0001628280-26-010952 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. Federal	$ (1)	$ 1	$ (13)
State	5	4	(2)
Total — current	4	5	(15)
Deferred
U.S. Federal	42	22	13
State	10	3	0
Total — deferred	52	25	13
Income tax expense (benefit)	$ 56	$ 30	$ (2)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
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-SubTopic 20
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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+ Details

Stockholders' Equity - Narrative (Details) - USD ($)				1 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Feb. 17, 2026	Dec. 17, 2025	Jun. 10, 2025	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 06, 2025
Equity, Class of Treasury Stock [Line Items]
Preferred stock, authorized (in shares)					10,000,000	10,000,000
Par value - preferred stock (in usd per share)					$ 0.01	$ 0.01
Preferred stock, issued (in shares)					0	0
Pro-rata distributions to CEG					$ 19,000,000	$ 0	$ 0
Special distribution utilized to make tax payments		$ 38,000,000	$ 9,000,000
CEG
Equity, Class of Treasury Stock [Line Items]
Pro-rata distributions to CEG		12,000,000	$ 7,000,000
Special distribution utilized to make tax payments		$ 16,000,000
ATM Program
Equity, Class of Treasury Stock [Line Items]
Aggregate sales price								$ 100,000,000
Available for issuance under ATM program					75,000,000
Common Class C \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Accrued professional fees					1,000,000
Reserved for issuance up to an aggregate (in shares)								3,300,000
Proceeds from issuance of stock					$ 25,000,000
Stock issued under DSPP (in shares)					793,202
Remain stock available for issuance (in share)					2,506,798
Common Class C \| Existing Investor \| Minimum \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Dividend reinvestment plan, initial investment								$ 50
Common Class C \| Existing Investor \| Maximum \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Dividend reinvestment plan, initial investment								150,000
Common Class C \| New Investor \| Minimum \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Dividend reinvestment plan, initial investment								250
Common Class C \| New Investor \| Maximum \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Dividend reinvestment plan, initial investment								150,000
Common Class C \| Other Registered Stockholders and New Investors \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Dividend reinvestment plan, initial investment								$ 150,000
Common Class C \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	$ 0.4602
Common Class C \| Subsequent Event \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock issued during period, issued for services (in shares)				1,445,244
Accrued professional fees				$ 1,000,000
Reserved for issuance up to an aggregate (in shares)				1,061,554
Proceeds from issuance of stock				$ 50,000,000
Common Class C \| ATM Program
Equity, Class of Treasury Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)					787,980
Sale of stock, consideration received per transaction					$ 25,000,000
Accrued professional fees					$ 1,000,000
Common Class A \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	0.4602
Common Class B \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	0.4602
Common Class D \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	$ 0.4602
Capital Unit, Class C \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock issued during period, issued for services (in shares)					793,202
Capital Unit, Class C \| Subsequent Event \| Dividend Reinvestment and Direct Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock issued under DSPP (in shares)				1,445,244
Capital Unit, Class C \| ATM Program
Equity, Class of Treasury Stock [Line Items]
Stock issued during period, issued for services (in shares)					787,980

Nature of Business (Details)	12 Months Ended
Nature of Business (Details)	Dec. 31, 2025 state segment GW
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Power generation capacity, gigawatts (over)	12.9
Number of states \| state	27
Number of reportable segments \| segment	2
Number of operating segments \| segment	2
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Power generation capacity, gigawatts (over)	10.1
Generational Facilities and District Energy Systems
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Power generation capacity, gigawatts (over)	2.8
Clearway Energy, Inc. \| Clearway Energy LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest (as a percentage)	58.62%
Clearway Energy, Inc. \| CEG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Voting interest (as a percentage)	54.90%
Clearway Energy, Inc. \| Public Shareholders
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Voting interest (as a percentage)	45.10%
Clearway Energy LLC \| CEG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest (as a percentage)	41.38%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 63
2027	63
2028	64
2029	62
2030	63
Thereafter	1,214
Total lease payments	1,529
Less imputed interest	(713)
Total lease liability - operating leases	$ 816

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net Loss	$ (231)	$ (63)	$ (14)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(31)	(35)	(12)
Distributions from unconsolidated affiliates	32	34	30
Depreciation, amortization and accretion	682	627	526
Amortization of financing costs and debt discounts	15	14	13
Amortization of intangibles	187	182	185
Loss on debt extinguishment	8	5	6
Reduction in carrying amount of right-of-use assets	16	15	15
Impairment losses	0	0	12
Changes in deferred income taxes	53	25	13
Changes in derivative instruments and amortization of accumulated OCI	(13)	13	(2)
Changes in other working capital	(30)	(47)	(70)
Net Cash Provided by Operating Activities	688	770	702
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(324)	0	0
Acquisition of Drop Down Assets, net of cash acquired	(318)	(678)	(45)
Proceeds from transfer of assets	152	0	0
Capital expenditures	(319)	(287)	(212)
Payment for equipment deposit	0	0	(27)
Payment for equipment deposit and asset purchase from affiliate	(27)	0	(55)
Return of investments from unconsolidated affiliates	15	41	14
Decrease (increase) in note receivable — affiliate	0	184	(174)
Investments in unconsolidated affiliates	0	0	(28)
Other	18	15	4
Net Cash Used in Investing Activities	(803)	(725)	(523)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions	1,124	1,493	1,028
Proceeds from the issuance of Class C common stock	48	0	0
Payments of dividends and distributions	(358)	(334)	(311)
Pro-rata distributions to CEG	(19)	0	0
Tax-related distributions	0	(1)	(21)
Buyouts of noncontrolling interest and redeemable noncontrolling interest	(3)	(7)	(13)
Proceeds from the revolving credit facility	701	0	0
Payments for the revolving credit facility	(340)	0	0
Proceeds from issuance of long-term debt	518	466	563
Payments for long-term debt	(1,461)	(1,966)	(1,349)
Payments of debt issuance costs	(8)	(13)	(18)
Other	(2)	(1)	(3)
Net Cash Provided by (Used in) Financing Activities	200	(363)	(124)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	85	(318)	55
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	733	1,051	996
Cash, Cash Equivalents and Restricted Cash at End of Period	818	733	1,051
Supplemental Disclosures:
Interest paid, net of amount capitalized	(348)	(324)	(304)
Income taxes paid, net of refunds received	(1)	(1)	(31)
Non-cash financing activity:
Non-cash adjustments for change in tax basis	$ 40	$ 61	$ 4

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Level 3 $ in Millions	Dec. 31, 2025 USD ($) $ / MWh $ / BTU MWh	Dec. 31, 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 (in dollars per megawatt-hour or British thermal unit) \| $ / BTU	0.92	0.85
High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input (in dollars per megawatt-hour or British thermal unit) \| $ / BTU	10.15	10.55
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 (in dollars per megawatt-hour or British thermal unit) \| $ / BTU	3.02	3.25
Long-term Power Commodity Contracts \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets \| $	$ 0	$ 0
Liabilities \| $	$ 330	$ 366
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	34.04	21.60
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	89.73	80.82
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	56.51	45.44
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 \| $	$ 13	$ 9
Liabilities \| $	$ 3	$ 5
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	(29.26)	(19.30)
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	260.77	1,011.79
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 (in dollars per megawatt-hour or British thermal unit) \| $ / MWh	42.23	45.87
Other Financial Instruments \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets \| $	$ 7	$ 10
Liabilities \| $	$ 0	$ 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 (in dollars per megawatt-hour or British thermal unit) \| MWh	60,047	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 (in dollars per megawatt-hour or British thermal unit) \| MWh	120,094	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 (in dollars per megawatt-hour or British thermal unit) \| MWh	108,791	111,091

Accounting for Derivative Instruments and Hedging Activities - Schedule of Effects of Company’s OCI (OCL) Balance Attributable to Interest Rate Swaps Designated as Cash Flow Hedge Derivatives, Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	$ 5,564	$ 4,994	$ 4,026
Mark-to-market of cash flow hedge accounting contracts	(3)	(4)	(6)
Balance at end of period	5,811	5,564	4,994
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2	(4)
Accumulated (OCL) OCI ending balance, income tax (benefit) expense	(1)	1	2
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit	2	2	2
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	14	18	24
Balance at end of period	(5)	14	18
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(2)	(1)	(4)
Mark-to-market of cash flow hedge accounting contracts	(1)	(3)	(2)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Rosie South
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	(4)	0	0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Daggett 1
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	(6)	0	0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Luna Valley
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	(8)	0	0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Pine Forest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	5	0	0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Honeycomb Portfolio (a)
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	(3)	0	0
Accumulated OCI attributable to noncontrolling interests
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	11	11
Balance at end of period	0	11	11
AOCI Including Portion Attributable to Noncontrolling Interest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	3	7
Balance at end of period	(5)	3	7
Clearway Energy LLC \| Rosie South
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	1
Clearway Energy LLC \| Daggett 1
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	4
Clearway Energy LLC \| Luna Valley
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	5
Clearway Energy LLC \| Pine Forest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	3
Clearway Energy LLC \| Honeycomb Portfolio (a)
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	2
Non-controlling Interest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Balance at beginning of period	3,501	2,893	1,792
Balance at end of period	3,887	$ 3,501	$ 2,893
Non-controlling Interest \| Rosie South
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	3
Non-controlling Interest \| Daggett 1
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	2
Non-controlling Interest \| Luna Valley
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	3
Non-controlling Interest \| Pine Forest
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	2
Non-controlling Interest \| Honeycomb Portfolio (a)
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Drop Down	$ 1

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	December 31, 2025		December 31, 2024		Depreciable Lives
	(In millions)
Facilities and equipment	$	15,095	$	13,302	3 - 40 Years
Land and improvements	644		537
Construction in progress (a) (b)	530		191
Total property, plant and equipment	16,269		14,030
Accumulated depreciation	(4,673)		(4,086)
Net property, plant and equipment	$	11,596	$	9,944

(a) As of December 31, 2025 and 2024, construction in progress included $24 million and $23 million, respectively, of capital expenditures that relate to prepaid long-term service agreements for facilities in the Flexible Generation segment.

(b) As of December 31, 2025 and 2024, construction in progress included $12 million and $9 million, respectively, of accrued non-cash capital expenditures.

Depreciation expense related to property, plant and equipment during the years ended December 31, 2025, 2024 and 2023 was $662 million, $610 million and $514 million, respectively. The Company accelerated depreciation of both the Mt. Storm and Goat Mountain wind facilities related to the repowering of the facilities, which resulted in additional depreciation expense in the amount of $22 million for the year ended December 31, 2025.

The Company recorded long-lived asset impairments during the year ended December 31, 2023, as further described in Note 9, Asset Impairments.

Investments Accounted for by the Equity Method and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 11, 2025	Jun. 30, 2015	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	Mar. 20, 2025	Jun. 13, 2024
Schedule of Equity Method Investments [Line Items]
Retained earnings, undistributed earnings from equity method investees			$ 25	$ 20
Payments to acquire equity method investments			0	0	$ 28
Long-term debt			8,674
Equity investments in affiliates			291	$ 309
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Carrying value basis difference			109
Equity investments in affiliates			$ 212
Ownership interest (as a percentage)			25.00%
Rosie Central BESS
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates								$ 28
Golden Puma Fund LLC
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates	$ 3
Ownership interest (as a percentage)	100.00%
Acquisition funded by cash on hand	$ 1
Pine Forest TargetCo
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)						50.00%
Rosie South TargetCo
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)							50.00%
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 285
Business acquisition, consideration transferred, working capital		$ 181
Long-term debt			$ 259

Segment Reporting

12 Months Ended

Dec. 31, 2025

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 Flexible Generation and Renewables & Storage 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). The Company’s Chief Executive Officer reviews net income (loss) and its components on a monthly and quarterly basis to evaluate the performance of each segment and to determine how to allocate resources.

