)
Cash acquired from the acquisition of Drop Down Assets	2		134
Acquisition of Drop Down Assets, net of cash acquired	$	(671)	$	100

Schedule of Accumulated Amortization and Depreciation

The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:


	September 30, 2024		December 31, 2023
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	3,938	$	3,485
Intangible Assets Accumulated Amortization	1,147		1,009

Schedule of Dividends Declared

The following table lists the dividends paid on the Company's Class A and Class C common stock during the nine months ended September 30, 2024:


	Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Dividends per Class A share	$	0.4171	$	0.4102	$	0.4033
Dividends per Class C share	0.4171		0.4102		0.4033

Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution

The following table lists distributions paid to CEG during the nine months ended September 30, 2024 on Clearway Energy LLC’s Class B and D units:


	Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class B Unit	$	0.4171	$	0.4102	$	0.4033
Distributions per Class D Unit	0.4171		0.4102		0.4033

Schedule of Disaggregation of Revenue

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 September 30, 2024
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	35	$	315	$	350
Capacity revenue (a)	65		22		87
Other revenues	3		20		23
Contract amortization	(5)		(41)		(46)
Mark-to-market for economic hedges	4		68		72
Total operating revenues	102		384		486
Less: Contract amortization	5		41		46
Less: Mark-to-market for economic hedges	(4)		(68)		(72)
Less: Lease revenue	(27)		(247)		(274)
Total revenue from contracts with customers	$	76	$	110	$	186

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	1	$	234	$	235
Capacity revenue	26		13		39

Total	$	27	$	247	$	274


	Three months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	57	$	280	$	337
Capacity revenue (a)	74		5		79
Other revenues	3		17		20
Contract amortization	(5)		(42)		(47)
Mark-to-market for economic hedges	3		(21)		(18)
Total operating revenues	132		239		371
Less: Contract amortization	5		42		47
Less: Mark-to-market for economic hedges	(3)		21		18
Less: Lease revenue	(41)		(233)		(274)
Total revenue from contracts with customers	$	93	$	69	$	162

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	2	$	228	$	230
Capacity revenue	39		5		44

Total	$	41	$	233	$	274


	Nine months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	67	$	870	$	937
Capacity revenue (a)	195		44		239
Other revenues	6		63		69
Contract amortization	(14)		(124)		(138)
Mark-to-market for economic hedges	12		(4)		8
Total operating revenue	266		849		1,115
Less: Contract amortization	14		124		138
Less: Mark-to-market for economic hedges	(12)		4		(8)
Less: Lease revenue	(84)		(691)		(775)
Total revenue from contracts with customers	$	184	$	286	$	470

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	2	$	661	$	663
Capacity revenue	82		30		112
Total	$	84	$	691	$	775


	Nine months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	61	$	753	$	814
Capacity revenue (a)	270		15		285
Other revenues (a)	24		56		80
Contract amortization	(16)		(125)		(141)
Mark-to-market for economic hedges	3		24		27
Total operating revenue	342		723		1,065
Less: Contract amortization	16		125		141
Less: Mark-to-market for economic hedges	(3)		(24)		(27)
Less: Lease revenue	(246)		(626)		(872)
Total revenue from contracts with customers	$	109	$	198	$	307

(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	4	$	613	$	617
Capacity revenue	221		13		234
Other revenues (b)	21		—		21
Total	$	246	$	626	$	872

(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.

Schedule of Contract with Customer, Asset and Liability

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:


	September 30, 2024		December 31, 2023
	(In millions)
Accounts receivable, net - Contracts with customers	$	79	$	66
Accounts receivable, net - Leases	120		105
Total accounts receivable, net	$	199	$	171

Derivative Instruments and Hedging Activities - Schedule of Effects of Company’s AOCI Balance Attributable to Interest Rate Swaps Designated as Cash Flow Hedge Derivatives, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 5,711	$ 4,127	$ 4,994	$ 4,026
Mark-to-market of cash flow hedge accounting contracts	(13)	8	(13)	8
Balance at end of period	5,624	4,250	5,624	4,250
Accumulated other comprehensive income	1		1		$ 7
Gains expected to be realized from OCI during the next 12 months, net of income tax expense of $1	2		2
Accumulated OCL ending balance, income tax expense	0	4	0	4
Gains expected to be realized from OCL during the next 12 months, tax expense	1	1	1	1
Accumulated OCI (OCL)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	18	24	18	24
Balance at end of period	5	32	5	32
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(1)	(1)	(3)	(2)
Mark-to-market of cash flow hedge accounting contracts	(12)	9	(10)	10
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	3,561	1,987	2,893	1,792
Balance at end of period	3,490	2,140	3,490	2,140
Accumulated other comprehensive income	4	21	4	21
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	5	9	7	9
Balance at end of period	1	11	1	11
Accumulated other comprehensive income	$ 1	$ 11	$ 1	$ 11

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 60	$ 72	$ 15	$ 126
Income tax expense	$ 33	$ 57	$ 30	$ 67
Effective income tax rate	55.00%	79.20%	200.00%	53.20%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Par value - preferred stock (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	3,000,000,000	3,000,000,000
Common stock issued (in shares)	202,143,697	202,080,794
Common stock outstanding (in shares)	202,143,697	202,080,794
Common Class A
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	34,613,853	34,613,853
Common stock outstanding (in shares)	34,613,853	34,613,853
Common Class B
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	42,738,750	42,738,750
Common stock outstanding (in shares)	42,738,750	42,738,750
Common Class C
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	82,829,344	82,391,441
Common stock outstanding (in shares)	82,829,344	82,391,441
Common Class D
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	41,961,750	42,336,750
Common stock outstanding (in shares)	41,961,750	42,336,750

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivative Instruments and Hedging Activities - Schedule of Derivative Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ (13)	$ 1	$ (1)	$ 8	$ 3	$ (3)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	(57)			33			$ (33)	$ 34
Energy-Related Commodity Contracts - Operating Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	72			(22)			11	28
Energy-Related Commodity Contracts - Cost of Operation
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ 0			$ 3			$ (3)	$ 3

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 29, 2024	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Restricted cash, current		$ 382	$ 516
Common Class A \| Subsequent Event
Cash and Cash Equivalents [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.4240
Common Class C \| Subsequent Event
Cash and Cash Equivalents [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	0.4240
Common Class B \| Subsequent Event
Cash and Cash Equivalents [Line Items]
Distribution made to limited liability (LLC) member, distributions declared, per unit (in dollars per share)	0.4240
Common Class D \| Subsequent Event
Cash and Cash Equivalents [Line Items]
Distribution made to limited liability (LLC) member, distributions declared, per unit (in dollars per share)	$ 0.4240
Long Term Debt Current
Cash and Cash Equivalents [Line Items]
Restricted cash, current		71
Debt Service Obligations
Cash and Cash Equivalents [Line Items]
Restricted cash, current		89
Cash Distribution
Cash and Cash Equivalents [Line Items]
Restricted cash, current		39
Operating Funds
Cash and Cash Equivalents [Line Items]
Restricted cash		183
Restricted cash, current		183
Project Level Subsidiaries
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, held at project subsidiaries		$ 202	$ 125

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Effective Tax Rate

The income tax provision consisted of the following amounts:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(In millions, except percentages)
Income before income taxes	$	60		$	72		$	15		$	126
Income tax expense	33			57			30			67
Effective income tax rate	55.0		%	79.2		%	200.0		%	53.2		%

For the three and nine months ended September 30, 2024 and 2023, the overall effective tax rate was different than the statutory rate of 21% primarily due to the allocation of taxable earnings and losses based on the partners’ interest in Clearway Energy LLC, which includes the effects of applying the HLBV method of accounting for book purposes for certain partnerships.

For the nine months ended September 30, 2024, the income tax expense was calculated based on year-to-date results as this represents the best estimate of the income tax rate. This differs from prior periods where income tax expense was calculated based on a forecasted effective tax rate under ASC 740-270.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 199	$ 171
Accounts receivable, net - Contracts with customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	79	66
Accounts receivable, net - Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 120	$ 105

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

This footnote should be read in conjunction with the complete description under Item 15 — Note 7, Accounting for Derivative Instruments and Hedging Activities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.

Interest Rate Swaps

The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of September 30, 2024, the Company had interest rate derivative instruments on non-recourse debt extending through 2040, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate.

Energy-Related Commodity Contracts

As of September 30, 2024, the Company had energy-related derivative instruments extending through 2033. At September 30, 2024, these contracts were not designated as cash flow or fair value 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:


		Total Volume
		September 30, 2024		December 31, 2023
Commodity	Units	(In millions)

Power	MWh	(18)		(23)
Natural Gas	MMBtu	13		17
Interest	Dollars	$	1,711	$	2,467

Fair Value of Derivative Instruments

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


	Fair Value
	Derivative Assets				Derivative Liabilities
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	4	$	7	$	—	$	—
Interest rate contracts long-term	10		12		2		2
Total Derivatives Designated as Cash Flow Hedges	$	14	$	19	$	2	$	2
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	23	$	33	$	—	$	—
Interest rate contracts long-term	60		69		1		—
Energy-related commodity contracts current	7		1		51		51
Energy-related commodity contracts long-term	—		1		276		279
Total Derivatives Not Designated as Cash Flow Hedges	$	90	$	104	$	328	$	330
Total Derivatives	$	104	$	123	$	330	$	332

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 level. As of September 30, 2024 and December 31, 2023, the amount of outstanding collateral paid or received was immaterial. The following tables summarize the offsetting of derivatives by counterparty:


	Gross Amounts Not Offset in the Statement of Financial Position
As of September 30, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	7	$	—	$	7
Derivative liabilities	(327)		—		(327)
Total energy-related commodity contracts	$	(320)	$	—	$	(320)
Interest rate contracts
Derivative assets	$	97	$	(2)	$	95
Derivative liabilities	(3)		2		(1)
Total interest rate contracts	$	94	$	—	$	94
Total derivative instruments	$	(226)	$	—	$	(226)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(330)		—		(330)
Total energy-related commodity contracts	$	(328)	$	—	$	(328)
Interest rate contracts
Derivative assets	$	121	$	(2)	$	119
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	119	$	—	$	119
Total derivative instruments	$	(209)	$	—	$	(209)

Accumulated Other Comprehensive Income

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)
Accumulated OCI beginning balance	$	18	$	24	$	18	$	24
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(1)		(1)		(3)		(2)

Mark-to-market of cash flow hedge accounting contracts	(12)		9		(10)		10
Accumulated OCI ending balance, net of income tax expense of $—, $4, $— and $4, respectively	5		32		5		32
Accumulated OCI attributable to noncontrolling interests	4		21		4		21
Accumulated OCI attributable to Clearway Energy, Inc.	$	1	$	11	$	1	$	11
Gains expected to be realized from OCI during the next 12 months, net of income tax expense of $1	$	2			$	2

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

Impact of Derivative Instruments on the Consolidated Statements of Income

Mark-to-market gains/(losses) related to the Company’s derivatives are recorded in the consolidated statements of income as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)
Interest Rate Contracts (Interest expense)	$	(57)	$	33	$	(33)	$	34
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	72		(22)		11		28
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	—		3		(3)		3

(a) Relates to long-term energy related commodity contracts at Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and short-term heat rate call option energy-related commodity contracts at El Segundo, Marsh Landing and Walnut Creek.