Approximately 58% of the Company’s operating revenues and 45% of the Company’s assets relate to operations located in California. Also, the Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Customer	Flexible Generation	Renewables & Storage	Flexible Generation	Renewables & Storage	Flexible Generation	Renewables & Storage
SCE	7%	15%	7%	17%	11%	13%
PG&E	2%	14%	3%	14%	4%	13%


	Year ended December 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	291	$	1,138	$	—	$	1,429
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	109		421		—		530
Depreciation, amortization and accretion	112		570		—		682

General and administrative	—		—		41		41
Transaction and integration costs	—		—		16		16

Operating income (loss)	70		147		(57)		160
Equity in earnings of unconsolidated affiliates	1		30		—		31


Other income, net	4		22		3		29
Loss on debt extinguishment	—		(8)		—		(8)
Interest expense	(35)		(252)		(100)		(387)
Income (loss) before income taxes	40		(61)		(154)		(175)
Income tax (benefit) expense	—		(1)		57		56
Net Income (Loss)	40		(60)		(211)		(231)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(560)		160		(400)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	40	$	500	$	(371)	$	169
Balance Sheet
Equity investments in affiliates	$	72	$	219	$	—	$	291
Capital expenditures (b)	9		187		—		196
Total Assets	$	1,803	$	14,557	$	295	$	16,655

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	342	$	1,029	$	—	$	1,371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	137		367		(3)		501
Depreciation, amortization and accretion	115		512		—		627

General and administrative	—		—		39		39
Transaction and integration costs	—		—		8		8



Operating income (loss)	90		150		(44)		196
Equity in earnings of unconsolidated affiliates	3		32		—		35


Other income, net	6		31		11		48
Loss on debt extinguishment	—		(5)		—		(5)
Interest expense	(35)		(176)		(96)		(307)
Income (loss) before income taxes	64		32		(129)		(33)
Income tax expense	—		1		29		30
Net Income (Loss)	64		31		(158)		(63)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(236)		85		(151)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	64	$	267	$	(243)	$	88
Balance Sheet
Equity investments in affiliates	$	75	$	234	$	—	$	309
Capital expenditures (b)	9		179		—		188
Total Assets	$	1,933	$	12,236	$	160	$	14,329

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	420	$	894	$	—	$	1,314
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	154		321		(2)		473
Depreciation, amortization and accretion	129		397		—		526
Impairment losses	—		12		—		12
General and administrative	—		—		36		36
Transaction and integration costs	—		—		4		4

Operating income (loss)	137		164		(38)		263
Equity in earnings of unconsolidated affiliates	3		9		—		12


Other income, net	4		24		24		52
Loss on debt extinguishment	—		(6)		—		(6)
Interest expense	(35)		(205)		(97)		(337)
Income (loss) before income taxes	109		(14)		(111)		(16)
Income tax benefit	—		(2)		—		(2)
Net Income (Loss)	109		(12)		(111)		(14)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(162)		69		(93)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	109	$	150	$	(180)	$	79

(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/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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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 5: 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://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (c)
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) $ in Millions			12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 12, 2025 USD ($)	Jul. 23, 2025 MW	Dec. 31, 2025 USD ($) subsidiary	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction
Capital expenditures			$ 196	$ 188
General and administrative			41	39	$ 36
Goat Mountain wind facility
Related Party Transaction
Power generation capacity, megawatts (over) \| MW		306
Power purchase agreement period (in years)		15 years
Remaining balance to distribute	$ 27
Capital expenditures	2
Goat Mountain wind facility \| Other Noncurrent Assets
Related Party Transaction
Remaining balance to distribute	$ 25
Related Party \| RENOM
Related Party Transaction
Expenses from transactions with related party			82	82	73
Due to related party			8	12
Related Party \| CEG
Related Party Transaction
General and administrative			24	6	5
Affiliated Entity \| Administrative Services Agreements
Related Party Transaction
Expenses from transactions with related party			26	22	$ 20
Due to related party			$ 3	3
Number of wholly owned subsidiaries \| subsidiary			2
Affiliated Entity \| CEG
Related Party Transaction
Due to related party			$ 0	$ 5

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 156	$ 175
Derivative Liabilities	360	371
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(352)	(317)
Settlements	83	(2)
Total losses for the period included in earnings	(44)	(33)
Ending balance	(313)	(352)	$ (317)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,	$ (44)	$ (33)
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
Call Option \| El Segundo, Marsh Landing and Walnut Creek Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long term debt	$ 330	$ 366
Fair value of short term debt	3	5
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	143	166
Derivative Liabilities	27	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	20	19
Derivative Liabilities	333	371
Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	14	9
Derivative Liabilities	333	371
Energy-related commodity contracts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	1	0
Derivative Liabilities	0	0
Energy-related commodity contracts \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	13	9
Derivative Liabilities	333	371
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	142	166
Derivative Liabilities	27
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,	(31)	29	$ (17)
Interest rate contracts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	142	166
Derivative Liabilities	27	0
Interest rate contracts \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Other Financial Instruments \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Other Financial Instruments \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 7	$ 10

Accounting for Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Notional Volume Buy/(Sell) of NRG Yield's Open Derivative Transactions Broken Out by Commodity

The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative transactions broken out by commodity:


		Total Volume
		December 31, 2025		December 31, 2024
Commodity	Units	(In millions)
Power	MWh	(29)		(25)
Natural Gas	MMBtu	5		11
Interest	Dollars	$	4,080	$	1,769

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
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	5	$	6	$	—
Interest rate contracts long-term	29		22		21		—
Total Derivatives Designated as Cash Flow Hedges	$	31	$	27	$	27	$	—
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	17	$	30	$	—	$	—
Interest rate contracts long-term	94		109		—		—
Energy-related commodity contracts current	10		4		46		56
Energy-related commodity contracts long-term	4		5		287		315
Total Derivatives Not Designated as Cash Flow Hedges	$	125	$	148	$	333	$	371
Total Derivatives	$	156	$	175	$	360	$	371

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 December 31, 2025	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	14	$	—	$	14
Derivative liabilities	(333)		—		(333)
Total energy-related commodity contracts	$	(319)	$	—	$	(319)
Interest rate contracts
Derivative assets	$	142	$	—	$	142
Derivative liabilities	(27)		—		(27)
Total interest rate contracts	$	115	$	—	$	115
Total derivative instruments	$	(204)	$	—	$	(204)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	9	$	—	$	9
Derivative liabilities	(371)		—		(371)
Total energy-related commodity contracts	$	(362)	$	—	$	(362)
Interest rate contracts
Derivative assets	$	166	$	—	$	166

Total interest rate contracts	$	166	$	—	$	166
Total derivative instruments	$	(196)	$	—	$	(196)

Schedule of Effects of NRG Yield's Accumulated OCI Balance Attributable to Interest Rate Swaps Designated as Cash Flow Hedge Derivatives, Net of Tax

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


	Year ended December 31,
	2025		2024		2023
	(In millions)
Accumulated OCI beginning balance	$	14	$	18	$	24
Rosamond South I Drop Down (a)	(4)		—		—
Daggett 1 Drop Down (b)	(6)		—		—
Luna Valley Drop Down (c)	(8)		—		—
Pine Forest Drop Down (d)	5		—		—
Honeycomb Portfolio Drop Down (e)	(3)		—		—
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(2)		(1)		(4)
Mark-to-market of cash flow hedge accounting contracts	(1)		(3)		(2)
Accumulated (OCL) OCI ending balance, net of income tax (benefit) expense of $(1), $1 and $2, respectively	(5)		14		18
Accumulated OCI attributable to noncontrolling interests	—		11		11
Accumulated (OCL) OCI attributable to Clearway Energy, Inc.	$	(5)	$	3	$	7
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2	$	(4)

(a) Represents $1 million attributable to the Company and $3 million attributable to noncontrolling interests.

(b) Represents $4 million attributable to the Company and $2 million attributable to noncontrolling interests.

(d) Represents $3 million attributable to the Company and $2 million attributable to noncontrolling interests.

(e) Represents $2 million attributable to the Company and $1 million attributable to noncontrolling interests.

Schedule of Derivative Gains and Losses

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


	Year ended December 31,
	2025		2024		2023
	(In millions)
Interest Rate Contracts (Interest expense)	$	(31)	$	29	$	(17)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	(20)		(32)		23
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	1		(2)		2

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

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

Schedule I - Condensed Financial Statements - CF (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net Cash Used in Operating Activities	$ 688	$ 770	$ 702
Cash Flows from Investing Activities
Net Cash Used in Investing Activities	(803)	(725)	(523)
Cash Flows from Financing Activities
Proceeds from the issuance of Class C common stock	48	0	0
Net Cash Provided by Financing Activities	200	(363)	(124)
Net Change in Cash	85	(318)	55
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	733	1,051	996
Cash, Cash Equivalents and Restricted Cash at End of Period	818	733	1,051
Clearway Energy, Inc.
Cash Flows from Operating Activities
Net Cash Used in Operating Activities	(1)	(2)	(31)
Cash Flows from Investing Activities
Investments in consolidated affiliates	(41)	0	0
Cash advances for notes receivable — affiliate	(8)	0	0
Cash received from notes receivable — affiliate	2	1	1
Net Cash Used in Investing Activities	(47)	1	1
Cash Flows from Financing Activities
Proceeds from the issuance of Class C common stock	48	0	0
Cash received from Clearway Energy LLC for tax-related distributions	0	1	30
Cash received from Clearway Energy LLC for the payment of dividends	209	194	180
Payment of dividends	(209)	(194)	(180)
Net Cash Provided by Financing Activities	48	1	30
Net Change in Cash	0	0	0
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	0	0	0
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 0	$ 0	$ 0

Schedule I - Condensed Financial Statements - B/S Parenthetical (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
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, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	203,773,674	202,147,579
Common stock, shares outstanding (in shares)	203,773,674	202,147,579
Common Class A
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	34,613,853	34,613,853
Common stock, shares outstanding (in shares)	34,613,853	34,613,853
Common Class B
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	42,738,750	42,738,750
Common stock, shares outstanding (in shares)	42,738,750	42,738,750
Common Class C
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	84,844,929	82,833,226
Common stock, shares outstanding (in shares)	84,844,929	82,833,226
Common Class D
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	41,576,142	41,961,750
Common stock, shares outstanding (in shares)	41,576,142	41,961,750
Clearway Energy, Inc.
Condensed Financial Statements, Captions [Line Items]
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, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	203,773,674	202,147,579
Common stock, shares outstanding (in shares)	203,773,674	202,147,579
Clearway Energy, Inc. \| Common Class A
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	34,613,853	34,613,853
Common stock, shares outstanding (in shares)	34,613,853	34,613,853
Clearway Energy, Inc. \| Common Class B
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	42,738,750	42,738,750
Common stock, shares outstanding (in shares)	42,738,750	42,738,750
Clearway Energy, Inc. \| Common Class C
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	84,844,929	82,833,226
Common stock, shares outstanding (in shares)	84,844,929	82,833,226
Clearway Energy, Inc. \| Common Class D
Condensed Financial Statements, Captions [Line Items]
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	41,576,142	41,961,750
Common stock, shares outstanding (in shares)	41,576,142	41,961,750

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision From Continuing Operations

The income tax provision consisted of the following amounts:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current
U.S. Federal	$	(1)	$	1	$	(13)
State	5		4		(2)
Total — current	4		5		(15)
Deferred
U.S. Federal	$	42	$	22	$	13
State	10		3		—
Total — deferred	52		25		13
Total income tax expense (benefit)	$	56	$	30	$	(2)

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

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate in accordance with the guidance in ASU 2023-09:


	Year Ended December 31,					Year Ended December 31,
	2025					2024
	(In millions, except percentages)					(In millions, except percentages)
Loss Before Income Taxes	$	(175)				$	(33)

Tax at 21%	(37)			21.1	%	(7)			21.0	%
State taxes, net of federal benefit (a)	12			(6.8)	%	6			(18.2)	%
Tax credits	(1)			0.6	%	(4)			12.1	%
Nontaxable/nondeductible items:
HLBV impact	84			(48.0)	%	32			(96.9)	%
Tax credit sales, net	(3)			1.7	%	—			—	%
Employee share-based payments	—			—	%	2			(6.0)	%
Other	1			(0.6)	%	1			(2.9)	%
Income tax expense	$	56		(32.0)	%	$	30		(90.9)	%
Effective income tax rate	(32.0)		%			(90.9)		%

(a) State taxes in California made up the majority of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate in accordance with the guidance prior to the adoption of ASU 2023-09:


	Year Ended December 31, 2023
	(In millions, except percentages)
Loss Before Income Taxes	$	(16)

Tax at 21%	(3)
State taxes, net of federal benefit	(2)


Impact of non-taxable partnership earnings	21
Valuation allowance	3
Investment tax credits	(1)
Production tax credits (a)	(16)
Rate change	1

State taxes assessed at subsidiaries	(3)
Other	(2)
Income tax benefit	$	(2)
Effective income tax rate	12.5		%

(a) On December 6, 2023, the Company executed an agreement with a third party to sell the PTCs generated by the Alta X and Alta XI wind facilities, which resulted in a $14 million income tax benefit (reduction to income tax expense) during the year ended December 31, 2023.

Schedule of Company's Deferred Tax Assets and Liabilities

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


	As of December 31,
	2025		2024
	(In millions)
Deferred tax liabilities:
Investment in projects	$	245	$	191
Total deferred tax liabilities	245		191
Deferred tax assets:


Interest expense disallowance carryforward - Investment in Projects	$	24	$	18
Production tax credits	12		16
Investment tax credits	6		7
Investment tax credits subject to transferability	304		—
U.S. Federal net operating loss carryforwards	44		58

State net operating loss carryforwards	7		7
Total deferred tax assets	397		106
Valuation allowance	(25)		(4)
Total deferred tax assets, net of valuation allowance	372		102
Net deferred non-current tax asset (liability)	$	127	$	(89)

Schedule of Unrecognized Tax Benefits

The following table summarizes the Company’s unrecognized tax benefits activity:


(In millions)
Balance as of December 31, 2024	$	—
Increase due to prior year positions	19
Balance as of December 31, 2025	$	19

Summary of Significant Accounting Policies - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 162	$ 164
Accounts receivable, net - Contracts with customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	76	75
Accounts receivable, net - Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 86	$ 89

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost - Fixed	$ 51	$ 31	$ 40
Operating lease cost - Variable	15	12	11
Total lease cost	66	43	51
Cash paid for operating leases	50	34	$ 30
ASSETS
Right-of-use assets - operating leases, net	$ 714	$ 547
Liabilities [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term lease liability - operating leases (a)	Long-term lease liability - operating leases (a)
Short-term lease liability - operating leases	$ 20	$ 10
Long-term lease liability - operating leases (a)	796	569
Total lease liabilities	$ 816	$ 579
Weighted average remaining lease term (in years)	25 years	26 years
Weighted average discount rate	5.70%	4.50%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

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

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

Cash, 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 $194 million as of both December 31, 2025 and 2024.

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:


	December 31,
	2025		2024
	(In millions)
Cash and cash equivalents	$	231	$	332
Restricted cash	587		401
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	818	$	733

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 December 31, 2025, these restricted funds were comprised of $146 million designated to fund operating expenses, $99 million designated for current debt service payments and $85 million restricted for reserves, including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $257 million is held in distribution reserve accounts, of which $174 million relates to transferable ITCs for the Rosamond South I solar and BESS facility that were received on behalf of the tax equity investor in Rosie South TE Holdco LLC and subsequently distributed to the tax equity investor in January 2026.

As of December 31, 2024, these restricted funds were comprised of $184 million designated to fund operating expenses, $37 million designated for current debt service payments and $102 million restricted for reserves, including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $78 million was held in distribution 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:


	Year ended December 31,
	2025		2024		2023
	(In millions)
Cash paid to acquire Drop Down Assets	$	(329)	$	(680)	$	(173)
Cash acquired from the acquisition of Drop Down Assets	11		2		128
Acquisition of Drop Down Assets, net of cash acquired	$	(318)	$	(678)	$	(45)

Accounts Receivable — Trade and Allowance for Credit Losses

Accounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The majority of the Company’s customers typically receive invoices monthly with payment due within 30 days. The allowance for credit losses is reviewed periodically based on amounts past due and their significance. The allowance for credit losses was immaterial as of December 31, 2025 and 2024.

Inventory

Inventory consists of spare parts and is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Inventory is removed when used for repairs, maintenance or capital projects.

Property, Plant and Equipment

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

Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amount of interest capitalized for the years ended December 31, 2025, 2024 and 2023 was $51 million, $28 million and $36 million, respectively.

Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment.

Asset Impairments

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

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

Debt Issuance Costs

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

Intangible Assets

Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets, including PPAs, leasehold rights, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. For further discussion of the Company’s intangible assets, refer to Note 8, Intangible Assets.

Revenue Recognition

Revenue from Contracts with Customers

The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company’s policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer.

Flexible Generation Segment Revenues

The majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. These facilities generate revenues from selling electricity and/or RA to the CAISO and to public utility and load serving entities, as the power is delivered at the interconnection point.

Power Purchase Agreements, or PPAs

The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain facilities in the Flexible Generation segment are sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Certain revenue agreements also provide for the sale of BESS capacity. As discussed above, the majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. The Company’s BESS arrangements include variable payments not based on an index or rate and sales-type lease treatment would result in a loss at lease commencement. As a result, the Company accounts for these arrangements as operating leases under ASC 842. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or finance lease.

Certain of these PPAs have no minimum lease payments and all of the lease revenue under these PPAs is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2025, 2024 and 2023 was $797 million, $831 million and $780 million, respectively. See Note 17, Leases, for additional information related to the Company’s PPAs accounted for as leases.

Renewable Energy Credits, or RECs

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

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

Disaggregated Revenues

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


	Year ended December 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	30	$	1,166	$	1,196
Capacity revenue (a)	269		100		369
Other revenues	4		72		76
Contract amortization	(18)		(171)		(189)
Mark-to-market for economic hedges	6		(29)		(23)
Total operating revenues	291		1,138		1,429
Less: Contract amortization	18		171		189
Less: Mark-to-market for economic hedges	(6)		29		23
Less: Lease revenue	(115)		(846)		(961)

Total revenue from contracts with customers	$	188	$	492	$	680

(a) See Note 17, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	84	$	1,089	$	1,173
Capacity revenue (a)	262		65		327
Other revenues (a)	5		85		90
Contract amortization	(18)		(166)		(184)
Mark-to-market for economic hedges	9		(44)		(35)
Total operating revenues	342		1,029		1,371
Less: Contract amortization	18		166		184
Less: Mark-to-market for economic hedges	(9)		44		35
Less: Lease revenue	(113)		(860)		(973)
Total revenue from contracts with customers	$	238	$	379	$	617

(a) See Note 17, Leases, for the amounts of energy, capacity and other revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	81	$	942	$	1,023
Capacity revenue (a)	336		23		359
Other revenues	28		71		99
Contract amortization	(20)		(166)		(186)
Mark-to-market for economic hedges	(5)		24		19
Total operating revenues	420		894		1,314
Less: Contract amortization	20		166		186
Less: Mark-to-market for economic hedges	5		(24)		(19)
Less: Lease revenue	(274)		(780)		(1,054)
Total revenue from contracts with customers	$	171	$	256	$	427

(a) See Note 17, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.

Contract Amortization

Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.

Contract Balances

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


(In millions)	December 31, 2025		December 31, 2024
Accounts receivable, net - Contracts with customers	$	76	$	75
Accounts receivable, net - Leases	86		89
Total accounts receivable, net	$	162	$	164

Derivative Financial Instruments

The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging, or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are deferred and recorded as a component of accumulated OCI/OCL until the hedged transactions occur and are recognized in earnings.

The Company’s primary derivative financial instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates and energy-related instruments used to mitigate variability in earnings due to fluctuations in power market prices or natural gas market prices. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI/OCL would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI/OCL would be immediately reclassified into earnings. If the derivative financial instrument is terminated, the effective portion of this derivative deferred in accumulated OCI/OCL will be frozen until the underlying hedged item is delivered.

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

Cash flows from derivative financial instruments, including derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges, are classified as operating activities in the consolidated statements of cash flows.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative financial instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company’s facilities have only one customer. See Note 6, Fair Value of Financial Instruments, for a further discussion of derivative concentrations and Note 13, Segment Reporting, for concentration of counterparties.

Fair Value of Financial Instruments

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

Asset Retirement Obligations

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

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

The following table represents the balance of AROs, along with the related activity:


(In millions)
Balance as of December 31, 2023	$	239
Revisions in estimated cash flows	(1)
Liabilities incurred	14
Liabilities settled	(2)
Accretion expense	16
Balance as of December 31, 2024	266
Revisions in estimated cash flows	7
Liabilities incurred	38

Liabilities settled	(5)
Accretion expense	18
Balance as of December 31, 2025	$	324

Guarantees

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

Investments Accounted for by the Equity Method

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

Sale-Leaseback Arrangements

The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 842-40, Sale-Leaseback Transactions, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings.

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

Income Taxes

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

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

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

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

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

The Company, through its consolidated subsidiaries, may earn tax credits in the ordinary course of business, which may be eligible for a transferability election permitting the Company to sell the tax credit to a third party. These tax credits, which are accounted for in accordance with ASC 740, include production tax credits, or PTCs, which are based on electricity generated by an operating facility, and investment tax credits, or ITCs, which are earned based on eligible costs to place an asset in service. The Company accounts for PTCs as electricity is generated and sold and records transferable PTCs as reduction to current income taxes. The Company records ITCs when generated as a deferred tax asset and other non-current liability. The Company reduces the deferred tax asset when the credit is sold and then reduces the other non-current liability ratably as a reduction to income tax expense over the depreciable life of the related property, plant and equipment. For further discussion, see Note 14, Income Taxes.

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

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

Asset Acquisitions

The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. No goodwill is recognized, and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, the difference between the cash paid and historical value of the entities’ equity is recorded as a distribution/contribution from/to CEG with the offset to noncontrolling interest.

Tax Equity Arrangements

Certain portions of the Company’s redeemable noncontrolling interest in subsidiaries and noncontrolling interest represent third-party interests in the net assets under tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of facilities eligible for certain tax credits and benefits. The Company has determined that the provisions in the contractual agreements of these redeemable noncontrolling interests and noncontrolling interests represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the redeemable noncontrolling interest and noncontrolling interest that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as redeemable noncontrolling interest and noncontrolling interest represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in redeemable noncontrolling interest and noncontrolling interest at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. In addition, in certain circumstances, the Company and its partners in the tax equity arrangements agree that certain tax benefits are to be utilized outside of the tax equity arrangements, which may result in differences in the amount an investor would hypothetically receive at the initial balance sheet date calculated strictly in accordance with related contractual agreements. These differences are recognized in the consolidated statements of operations using a systematic and rational method over the period during which the investor is expected to achieve its target return.

Redeemable Noncontrolling Interest

To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. In 2025, the Company entered into new tax equity arrangements that provide third parties with the right to redeem their interests in the partnerships for cash or other assets at a point in time, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:


	(In millions)
Balance at December 31, 2023	$	1
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	13
Repurchase of redeemable noncontrolling interest	(12)
Balance at December 31, 2024	—
Cash contributions to redeemable noncontrolling interests, net of distributions	335
Non-cash distributions to redeemable noncontrolling interests	(12)
Comprehensive loss attributable to redeemable noncontrolling interests	(220)

Balance at December 31, 2025	$	103

Use of Estimates

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

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

Recent Accounting Standards Not Yet Adopted

In December 2025, the FASB issued ASU No 2025-10, Government Grants - (Topic 832): Accounting for Government Grants Received by Business Entities. The amendment establishes the accounting guidance for governmental grants received by a business entity. This guidance is effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods within the annual reporting period. The amendment may be applied on a modified prospective approach, a modified retrospective approach or retrospectively. Early adoption is permitted in both interim and annual reporting periods. As of December 31, 2025, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment clarifies when software costs should be capitalized and requires certain disclosures for all capitalized internal-use software costs. This guidance may be applied prospectively, retrospectively or on a modified retrospective basis and is effective for annual reporting periods in fiscal years beginning after December 15, 2027. The Company intends to early adopt ASU 2025-06 prospectively, effective January 1, 2026. The adoption is not expected to have an impact on the Company’s financial statements.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The amendment expands the derivative scope exceptions and clarifies when an entity should apply the guidance in ASC 606, Revenue from Contracts with Customers, to contracts with share-based noncash consideration from a customer for the transfer of goods or services. This guidance may be applied either prospectively or on a modified retrospective basis and is effective for annual reporting periods in fiscal years beginning after December 15, 2026. The Company intends to early adopt ASU 2025-07 prospectively, effective January 1, 2026. The adoption is not expected to have an impact on the Company’s financial statements.

In November 2024, the FASB issued ASU No 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendment requires certain expenses presented on the face of the income statement to be disaggregated in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. As of December 31, 2025, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	December 31,
	2025		2024
	(In millions)
Cash and cash equivalents	$	231	$	332
Restricted cash	587		401
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	818	$	733

Schedule of Restricted Cash


	December 31,
	2025		2024
	(In millions)
Cash and cash equivalents	$	231	$	332
Restricted cash	587		401
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	818	$	733

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:


	Year ended December 31,
	2025		2024		2023
	(In millions)
Cash paid to acquire Drop Down Assets	$	(329)	$	(680)	$	(173)
Cash acquired from the acquisition of Drop Down Assets	11		2		128
Acquisition of Drop Down Assets, net of cash acquired	$	(318)	$	(678)	$	(45)

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:


	Year ended December 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	30	$	1,166	$	1,196
Capacity revenue (a)	269		100		369
Other revenues	4		72		76
Contract amortization	(18)		(171)		(189)
Mark-to-market for economic hedges	6		(29)		(23)
Total operating revenues	291		1,138		1,429
Less: Contract amortization	18		171		189
Less: Mark-to-market for economic hedges	(6)		29		23
Less: Lease revenue	(115)		(846)		(961)

Total revenue from contracts with customers	$	188	$	492	$	680

(a) See Note 17, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	84	$	1,089	$	1,173
Capacity revenue (a)	262		65		327
Other revenues (a)	5		85		90
Contract amortization	(18)		(166)		(184)
Mark-to-market for economic hedges	9		(44)		(35)
Total operating revenues	342		1,029		1,371
Less: Contract amortization	18		166		184
Less: Mark-to-market for economic hedges	(9)		44		35
Less: Lease revenue	(113)		(860)		(973)
Total revenue from contracts with customers	$	238	$	379	$	617

(a) See Note 17, Leases, for the amounts of energy, capacity and other revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	81	$	942	$	1,023
Capacity revenue (a)	336		23		359
Other revenues	28		71		99
Contract amortization	(20)		(166)		(186)
Mark-to-market for economic hedges	(5)		24		19
Total operating revenues	420		894		1,314
Less: Contract amortization	20		166		186
Less: Mark-to-market for economic hedges	5		(24)		(19)
Less: Lease revenue	(274)		(780)		(1,054)
Total revenue from contracts with customers	$	171	$	256	$	427

(a) See Note 17, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.

Schedule of Contract with Customer, Asset and Liability

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


(In millions)	December 31, 2025		December 31, 2024
Accounts receivable, net - Contracts with customers	$	76	$	75
Accounts receivable, net - Leases	86		89
Total accounts receivable, net	$	162	$	164

Schedule of Changes in Asset Retirement Obligation

The following table represents the balance of AROs, along with the related activity:


(In millions)
Balance as of December 31, 2023	$	239
Revisions in estimated cash flows	(1)
Liabilities incurred	14
Liabilities settled	(2)
Accretion expense	16
Balance as of December 31, 2024	266
Revisions in estimated cash flows	7
Liabilities incurred	38

Liabilities settled	(5)
Accretion expense	18
Balance as of December 31, 2025	$	324

Schedule of Redeemable Noncontrolling Interest

The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:


	(In millions)
Balance at December 31, 2023	$	1
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	13
Repurchase of redeemable noncontrolling interest	(12)
Balance at December 31, 2024	—
Cash contributions to redeemable noncontrolling interests, net of distributions	335
Non-cash distributions to redeemable noncontrolling interests	(12)
Comprehensive loss attributable to redeemable noncontrolling interests	(220)

Balance at December 31, 2025	$	103

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	Maturity Date	December 31, 2025		December 31, 2024		Interest rate % (a)
		(In millions, except rates)


Senior Notes	2028-2032	$	2,125	$	2,125	3.750% - 4.750%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility (b) (c)	2028	361		—		S+1.750%

Non-recourse facility-level debt:
Fixed rate	2031-2040	3,001		3,190		2.339% - 8.000%
Variable rate	2026-2033	3,187		1,920		S+1.375% - 2.750%



Total debt		8,674		7,235
Less current maturities		(708)		(430)
Less net debt issuance costs		(70)		(57)
Add premiums (d)		2		2
Total long-term debt		$	7,898	$	6,750

(a) As of December 31, 2025, 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) During January 2026, the Company repaid all of the outstanding borrowings under the revolving credit facility utilizing the proceeds from the sale of the 2034 Senior Notes, as further described below.

(d) Premiums relate to the 2028 Senior Notes.