(b) Relates to long-term backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

See Note 5, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk.

Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, gross	$ 104	$ 123
Derivative liabilities, gross	(330)	(332)
Fair value of gross derivative assets/(liabilities), net	(226)	(209)
Derivative instruments	0	0
Net amount	(226)	(209)
Energy-related commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets, gross	7	2
Derivative instruments, assets	0	0
Net amount	7	2
Derivative liabilities, gross	(327)	(330)
Derivative instruments, liabilities	0	0
Derivative liability, Net Amount	(327)	(330)
Fair value of gross derivative assets/(liabilities), net	(320)	(328)
Derivative instruments	0	0
Net amount	(320)	(328)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative assets, gross	97	121
Derivative instruments, assets	(2)	(2)
Net amount	95	119
Derivative liabilities, gross	(3)	(2)
Derivative instruments, liabilities	2	2
Derivative liability, Net Amount	(1)	0
Fair value of gross derivative assets/(liabilities), net	94	119
Derivative instruments	0	0
Net amount	$ 94	$ 119

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic

The reconciliation of the Company’s basic and diluted earnings per share is shown in the following tables:


	Three months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	11	$	25	$	1	$	3
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.31	$	0.31	$	0.03	$	0.03

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


	Nine months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	25	$	60	$	12	$	30
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.72	$	0.72	$	0.36	$	0.36

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

Schedule of Earnings Per Share, Diluted

The reconciliation of the Company’s basic and diluted earnings per share is shown in the following tables:


	Three months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	11	$	25	$	1	$	3
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.31	$	0.31	$	0.03	$	0.03

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


	Nine months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	25	$	60	$	12	$	30
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.72	$	0.72	$	0.36	$	0.36

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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Carrying Values and Fair Values

The carrying amount and estimated fair value of the Company’s recorded financial instrument not carried at fair market value or that does not approximate fair value is as follows:


	As of September 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)




Long-term debt, including current portion (a)	$	7,201	$	6,897	$	8,102	$	7,611

(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.

Schedule of Fair Value Option, Disclosures

The following table presents the level within the fair value hierarchy for long-term debt, including current portion:


	As of September 30, 2024				As of December 31, 2023
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,002	$	4,895	$	1,939	$	5,672

Schedule of Fair Value, Assets and Liabilities

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 September 30, 2024				As of December 31, 2023
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2 (b)		Level 3			Level 2 (b)		Level 3
Derivative assets:

Energy-related commodity contracts (c)	$	—	$	7		$	2	$	—
Interest rate contracts	97		—			121		—
Other financial instruments (d)	—		10			—		13
Total assets	$	97	$	17		$	123	$	13
Derivative liabilities:
Energy-related commodity contracts (e)	$	1	$	326		$	—	$	330
Interest rate contracts	3		—			2		—
Total liabilities	$	4	$	326		$	2	$	330

(a) There were no derivative assets or liabilities classified as Level 1 as of September 30, 2024 and December 31, 2023.

(b) The Company’s interest rate swaps are measured at fair value using an income approach, which uses readily observable inputs, such as forward interest rates (e.g., SOFR) and contractual terms to estimate fair value.

(c) Includes long-term backbone transportation service contracts classified as Level 2 and short-term heat rate call option contracts classified as Level 3.

(d) Includes SREC contract.

(e) Includes long-term backbone transportation contracts classified as Level 2 and long-term power commodity contracts and short-term heat rate call option contracts classified as Level 3. As of September 30, 2024 and December 31, 2023, Level 3 amounts include $326 million and $325 million related to long-term power commodity contracts and zero and $5 million related to short-term heat rate call option contracts, respectively.

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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(381)	$	(291)	$	(317)	$	(336)
Settlements	6		21		—		30


Total gains (losses) for the period included in earnings	66		(39)		8		(3)
Ending balance	$	(309)	$	(309)	$	(309)	$	(309)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024	$	66			$	8

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	September 30, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	326	Discounted Cash Flow	Forward Market Price (per MWh)	$	19.67	$	69.48	$	41.94
Heat Rate Call Option Commodity Contracts	7		—		Option Model	Forward Market Price (per MWh)	$	(33.90)	$	1,083.78	$	56.23
					Option Model	Forward Market Price (per MMBtu)	$	2.31	$	12.52	$	5.73
Other Financial Instruments	10		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	59,425 MWh		118,850 MWh		111,091 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2024:

Type

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded 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. CEG is a leading developer of renewable energy infrastructure in the U.S. On October 1, 2024, BlackRock acquired 100% of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG. BlackRock is a publicly-traded global investment management firm. The Company is one of the largest renewable energy owners in the U.S. with approximately 6,500 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company’s approximately 9,000 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 provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as noncontrolling interest in the consolidated 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. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock. As of September 30, 2024, the Company owned 58.10% of the economic interests of Clearway Energy LLC, with CEG owning 41.90% of the economic interests of Clearway Energy LLC. The following table represents a summarized structure of the Company as of September 30, 2024: 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 2023 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 for a fair statement of the Company’s consolidated financial position as of September 30, 2024, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2024 and 2023.

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 322	$ 360
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 8
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Investment Balance	$ 227
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	66.70%
Investment Balance	$ 9
GenConn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 75
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Investment Balance	$ 3

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Related Party Transactions (Details) $ in Millions	3 Months Ended		9 Months Ended
Related Party Transactions (Details) $ in Millions	Sep. 30, 2024 USD ($) subsidiary	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) subsidiary	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction
General and administrative expense	$ 9	$ 9	$ 29	$ 28
Related Party \| RENOM
Related Party Transaction
Expenses from transactions with related party	22	18	59	54
Due to related party	10		10		$ 13
Related Party \| CEG
Related Party Transaction
General and administrative expense	1	1	4	4
Affiliated Entity \| Administrative Services Agreement
Related Party Transaction
Expenses from transactions with related party	5	$ 5	17	$ 15
Due to related party	$ 3		$ 3		$ 2
Number of wholly owned subsidiaries \| subsidiary	2		2

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 292	$ 535
Restricted cash	382	516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 674	$ 1,051	$ 1,156	$ 996

Acquisitions - Narrative (Details) $ in Millions	Apr. 16, 2024 USD ($) MW	Mar. 15, 2024 USD ($) MW	Sep. 30, 2024 MW
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW			9,000
Cedar Creek Drop Down
Schedule of Asset Acquisition [Line Items]
Net assets acquired	$ 17
Texas Solar Nova 2 Drop Down
Schedule of Asset Acquisition [Line Items]
Net assets acquired		$ 72
Texas Solar Nova 2 Drop Down \| Clearway Renew LLC
Schedule of Asset Acquisition [Line Items]
Payments to acquire productive assets		17
Texas Solar Nova 2 Drop Down \| CEG
Schedule of Asset Acquisition [Line Items]
Payments to fund project reserve accounts		9
Texas Solar Nova 2 Drop Down \| TSN1 TE Holdco LLC \| Cash Equity Investor
Schedule of Asset Acquisition [Line Items]
Payments to acquire productive assets		$ 95
Alternative Energy \| Cedar Creek Wind Holdco LLC \| Cedar Creek Drop Down \| Cedar Creek TE Holdco LLC
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW	160
Payments to acquire productive assets	$ 117
Power purchase agreement period (in years)	25 years
Alternative Energy \| Lighthouse Renewable Holdco 2 LLC \| Texas Solar Nova 2 Drop Down \| TSN1 TE Holdco LLC
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW		200
Payments to acquire productive assets		$ 112
Power purchase agreement period (in years)		18 years

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Notional Volume Buy/(Sell) of the Company’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:


		Total Volume
		September 30, 2024		December 31, 2023
Commodity	Units	(In millions)

Power	MWh	(18)		(23)
Natural Gas	MMBtu	13		17
Interest	Dollars	$	1,711	$	2,467

Schedule of 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 consolidated balance sheets:


	Fair Value
	Derivative Assets				Derivative Liabilities
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	4	$	7	$	—	$	—
Interest rate contracts long-term	10		12		2		2
Total Derivatives Designated as Cash Flow Hedges	$	14	$	19	$	2	$	2
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	23	$	33	$	—	$	—
Interest rate contracts long-term	60		69		1		—
Energy-related commodity contracts current	7		1		51		51
Energy-related commodity contracts long-term	—		1		276		279
Total Derivatives Not Designated as Cash Flow Hedges	$	90	$	104	$	328	$	330
Total Derivatives	$	104	$	123	$	330	$	332

Schedule of Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid

The following tables summarize the offsetting of derivatives by counterparty:


	Gross Amounts Not Offset in the Statement of Financial Position
As of September 30, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	7	$	—	$	7
Derivative liabilities	(327)		—		(327)
Total energy-related commodity contracts	$	(320)	$	—	$	(320)
Interest rate contracts
Derivative assets	$	97	$	(2)	$	95
Derivative liabilities	(3)		2		(1)
Total interest rate contracts	$	94	$	—	$	94
Total derivative instruments	$	(226)	$	—	$	(226)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(330)		—		(330)
Total energy-related commodity contracts	$	(328)	$	—	$	(328)
Interest rate contracts
Derivative assets	$	121	$	(2)	$	119
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	119	$	—	$	119
Total derivative instruments	$	(209)	$	—	$	(209)

Schedule of Effects of Company’s AOCI 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 OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)
Accumulated OCI beginning balance	$	18	$	24	$	18	$	24
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(1)		(1)		(3)		(2)

Mark-to-market of cash flow hedge accounting contracts	(12)		9		(10)		10
Accumulated OCI ending balance, net of income tax expense of $—, $4, $— and $4, respectively	5		32		5		32
Accumulated OCI attributable to noncontrolling interests	4		21		4		21
Accumulated OCI attributable to Clearway Energy, Inc.	$	1	$	11	$	1	$	11
Gains expected to be realized from OCI during the next 12 months, net of income tax expense of $1	$	2			$	2

Schedule of Derivative Gains and Losses

Mark-to-market gains/(losses) related to the Company’s derivatives are recorded in the consolidated statements of income as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)
Interest Rate Contracts (Interest expense)	$	(57)	$	33	$	(33)	$	34
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	72		(22)		11		28
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	—		3		(3)		3

(b) Relates to long-term backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

Investments Accounted for by the Equity Method and Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for by the Equity Method and Variable Interest Entities

Entities that are not Consolidated

The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities 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 2023 Form 10-K.