Schedule of Swaps Related to the Company's Project Level Debt

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company’s facility level debt and the potential refinancing of its Senior Notes:


	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2025 (In millions)		Effective Date	Maturity Date
Avra Valley	85	%	2.20	%	SOFR	$	23	March 31, 2023	January 31, 2031
Alta Wind Asset Management	100	%	2.22	%	SOFR	8		May 22, 2013	May 15, 2031
Buckthorn Solar	100	%	2.63	%	SOFR	100		April 9, 2025	July 31, 2043
Capistrano Portfolio Holdco	100	%	Various		SOFR	106		October 24, 2024	September 30, 2033
Carlsbad Energy Holdings	100	%	Various		SOFR	46		Various	September 30, 2027
Cedar Creek	100	%	3.02	%	SOFR	106		April 30, 2024	March 31, 2049
Cedro Hill	85	%	Various		SOFR	77		Various	September 30, 2044
Clearway Energy Operating (a)	—	%	Various		SOFR	1,093		Various	Various
Daggett 1	95	%	Various		SOFR	126		Various	Various
Daggett 2	87	%	Various		SOFR	134		March 29, 2024	March 31, 2043
Daggett 3	84	%	Various		SOFR	181		September 30, 2024	September 30, 2043

Honeycomb Portfolio (a)	85	%	Various		SOFR	694		Various	Various
Kansas South	75	%	1.93	%	SOFR	9		June 28, 2013	December 31, 2030
Luna Valley	95	%	Various		SOFR	185		Various	Various
Mililani Class B	97	%	Various		SOFR	85		Various	Various
NIMH Solar	100	%	3.25	%	SOFR	111		June 11, 2024	January 31, 2033
Oahu Solar	96	%	2.47	%	SOFR	72		November 30, 2019	October 31, 2040
Pine Forest	85	%	Various		SOFR	88		November 28, 2025	March 31, 2050
Rosie Class B	93	%	Various		SOFR	172		Various	Various
Rosie South	90	%	Various		SOFR	206		Various	Various
South Trent	90	%	Various		SOFR	13		Various	June 30, 2028
TSN1 Class B	96	%	Various		SOFR	163		March 29, 2024	September 30, 2043
Viento Funding II	90	%	2.53	%	SOFR	129		Various	December 31, 2032
Tuolumne	100	%	Various		SOFR	153		April 29, 2025	March 31, 2040
Total						$	4,080

(a) As of December 31, 2025, the notional amount includes forward swaps that are not included in the percentage of outstanding principal disclosed.

Schedule of Annual Payments Based on the Maturities of NRG Yield's Debt

Annual payments based on the maturities of the Company’s debt, for the years ending after December 31, 2025, are as follows:


	(In millions)
2026 (a)	$	1,139
2027	364
2028	2,022
2029	863
2030	995
Thereafter	3,291
Total	$	8,674

(a) At December 31, 2025, amount includes $431 million of construction-related financings recorded in long-term debt on the Company’s consolidated balance sheet that is being funded through long-term equity contributions or is converting to long-term debt.

Leases - Schedule of Lessor Minimum Future Rent Payments Under Operating Leases (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 214
2027	215
2028	213
2029	211
2030	212
Thereafter	1,918
Total lease payments	$ 2,983

Income Taxes - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Tax Credit Carryforward [Line Items]
Taxes receivable		$ 5
Deferred tax assets		127
Deferred tax liabilities			$ (89)
Valuation allowance		25	4
NOL carryforwards		44
NOL carryforwards, state		7	7
Accumulated deferred investment tax credit		289
Tax credit, valuation allowance		21
Production tax credit sales		3
State income taxes, net of refunds received		1	1
Federal income taxes		0	0
Unrecognized tax benefits, after-tax value		19	$ 0
Pine Forest TargetCo \| Subsequent Event
Tax Credit Carryforward [Line Items]
Investment tax credit	$ 282
Other Noncurrent Liabilities
Tax Credit Carryforward [Line Items]
Accumulated deferred investment tax credit		283
Investment Tax Credit
Tax Credit Carryforward [Line Items]
Carryforward balance		$ 18

Schedule I - Condensed Financial Statements - P/L (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2023	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Total other expense, net							$ (335)	$ (229)	$ (279)
Loss Before Income Taxes							(175)	(33)	(16)
Income tax expense							56	30	(2)
Net Loss	$ 8						(231)	(63)	(14)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		$ (172)	$ (18)	$ (101)	$ (119)	$ (291)	(400)	(151)	(93)
Clearway Energy, Inc.
Condensed Financial Statements, Captions [Line Items]
Total operating costs and expenses							1	1	1
Equity in losses of consolidated subsidiaries							(173)	(33)	(13)
Total other expense, net							(173)	(33)	(13)
Loss Before Income Taxes							(174)	(34)	(14)
Income tax expense							57	29	0
Net Loss							(231)	(63)	(14)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests							(400)	(151)	(93)
Net income attributable to Clearway Energy, Inc.							$ 169	$ 88	$ 79

Nature of Business (Tables)	12 Months Ended
Nature of Business (Tables)	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Company Structure	The diagram below represents a summarized structure of the Company as of December 31, 2025:

Asset Impairments (Details) - USD ($) $ in Millions	12 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment losses	$ 0	$ 0	$ 12

Acquisitions and Dispositions - Narrative (Details) $ in Millions	Dec. 17, 2025 USD ($)	Oct. 15, 2025 USD ($) renewalOption MW	Oct. 02, 2025 USD ($) MW	Sep. 19, 2025 USD ($)	Sep. 04, 2025 USD ($)	Aug. 13, 2025 USD ($)	Jul. 16, 2025 USD ($) MW	Jun. 10, 2025 USD ($) MW	May 21, 2025 USD ($)	Apr. 29, 2025 USD ($) MW	Mar. 20, 2025 USD ($) MW	Nov. 18, 2024 USD ($) MW	Jun. 13, 2024 USD ($)	Apr. 16, 2024 USD ($) MW	Mar. 15, 2024 USD ($) MW	Dec. 01, 2023 USD ($) MW	Oct. 31, 2023 USD ($) MW
Pine Forest \| Cash Equity Investor
Business Acquisition [Line Items]
Expected contributions upon substantial completion	$ 144
Daggett 1 \| CEG
Business Acquisition [Line Items]
Net assets (liabilities) assumed				$ 33
Luna Valley \| CEG
Business Acquisition [Line Items]
Expected contributions upon substantial completion					$ 50
Rosie South
Business Acquisition [Line Items]
Power purchase agreement period (in years)											15 years
Net assets (liabilities) assumed											$ 3
Rosie South \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition											2
Rosie South \| Rosie South TargetCo
Business Acquisition [Line Items]
Payments for asset acquisition						$ 33
Rosie South \| CEG
Business Acquisition [Line Items]
Net assets (liabilities) assumed						53
Payments to fund project reserve accounts											$ 3
Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Payments for asset acquisition												$ 1
Net assets (liabilities) assumed												$ (2)
Dan’s Mountain Drop Down \| Cash Equity Investor
Business Acquisition [Line Items]
Expected contributions upon substantial completion									$ 45
Dan’s Mountain Drop Down \| Dan’s Mountain TargetCo
Business Acquisition [Line Items]
Payments for asset acquisition									43
Dan’s Mountain Drop Down \| CEG
Business Acquisition [Line Items]
Net assets (liabilities) assumed									$ 26
Rosamond Central BESS
Business Acquisition [Line Items]
Net assets (liabilities) assumed																$ 266
Victory Pass and Arica Drop Down
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW																	200
Power generation storage capacity, megawatts \| MW																	50
Power purchase agreement period (in years)																	15 years
Weighted average contract duration (in years)																	14 years
Victory Pass and Arica Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW																	263
Power generation storage capacity, megawatts \| MW																	136
Additional payments for asset acquisition																	$ 165
Victory Pass and Arica Drop Down \| Cash Equity Investor \| Clearway Renew LLC
Business Acquisition [Line Items]
Additional payments for asset acquisition																	347
Victory Pass and Arica
Business Acquisition [Line Items]
Net assets (liabilities) assumed																	(1)
Cedar Creek Drop Down
Business Acquisition [Line Items]
Net assets (liabilities) assumed														$ 17
Texas Solar Nova 2 Drop Down
Business Acquisition [Line Items]
Net assets (liabilities) assumed															$ 72
Texas Solar Nova 2 Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments to acquire productive assets															17
Texas Solar Nova 2 Drop Down \| Cash Equity Investor \| TSN1 TE Holdco LLC
Business Acquisition [Line Items]
Payments to acquire productive assets															95
Texas Solar Nova 2 Drop Down \| CEG
Business Acquisition [Line Items]
Payments to fund project reserve accounts															$ 9
Rosamond South Investment LLC \| Rosie South \| Clearway Renew LLC
Business Acquisition [Line Items]
Current assets, receivables						29
Rosamond South Investment LLC \| Rosie South \| Cash Equity Investor \| Clearway Renew LLC
Business Acquisition [Line Items]
Current assets, receivables						$ 41
Dan’s Mountain Parent Holdco LLC \| Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Power purchase agreement period (in years)												12 years
Additional payments for asset acquisition												$ 36
Rosie Central BESS \| Rosamond Central Solar Project
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW																147
Payments for asset acquisition																$ 70
Current assets, receivables																$ 279
Power purchase agreement period (in years)																15 years
Rosie Central BESS \| Rosamond Central Solar Project \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition																$ 16
Current assets, receivables													$ 184			64
Rosie Central BESS \| Rosamond Central Solar Project \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition																54
Rosie Central BESS \| Rosamond Central Solar Project \| Tax Equity Investors
Business Acquisition [Line Items]
Current assets, receivables																$ 215
Pine Forest CE Class A Owner LLC \| Pine Forest
Business Acquisition [Line Items]
Payments for asset acquisition								$ 18
Power purchase agreement period (in years)								20 years
Net assets (liabilities) assumed								$ 9
Pine Forest CE Class A Owner LLC \| Pine Forest \| Cash Equity Investor \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition								36
Current assets, receivables								144
Pine Forest CE Class A Owner LLC \| Pine Forest TargetCo \| Pine Forest
Business Acquisition [Line Items]
Payments for asset acquisition								115
Pine Forest CE Class A Owner LLC \| Pine Forest TargetCo \| Pine Forest \| Clearway Renew LLC
Business Acquisition [Line Items]
Current assets, receivables								50
Pine Forest CE Class A Owner LLC \| Pine Forest CE Class A Owner LLC \| Pine Forest \| Clearway Renew LLC
Business Acquisition [Line Items]
Current assets, receivables								38
Pine Forest TE Class A \| Pine Forest
Business Acquisition [Line Items]
Payments for asset acquisition								$ 9
Honeycomb TE Holdco LLC \| Honeycomb Portfolio (a)
Business Acquisition [Line Items]
Payments for asset acquisition		$ 78
Power purchase agreement period (in years)		20 years
Net assets (liabilities) assumed		$ 2
Honeycomb TE Holdco LLC \| Honeycomb Portfolio (a) \| Clearway Renew LLC
Business Acquisition [Line Items]
Current assets, receivables		62
LV-Daggett Parent Holdco LLC \| Daggett 1
Business Acquisition [Line Items]
Payments for asset acquisition		57		$ 42
Power purchase agreement period (in years)										15 years
Net assets (liabilities) assumed										$ 1
Payment for asset acquisitions, adjustment		4
LV-Daggett Parent Holdco LLC \| Luna Valley
Business Acquisition [Line Items]
Payments for asset acquisition		119
Power purchase agreement period (in years)										17 years
Net assets (liabilities) assumed										$ 7
Payment for asset acquisitions, adjustment		$ 29
LV-Daggett Parent Holdco LLC \| LV-Daggett Parent Holdco LLC \| Luna Valley
Business Acquisition [Line Items]
Payments for asset acquisitions, net of cash acquired and transaction expenses					$ 72					$ 72
Rosie South TargetCo LLC \| Rosie South
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW											140
Power generation storage capacity, megawatts \| MW											117
Payments for asset acquisition											$ 4
Net assets (liabilities) assumed											(3)
Rosie South TargetCo LLC \| Rosie South \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition											$ 10
Catalina Solar Investment LLC \| Catalina Solar Acquisition
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW							109
Payments for asset acquisition							$ 127
Net assets (liabilities) assumed							128
Payments for asset acquisitions, net of cash acquired and transaction expenses							128
Tuolumne \| Tuolumne
Business Acquisition [Line Items]
Power purchase agreement period (in years)										15 years
Net assets (liabilities) assumed										$ 211
Payments for asset acquisition, including post closing transaction expenses										$ 59
VP-Arica TargetCo LLC \| Victory Pass and Arica Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition																	46
Payments to acquire productive assets																	165
VP-Arica TargetCo LLC \| Victory Pass and Arica Drop Down \| Cash Equity Investor \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition																	$ 87
WV Wind HoldCo LLC \| Disposed of by Sale \| Mt. Storm Sale to Clearway Renew
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW			264
Power generation storage capacity, megawatts \| MW			335
Power purchase agreement period (in years)			20 years
Assets ownership sold (as a percentage)			100.00%
Disposal group, including discontinued operation, consideration			$ 152
Net assets transferred			51
WV Wind HoldCo LLC \| Clearway Renew LLC \| Disposed of by Sale \| Mt. Storm Sale to Clearway Renew
Business Acquisition [Line Items]
Disposal group, including discontinued operation, consideration			$ 336
Alternative Energy \| Pine Forest CE Class A Owner LLC \| Pine Forest
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW								300
Power generation storage capacity, megawatts \| MW								200
Alternative Energy \| Honeycomb TE Holdco LLC \| Honeycomb Portfolio (a)
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW		320
Payments for asset acquisition		$ 16
Power purchase agreement, number of BESS facilities \| renewalOption		4
Alternative Energy \| LV-Daggett Parent Holdco LLC \| Daggett 1
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW										114
Payments for asset acquisition										$ 11
Alternative Energy \| LV-Daggett Parent Holdco LLC \| Luna Valley \| Luna Valley Class B
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW										200
Payments for asset acquisition										$ 18
Alternative Energy \| Catalina Solar Investment LLC \| Catalina Solar Acquisition
Business Acquisition [Line Items]
Payments for asset acquisition, excluding transaction expenses							$ 1
Alternative Energy \| Dan’s Mountain Parent Holdco LLC \| Dan’s Mountain Drop Down \| Dan’s Mountain TargetCo LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW												55
Payments for asset acquisition												$ 7
Alternative Energy \| Tuolumne \| Tuolumne
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW										137
Payments for asset acquisition										$ 210
Payments for asset acquisition, excluding transaction expenses										$ 1
Alternative Energy \| Cedar Creek Wind Holdco LLC \| Cedar Creek Drop Down \| Cedar Creek TE Holdco LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW														160
Payments to acquire productive assets														$ 117
Asset acquisition, 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
Business Acquisition [Line Items]
Power generation capacity, megawatts (over) \| MW															200
Payments to acquire productive assets															$ 112
Asset acquisition, power purchase agreement, period (in years)															18 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	203,773,674	202,147,579
Common stock, shares outstanding (in shares)	203,773,674	202,147,579
Common Class A
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	34,613,853	34,613,853
Common stock, shares outstanding (in shares)	34,613,853	34,613,853
Common Class B
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	42,738,750	42,738,750
Common stock, shares outstanding (in shares)	42,738,750	42,738,750
Common Class C
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	84,844,929	82,833,226
Common stock, shares outstanding (in shares)	84,844,929	82,833,226
Common Class D
Par value - common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	41,576,142	41,961,750
Common stock, shares outstanding (in shares)	41,576,142	41,961,750