The following table reflects the Company’s equity investments in unconsolidated affiliates as of September 30, 2024:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	8
Desert Sunlight	25%	227
Elkhorn Ridge	66.7%	9
GenConn (b)	50%	75
San Juan Mesa	75%	3

		$	322

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

Rosie Central BESS

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, Clearway Renew redeemed Rosie Class B LLC’s entire investment of $28 million in Rosie Central BESS that was accounted for as an equity method investment, as further discussed in Note 7, Long-term Debt. Rosie Class B LLC’s equity investment in Rosie Central BESS was comprised of contributions from the Company and the cash equity investor in Rosie TargetCo LLC during the year ended December 31, 2023.

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 2023 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, solar and BESS facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which also have 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 company 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 following is a summary of significant activity during the nine months ended September 30, 2024 related to the Company’s consolidated VIEs:

Cedar Creek TE Holdco LLC

As described in Note 3, Acquisitions, on April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. The Class A membership interests in Cedar Creek TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

Lighthouse Renewable Holdco 2 LLC

As described in Note 3, Acquisitions, on March 15, 2024, TSN1 TE Holdco LLC, an indirect subsidiary of the Company, acquired Texas Solar Nova 2. The Company, through Lighthouse Renewable Holdco 2 LLC, a partnership, consolidates TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2. The Company recorded the noncontrolling interest of the cash equity investor in Lighthouse Renewable Holdco 2 LLC at historical carrying amount, with the offset to additional-paid in capital. The Class A membership interests in TSN1 TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

Daggett Renewable Holdco LLC

Effective January 1, 2024, the Company and the cash equity investor in Daggett Renewable HoldCo LLC and Daggett 2 TargetCo LLC, the indirect owner of the Daggett 2 solar and BESS facility, agreed to transfer Daggett 2 TargetCo LLC to Daggett Renewable Holdco LLC. As the transfer was among entities under common control, the transaction was recognized at historical cost and no gain or loss was recognized.

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of September 30, 2024:


(In millions)	Buckthorn Holdings, LLC		Cedar Creek TE Holdco LLC		Daggett Renewable Holdco LLC (a)		DGPV Funds (b)		Lighthouse Renewable Holdco LLC (c)		Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets	$	5	$	35	$	220	$	59	$	61	$	139
Property, plant and equipment	179		308		1,353		366		398		1,311
Intangible assets	—		—		—		1		—		2
Total assets	184		343		1,573		426		459		1,452
Current and non-current liabilities	12		119		648		50		136		547
Total liabilities	12		119		648		50		136		547
Noncontrolling interest	8		102		927		12		244		682
Net assets less noncontrolling interest	$	164	$	122	$	(2)	$	364	$	79	$	223

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.


(In millions)	Oahu Solar LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		VP-Arica TargetCo LLC (a)		Wildorado TE Holdco LLC		Other (b)
Other current and non-current assets	$	38	$	14	$	55	$	69	$	25	$	44
Property, plant and equipment	151		168		535		996		182		332
Intangible assets	—		—		—		2		—		14
Total assets	189		182		590		1,067		207		390
Current and non-current liabilities	22		16		222		40		20		149
Total liabilities	22		16		222		40		20		149
Noncontrolling interest	21		77		281		345		86		141
Net assets less noncontrolling interest	$	146	$	89	$	87	$	682	$	101	$	100

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

(b) Other is comprised of Elbow Creek TE Holdco LLC, Langford TE Partnership LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	102	$	384	$	—	$	486
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	41		95		(1)		135
Depreciation, amortization and accretion	29		135		—		164
General and administrative	—		—		9		9




Operating income (loss)	32		154		(8)		178
Equity in earnings of unconsolidated affiliates	1		12		—		13

Other income, net	1		6		1		8

Interest expense	(9)		(106)		(24)		(139)
Income (loss) before income taxes	25		66		(31)		60
Income tax expense	—		—		33		33
Net Income (Loss)	$	25	$	66	$	(64)	$	27
Total Assets	$	1,976	$	12,164	$	109	$	14,249

(a) Includes eliminations.


	Three months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	132	$	239	$	—	$	371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	54		80		—		134
Depreciation, amortization and accretion	33		100		—		133

General and administrative	—		—		9		9
Transaction and integration costs	—		—		1		1



Operating income (loss)	45		59		(10)		94
Equity in earnings of unconsolidated affiliates	—		11		—		11

Other income, net	1		8		6		15



Interest expense	(8)		(16)		(24)		(48)
Income (loss) before income taxes	38		62		(28)		72
Income tax expense	—		—		57		57
Net Income (Loss)	$	38	$	62	$	(85)	$	15

(a) Includes eliminations.


	Nine months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	266	$	849	$	—	$	1,115
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	109		271		(2)		378
Depreciation, amortization and accretion	88		383		—		471

General and administrative	—		—		29		29
Transaction and integration costs	—		—		4		4



Operating income (loss)	69		195		(31)		233
Equity in earnings of unconsolidated affiliates	2		31		—		33

Other income, net	4		23		9		36
Loss on debt extinguishment	—		(3)		—		(3)
Interest expense	(25)		(186)		(73)		(284)
Income (loss) before income taxes	50		60		(95)		15
Income tax expense	—		—		30		30
Net Income (Loss)	$	50	$	60	$	(125)	$	(15)

(a) Includes eliminations.


	Nine months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	342	$	723	$	—	$	1,065
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	123		238		(1)		360
Depreciation, amortization and accretion	98		291		—		389

General and administrative	—		—		28		28
Transaction and integration costs	—		—		3		3


Operating income (loss)	121		194		(30)		285
Equity in earnings of unconsolidated affiliates	2		9		—		11

Other income, net	3		12		17		32

Interest expense	(27)		(103)		(72)		(202)
Income (loss) before income taxes	99		112		(85)		126
Income tax expense	—		—		67		67
Net Income (Loss)	$	99	$	112	$	(152)	$	59

(a) Includes eliminations.

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 104						$ 104		$ 123
Derivative Liabilities	330						$ 330		332
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024	$ (13)	$ 1	$ (1)	$ 8	$ 3	$ (3)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative instruments			Derivative instruments			Derivative instruments	Derivative instruments
El Segundo, Marsh Landing and Walnut Creek Notes \| Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long term debt	$ 326						$ 326		325
Fair value of short term debt	0						0		5
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(381)		$ (317)	$ (291)		$ (336)	(317)	$ (336)
Settlements	6			21			0	30
Total gains (losses) for the period included in earnings	66			(39)			8	(3)
Ending balance	(309)	$ (381)		(309)	$ (291)		(309)	(309)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024	66						8
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	97						97		123
Derivative Liabilities	4						4		2
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	17						17		13
Derivative Liabilities	326						326		330
Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	7						7		2
Derivative Liabilities	327						327		330
Energy-related commodity contracts \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0						0		2
Derivative Liabilities	1						1		0
Energy-related commodity contracts \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	7						7		0
Derivative Liabilities	326						326		330
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	97						97		121
Derivative Liabilities	3						3		2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024	(57)			$ 33			(33)	$ 34
Interest rate contracts \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	97						97		121
Derivative Liabilities	3						3		2
Interest rate contracts \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0						0		0
Derivative Liabilities	0						0		0
Other Financial Instruments \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0						0		0
Other Financial Instruments \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 10						$ 10		$ 13

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 486	$ 371	$ 1,115	$ 1,065
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	135	134	378	360
Depreciation, amortization and accretion	164	133	471	389
General and administrative	9	9	29	28
Transaction and integration costs	0	1	4	3
Operating income (loss)	178	94	233	285
Equity in earnings of unconsolidated affiliates	13	11	33	11
Other income, net	8	15	36	32
Loss on debt extinguishment	0	0	(3)	0
Interest expense	(139)	(48)	(284)	(202)
Income (loss) before income taxes	60	72	15	126
Income tax expense	33	57	30	67
Net Income (Loss)	27	15	(15)	59
Total Assets	14,249		14,249		$ 14,701
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	486	371	1,115	1,065
Operating Segments \| Conventional Generation
Segment Reporting Information [Line Items]
Operating revenues	102	132	266	342
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	41	54	109	123
Depreciation, amortization and accretion	29	33	88	98
General and administrative	0	0	0	0
Transaction and integration costs		0	0	0
Operating income (loss)	32	45	69	121
Equity in earnings of unconsolidated affiliates	1	0	2	2
Other income, net	1	1	4	3
Loss on debt extinguishment			0
Interest expense	(9)	(8)	(25)	(27)
Income (loss) before income taxes	25	38	50	99
Income tax expense	0	0	0	0
Net Income (Loss)	25	38	50	99
Total Assets	1,976		1,976
Operating Segments \| Renewables
Segment Reporting Information [Line Items]
Operating revenues	384	239	849	723
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	95	80	271	238
Depreciation, amortization and accretion	135	100	383	291
General and administrative	0	0	0	0
Transaction and integration costs		0	0	0
Operating income (loss)	154	59	195	194
Equity in earnings of unconsolidated affiliates	12	11	31	9
Other income, net	6	8	23	12
Loss on debt extinguishment			(3)
Interest expense	(106)	(16)	(186)	(103)
Income (loss) before income taxes	66	62	60	112
Income tax expense	0	0	0	0
Net Income (Loss)	66	62	60	112
Total Assets	12,164		12,164
Corporate
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	(1)	0	(2)	(1)
Depreciation, amortization and accretion	0	0	0	0
General and administrative	9	9	29	28
Transaction and integration costs		1	4	3
Operating income (loss)	(8)	(10)	(31)	(30)
Equity in earnings of unconsolidated affiliates	0	0	0	0
Other income, net	1	6	9	17
Loss on debt extinguishment			0
Interest expense	(24)	(24)	(73)	(72)
Income (loss) before income taxes	(31)	(28)	(95)	(85)
Income tax expense	33	57	30	67
Net Income (Loss)	(64)	$ (85)	(125)	$ (152)
Total Assets	$ 109		$ 109

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	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 2023 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 for a fair statement of the Company’s consolidated financial position as of September 30, 2024, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2024 and 2023.
Use of Estimates	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.
Cash and Cash Equivalents	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.
Restricted Cash	Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s facilities that are restricted in their use.
Concentration of Credit Risk	Concentration of Credit Risk In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2023 Form 10-K, 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) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, 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. A significant portion of these energy-related commodity 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 or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 27	$ 15	$ (15)	$ 59
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of income tax (benefit) expense of $(2), $1, $(2), and $1	(13)	8	(13)	8
Other comprehensive (loss) income	(13)	8	(13)	8
Comprehensive Income (Loss)	14	23	(28)	67
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	(18)	17	(107)	23
Comprehensive Income Attributable to Clearway Energy, Inc.	$ 32	$ 6	$ 79	$ 44

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-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Derivative Instruments and Hedging Activities - Schedule of Net Notional Volume Buy/(Sell) of the Company’s Open Derivative Transactions Broken Out by Commodity (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) MWh BTU	Dec. 31, 2023 USD ($) MWh BTU
Long \| Interest
Derivatives, Fair Value [Line Items]
Derivative, notional amount \| $	$ 1,711	$ 2,467
Heat Rate Call Option Commodity Contracts \| Short \| Power
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount (energy measure) \| MWh	18	23
Heat Rate Call Option Commodity Contracts \| Short \| Natural Gas
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount (energy measure) \| BTU	13	17

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain on derivatives, income tax benefit	$ (2)	$ 1	$ (2)	$ 1

Fair Value of Financial Instruments - Schedule of Estimated Carrying Values and Fair Value Option (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 7,201	$ 8,102
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	6,897	7,611
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	2,002	1,939
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 4,895	$ 5,672

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the U.S. Federal Statutory Rate to the Company's Effective Rate

The income tax provision consisted of the following amounts:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(In millions, except percentages)
Income before income taxes	$	60		$	72		$	15		$	126
Income tax expense	33			57			30			67
Effective income tax rate	55.0		%	79.2		%	200.0		%	53.2		%

Summary of Significant Accounting Policies - Schedule of Accumulated Amortization and Depreciation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Property, Plant and Equipment Accumulated Depreciation	$ 3,938	$ 3,485
Intangible Assets Accumulated Amortization	$ 1,147	$ 1,009

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Level 3 - Fair Value, Recurring $ in Millions	Sep. 30, 2024 USD ($) $ / MWh $ / BTU MWh
Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / BTU	2.31
High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / BTU	12.52
Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / BTU	5.73
Long-term Power Commodity Contracts \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets \| $	$ 0
Liabilities \| $	$ 326
Long-term Power Commodity Contracts \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	19.67
Long-term Power Commodity Contracts \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	69.48
Long-term Power Commodity Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	41.94
Heat Rate Call Option Commodity Contracts \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets \| $	$ 7
Liabilities \| $	$ 0
Heat Rate Call Option Commodity Contracts \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	(33.90)
Heat Rate Call Option Commodity Contracts \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	1,083.78
Heat Rate Call Option Commodity Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| $ / MWh	56.23
Other Financial Instruments \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets \| $	$ 10
Liabilities \| $	$ 0
Other Financial Instruments \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| MWh	59,425
Other Financial Instruments \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| MWh	118,850
Other Financial Instruments \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input \| MWh	111,091

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 28, 2024
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36002
Entity Registrant Name	Clearway Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1777204
Entity Address, Address Line One	300 Carnegie Center, Suite 300
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	608-1525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001567683
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	CWEN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		34,613,853
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		42,738,750
Common Class C
Class of Stock [Line Items]
Title of 12(b) Security	Class C Common Stock, par value $0.01
Trading Symbol	CWEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		82,831,652
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		41,961,750

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Clearway Energy, Inc.	$ 36	$ 4	$ 85	$ 42

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per common share is computed by dividing net income (loss) 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 losses 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 earnings per share is shown in the following tables:


	Three months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	11	$	25	$	1	$	3
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.31	$	0.31	$	0.03	$	0.03

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


	Nine months ended September 30,
	2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	25	$	60	$	12	$	30
Weighted average number of common shares outstanding — basic and diluted	35		83		35		82
Earnings per weighted average common share — basic and diluted	$	0.72	$	0.72	$	0.36	$	0.36

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

Nature of Business (Tables)	9 Months Ended
Nature of Business (Tables)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Company Structure	The following table represents a summarized structure of the Company as of September 30, 2024:

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 7,199	$ 8,099
Less current maturities	(412)	(558)
Less net debt issuance costs	(57)	(65)
Add premiums	2	3
Total long-term debt	6,732	7,479
2028 Senior Notes
Debt Instrument [Line Items]
Total debt	$ 850	850
Interest rate, percentage	4.75%
2031 Senior Notes
Debt Instrument [Line Items]
Total debt	$ 925	925
Interest rate, percentage	3.75%
2032 Senior Notes
Debt Instrument [Line Items]
Total debt	$ 350	350
Interest rate, percentage	3.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028
Debt Instrument [Line Items]
Total debt	$ 0	0
Basis spread on variable rate	1.50%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 108
Agua Caliente Solar LLC, due 2037
Debt Instrument [Line Items]
Total debt	$ 591	612
Agua Caliente Solar LLC, due 2037 \| Minimum
Debt Instrument [Line Items]
Interest rate, percentage	2.395%
Agua Caliente Solar LLC, due 2037 \| Maximum
Debt Instrument [Line Items]
Interest rate, percentage	3.633%
Agua Caliente Solar LLC, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 14
Alta Wind Asset Management LLC, due 2031
Debt Instrument [Line Items]
Total debt	$ 10	11
Basis spread on variable rate	2.775%
Alta Wind Asset Management LLC, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 0
Alta Wind I-V lease financing arrangements, due 2034 and 2035
Debt Instrument [Line Items]
Total debt	$ 629	660
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Minimum
Debt Instrument [Line Items]
Interest rate, percentage	5.696%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Maximum
Debt Instrument [Line Items]
Interest rate, percentage	7.015%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 67
Alta Wind Realty Investments LLC, due 2031
Debt Instrument [Line Items]
Total debt	$ 18	20
Interest rate, percentage	7.00%
Alta Wind Realty Investments LLC, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 0
Borrego, due 2024 and 2038
Debt Instrument [Line Items]
Total debt	46	48
Borrego, due 2024 and 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	4
Broken Bow, due 2031
Debt Instrument [Line Items]
Total debt	$ 38	41
Basis spread on variable rate	2.35%
Broken Bow, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 6
Buckthorn Solar, due 2025
Debt Instrument [Line Items]
Total debt	$ 113	116
Basis spread on variable rate	2.10%
Buckthorn Solar, due 2025 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 21
Carlsbad Energy Holdings LLC, due 2027
Debt Instrument [Line Items]
Total debt	$ 76	93
Basis spread on variable rate	1.90%
Carlsbad Energy Holdings LLC, due 2027 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 68
Carlsbad Energy Holdings LLC, due 2038
Debt Instrument [Line Items]
Total debt	$ 407	407
Interest rate, percentage	4.12%
Carlsbad Energy Holdings LLC, due 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 0
Carlsbad Holdco, LLC, due 2038
Debt Instrument [Line Items]
Total debt	$ 195	195
Interest rate, percentage	4.21%
Carlsbad Holdco, LLC, due 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 6
Cedar Creek, due 2029
Debt Instrument [Line Items]
Total debt	$ 109	0
Basis spread on variable rate	1.625%
Cedar Creek, due 2029 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 19
Cedro Hill, due 2024 and 2029
Debt Instrument [Line Items]
Total debt	$ 186	165
Cedro Hill, due 2024 and 2029 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Cedro Hill, due 2024 and 2029 \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.375%
Cedro Hill, due 2024 and 2029 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 0
Crofton Bluffs, due 2031
Debt Instrument [Line Items]
Total debt	$ 25	27
Basis spread on variable rate	2.35%
Crofton Bluffs, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 3
CVSR, due 2037
Debt Instrument [Line Items]
Total debt	$ 573	601
CVSR, due 2037 \| Minimum
Debt Instrument [Line Items]
Interest rate, percentage	2.339%
CVSR, due 2037 \| Maximum
Debt Instrument [Line Items]
Interest rate, percentage	3.775%
CVSR, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 12
CVSR Holdco Notes, due 2037
Debt Instrument [Line Items]
Total debt	$ 143	152
Interest rate, percentage	4.68%
CVSR Holdco Notes, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 0
Daggett 2, due 2028
Debt Instrument [Line Items]
Total debt	$ 155	156
Basis spread on variable rate	1.762%
Daggett 2, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 32
Daggett 3, due 2028
Debt Instrument [Line Items]
Total debt	$ 217	217
Basis spread on variable rate	1.762%
Daggett 3, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 44
DG-CS Master Borrower LLC, due 2040
Debt Instrument [Line Items]
Total debt	$ 356	385
Interest rate, percentage	3.51%
DG-CS Master Borrower LLC, due 2040 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 30
Mililani Class B Member Holdco LLC, due 2028
Debt Instrument [Line Items]
Total debt	$ 90	92
Basis spread on variable rate	1.60%
Mililani Class B Member Holdco LLC, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 18
Natural Gas Holdco LC Facility, due 2027
Debt Instrument [Line Items]
Total debt	$ 0	0
Basis spread on variable rate	1.75%
Natural Gas Holdco LC Facility, due 2027 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 107
NIMH Solar, due 2031 and 2033
Debt Instrument [Line Items]
Total debt	$ 130	148
NIMH Solar, due 2031 and 2033 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
NIMH Solar, due 2031 and 2033 \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
NIMH Solar, due 2031 and 2033 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 17
Oahu Solar Holdings LLC, due 2026
Debt Instrument [Line Items]
Total debt	$ 79	81
Basis spread on variable rate	1.525%
Oahu Solar Holdings LLC, due 2026 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 10
Rosie Class B LLC, due 2029
Debt Instrument [Line Items]
Total debt	$ 192	347
Rosie Class B LLC, due 2029 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Rosie Class B LLC, due 2029 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 31
Texas Solar Nova 1, due 2028
Debt Instrument [Line Items]
Total debt	0	102
Texas Solar Nova 1, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	0
TSN1 Class B Member LLC, due 2029
Debt Instrument [Line Items]
Total debt	$ 179	0
TSN1 Class B Member LLC, due 2029 \| Letter of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Letters of credit outstanding	$ 54
Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Total debt	$ 238	242
Interest rate, percentage	3.59%
Utah Solar Holdings, due 2036 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 161
Viento Funding II, LLC, due 2029
Debt Instrument [Line Items]
Total debt	$ 164	175
Basis spread on variable rate	1.475%
Viento Funding II, LLC, due 2029 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 29
Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Total debt	0	757
Victory Pass and Arica, due 2024 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	0
Other
Debt Instrument [Line Items]
Total debt	115	124
Other \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	76
Subtotal non-recourse facility-level debt
Debt Instrument [Line Items]
Total debt	$ 5,074	$ 5,974