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following is a summary of assets and liabilities transferred in connection with the acquisition as of June 10, 2025:


(In millions)	Pine Forest
Restricted cash	$	1
Property, plant and equipment (a)	560
Right-of-use assets, net	17
Derivative assets	6

Total assets acquired	584

Long-term debt (b)	515
Long-term lease liabilities	18
Derivative liabilities	1
Other current and non-current liabilities	54
Total liabilities assumed	588
Other comprehensive income	5
Net liabilities assumed	$	(9)

(a) Includes Construction in progress of $550 million.

(b) Includes a $103 million construction loan, a $102 million cash equity bridge loan, a $41 million tax equity bridge loan and a $275 million tax credit transfer bridge loan, offset by $6 million in unamortized debt issuance costs. See Note 10, 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 October 15, 2025:


(In millions)	Honeycomb Portfolio
Cash	$	1
Property, plant and equipment (a)	480
Right-of-use assets, net	3
Derivative assets	4
Other current and non-current assets	7

Total assets acquired	495

Long-term debt (b)	443
Long-term lease liabilities	3
Derivative liabilities	7
Other current and non-current liabilities	47
Total liabilities assumed	500
Other comprehensive loss	(3)
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $473 million.

(b) Includes a $218 million construction loan and a $234 million tax equity bridge loan, offset by $9 million in unamortized debt issuance costs. See Note 10, 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 April 29, 2025:


(In millions)	Daggett 1
Cash	$	1
Property, plant and equipment (a)	223

Other current and non-current assets	8

Total assets acquired	232

Long-term debt (b)	220

Derivative liabilities	6
Other current and non-current liabilities	11
Total liabilities assumed	237
Other comprehensive loss	(6)
Net assets acquired	$	1

(a) Includes Construction in progress of $221 million.

(b) Includes a $92 million construction loan and a $131 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 10, 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 April 29, 2025:


(In millions)	Luna Valley
Restricted cash	$	8
Property, plant and equipment (a)	346
Right-of-use assets, net (b)	16
Other current and non-current assets	22

Total assets acquired	392

Long-term debt (c)	348
Long-term lease liabilities (b)	18
Derivative liabilities	8
Other current and non-current liabilities	33
Total liabilities assumed	407
Other comprehensive loss	(8)
Net liabilities assumed	$	(7)

(a) Includes Construction in progress of $338 million.

(b) Balances primarily relate to a land lease agreement with a wholly-owned subsidiary of CEG, which expires on September 23, 2058.

(c) Includes a $144 million construction loan, a $64 million cash equity bridge loan and a $144 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. See Note 10, 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 20, 2025:


(In millions)	Rosamond South I

Property, plant and equipment (a)	$	507
Right-of-use assets, net (b)	17

Other current and non-current assets	11

Total assets acquired	535

Long-term debt (c)	468
Long-term lease liabilities (b)	19
Derivative liabilities	4
Other current and non-current liabilities	51
Total liabilities assumed	542
Other comprehensive loss	(4)
Net liabilities assumed	$	(3)

(a) Includes Construction in progress of $495 million.

(b) Balances primarily relate to a land lease agreement with a wholly-owned subsidiary of CEG, which expires on September 30, 2058.

(c) Includes a $179 million construction loan, a $6 million cash equity bridge loan and a $284 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The acquisition was determined to be an asset acquisition and the purchase price, including transaction expenses, was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:


(In millions)	Catalina
Cash	$	15
Intangible asset for power purchase agreement	175
Right-of-use assets	107
Other current and non-current assets	6

Total assets acquired	303

Long-term lease liabilities	173
Other current and non-current liabilities	2
Total liabilities assumed	175
Net assets acquired	$	128

The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 18, 2024:


(In millions)	Dan’s Mountain

Property, plant and equipment (a)	$	152
Right-of-use assets	3



Total assets acquired	155

Long-term debt (b)	125
Long-term lease liabilities	3
Other current and non-current liabilities	29
Total liabilities assumed	157
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $150 million.

(b) Includes a $77 million cash equity bridge loan and a $49 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.


(In millions)	Tuolumne
Property, plant and equipment	$	37
Intangible asset for power purchase agreement	176
Right-of-use assets	5
Other current and non-current assets	1

Total assets acquired	219

Long-term lease liabilities	4
Other current and non-current liabilities	4
Total liabilities assumed	8
Net assets acquired	$	211

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2023:


(In millions)	Rosamond Central BESS
Property, plant and equipment (a)	$	275

Total assets acquired	275

Other current and non-current liabilities	9
Total liabilities assumed	9
Net assets acquired	$	266

(a) Includes Construction in progress of $272 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of October 31, 2023:


(In millions)	Victory Pass and Arica
Cash	$	1
Property, plant and equipment (a)	937
Right-of-use assets, net	4
Derivative assets	1
Other non-current assets	6

Total assets acquired	949

Long-term debt (b)	864
Long-term lease liabilities	4
Other current and non-current liabilities	82
Total liabilities assumed	950
Net liabilities assumed	$	(1)

(a) Includes Construction in progress of $893 million.

(b) Includes a $483 million cash equity bridge loan and $385 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. See Note 10, 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 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 10, 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 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

Schedule of Assets and Liabilities Transferred with Disposition

The following is a summary of assets and liabilities transferred in connection with the disposition as of October 2, 2025:


(In millions)	Mt. Storm
Property, plant and equipment	$	54


Other current and non-current assets	6

Total assets transferred	60


Other current and non-current liabilities	9
Total liabilities transferred	9
Net assets transferred	$	51

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Leases - Schedule of Land Lease with Wholly-Owned Subsidiary (Details) $ in Millions	Dec. 31, 2025 USD ($) renewalOption	Dec. 31, 2024 USD ($)	May 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 714	$ 547
Long-term lease liabilities	816
Renewal period			5 years
Daggett 2 \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	22	22
Long-term lease liabilities	23	23
Daggett 3 \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	29	30
Long-term lease liabilities	34	34
Luna Valley \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	16
Long-term lease liabilities	19
Mililani I \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	18	18
Long-term lease liabilities	$ 21	21
Oahu Solar
Lessee, Lease, Description [Line Items]
Number of renewal options \| renewalOption	2
Renewal period	5 years
Oahu Solar \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 17	17
Long-term lease liabilities	19	19
Rosamond Central \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	10	11
Long-term lease liabilities	12	$ 12
Rosamond South I \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	14
Long-term lease liabilities	$ 16

Long-term Debt - Schedule of Swaps Related to the Company's Project Level Debt (Details) - Interest Rate Swap $ in Millions	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Notional Amount at December 31, 2025 (In millions)	$ 4,080
Avra Valley
Debt Instrument [Line Items]
% of Principal	85.00%
Fixed Interest Rate	2.20%
Notional Amount at December 31, 2025 (In millions)	$ 23
Alta Wind Asset Management
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	2.22%
Notional Amount at December 31, 2025 (In millions)	$ 8
Buckthorn Solar
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	2.63%
Notional Amount at December 31, 2025 (In millions)	$ 100
Capistrano Portfolio Holdco
Debt Instrument [Line Items]
% of Principal	100.00%
Notional Amount at December 31, 2025 (In millions)	$ 106
Carlsbad Energy Holdings
Debt Instrument [Line Items]
% of Principal	100.00%
Notional Amount at December 31, 2025 (In millions)	$ 46
Cedar Creek
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	3.02%
Notional Amount at December 31, 2025 (In millions)	$ 106
Cedro Hill
Debt Instrument [Line Items]
% of Principal	85.00%
Notional Amount at December 31, 2025 (In millions)	$ 77
Clearway Energy Operating
Debt Instrument [Line Items]
% of Principal	0.00%
Notional Amount at December 31, 2025 (In millions)	$ 1,093
Daggett 1
Debt Instrument [Line Items]
% of Principal	95.00%
Notional Amount at December 31, 2025 (In millions)	$ 126
Daggett 2
Debt Instrument [Line Items]
% of Principal	87.00%
Notional Amount at December 31, 2025 (In millions)	$ 134
Daggett 3
Debt Instrument [Line Items]
% of Principal	84.00%
Notional Amount at December 31, 2025 (In millions)	$ 181
Honeycomb
Debt Instrument [Line Items]
% of Principal	85.00%
Notional Amount at December 31, 2025 (In millions)	$ 694
Kansas South
Debt Instrument [Line Items]
% of Principal	75.00%
Fixed Interest Rate	1.93%
Notional Amount at December 31, 2025 (In millions)	$ 9
Luna Valley
Debt Instrument [Line Items]
% of Principal	95.00%
Notional Amount at December 31, 2025 (In millions)	$ 185
Mililani Class B
Debt Instrument [Line Items]
% of Principal	97.00%
Notional Amount at December 31, 2025 (In millions)	$ 85
NIMH Solar
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	3.25%
Notional Amount at December 31, 2025 (In millions)	$ 111
Oahu Solar
Debt Instrument [Line Items]
% of Principal	96.00%
Fixed Interest Rate	2.47%
Notional Amount at December 31, 2025 (In millions)	$ 72
Pine Forest
Debt Instrument [Line Items]
% of Principal	85.00%
Notional Amount at December 31, 2025 (In millions)	$ 88
Rosie Class B
Debt Instrument [Line Items]
% of Principal	93.00%
Notional Amount at December 31, 2025 (In millions)	$ 172
Rosie South
Debt Instrument [Line Items]
% of Principal	90.00%
Notional Amount at December 31, 2025 (In millions)	$ 206
South Trent
Debt Instrument [Line Items]
% of Principal	90.00%
Notional Amount at December 31, 2025 (In millions)	$ 13
TSN1 Class B
Debt Instrument [Line Items]
% of Principal	96.00%
Notional Amount at December 31, 2025 (In millions)	$ 163
Viento Funding II
Debt Instrument [Line Items]
% of Principal	90.00%
Fixed Interest Rate	2.53%
Notional Amount at December 31, 2025 (In millions)	$ 129
Tuolumne
Debt Instrument [Line Items]
% of Principal	100.00%
Notional Amount at December 31, 2025 (In millions)	$ 153

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit	$ (2)	$ (1)	$ (1)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

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			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net Income (Loss) Attributable to Clearway Energy, Inc.	$ 232	$ 30	$ (3)	$ 27	$ 259	$ 169	$ 88	$ 79
Weighted average number of common shares outstanding - diluted (in shares)						35	35	35
Common Class A
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net Income (Loss) Attributable to Clearway Energy, Inc.						$ 49	$ 26	$ 23
Weighted average number of shares outstanding - basic (in shares)						35	35	35
Weighted average number of common shares outstanding - diluted (in shares)						35	35	35
Earnings per weighted average common share - basic (in dollars per share)	$ 1.97	$ 0.25	$ (0.02)	$ 0.23	$ 2.20	$ 1.43	$ 0.75	$ 0.67
Earnings per weighted average common share - diluted (in dollars per share)	1.97	0.25	(0.02)	0.23	2.20	$ 1.43	$ 0.75	$ 0.67
Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net Income (Loss) Attributable to Clearway Energy, Inc.						$ 120	$ 62	$ 56
Weighted average number of shares outstanding - basic (in shares)						84	83	82
Weighted average number of common shares outstanding - diluted (in shares)						84	83	82
Earnings per weighted average common share - basic (in dollars per share)	1.97	0.25	(0.02)	0.23	2.20	$ 1.43	$ 0.75	$ 0.67
Earnings per weighted average common share - diluted (in dollars per share)	$ 1.97	$ 0.25	$ (0.02)	$ 0.23	$ 2.20	$ 1.43	$ 0.75	$ 0.67

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets — The Company’s intangible assets as of December 31, 2025 and 2024 primarily reflect intangible assets established from its business acquisitions and are comprised of the following:

•PPAs — Established predominantly with the acquisitions of the Alta Wind Portfolio, Tapestry, Laredo Ridge, Carlsbad Energy Center, Agua Caliente, the Utah Solar Portfolio, the Capistrano Wind Portfolio, Tuolumne and Catalina. These represent the fair value of the PPAs acquired. These are amortized on a straight-line basis, over the term of the PPA.

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

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

•Other — Consists of a) the acquisition date fair value of the contractual rights to a ground lease for South Trent and to utilize certain interconnection facilities for Blythe as well as land rights acquired in connection with the acquisition of Elbow Creek; b) development rights related to certain solar business acquisitions; c) purchased software for certain solar facilities; d) RECs acquired in connection with the acquisition of the Utah Solar Portfolio; and e) favorable land leases acquired in connection with the acquisition of the Utah Solar Portfolio.