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net (Loss) Income	$ (15)	$ 59
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(33)	(11)
Distributions from unconsolidated affiliates	21	17
Depreciation, amortization and accretion	471	389
Amortization of financing costs and debt discounts	10	9
Amortization of intangibles	137	139
Loss on debt extinguishment	3	0
Reduction in carrying amount of right-of-use assets	11	11
Changes in deferred income taxes	23	49
Changes in derivative instruments and amortization of accumulated OCI	34	(64)
Cash provided by (used in) changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements	3	(23)
Changes in other working capital	(87)	(79)
Net Cash Provided by Operating Activities	578	496
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired	(671)	100
Capital expenditures	(237)	(143)
Return of investment from unconsolidated affiliates	38	14
Decrease (increase) in note receivable — affiliate	184	(215)
Investments in unconsolidated affiliates	0	(28)
Other	12	1
Net Cash Used in Investing Activities	(674)	(271)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions	1,385	294
Payments of dividends and distributions	(249)	(231)
Tax-related distributions	0	(21)
Proceeds from the issuance of long-term debt	255	293
Payments of debt issuance costs	(7)	(14)
Payments for long-term debt	(1,664)	(384)
Other	(1)	(2)
Net Cash Used in Financing Activities	(281)	(65)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(377)	160
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,051	996
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 674	$ 1,156

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Percent of derivative assets using level 3 fair value inputs	7.00%
Percent of financial instruments using level 3 fair value inputs	99.00%
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 17

Long-term Debt - Narrative (Details) $ in Millions								9 Months Ended
Long-term Debt - Narrative (Details) $ in Millions	Oct. 23, 2024 USD ($)	Jul. 25, 2024 USD ($) option	Jun. 13, 2024 USD ($)	Jun. 11, 2024 USD ($)	May 01, 2024 USD ($)	Apr. 16, 2024 USD ($)	Mar. 15, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Equity investments in affiliates								$ 322	$ 360
Rosie Central BESS
Debt Instrument [Line Items]
Equity investments in affiliates			$ 28
Rosie Class B LLC
Debt Instrument [Line Items]
Long-term debt			21
Payments for other fees			11
Rosie Class B LLC \| Cash Equity Investor
Debt Instrument [Line Items]
Remaining balance to distribute			44
Rosie Class B LLC \| CEG
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions			39
Expected contributions upon substantial completion			56
NIMH Solar
Debt Instrument [Line Items]
Repayments of debt				$ 146
Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt					$ 75
Payments for other fees					18
Victory Pass and Arica, due 2024 \| Cash Equity Investor
Debt Instrument [Line Items]
Expected contributions upon substantial completion					347
Victory Pass and Arica, due 2024 \| CEG
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions					103
Expected contributions upon substantial completion					52
Victory Pass and Arica, due 2024 \| Tax Equity Investors
Debt Instrument [Line Items]
Expected contributions upon substantial completion					410
Long-term debt, additions								62
Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt						$ 309
Payments for other fees						6
Unamortized debt issuance costs						3
Fund construction completion reserves						16
Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt							$ 19
Payments for other fees							4
Unamortized debt issuance costs							1
Texas Solar Nova 2 \| CEG
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions							9
Rosie TargetCo LLC \| Rosie Class B LLC \| Cash Equity Investor
Debt Instrument [Line Items]
Long-term debt			215
Rosie Class B LLC \| Rosie Class B LLC \| Rosie Central BESS
Debt Instrument [Line Items]
Equity investments in affiliates								$ 28
Term Loan \| Capistrano Portfolio Holdco LLC \| Subsequent Event
Debt Instrument [Line Items]
Financing agreement issuance	$ 121
Debt instrument, basis spread on variable rate	1.625%
Term Loan \| Broken Bow and Crofton Bluffs \| Subsequent Event
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions	$ 63
Term Loan \| NIMH Solar
Debt Instrument [Line Items]
Long-term debt				137
Term Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt							80
Letter of Credit \| Capistrano Portfolio Holdco LLC \| Subsequent Event
Debt Instrument [Line Items]
Financing agreement issuance	$ 42
Letter of Credit \| Natural Gas CA Holdco LLC LC Facility
Debt Instrument [Line Items]
Long-term debt, outstanding		$ 200
Maturity (in years)		3 years
Number of additional option \| option		2
Letter of Credit \| Natural Gas CA Holdco LLC LC Facility \| Minimum
Debt Instrument [Line Items]
Extension period (in years)		1 year
Letter of Credit \| NIMH Solar
Debt Instrument [Line Items]
Long-term debt				$ 17
Tax Equity Bridge Loan \| Rosie Class B LLC
Debt Instrument [Line Items]
Long-term debt			186
Tax Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt					468
Tax Equity Bridge Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt						109
Tax Equity Bridge Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt							115
Tax Equity Investors \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt						108
Tax Equity Investors \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt							$ 130
Cash Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Repayments of debt					351
Construction Loan \| Rosie Class B LLC
Debt Instrument [Line Items]
Long-term debt, additions			115
Construction Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt						112
Long-term debt, additions						110
Asset acquisition, partial payment of long term debt						2
Sponsor Equity Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt						$ 91
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								1.50%
Clearway Renew LLC \| Rosie Class B LLC
Debt Instrument [Line Items]
Long-term debt			64
Clearway Renew LLC \| Rosie TargetCo LLC \| Rosie Class B LLC
Debt Instrument [Line Items]
Payments to acquire productive assets			279
Clearway Renew LLC \| Rosie Class B LLC \| Rosie Class B LLC
Debt Instrument [Line Items]
Repayments of debt			$ 184
Clearway Renew LLC \| VP-Arica TargetCo LLC \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Payments to acquire productive assets					$ 165

Investments Accounted for by the Equity Method and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 13, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates	$ 322		$ 360
Rosie Central BESS
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates		$ 28

- Definition

+ References + Details

Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies [Line Items]
Acquisition of Drop Down Assets, net of cash acquired	$ 671	$ (100)
Drop Down
Summary of Significant Accounting Policies [Line Items]
Cash paid to acquire Drop Down Assets	(673)	(34)
Cash acquired from the acquisition of Drop Down Assets	2	134
Asset Acquisition, Net of Cash Paid or Acquired	$ (671)	$ 100

Nature of Business (Details) - MW		9 Months Ended
Nature of Business (Details) - MW	Oct. 01, 2024	Sep. 30, 2024
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		9,000
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		6,500
Generational Facilities and District Energy Systems
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		2,500
Black Rock \| GIM \| Subsequent Event
Nature of Business [Line Items]
Ownership interest (as a percentage)	100.00%
Clearway Energy, Inc. \| Clearway Energy LLC
Nature of Business [Line Items]
Ownership interest (as a percentage)		58.10%
Clearway Energy, Inc. \| CEG
Nature of Business [Line Items]
Voting interest (as a percentage)		54.91%
Clearway Energy, Inc. \| Public Shareholders
Nature of Business [Line Items]
Voting interest (as a percentage)		45.09%
Clearway Energy LLC \| CEG
Nature of Business [Line Items]
Ownership interest (as a percentage)		41.90%

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenues
Total operating revenues	$ 486	$ 371	$ 1,115	$ 1,065
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	135	134	378	360
Depreciation, amortization and accretion	164	133	471	389
General and administrative	9	9	29	28
Transaction and integration costs	0	1	4	3
Total operating costs and expenses	308	277	882	780
Operating Income	178	94	233	285
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	13	11	33	11
Other income, net	8	15	36	32
Loss on debt extinguishment	0	0	(3)	0
Interest expense	(139)	(48)	(284)	(202)
Total other expense, net	(118)	(22)	(218)	(159)
Income Before Income Taxes	60	72	15	126
Income tax expense	33	57	30	67
Net Income (Loss)	27	15	(15)	59
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	(9)	11	(100)	17
Net Income Attributable to Clearway Energy, Inc.	36	4	85	42
Common Class A
Other Income (Expense)
Net Income Attributable to Clearway Energy, Inc.	$ 11	$ 1	$ 25	$ 12
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of common shares outstanding - basic (in shares)	35	35	35	35
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35	35
Earnings per weighted average common share — basic (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36
Earnings per weighted average common share — diluted (in dollars per share)	0.31	0.03	0.72	0.36
Dividends per common share (in usd per share)	$ 0.4171	$ 0.3891	$ 1.2306	$ 1.1454
Common Class C
Other Income (Expense)
Net Income Attributable to Clearway Energy, Inc.	$ 25	$ 3	$ 60	$ 30
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of common shares outstanding - basic (in shares)	83	82	83	82
Weighted average number of common shares outstanding - diluted (in shares)	83	82	83	82
Earnings per weighted average common share — basic (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36
Earnings per weighted average common share — diluted (in dollars per share)	0.31	0.03	0.72	0.36
Dividends per common share (in usd per share)	$ 0.4171	$ 0.3891	$ 1.2306	$ 1.1454

Acquisitions and Dispositions - Schedule of Asset Acquisition (Details) - USD ($) $ in Millions	Apr. 16, 2024	Mar. 15, 2024
Texas Solar Nova 2 Drop Down
Schedule of Asset Acquisition [Line Items]
Restricted cash		$ 1
Property, plant and equipment		280
Right-of-use assets, net		21
Derivative assets		6
Other current and non-current assets		4
Total assets acquired		312
Long-term debt		194
Long-term lease liabilities		19
Other current and non-current liabilities		27
Total liabilities assumed		240
Net assets acquired		72
Unamortized debt issuance costs		1
Texas Solar Nova 2 Drop Down \| Term Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt		80
Texas Solar Nova 2 Drop Down \| Tax Equity Bridge Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt		$ 115
Cedar Creek Drop Down
Schedule of Asset Acquisition [Line Items]
Restricted cash	$ 1
Property, plant and equipment	311
Right-of-use assets, net	6
Derivative assets	14
Other current and non-current assets	14
Total assets acquired	346
Long-term debt	309
Long-term lease liabilities	7
Other current and non-current liabilities	13
Total liabilities assumed	329
Net assets acquired	17
Unamortized debt issuance costs	3
Cedar Creek Drop Down \| Construction Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	112
Cedar Creek Drop Down \| Sponsor Equity Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	91
Cedar Creek Drop Down \| Tax Equity Bridge Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	$ 109

Summary of Significant Accounting Policies - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Class A
Class of Stock [Line Items]
Dividends per common share (in usd per share)	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3891	$ 1.2306	$ 1.1454
Common Class C
Class of Stock [Line Items]
Dividends per common share (in usd per share)	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3891	$ 1.2306	$ 1.1454

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
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-Section 45
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	$ 3,303	$ 3,615
Property, plant and equipment	9,895	9,526
Total Assets	14,249	14,701
Total liabilities	8,616	$ 9,706
Buckthorn Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	5
Property, plant and equipment	179
Intangible assets	0
Total Assets	184
Total liabilities	12
Noncontrolling interest	8
Net assets less noncontrolling interest	164
Cedar Creek TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	35
Property, plant and equipment	308
Intangible assets	0
Total Assets	343
Total liabilities	119
Noncontrolling interest	102
Net assets less noncontrolling interest	122
Daggett Renewable Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	220
Property, plant and equipment	1,353
Intangible assets	0
Total Assets	1,573
Total liabilities	648
Noncontrolling interest	927
Net assets less noncontrolling interest	(2)
DGPV Funds
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	59
Property, plant and equipment	366
Intangible assets	1
Total Assets	426
Total liabilities	50
Noncontrolling interest	12
Net assets less noncontrolling interest	364
Lighthouse Renewable Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	61
Property, plant and equipment	398
Intangible assets	0
Total Assets	459
Total liabilities	136
Noncontrolling interest	244
Net assets less noncontrolling interest	79
Lighthouse Renewable Holdco 2 LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	139
Property, plant and equipment	1,311
Intangible assets	2
Total Assets	1,452
Total liabilities	547
Noncontrolling interest	682
Net assets less noncontrolling interest	223
Oahu Solar LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	38
Property, plant and equipment	151
Intangible assets	0
Total Assets	189
Total liabilities	22
Noncontrolling interest	21
Net assets less noncontrolling interest	146
Rattlesnake TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	14
Property, plant and equipment	168
Intangible assets	0
Total Assets	182
Total liabilities	16
Noncontrolling interest	77
Net assets less noncontrolling interest	89
Rosie TargetCo LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	55
Property, plant and equipment	535
Intangible assets	0
Total Assets	590
Total liabilities	222
Noncontrolling interest	281
Net assets less noncontrolling interest	87
VP Arica TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	69
Property, plant and equipment	996
Intangible assets	2
Total Assets	1,067
Total liabilities	40
Noncontrolling interest	345
Net assets less noncontrolling interest	682
Wildorado TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	25
Property, plant and equipment	182
Intangible assets	0
Total Assets	207
Total liabilities	20
Noncontrolling interest	86
Net assets less noncontrolling interest	101
Other
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	44
Property, plant and equipment	332
Intangible assets	14
Total Assets	390
Total liabilities	149
Noncontrolling interest	141
Net assets less noncontrolling interest	$ 100

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 receivable — affiliates, 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 amount and estimated fair value of the Company’s recorded financial instrument not carried at fair market value or that does not approximate fair value is as follows:


	As of September 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)




Long-term debt, including current portion (a)	$	7,201	$	6,897	$	8,102	$	7,611

(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 September 30, 2024				As of December 31, 2023
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,002	$	4,895	$	1,939	$	5,672

Recurring Fair Value Measurements

The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheets. 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 September 30, 2024				As of December 31, 2023
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2 (b)		Level 3			Level 2 (b)		Level 3
Derivative assets:

Energy-related commodity contracts (c)	$	—	$	7		$	2	$	—
Interest rate contracts	97		—			121		—
Other financial instruments (d)	—		10			—		13
Total assets	$	97	$	17		$	123	$	13
Derivative liabilities:
Energy-related commodity contracts (e)	$	1	$	326		$	—	$	330
Interest rate contracts	3		—			2		—
Total liabilities	$	4	$	326		$	2	$	330

(a) There were no derivative assets or liabilities classified as Level 1 as of September 30, 2024 and December 31, 2023.

(c) Includes long-term backbone transportation service contracts classified as Level 2 and short-term heat rate call option contracts classified as Level 3.

(d) 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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(381)	$	(291)	$	(317)	$	(336)
Settlements	6		21		—		30


Total gains (losses) for the period included in earnings	66		(39)		8		(3)
Ending balance	$	(309)	$	(309)	$	(309)	$	(309)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024	$	66			$	8

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 energy-related commodity contracts, which includes long-term power commodity contracts and heat rate call option contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of September 30, 2024, contracts valued with prices provided by models and other valuation techniques make up 7% of derivative assets and 99% of derivative liabilities and other financial instruments.

The Company’s significant positions classified as Level 3 include physical and financial energy-related commodity contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available.

The following table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	September 30, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	326	Discounted Cash Flow	Forward Market Price (per MWh)	$	19.67	$	69.48	$	41.94
Heat Rate Call Option Commodity Contracts	7		—		Option Model	Forward Market Price (per MWh)	$	(33.90)	$	1,083.78	$	56.23
					Option Model	Forward Market Price (per MMBtu)	$	2.31	$	12.52	$	5.73
Other Financial Instruments	10		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	59,425 MWh		118,850 MWh		111,091 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2024:

Type

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

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 is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the Net Exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the Net Exposure under a specific master agreement is a liability, the Company uses a proxy of 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 September 30, 2024, the non-performance reserve was a $17 million gain recorded primarily to total operating revenues in the consolidated statements of income. 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 under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2023 Form 10-K, 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) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, 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. A significant portion of these energy-related commodity 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 or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade

- Definition

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

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+ Details

Derivative Instruments and Hedging Activities - Schedule of Fair Value Within the Derivative Instrument Valuation on the Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 104	$ 123
Derivative Liabilities	330	332
Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	14	19
Derivative Liabilities	2	2
Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	90	104
Derivative Liabilities	328	330
Interest rate contracts current \| Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	4	7
Derivative Liabilities	0	0
Interest rate contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	23	33
Derivative Liabilities	0	0
Interest rate contracts long-term \| Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	10	12
Derivative Liabilities	2	2
Interest rate contracts long-term \| Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	60	69
Derivative Liabilities	1	0
Energy-related commodity contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	7	1
Derivative Liabilities	51	51
Energy-related commodity contracts long-term \| Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	0	1
Derivative Liabilities	$ 276	$ 279

Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$ 36	$ 4	$ 85	$ 42
Common Class A
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$ 11	$ 1	$ 25	$ 12
Weighted average number of common shares outstanding - basic (in shares)	35	35	35	35
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35	35
Earnings per weighted average common share — basic (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36
Earnings per weighted average common share — diluted (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36
Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$ 25	$ 3	$ 60	$ 30
Weighted average number of common shares outstanding - basic (in shares)	83	82	83	82
Weighted average number of common shares outstanding - diluted (in shares)	83	82	83	82
Earnings per weighted average common share — basic (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36
Earnings per weighted average common share — diluted (in dollars per share)	$ 0.31	$ 0.03	$ 0.72	$ 0.36

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

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

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table reflects the Company’s equity investments in unconsolidated affiliates as of September 30, 2024:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	8
Desert Sunlight	25%	227
Elkhorn Ridge	66.7%	9
GenConn (b)	50%	75
San Juan Mesa	75%	3

		$	322

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

Schedule of Variable Interest Entities

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of September 30, 2024:


(In millions)	Buckthorn Holdings, LLC		Cedar Creek TE Holdco LLC		Daggett Renewable Holdco LLC (a)		DGPV Funds (b)		Lighthouse Renewable Holdco LLC (c)		Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets	$	5	$	35	$	220	$	59	$	61	$	139
Property, plant and equipment	179		308		1,353		366		398		1,311
Intangible assets	—		—		—		1		—		2
Total assets	184		343		1,573		426		459		1,452
Current and non-current liabilities	12		119		648		50		136		547
Total liabilities	12		119		648		50		136		547
Noncontrolling interest	8		102		927		12		244		682
Net assets less noncontrolling interest	$	164	$	122	$	(2)	$	364	$	79	$	223

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.


(In millions)	Oahu Solar LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		VP-Arica TargetCo LLC (a)		Wildorado TE Holdco LLC		Other (b)
Other current and non-current assets	$	38	$	14	$	55	$	69	$	25	$	44
Property, plant and equipment	151		168		535		996		182		332
Intangible assets	—		—		—		2		—		14
Total assets	189		182		590		1,067		207		390
Current and non-current liabilities	22		16		222		40		20		149
Total liabilities	22		16		222		40		20		149
Noncontrolling interest	21		77		281		345		86		141
Net assets less noncontrolling interest	$	146	$	89	$	87	$	682	$	101	$	100

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

(b) Other is comprised of Elbow Creek TE Holdco LLC, Langford TE Partnership LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.

- Definition

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

Summary of Significant Accounting Policies - Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution (Details) - Clearway Energy LLC - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Common Class B
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share)	$ 0.4171	$ 0.4102	$ 0.4033
Common Class D
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share)	$ 0.4171	$ 0.4102	$ 0.4033