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


Year ended December 31, 2025	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2025	$	3,265	$	86	$	17	$	19	$	3,387
Acquisitions (a)	351		—		—		—		351
Other	—		—		—		4		4
December 31, 2025	3,616		86		17		23		3,742
Less accumulated amortization	(1,322)		(46)		(6)		(8)		(1,382)
Net carrying amount	$	2,294	$	40	$	11	$	15	$	2,360

(a) The weighted average life of acquired intangibles was 14 years for PPAs.


Year ended December 31, 2024	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2024	$	3,265	$	86	$	17	$	15	$	3,383

Other	—		—		—		4		4
December 31, 2024	3,265		86		17		19		3,387
Less accumulated amortization	(1,140)		(42)		(5)		(7)		(1,194)
Net carrying amount	$	2,125	$	44	$	12	$	12	$	2,193

The Company recorded amortization expense of $189 million, $184 million and $186 million during the years ended December 31, 2025, 2024 and 2023, respectively. Of these amounts, $183 million, $178 million and $181 million during the years ended December 31, 2025, 2024 and 2023, respectively, were related to the amortization of intangible assets for PPAs and were recorded to contract amortization expense, which reduced operating revenues in the consolidated statements of operations. The Company estimates the amortization expense for its intangibles for each of the next five years will be $200 million.

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Percent of Derivative Assets Using Level 3 Fair Value Inputs	8.00%
Percent of derivative liabilities using level 3 fair value inputs	93.00%
Percent of financial instruments using level 3 fair value inputs	100.00%
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 16

Revision of Previously Issued Unaudited Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Summary of Corrections to the Impacted Financial Statement Line Items

A summary of the corrections to the impacted financial statement line items is presented below:


	Three months ended March 31, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests	$	(108)	$	7	$	(101)
Net income (loss) attributable to Clearway Energy, Inc.	4		(7)		(3)
Earnings (loss) per weighted average Class A and Class C common share - basic and diluted	$	0.03	$	(0.05)	$	(0.02)
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive loss attributable to noncontrolling interests	$	(111)	$	7	$	(104)
Comprehensive income (loss) attributable to Clearway Energy, Inc.	$	2	$	(7)	$	(5)
Consolidated Balance Sheet (As of March 31, 2025)

Retained earnings	$	207	$	(7)	$	200
Noncontrolling interest	3,477		7		3,484
Total Stockholders’ Equity	$	5,420	$	—	$	5,420
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income (loss)	$	4	$	(7)	$	(3)
Retained Earnings at March 31, 2025	$	207	$	(7)	$	200
Noncontrolling Interest:
Net loss	$	(108)	$	7	$	(101)
Noncontrolling Interest at March 31, 2025	$	3,477	$	7	$	3,484


	Three months ended June 30, 2025						Six months ended June 30, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(Unaudited)						(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(21)	$	3	$	(18)	$	(129)	$	10	$	(119)
Net income attributable to Clearway Energy, Inc.	33		(3)		30		37		(10)		27
Earnings per weighted average Class A and Class C common share - basic and diluted	$	0.28	$	(0.03)	$	0.25	$	0.31	$	(0.08)	$	0.23
Consolidated Statement of Comprehensive Income
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(30)	$	3	$	(27)	$	(141)	$	10	$	(131)
Comprehensive income attributable to Clearway Energy, Inc.	$	29	$	(3)	$	26	$	31	$	(10)	$	21
Consolidated Balance Sheet (As of June 30, 2025)
Redeemable noncontrolling interest in subsidiaries	$	38	$	7	$	45
Retained earnings	188		(10)		178
Noncontrolling interest	3,693		3		3,696
Total Stockholders’ Equity	$	5,542	$	(7)	$	5,535
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income	$	33	$	(3)	$	30
Retained Earnings at June 30, 2025	$	188	$	(10)	$	178
Noncontrolling Interest:
Net loss	$	(8)	$	(4)	$	(12)
Noncontrolling Interest at June 30, 2025	$	3,693	$	3	$	3,696


	Three months ended September 30, 2025						Nine months ended September 30, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(176)	$	4	$	(172)	$	(305)	$	14	$	(291)
Net income attributable to Clearway Energy, Inc.	236		(4)		232		273		(14)		259
Earnings per weighted average Class A and Class C common share - basic and diluted	$	2.00	$	(0.03)	$	1.97	$	2.32	$	(0.12)	$	2.20
Consolidated Statement of Comprehensive Income
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(178)	$	4	$	(174)	$	(319)	$	14	$	(305)
Comprehensive income attributable to Clearway Energy, Inc.	$	233	$	(4)	$	229	$	264	$	(14)	$	250
Consolidated Balance Sheet (As of September 30, 2025)
Redeemable noncontrolling interest in subsidiaries	$	74	$	30	$	104
Retained earnings	372		(14)		358
Noncontrolling interest	3,666		(16)		3,650
Total Stockholders’ Equity	$	5,715	$	(30)	$	5,685
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income	$	236	$	(4)	$	232
Retained Earnings at September 30, 2025	$	372	$	(14)	$	358
Noncontrolling Interest:
Net income (loss)	$	9	$	(19)	$	(10)
Noncontrolling Interest at September 30, 2025	$	3,666	$	(16)	$	3,650

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Information and Expense

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2025		2024		2023
Operating lease cost - Fixed	$	51	$	31	$	40

Operating lease cost - Variable	15		12		11
Total lease cost	$	66	$	43	$	51

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2025		2024		2023
Cash paid for operating leases	$	50	$	34	$	30


(In millions, except term and rate)	December 31, 2025			December 31, 2024
Right-of-use assets - operating leases, net (a)	$	714		$	547

Short-term lease liability - operating leases (b)	$	20		$	10
Long-term lease liability - operating leases (a)	796			569
Total lease liabilities	$	816		$	579

Weighted average remaining lease term (in years)	25			26
Weighted average discount rate	5.7		%	4.5		%

(a) Increases in right-of-use assets and long-term lease liabilities are primarily due to third-party acquisitions, as further described in Note 3, Acquisitions and Dispositions.

(b) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2025 and 2024.

Schedule of Maturities of Operating Lease Liabilities

Minimum future rental payments of operating lease liabilities as of December 31, 2025 are as follows:


	(In millions)
2026	$	63
2027	63
2028	64
2029	62
2030	63
Thereafter	1,214
Total lease payments	1,529
Less imputed interest	(713)
Total lease liability - operating leases	$	816

Schedule of Components of Leveraged Lease Investments

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2025
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	29		34		December 18, 2062
Luna Valley	16		19		September 23, 2058
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	10		12		March 31, 2056
Rosamond South I	14		16		September 30, 2058

As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Schedule of Energy and Capacity Revenue

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables & Storage		Total
December 31, 2025	(In millions)
Energy revenue	$	2	$	783	$	785
Capacity revenue	113		63		176

Operating revenues	$	115	$	846	$	961


	Flexible Generation		Renewables & Storage		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables & Storage		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054

(a) On May 31, 2023, the Marsh Landing Black Start addition reached commercial operations and the Company receives an annual fixed fee over a five-year term under the related agreement. The agreement was determined to be a sales-type lease resulting in the Company recording a lease receivable of $21 million included in total operating revenues, offset by net investment costs of $13 million included in cost of operations, resulting in a net pre-tax profit of $8 million. The lease receivable is included in other current and non-current assets on the Company’s consolidated balance sheet.

Schedule of Minimum Future Rent Payments Under the Operating Leases

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2025 were as follows:


	(In millions)
2026	$	214
2027	215
2028	213
2029	211
2030	212
Thereafter	1,918
Total lease payments	$	2,983

Schedule of Property, Plant, and Equipment Net

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2025		December 31, 2024
Property, plant and equipment	$	6,642	$	6,284
Accumulated depreciation	(2,520)		(2,276)
Net property, plant and equipment	$	4,122	$	4,008

Schedule I - Condensed Financial Statements - Footnotes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) state GW	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, gigawatts (over)	12.9
Number of states \| state	27
Cash distributions \| $	$ 209	$ 194	$ 180
Clearway Energy, Inc. \| Clearway Energy LLC
Condensed Cash Flow Statements, Captions [Line Items]
Ownership interest (as a percentage)	58.62%
Clearway Energy LLC \| CEG
Condensed Cash Flow Statements, Captions [Line Items]
Ownership interest (as a percentage)	41.38%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, gigawatts (over)	10.1
Generational Facilities and District Energy Systems
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, gigawatts (over)	2.8

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Revenues
Total operating revenues	$ 1,429	$ 1,371	$ 1,314
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	530	501	473
Depreciation, amortization and accretion	682	627	526
Impairment losses	0	0	12
General and administrative	41	39	36
Transaction and integration costs	16	8	4
Total operating costs and expenses	1,269	1,175	1,051
Operating Income	160	196	263
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	31	35	12
Other income, net	29	48	52
Loss on debt extinguishment	(8)	(5)	(6)
Interest expense	(387)	(307)	(337)
Total other expense, net	(335)	(229)	(279)
Loss Before Income Taxes	(175)	(33)	(16)
Income tax expense (benefit)	56	30	(2)
Net Loss	(231)	(63)	(14)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(400)	(151)	(93)
Net income attributable to Clearway Energy, Inc.	$ 169	$ 88	$ 79
Earnings Per Share [Abstract]
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35
Common Class A
Other Income (Expense)
Net income attributable to Clearway Energy, Inc.	$ 49	$ 26	$ 23
Earnings Per Share [Abstract]
Weighted average number of shares outstanding - basic (in shares)	35	35	35
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35
Earnings per weighted average common share - basic (in dollars per share)	$ 1.43	$ 0.75	$ 0.67
Earnings per weighted average common share - diluted (in dollars per share)	1.43	0.75	0.67
Dividends per common share (in usd per share)	$ 1.77	$ 1.65	$ 1.54
Common Class C
Other Income (Expense)
Net income attributable to Clearway Energy, Inc.	$ 120	$ 62	$ 56
Earnings Per Share [Abstract]
Weighted average number of shares outstanding - basic (in shares)	84	83	82
Weighted average number of common shares outstanding - diluted (in shares)	84	83	82
Earnings per weighted average common share - basic (in dollars per share)	$ 1.43	$ 0.75	$ 0.67
Earnings per weighted average common share - diluted (in dollars per share)	1.43	0.75	0.67
Dividends per common share (in usd per share)	$ 1.77	$ 1.65	$ 1.54

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	Asset Impairments 2023 Impairment Losses During the fourth quarter of 2023, in preparation and review of its annual budget, the Company updated its long-term estimates of operating and capital expenditures and revised its assessment of long-term merchant power prices, which was primarily informed by present conditions and did not contemplate future policy changes, which could impact renewable energy power prices. The impairment analysis reviews certain qualitative factors as well as the results of long-term operating expectations and its carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for certain facilities within the Renewables & Storage segment no longer supported the recoverability of the carrying value of the related long-lived assets. As such, the Company recorded an impairment loss of $12 million, which primarily related to property, plant, and equipment to reflect the assets at fair market value. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budgets for each respective plant. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement.

Revision of Previously Issued Unaudited Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Revision of Previously Issued Unaudited Financial Information (Unaudited)

During the fourth quarter of 2025, the Company’s management identified errors related to certain calculations of hypothetical liquidation at book value (HLBV) accounting used to allocate net income (loss) to the Company’s redeemable noncontrolling interests and noncontrolling interests in tax equity partnerships in each of the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. The Company evaluated the materiality of the errors in accordance with Staff Accounting Bulletins No. 99 and No. 108 of the SEC and concluded that the errors were immaterial to all previously reported periods and did not require restatement of any previously issued financial statements.

The corrections had no impact on the Company’s consolidated net income (loss) or its consolidated statements of cash flows contained in the Company’s previously issued Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. The Company will revise prior period financial information, including the corresponding notes to the financial statements, related to the errors contained in its previously issued Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, the next time the respective periods are presented.