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenues	$ 486	$ 371	$ 1,115	$ 1,065
Total operating revenues	$ 486	$ 371	$ 1,115	$ 1,065
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total operating revenues	Total operating revenues	Total operating revenues	Total operating revenues
Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	$ 486	$ 371	$ 1,115	$ 1,065
Contract amortization	(46)	(47)	(138)	(141)
Mark-to-market for economic hedges	72	(18)	8	27
Total operating revenues	486	371	1,115	1,065
Less: Contract amortization	46	47	138	141
Less: Mark-to-market for economic hedges	(72)	18	(8)	(27)
Less: Lease revenue	(274)	(274)	(775)	(872)
Total revenue from contracts with customers	186	162	470	307
Total	274	274	775	872
Operating Segments \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	102	132	266	342
Contract amortization	(5)	(5)	(14)	(16)
Mark-to-market for economic hedges	4	3	12	3
Total operating revenues	102	132	266	342
Less: Contract amortization	5	5	14	16
Less: Mark-to-market for economic hedges	(4)	(3)	(12)	(3)
Less: Lease revenue	(27)	(41)	(84)	(246)
Total revenue from contracts with customers	76	93	184	109
Total	27	41	84	246
Operating Segments \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	384	239	849	723
Contract amortization	(41)	(42)	(124)	(125)
Mark-to-market for economic hedges	68	(21)	(4)	24
Total operating revenues	384	239	849	723
Less: Contract amortization	41	42	124	125
Less: Mark-to-market for economic hedges	(68)	21	4	(24)
Less: Lease revenue	(247)	(233)	(691)	(626)
Total revenue from contracts with customers	110	69	286	198
Total	247	233	691	626
Operating Segments \| Energy revenue
Disaggregation of Revenue [Line Items]
Operating revenues	350	337	937	814
Total operating revenues	350	337	937	814
Less: Lease revenue	(235)	(230)	(663)	(617)
Total	235	230	663	617
Operating Segments \| Energy revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	35	57	67	61
Total operating revenues	35	57	67	61
Less: Lease revenue	(1)	(2)	(2)	(4)
Total	1	2	2	4
Operating Segments \| Energy revenue \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	315	280	870	753
Total operating revenues	315	280	870	753
Less: Lease revenue	(234)	(228)	(661)	(613)
Total	234	228	661	613
Operating Segments \| Capacity revenue
Disaggregation of Revenue [Line Items]
Operating revenues	87	79	239	285
Total operating revenues	87	79	239	285
Less: Lease revenue	(39)	(44)	(112)	(234)
Total	39	44	112	234
Operating Segments \| Capacity revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	65	74	195	270
Total operating revenues	65	74	195	270
Less: Lease revenue	(26)	(39)	(82)	(221)
Total	26	39	82	221
Operating Segments \| Capacity revenue \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	22	5	44	15
Total operating revenues	22	5	44	15
Less: Lease revenue	(13)	(5)	(30)	(13)
Total	13	5	30	13
Operating Segments \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	23	20	69	80
Total operating revenues	23	20	69	80
Less: Lease revenue				(21)
Total				21
Operating Segments \| Other revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	3	3	6	24
Total operating revenues	3	3	6	24
Less: Lease revenue				(21)
Total				21
Operating Segments \| Other revenue \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	20	17	63	56
Total operating revenues	$ 20	$ 17	$ 63	56
Less: Lease revenue				0
Total				$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	CEG	Tax Equity Investors	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings CEG	Accumulated Other Comprehensive Income	Noncontrolling Interest	Noncontrolling Interest CEG	Noncontrolling Interest Tax Equity Investors
Balance at beginning of period at Dec. 31, 2022	$ 4,026			$ 0	$ 1	$ 1,761	$ 463		$ 9	$ 1,792
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(43)									(43)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	(3)								(1)	(2)
Contributions, net		$ 30	$ 215								$ 30	$ 215
Transfers of assets under common control	(6)					(52)				46
Non-cash adjustments for change in tax basis	9					9
Stock-based compensation	1					1
Common stock dividends and distributions to CEG unit holders		(76)						$ (44)			(32)
Balance at end of period at Mar. 31, 2023	4,153			0	1	1,719	419		8	2,006
Balance at beginning of period at Dec. 31, 2022	4,026			0	1	1,761	463		9	1,792
Balance at end of period at Sep. 30, 2023	4,250			0	1	1,728	370		11	2,140
Balance at beginning of period at Mar. 31, 2023	4,153			0	1	1,719	419		8	2,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	78						38			40
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	3								1	2
Distributions to CEG, net of contributions, cash		(4)									(4)
Distributions to noncontrolling interests, net of contributions, cash			(5)									(5)
Tax-related distributions	(19)									(19)
Stock-based compensation	(1)					(1)
Common stock dividends and distributions to CEG unit holders		(77)						(45)			(32)
Other	(1)									(1)
Balance at end of period at Jun. 30, 2023	4,127			0	1	1,718	412		9	1,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10						4			6
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	8								2	6
Distributions to CEG, cash		(1)									(1)
Contributions, net	12									12
Transfers of assets under common control	171					0				171
Distributions to noncontrolling interests, net of contributions, non-cash			(7)									(7)
Tax-related distributions	(2)									(2)
Non-cash adjustments for change in tax basis	8					8
Stock-based compensation	1					2	(1)
Common stock dividends and distributions to CEG unit holders		(78)						(45)			(33)
Other	1									1
Balance at end of period at Sep. 30, 2023	4,250			0	1	1,728	370		11	2,140
Balance at beginning of period at Dec. 31, 2023	4,994			0	1	1,732	361		7	2,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(47)						(2)			(45)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	(1)								(2)	1
Distributions to CEG, net of contributions, cash		(1)									(1)
Contributions, net			215									215
Transfers of assets under common control	(40)					2				(42)
Non-cash adjustments for change in tax basis	6					6
Stock-based compensation	1					1
Common stock dividends and distributions to CEG unit holders		(81)						(47)			(34)
Other	(1)						(1)
Balance at end of period at Mar. 31, 2024	5,045			0	1	1,741	311		5	2,987
Balance at beginning of period at Dec. 31, 2023	4,994			0	1	1,732	361		7	2,893
Balance at end of period at Sep. 30, 2024	5,624			0	1	1,831	301		1	3,490
Balance at beginning of period at Mar. 31, 2024	5,045			0	1	1,741	311		5	2,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0						51			(51)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	1									1
Contributions, net		222	988								222	988
Transfers of assets under common control	(544)					5				(549)
Distributions to noncontrolling interests, net of contributions, non-cash			(1)									(1)
Non-cash adjustments for change in tax basis	85					85
Stock-based compensation	(1)					(1)
Common stock dividends and distributions to CEG unit holders		(83)						(48)			(35)
Other	(1)									(1)
Balance at end of period at Jun. 30, 2024	5,711			0	1	1,830	314		5	3,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23						36			(13)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax	(13)								(4)	(9)
Contributions from CEG, cash		6									6
Distributions to noncontrolling interests, net of contributions, cash			$ (19)									$ (19)
Stock-based compensation	1					1
Common stock dividends and distributions to CEG unit holders		$ (85)						$ (49)			$ (36)
Balance at end of period at Sep. 30, 2024	$ 5,624			$ 0	$ 1	$ 1,831	$ 301		$ 1	$ 3,490

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisition

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 16, 2024:


(In millions)	Cedar Creek
Restricted cash	$	1
Property, plant and equipment	311
Right-of-use assets, net	6
Derivative assets	14
Other current and non-current assets	14

Total assets acquired	346

Long-term debt (a)	309
Long-term lease liabilities	7
Other current and non-current liabilities	13
Total liabilities assumed	329
Net assets acquired	$	17

(a) Includes a $112 million construction loan, a $91 million cash equity bridge loan, and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 15, 2024:


(In millions)	Texas Solar Nova 2
Restricted cash	$	1
Property, plant and equipment	280
Right-of-use assets, net	21
Derivative assets	6
Other current and non-current assets	4

Total assets acquired	312

Long-term debt (a)	194
Long-term lease liabilities	19
Other current and non-current liabilities	27
Total liabilities assumed	240
Net assets acquired	$	72

(a) Includes an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, certain subsidiaries of CEG provide services to the Company and its subsidiaries. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company’s consolidated balance sheets. The disclosures below summarize the Company’s material related party transactions with CEG and its subsidiaries that are included in the Company’s operating costs. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various subsidiaries of the Company in the Renewables segment are party to services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $22 million and $18 million for the three months ended September 30, 2024 and 2023, respectively. The Company incurred total expenses for these services of $59 million and $54 million for the nine months ended September 30, 2024 and 2023, respectively. There was a balance of $10 million and $13 million due to RENOM as of September 30, 2024 and December 31, 2023, respectively. Administrative Services Agreements by and between the Company and CEG Various subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $5 million for each of the three months ended September 30, 2024 and 2023. The Company incurred expenses under these agreements of $17 million and $15 million for the nine months ended September 30, 2024 and 2023, respectively. There was a balance of $3 million and $2 million due to CEG as of September 30, 2024 and December 31, 2023, respectively. CEG Master Services Agreement The Company is a party to the CEG Master Services Agreement, pursuant to which CEG and certain of its affiliates or third-party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, cybersecurity, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. The Company incurred net expenses under these agreements of $1 million for each of the three months ended September 30, 2024 and 2023. The Company incurred net expenses under these agreements of $4 million for each of the nine months ended September 30, 2024 and 2023. On April 30, 2024, the CEG Master Services Agreement was amended and restated as a result of a reorganization effected by the Company pursuant to which all of the employees and operations of the Company will transfer to CEG as of January 1, 2025. Under the amended and restated agreement, CEG and certain of its affiliates or third-party service providers will continue to provide the operational and administrative services outlined above, and, effective January 1, 2025, CEG will also provide accounting, internal audit, tax, legal and treasury services, in exchange for payment of fees in respect of such services. Certain independent functions will be directed by the Company’s Governance, Conflicts and Nominating Committee and paid for by the Company, while being administered by CEG.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


(In millions, except rates)	September 30, 2024		December 31, 2023		September 30, 2024 interest rate % (a)	Letters of Credit Outstanding at September 30, 2024


2028 Senior Notes	$	850	$	850	4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)	—		—		S+1.500	$	108

Non-recourse facility-level debt:
Agua Caliente Solar LLC, due 2037	591		612		2.395-3.633	14
Alta Wind Asset Management LLC, due 2031	10		11		S+2.775	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	629		660		5.696-7.015	67
Alta Wind Realty Investments LLC, due 2031	18		20		7.000	—
Borrego, due 2024 and 2038	46		48		Various	4
Broken Bow, due 2031	38		41		S+2.350	6
Buckthorn Solar, due 2025	113		116		S+2.100	21


Carlsbad Energy Holdings LLC, due 2027	76		93		S+1.900	68
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, LLC, due 2038	195		195		4.210	6
Cedar Creek, due 2029	109		—		S+1.625	19
Cedro Hill, due 2024 and 2029	186		165		S+1.250-1.375	—
Crofton Bluffs, due 2031	25		27		S+2.350	3
CVSR, due 2037	573		601		2.339-3.775	12
CVSR Holdco Notes, due 2037	143		152		4.680	—
Daggett 2, due 2028	155		156		S+1.762	32
Daggett 3, due 2028	217		217		S+1.762	44
DG-CS Master Borrower LLC, due 2040	356		385		3.510	30









Mililani Class B Member Holdco LLC, due 2028	90		92		S+1.600	18
Natural Gas Holdco LC Facility, due 2027	—		—		S+1.750	107
NIMH Solar, due 2031 and 2033	130		148		S+2.000-2.125	17
Oahu Solar Holdings LLC, due 2026	79		81		S+1.525	10

Rosie Class B LLC, due 2029	192		347		S+1.750	31
Texas Solar Nova 1, due 2028 (c)	—		102			—
TSN1 Class B Member LLC, due 2029 (c)	179		—		S+1.750	54
Utah Solar Holdings, due 2036	238		242		3.590	161

Viento Funding II, LLC, due 2029	164		175		S+1.475	29
Victory Pass and Arica, due 2024	—		757			—
Other	115		124		Various	76
Subtotal non-recourse facility-level debt	5,074		5,974
Total debt	7,199		8,099
Less current maturities	(412)		(558)
Less net debt issuance costs	(57)		(65)
Add premiums (d)	2		3
Total long-term debt	$	6,732	$	7,479

(a) As of September 30, 2024, S+ equals SOFR plus x%.

(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and only applies to outstanding borrowings.

(d) Premiums relate to the 2028 Senior Notes.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 292	$ 535
Restricted cash	382	516
Inventory	63	55
Derivative instruments	34	41
Prepayments and other current assets	81	68
Total current assets	1,051	1,560
Property, plant and equipment, net	9,895	9,526
Other Assets
Equity investments in affiliates	322	360
Intangible assets for power purchase agreements, net	2,170	2,303
Other intangible assets, net	70	71
Derivative instruments	70	82
Right-of-use assets, net	548	597
Other non-current assets	123	202
Total other assets	3,303	3,615
Total Assets	14,249	14,701
Current Liabilities
Current portion of long-term debt	412	558
Derivative instruments	51	51
Accrued interest expense	35	57
Accrued expenses and other current liabilities	71	79
Total current liabilities	661	906
Other Liabilities
Long-term debt	6,732	7,479
Deferred income taxes	58	127
Derivative instruments	279	281
Long-term lease liabilities	570	627
Other non-current liabilities	316	286
Total other liabilities	7,955	8,800
Total Liabilities	8,616	9,706
Redeemable noncontrolling interest in subsidiaries	9	1
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	0	0
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); 202,143,697 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,829,344, Class D 41,961,750) at September 30, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023	1	1
Additional paid-in capital	1,831	1,732
Retained earnings	301	361
Accumulated other comprehensive income	1	7
Noncontrolling interest	3,490	2,893
Total Stockholders’ Equity	5,624	4,994
Total Liabilities and Stockholders’ Equity	14,249	14,701
Nonrelated Party
Current Assets
Accounts receivable — trade	199	171
Current Liabilities
Accounts payable — trade	78	130
Affiliated Entity
Current Assets
Note receivable — affiliate	0	174
Current Liabilities
Accounts payable — affiliates	$ 14	$ 31

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary 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.

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 subsidiary facilities was $202 million and $125 million as of September 30, 2024 and December 31, 2023, respectively.


	September 30, 2024		December 31, 2023
	(In millions)
Cash and cash equivalents	$	292	$	535
Restricted cash	382		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	674	$	1,051

Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s facilities that are restricted in their use. As of September 30, 2024, these restricted funds were comprised of $183 million designated to fund operating expenses, $71 million designated for current debt service payments and $89 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $39 million is held in distributions reserve accounts.

Supplemental Cash Flow Information

The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:


	Nine months ended September 30,
	2024		2023
	(In millions)
Cash paid to acquire Drop Down Assets	$	(673)	$	(34)
Cash acquired from the acquisition of Drop Down Assets	2		134
Acquisition of Drop Down Assets, net of cash acquired	$	(671)	$	100

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:


	September 30, 2024		December 31, 2023
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	3,938	$	3,485
Intangible Assets Accumulated Amortization	1,147		1,009

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 nine months ended September 30, 2024:


	Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Dividends per Class A share	$	0.4171	$	0.4102	$	0.4033
Dividends per Class C share	0.4171		0.4102		0.4033

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.

On October 29, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4240 per share payable on December 16, 2024 to stockholders of record as of December 2, 2024.

Noncontrolling Interests

Clearway Energy LLC Distributions to CEG

The following table lists distributions paid to CEG during the nine months ended September 30, 2024 on Clearway Energy LLC’s Class B and D units:


	Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class B Unit	$	0.4171	$	0.4102	$	0.4033
Distributions per Class D Unit	0.4171		0.4102		0.4033

On October 29, 2024, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.4240 per unit payable on December 16, 2024 to unit holders of record as of December 2, 2024.

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 September 30, 2024
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	35	$	315	$	350
Capacity revenue (a)	65		22		87
Other revenues	3		20		23
Contract amortization	(5)		(41)		(46)
Mark-to-market for economic hedges	4		68		72
Total operating revenues	102		384		486
Less: Contract amortization	5		41		46
Less: Mark-to-market for economic hedges	(4)		(68)		(72)
Less: Lease revenue	(27)		(247)		(274)
Total revenue from contracts with customers	$	76	$	110	$	186

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	1	$	234	$	235
Capacity revenue	26		13		39

Total	$	27	$	247	$	274


	Three months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	57	$	280	$	337
Capacity revenue (a)	74		5		79
Other revenues	3		17		20
Contract amortization	(5)		(42)		(47)
Mark-to-market for economic hedges	3		(21)		(18)
Total operating revenues	132		239		371
Less: Contract amortization	5		42		47
Less: Mark-to-market for economic hedges	(3)		21		18
Less: Lease revenue	(41)		(233)		(274)
Total revenue from contracts with customers	$	93	$	69	$	162

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	2	$	228	$	230
Capacity revenue	39		5		44

Total	$	41	$	233	$	274


	Nine months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	67	$	870	$	937
Capacity revenue (a)	195		44		239
Other revenues	6		63		69
Contract amortization	(14)		(124)		(138)
Mark-to-market for economic hedges	12		(4)		8
Total operating revenue	266		849		1,115
Less: Contract amortization	14		124		138
Less: Mark-to-market for economic hedges	(12)		4		(8)
Less: Lease revenue	(84)		(691)		(775)
Total revenue from contracts with customers	$	184	$	286	$	470

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	2	$	661	$	663
Capacity revenue	82		30		112
Total	$	84	$	691	$	775


	Nine months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Total
Energy revenue (a)	$	61	$	753	$	814
Capacity revenue (a)	270		15		285
Other revenues (a)	24		56		80
Contract amortization	(16)		(125)		(141)
Mark-to-market for economic hedges	3		24		27
Total operating revenue	342		723		1,065
Less: Contract amortization	16		125		141
Less: Mark-to-market for economic hedges	(3)		(24)		(27)
Less: Lease revenue	(246)		(626)		(872)
Total revenue from contracts with customers	$	109	$	198	$	307

(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:


(In millions)	Conventional Generation		Renewables		Total
Energy revenue	$	4	$	613	$	617
Capacity revenue	221		13		234
Other revenues (b)	21		—		21
Total	$	246	$	626	$	872

(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.

Contract Balances

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:


	September 30, 2024		December 31, 2023
	(In millions)
Accounts receivable, net - Contracts with customers	$	79	$	66
Accounts receivable, net - Leases	120		105
Total accounts receivable, net	$	199	$	171

Segment Reporting

9 Months Ended

Sep. 30, 2024

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 and renewable businesses, which consist of solar, wind and battery energy storage system, or BESS, facilities. 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 net income (loss).


	Three months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	102	$	384	$	—	$	486
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	41		95		(1)		135
Depreciation, amortization and accretion	29		135		—		164
General and administrative	—		—		9		9




Operating income (loss)	32		154		(8)		178
Equity in earnings of unconsolidated affiliates	1		12		—		13

Other income, net	1		6		1		8

Interest expense	(9)		(106)		(24)		(139)
Income (loss) before income taxes	25		66		(31)		60
Income tax expense	—		—		33		33
Net Income (Loss)	$	25	$	66	$	(64)	$	27
Total Assets	$	1,976	$	12,164	$	109	$	14,249

(a) Includes eliminations.


	Three months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	132	$	239	$	—	$	371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	54		80		—		134
Depreciation, amortization and accretion	33		100		—		133

General and administrative	—		—		9		9
Transaction and integration costs	—		—		1		1



Operating income (loss)	45		59		(10)		94
Equity in earnings of unconsolidated affiliates	—		11		—		11

Other income, net	1		8		6		15



Interest expense	(8)		(16)		(24)		(48)
Income (loss) before income taxes	38		62		(28)		72
Income tax expense	—		—		57		57
Net Income (Loss)	$	38	$	62	$	(85)	$	15

(a) Includes eliminations.


	Nine months ended September 30, 2024
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	266	$	849	$	—	$	1,115
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	109		271		(2)		378
Depreciation, amortization and accretion	88		383		—		471

General and administrative	—		—		29		29
Transaction and integration costs	—		—		4		4



Operating income (loss)	69		195		(31)		233
Equity in earnings of unconsolidated affiliates	2		31		—		33

Other income, net	4		23		9		36
Loss on debt extinguishment	—		(3)		—		(3)
Interest expense	(25)		(186)		(73)		(284)
Income (loss) before income taxes	50		60		(95)		15
Income tax expense	—		—		30		30
Net Income (Loss)	$	50	$	60	$	(125)	$	(15)

(a) Includes eliminations.


	Nine months ended September 30, 2023
(In millions)	Conventional Generation		Renewables		Corporate (a)		Total
Operating revenues	$	342	$	723	$	—	$	1,065
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	123		238		(1)		360
Depreciation, amortization and accretion	98		291		—		389

General and administrative	—		—		28		28
Transaction and integration costs	—		—		3		3


Operating income (loss)	121		194		(30)		285
Equity in earnings of unconsolidated affiliates	2		9		—		11

Other income, net	3		12		17		32

Interest expense	(27)		(103)		(72)		(202)
Income (loss) before income taxes	99		112		(85)		126
Income tax expense	—		—		67		67
Net Income (Loss)	$	99	$	112	$	(152)	$	59

(a) Includes eliminations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 48
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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Cedar Creek Drop Down — On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, the indirect owner of Cedar Creek, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Cedar Creek has a 25-year PPA with an investment-grade utility that commenced in March 2024. The Cedar Creek 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 Cedar Creek 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 $117 million and the historical cost of the Company’s net assets acquired of $17 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $117 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 statements of stockholders’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 16, 2024:


(In millions)	Cedar Creek
Restricted cash	$	1
Property, plant and equipment	311
Right-of-use assets, net	6
Derivative assets	14
Other current and non-current assets	14

Total assets acquired	346

Long-term debt (a)	309
Long-term lease liabilities	7
Other current and non-current liabilities	13
Total liabilities assumed	329
Net assets acquired	$	17

Texas Solar Nova 2 Drop Down — On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Texas Solar Nova 2 has an 18-year PPA with an investment-grade counterparty that commenced in February 2024. The Texas Solar Nova 2 operations are reflected in the Company’s Renewables segment and the Company’s portion of the purchase price was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Texas Solar Nova 2 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 $112 million and the historical cost of the Company’s net assets acquired of $72 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $9 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 distributions to CEG, net of contributions in the consolidated statements of stockholders’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 15, 2024:


(In millions)	Texas Solar Nova 2
Restricted cash	$	1
Property, plant and equipment	280
Right-of-use assets, net	21
Derivative assets	6
Other current and non-current assets	4

Total assets acquired	312

Long-term debt (a)	194
Long-term lease liabilities	19
Other current and non-current liabilities	27
Total liabilities assumed	240
Net assets acquired	$	72