A summary of the corrections to the impacted financial statement line items is presented below:


	Three months ended March 31, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests	$	(108)	$	7	$	(101)
Net income (loss) attributable to Clearway Energy, Inc.	4		(7)		(3)
Earnings (loss) per weighted average Class A and Class C common share - basic and diluted	$	0.03	$	(0.05)	$	(0.02)
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive loss attributable to noncontrolling interests	$	(111)	$	7	$	(104)
Comprehensive income (loss) attributable to Clearway Energy, Inc.	$	2	$	(7)	$	(5)
Consolidated Balance Sheet (As of March 31, 2025)

Retained earnings	$	207	$	(7)	$	200
Noncontrolling interest	3,477		7		3,484
Total Stockholders’ Equity	$	5,420	$	—	$	5,420
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income (loss)	$	4	$	(7)	$	(3)
Retained Earnings at March 31, 2025	$	207	$	(7)	$	200
Noncontrolling Interest:
Net loss	$	(108)	$	7	$	(101)
Noncontrolling Interest at March 31, 2025	$	3,477	$	7	$	3,484


	Three months ended June 30, 2025						Six months ended June 30, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(Unaudited)						(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(21)	$	3	$	(18)	$	(129)	$	10	$	(119)
Net income attributable to Clearway Energy, Inc.	33		(3)		30		37		(10)		27
Earnings per weighted average Class A and Class C common share - basic and diluted	$	0.28	$	(0.03)	$	0.25	$	0.31	$	(0.08)	$	0.23
Consolidated Statement of Comprehensive Income
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(30)	$	3	$	(27)	$	(141)	$	10	$	(131)
Comprehensive income attributable to Clearway Energy, Inc.	$	29	$	(3)	$	26	$	31	$	(10)	$	21
Consolidated Balance Sheet (As of June 30, 2025)
Redeemable noncontrolling interest in subsidiaries	$	38	$	7	$	45
Retained earnings	188		(10)		178
Noncontrolling interest	3,693		3		3,696
Total Stockholders’ Equity	$	5,542	$	(7)	$	5,535
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income	$	33	$	(3)	$	30
Retained Earnings at June 30, 2025	$	188	$	(10)	$	178
Noncontrolling Interest:
Net loss	$	(8)	$	(4)	$	(12)
Noncontrolling Interest at June 30, 2025	$	3,693	$	3	$	3,696


	Three months ended September 30, 2025						Nine months ended September 30, 2025
(in millions, except per share amount)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(176)	$	4	$	(172)	$	(305)	$	14	$	(291)
Net income attributable to Clearway Energy, Inc.	236		(4)		232		273		(14)		259
Earnings per weighted average Class A and Class C common share - basic and diluted	$	2.00	$	(0.03)	$	1.97	$	2.32	$	(0.12)	$	2.20
Consolidated Statement of Comprehensive Income
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(178)	$	4	$	(174)	$	(319)	$	14	$	(305)
Comprehensive income attributable to Clearway Energy, Inc.	$	233	$	(4)	$	229	$	264	$	(14)	$	250
Consolidated Balance Sheet (As of September 30, 2025)
Redeemable noncontrolling interest in subsidiaries	$	74	$	30	$	104
Retained earnings	372		(14)		358
Noncontrolling interest	3,666		(16)		3,650
Total Stockholders’ Equity	$	5,715	$	(30)	$	5,685
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income	$	236	$	(4)	$	232
Retained Earnings at September 30, 2025	$	372	$	(14)	$	358
Noncontrolling Interest:
Net income (loss)	$	9	$	(19)	$	(10)
Noncontrolling Interest at September 30, 2025	$	3,666	$	(16)	$	3,650

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Dispositions

Acquisitions

As further described in Note 2, Summary of Significant Accounting Policies, the Company records the assets acquired and liabilities assumed at acquisition-date fair value, except in the case of acquisitions under common control by CEG, for which assets acquired and liabilities assumed are recorded at historical cost on the acquisition date, which, in certain circumstances, represent the acquired cost.

The fair value of property, plant and equipment for the Company’s third-party acquisition of Tuolumne was determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic depreciation. This methodology was utilized as the forecasted cash flows incorporate specific attributes including age, useful life, equipment condition and technology. The fair value of intangible assets for power purchase agreements related to the Company’s third-party acquisitions of Tuolumne and Catalina were determined utilizing a variation of the income approach determined by discounting the replacement market price of the incremental cash flows associated with the contract to present value. Primary assumptions utilized included estimates of generation, contractual prices, operating expenses and the weighted average cost of capital reflective of a market participant. These assumptions are considered to be a Level 3 measurement as defined in ASC 820, as they utilize inputs that are not observable in the market.

Pine Forest Drop Down — On June 10, 2025, the Company, through its indirect subsidiary, Pine Forest CE Class A Owner LLC, acquired the Class A membership interests in Pine Forest TargetCo, a partnership and the indirect owner of Pine Forest, a 300 MW solar facility that is paired with a 200 MW BESS facility located in Hopkins County, Texas, from Clearway Renew for initial cash consideration of $18 million. Simultaneously, a third-party cash equity investor acquired the Class B membership interests in Pine Forest TargetCo from Clearway Renew for initial cash consideration of $36 million. Also on June 10, 2025, the Company, through its indirect subsidiary, Pine Forest TE Class A, contributed $9 million to acquire the Class A membership interests in Pine Forest TE HoldCo LLC. On December 17, 2025, when the facility reached substantial completion, the Company paid $50 million to Clearway Renew as additional purchase price for its Class A membership interests in Pine Forest TargetCo and contributed an additional $38 million for its Class A membership interests in Pine Forest TE HoldCo LLC. In addition, the third-party cash equity investor in Pine Forest TargetCo contributed an additional $144 million. Pine Forest TargetCo consolidates as primary beneficiary, Pine Forest TE HoldCo LLC, a tax equity fund that directly owns the Pine Forest solar and BESS facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities.

Pine Forest has PPAs for the solar facility with investment-grade counterparties and a 20-year weighted average contract duration that commenced in December 2025. Pine Forest is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Pine Forest 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 sum of the initial cash consideration of $18 million and the historical cost of the Company’s net liabilities assumed of $9 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $50 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $18 million of the Company’s initial purchase price and $50 million of the Company’s additional purchase price, which were 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 Company’s total capital investment in Pine Forest TargetCo was $115 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of June 10, 2025:


(In millions)	Pine Forest
Restricted cash	$	1
Property, plant and equipment (a)	560
Right-of-use assets, net	17
Derivative assets	6

Total assets acquired	584

Long-term debt (b)	515
Long-term lease liabilities	18
Derivative liabilities	1
Other current and non-current liabilities	54
Total liabilities assumed	588
Other comprehensive income	5
Net liabilities assumed	$	(9)

(a) Includes Construction in progress of $550 million.

Honeycomb Portfolio Drop Down — On October 15, 2025, the Company, through its indirect subsidiary, Honeycomb 1 Holdco LLC, acquired Honeycomb TargetCo, the indirect owner of the Honeycomb Portfolio, which includes four BESS facilities under construction in Beaver County and Iron County, Utah representing 320 MW of capacity, from Clearway Renew for initial cash consideration of $16 million. At substantial completion, which is expected to occur in the first half of 2026, the Company estimates it will pay an additional $62 million to Clearway Renew. Honeycomb TargetCo consolidates as primary beneficiary, Honeycomb TE HoldCo LLC, a tax equity fund that owns the Honeycomb Portfolio BESS facilities, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The Honeycomb Portfolio has 20-year PPAs with an investment-grade utility that will commence when the underlying operating assets reach commercial operations, which is expected to occur in the first half of 2026. The Honeycomb Portfolio is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates the Honeycomb Portfolio 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 sum of the Company’s initial cash consideration of $16 million and the historical cost of the Company’s net liabilities assumed of $2 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The Company estimates that its total capital investment in Honeycomb TargetCo will be $78 million, excluding the impact of any closing adjustments noted in the purchase agreement.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of October 15, 2025:


(In millions)	Honeycomb Portfolio
Cash	$	1
Property, plant and equipment (a)	480
Right-of-use assets, net	3
Derivative assets	4
Other current and non-current assets	7

Total assets acquired	495

Long-term debt (b)	443
Long-term lease liabilities	3
Derivative liabilities	7
Other current and non-current liabilities	47
Total liabilities assumed	500
Other comprehensive loss	(3)
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $473 million.

Daggett 1 Drop Down — On April 29, 2025, the Company, through its indirect subsidiary, LV-Daggett Parent Holdco LLC, acquired Daggett 1 Class B, the indirect owner of Daggett 1, a 114 MW BESS facility located in San Bernardino County, California, from Clearway Renew for initial cash consideration of $11 million. On September 19, 2025, when the facility reached substantial completion, the Company paid $42 million to Clearway Renew as additional purchase price. Daggett 1 Class B consolidates as primary beneficiary, Daggett 1 TE Holdco LLC, a tax equity fund that owns the Daggett 1 BESS facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Daggett 1 has a PPA for capacity with an investment-grade counterparty for a contract duration of 15 years that commenced in September 2025. Daggett 1 is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Daggett 1 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 initial cash consideration of $11 million and the historical cost of the Company’s net assets acquired of $1 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $42 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $11 million of the Company’s initial purchase price, which was contributed back to the Company by CEG into escrow in the line item contributions from CEG, net of distributions, in the consolidated statements of stockholders’ equity. The Company also reflected the entire $42 million of the Company’s additional purchase price, which was contributed back to the Company by CEG to pay down long-term debt, in the line item contributions from CEG, net of distributions, in the consolidated statements of stockholders’ equity.

On October 15, 2025, the Company paid $4 million to Clearway Renew as a final purchase price adjustment, which was recorded as an adjustment to CEG’s noncontrolling interest balance. The Company’s total capital investment in Daggett 1 Class B was $57 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 29, 2025:


(In millions)	Daggett 1
Cash	$	1
Property, plant and equipment (a)	223

Other current and non-current assets	8

Total assets acquired	232

Long-term debt (b)	220

Derivative liabilities	6
Other current and non-current liabilities	11
Total liabilities assumed	237
Other comprehensive loss	(6)
Net assets acquired	$	1

(a) Includes Construction in progress of $221 million.

Luna Valley Drop Down — On April 29, 2025, the Company, through its indirect subsidiary, LV-Daggett Parent Holdco LLC, acquired Luna Valley Class B, the indirect owner of Luna Valley, a 200 MW solar facility located in Fresno County, California, from Clearway Renew for initial cash consideration of $18 million. On September 4, 2025, when the facility reached substantial completion, the Company paid $72 million to Clearway Renew as additional purchase price. Luna Valley Class B consolidates as primary beneficiary, Luna Valley TE Holdco LLC, a tax equity fund that owns the Luna Valley solar facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Luna Valley has PPAs with investment-grade counterparties that have a 17-year weighted average contract duration that commenced in August 2025. Luna Valley is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Luna Valley 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 sum of the initial cash consideration of $18 million and the historical cost of the Company’s net liabilities assumed of $7 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $72 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $18 million of the Company’s initial purchase price and $72 million of the Company’s additional purchase price, which were 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.

On October 15, 2025, the Company paid $29 million to Clearway Renew as a final purchase price adjustment, which was recorded as an adjustment to CEG’s noncontrolling interest balance. The Company’s total capital investment in Luna Valley Class B was $119 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 29, 2025:


(In millions)	Luna Valley
Restricted cash	$	8
Property, plant and equipment (a)	346
Right-of-use assets, net (b)	16
Other current and non-current assets	22

Total assets acquired	392

Long-term debt (c)	348
Long-term lease liabilities (b)	18
Derivative liabilities	8
Other current and non-current liabilities	33
Total liabilities assumed	407
Other comprehensive loss	(8)
Net liabilities assumed	$	(7)

(a) Includes Construction in progress of $338 million.

(b) Balances primarily relate to a land lease agreement with a wholly-owned subsidiary of CEG, which expires on September 23, 2058.

Rosamond South I Drop Down — On March 20, 2025, the Company, through its indirect subsidiary, Rosamond South Investment LLC, acquired the Class A membership interests in Rosie South TargetCo, a partnership and the indirect owner of Rosamond South I, a 140 MW solar facility that is paired with a 117 MW BESS facility located in Rosamond, California, from Clearway Renew for initial cash consideration of $4 million. Simultaneously, a third-party cash equity investor acquired the Class B membership interests in Rosie South TargetCo from Clearway Renew for initial cash consideration of $10 million. On August 13, 2025, when the facility reached substantial completion, the Company paid $29 million to Clearway Renew as additional purchase price and the third-party cash equity investor contributed an additional $41 million. Rosie South TargetCo consolidates as primary beneficiary, Rosie South TE Holdco LLC, a tax equity fund that directly owns the Rosamond South I solar and BESS facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Rosamond South I has PPAs with investment-grade counterparties that have a 15-year weighted average contract duration that commenced in August 2025. Rosamond South I is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Rosamond South I 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 sum of the initial cash consideration of $4 million and the historical cost of the Company’s net liabilities assumed of $3 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $29 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $4 million of the Company’s initial purchase price and $29 million of the Company’s additional purchase price, which were 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 Company’s total capital investment in Rosie South TargetCo was $33 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 20, 2025:


(In millions)	Rosamond South I

Property, plant and equipment (a)	$	507
Right-of-use assets, net (b)	17

Other current and non-current assets	11

Total assets acquired	535

Long-term debt (c)	468
Long-term lease liabilities (b)	19
Derivative liabilities	4
Other current and non-current liabilities	51
Total liabilities assumed	542
Other comprehensive loss	(4)
Net liabilities assumed	$	(3)

(a) Includes Construction in progress of $495 million.

(b) Balances primarily relate to a land lease agreement with a wholly-owned subsidiary of CEG, which expires on September 30, 2058.

Catalina Solar Acquisition — On July 16, 2025, the Company, through its indirect subsidiary, Catalina Solar Investment LLC, acquired Catalina Solar Lessee Holdco LLC, which leases and operates Catalina, a 109 MW solar facility located in Kern County, California, from a third-party for approximately $127 million, which excludes $1 million in transaction expenses incurred in connection with the acquisition. Catalina reached commercial operations in 2013 and has a PPA with an investment-grade utility through 2038. Catalina is reflected in the Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. After factoring in cash reserves acquired and transaction expenses, the Company’s net capital investment in Catalina was $128 million. The acquisition was determined to be an asset acquisition and the purchase price, including transaction expenses, was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:


(In millions)	Catalina
Cash	$	15
Intangible asset for power purchase agreement	175
Right-of-use assets	107
Other current and non-current assets	6

Total assets acquired	303

Long-term lease liabilities	173
Other current and non-current liabilities	2
Total liabilities assumed	175
Net assets acquired	$	128

Dan’s Mountain Drop Down — On November 18, 2024, the Company, through its indirect subsidiary, Dan’s Mountain Parent Holdco LLC, acquired the Class A membership interests in Dan’s Mountain TargetCo, a partnership and the indirect owner of Dan’s Mountain, a 55 MW wind facility located in Allegany County, Maryland, from Clearway Renew for initial cash consideration of $7 million. On May 21, 2025, when the facility reached substantial completion, the Company paid $36 million to Clearway Renew as additional purchase price. Also on May 21, 2025, a third-party cash equity investor contributed $45 million to acquire the Class B membership interests in Dan’s Mountain TargetCo from Clearway Renew. Dan’s Mountain TargetCo consolidates as primary beneficiary, Dan’s Mountain Tax Credit Holdco LLC, a tax equity fund that owns the Dan’s Mountain wind facility. Dan’s Mountain has a 12-year PPA with an investment-grade utility that commenced in May 2025. Dan’s Mountain is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Dan’s Mountain 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 sum of the Company’s initial cash consideration of $7 million and the historical cost of the Company’s net liabilities assumed of $2 million, less Clearway Renew’s investment of $1 million in Dan’s Mountain TargetCo, was recorded as an adjustment to CEG’s noncontrolling interest balance. The $36 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $7 million 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 Company also reflected the entire $36 million of the Company’s additional 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 Company’s total capital investment in Dan’s Mountain TargetCo was $43 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 18, 2024:


(In millions)	Dan’s Mountain

Property, plant and equipment (a)	$	152
Right-of-use assets	3



Total assets acquired	155

Long-term debt (b)	125
Long-term lease liabilities	3
Other current and non-current liabilities	29
Total liabilities assumed	157
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $150 million.

Tuolumne Wind Acquisition — On April 29, 2025, the Company, through its indirect subsidiary, Washington Wind LLC, acquired Tuolumne, a 137 MW wind facility located in Klickitat County, Washington, from an investment-grade regulated entity for approximately $210 million, which excludes $1 million in transaction expenses incurred in connection with the acquisition. Tuolumne reached commercial operations in 2009. In connection with the acquisition, the Company entered into a 15-year PPA with an investment-grade regulated entity that commenced in April 2025. Tuolumne is reflected in the Company’s Renewables & Storage segment and the acquisition was funded with borrowings under the new financing agreement that was entered into in connection with the acquisition, as further described in Note 10, Long-term Debt, as well as existing sources of liquidity. After factoring in transaction expenses and the new financing, the Company’s net capital investment in Tuolumne was $59 million. The acquisition was determined to be an asset acquisition and the purchase price, including transaction expenses, was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:


(In millions)	Tuolumne
Property, plant and equipment	$	37
Intangible asset for power purchase agreement	176
Right-of-use assets	5
Other current and non-current assets	1

Total assets acquired	219

Long-term lease liabilities	4
Other current and non-current liabilities	4
Total liabilities assumed	8
Net assets acquired	$	211

Rosamond Central BESS Drop Down — On December 1, 2023, the Rosamond Central solar facility acquired a 147 MW co-located BESS facility from Clearway Renew for initial cash consideration of $70 million, $16 million of which was funded by the Company, with the remaining $54 million funded through contributions from the third-party cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE HoldCo 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. The additional purchase price consisted of $64 million funded by the Company and $215 million funded through contributions from the third-party cash equity and tax equity investors. In order to facilitate and fund the construction of the BESS facility, Rosie Class B LLC, the indirect owner of the Rosamond Central solar facility, utilizing the proceeds from borrowings received under the refinanced debt facility, issued a loan to Clearway Renew, as further described in Note 10, Long-term Debt, and also made equity contributions to Rosie BESS Devco LLC, or Rosie Central BESS, which were accounted for as investments under the equity method of accounting, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The BESS facility has a 15-year PPA for capacity with an investment-grade utility that commenced in July 2024. The Rosamond Central BESS operations are reflected in the Company’s Renewables & Storage 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 the Rosamond Central BESS net assets 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 historical cost of the Company’s net assets acquired of $266 million and the Company’s initial cash consideration of $70 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $279 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2023:


(In millions)	Rosamond Central BESS
Property, plant and equipment (a)	$	275

Total assets acquired	275

Other current and non-current liabilities	9
Total liabilities assumed	9
Net assets acquired	$	266

(a) Includes Construction in progress of $272 million.

Victory Pass and Arica Drop Down — On October 31, 2023, the Company, through its indirect subsidiary, VP-Arica Parent Holdco LLC, acquired the Class A membership interests in VP-Arica TargetCo LLC, a partnership and the indirect owner of Victory Pass, a 200 MW solar facility that is paired with a 50 MW BESS facility, and Arica, a 263 MW solar facility that is paired with a 136 MW BESS facility, both located in Riverside, California, from Clearway Renew for initial cash consideration of $46 million. Simultaneously, a third-party cash equity investor acquired the Class B membership interests in VP-Arica TargetCo LLC from Clearway Renew for initial cash consideration of $87 million. On May 1, 2024, when the facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price and the third-party cash equity investor contributed an additional $347 million. VP-Arica TargetCo LLC consolidates as primary beneficiary, VP-Arica TE Holdco LLC, a tax equity fund that owns the Victory Pass and Arica solar and BESS facilities. Victory Pass and Arica each have PPAs with investment-grade counterparties that have a 15-year and 14-year weighted average contract duration, respectively, that commenced between March 2024 and April 2024. The Victory Pass and Arica operations are reflected in the Company’s Renewables & Storage segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Victory Pass and Arica 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 sum of the Company’s initial cash consideration of $46 million and the historical cost of the Company’s net liabilities assumed of $1 million was recorded as an adjustment to CEG’s noncontrolling interest balance. The $165 million additional purchase price was also recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $46 million of the Company’s initial 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 Company also reflected the entire $165 million of the Company’s additional purchase price, which was contributed back to the Company by CEG to pay down long-term debt, in the line item contributions to 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 October 31, 2023:


(In millions)	Victory Pass and Arica
Cash	$	1
Property, plant and equipment (a)	937
Right-of-use assets, net	4
Derivative assets	1
Other non-current assets	6

Total assets acquired	949

Long-term debt (b)	864
Long-term lease liabilities	4
Other current and non-current liabilities	82
Total liabilities assumed	950
Net liabilities assumed	$	(1)

(a) Includes Construction in progress of $893 million.

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. 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 & Storage 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 Company’s 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 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, of which $17 million was funded by the Company, with the remaining $95 million funded through a contribution from the third-party cash equity investor in Lighthouse Renewable Holdco 2 LLC, 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. 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 & Storage 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 Company’s 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 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 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

Dispositions

Mt. Storm Sale to Clearway Renew — On October 2, 2025, the Company, through its indirect subsidiary, WV Wind Holdco LLC, sold 100% of its membership interests in Mount Storm Wind LLC, which owns Mt. Storm, a 264 MW wind facility located in Grant County, West Virginia, to Clearway Renew for $152 million in cash consideration in order for Clearway Renew to repower the facility. The repowering of the facility is expected to increase the facility’s capacity to 335 MW. Mechanical completion of the first phase of the repowering is expected to occur in the second half of 2026 with the second phase of the repowering expected to occur in the second half of 2027. Also on October 2, 2025, the Company, through its indirect subsidiary, WV Wind Holdco LLC, entered into an agreement with Clearway Renew to acquire the Class B membership interests in the tax equity fund that, upon mechanical completion of the first phase of the repowering of the facility, will own Mt. Storm, for $336 million in cash consideration. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected to occur in the second half of 2026. Upon achieving repowering commercial operations, which is expected to occur in the second half of 2026, the facility will sell power to Microsoft under a 20-year PPA. The membership interests sold by the Company relate to interests under common control, and thus, the sale was accounted for as a transfer of assets under common control, with the difference between the cash received of $152 million and the net assets transferred of $51 million recorded as an adjustment to CEG’s noncontrolling interest balance.

The following is a summary of assets and liabilities transferred in connection with the disposition as of October 2, 2025:


(In millions)	Mt. Storm
Property, plant and equipment	$	54


Other current and non-current assets	6

Total assets transferred	60


Other current and non-current liabilities	9
Total liabilities transferred	9
Net assets transferred	$	51

Stockholders' Equity - Schedule of Distributions Paid (Details) - Clearway Energy LLC - $ / shares	3 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common Class B
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	$ 0.4528	$ 0.4456	$ 0.4384	$ 0.4312	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745
Common Class D
Equity, Class of Treasury Stock [Line Items]
Quarterly dividend, declared (in usd per share)	$ 0.4528	$ 0.4456	$ 0.4384	$ 0.4312	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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

On August 6, 2025, the Company entered into an equity distribution agreement with Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC, as sales agents. Pursuant to the terms of the agreement, the Company may offer and sell shares of its Class C common stock, from time to time through the sales agents, up to an aggregate sales price of $100 million through an at-the-market equity offering program, or ATM Program. During the year ended December 31, 2025, the Company sold 787,980 shares of Class C common stock under the ATM Program for gross proceeds of $25 million and incurred fees of less than $1 million, which were exchanged for 787,980 Class C units of Clearway Energy LLC. The net proceeds from the sale of shares under the ATM Program were used for general corporate purposes. As of December 31, 2025, approximately $75 million of Class C common stock remained available for issuance under the ATM Program.

Dividend Reinvestment and Direct Stock Purchase Plan, or DRIP/DSPP

On August 6, 2025, the Company adopted a DRIP and DSPP, under which the Company registered and reserved for issuance up to an aggregate of 3,300,000 shares of Class C common stock. Under the DRIP, holders of the Company’s Class C common stock can designate all or a portion of their cash dividends, when paid, to be reinvested in additional shares of the Company’s Class C common stock. The DSPP allows (i) plan participants and registered stockholders of the Company who are not plan participants to purchase shares of Class C common stock in the minimum amount of $50 per investment up to a maximum aggregate amount of $150,000 per calendar year; (ii) new investors who do not own shares of Class C common stock to purchase shares by making an initial minimum investment of $250, up to a maximum aggregate amount of $150,000 per calendar year; and (iii) plan participants, other registered stockholders and new investors to request a waiver from the Company to make optional cash investments in excess of the maximum aggregate amount of $150,000 per calendar year. During the year ended December 31, 2025, the Company issued 793,202 shares of Class C common stock under the DSPP for gross proceeds of $25 million and incurred fees of less than $1 million, which were exchanged for 793,202 Class C units of Clearway Energy LLC. The net proceeds from the sale of shares under the DSPP were used for general corporate purposes. As of December 31, 2025, approximately 2,506,798 shares of Class C common stock remained available for issuance under the DRIP/DSPP.

In January 2026, the Company issued 1,445,244 shares of Class C common stock under the DSPP for gross proceeds of $50 million and incurred fees of less than $1 million, which were exchanged for 1,445,244 Class C units of Clearway Energy LLC. As of January 31, 2026, approximately 1,061,554 shares Class C common stock remained available for issuance under the DRIP/DSPP.

Dividends to Class A and Class C common stockholders

The following tables list the dividends paid on the Company’s Class A and Class C common stock during the years ended December 31, 2025, 2024 and 2023:


	Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025		First Quarter 2025
Dividends per Class A share	$	0.4528	$	0.4456	$	0.4384	$	0.4312
Dividends per Class C share	0.4528		0.4456		0.4384		0.4312


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Dividends per Class A share	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Dividends per Class C share	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Dividends per Class A share	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Dividends per Class C share	0.3964		0.3891		0.3818		0.3745

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 February 17, 2026, the Company declared a quarterly dividend on its Class A and Class C common stock of $0.4602 per share payable on March 16, 2026 to stockholders of record as of March 2, 2026.

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

Distributions to CEG

The following tables list the distributions paid to CEG during the years ended December 31, 2025, 2024 and 2023 on Clearway Energy LLC’s Class B and D units:


	Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025		First Quarter 2025
Distributions per Class B unit	$	0.4528	$	0.4456	$	0.4384	$	0.4312
Distributions per Class D unit	0.4528		0.4456		0.4384		0.4312


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class B unit	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Distributions per Class D unit	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Distributions per Class B unit	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Distributions per Class D unit	0.3964		0.3891		0.3818		0.3745

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

In addition to the quarterly distributions paid to CEG, on June 10, 2025, Clearway Energy LLC distributed an additional $7 million to CEG, representing CEG’s pro-rata share of distributions related to the Company’s $9 million contribution through Pine Forest TE Class A, an indirect subsidiary of the Company, to acquire the Class A membership interests in Pine Forest TE HoldCo LLC, as further described in Note 3, Acquisitions and Dispositions. On December 17, 2025, Clearway Energy LLC distributed an additional $12 million to CEG, representing CEG’s pro-rata share of distributions related to $16 million of the Company’s $38 million additional contribution through Pine Forest TE Class A to complete its acquisition of the Class A membership interests in Pine Forest TE HoldCo LLC, as further described in Note 3, Acquisitions and Dispositions.

On February 17, 2026, Clearway Energy LLC declared a quarterly distribution on its Class B and Class D units of $0.4602 per unit payable on March 16, 2026 to unit holders of record as of March 2, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Summary of Significant Accounting Policies - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Non-cash distributions to redeemable noncontrolling interests						$ 4	$ 1	$ 7
Comprehensive income (loss) attributable to redeemable noncontrolling interests	$ (174)	$ (27)	$ (104)	$ (131)	$ (305)	(404)	(151)	(97)
Redeemable Noncontrolling Interest
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance			$ 0	$ 0	$ 0	0	1
Cash distributions to redeemable noncontrolling interests							(2)
Cash contributions to redeemable noncontrolling interests, net of distributions						335
Non-cash distributions to redeemable noncontrolling interests						(12)
Comprehensive income (loss) attributable to redeemable noncontrolling interests						(220)	13
Repurchase of redeemable noncontrolling interest							(12)
Ending balance						$ 103	$ 0	$ 1

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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+ Details

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair value of Financial Instruments

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 December 31, 2025				As of December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion (a)	$	8,676	$	8,382	$	7,237	$	6,715

(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 December 31, 2025				As of December 31, 2024
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,032	$	6,350	$	1,922	$	4,793

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 December 31, 2025				As of December 31, 2024
	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)	$	1	$	13	$	—	$	9
Interest rate contracts	142		—		166		—
Other financial instruments (d)	—		7		—		10
Total assets	$	143	$	20	$	166	$	19
Derivative liabilities
Energy-related commodity contracts (e)	$	—	$	333	$	—	$	371
Interest rate contracts	27		—		—		—
Total liabilities	$	27	$	333	$	—	$	371

(a) There were no derivative assets or liabilities classified as Level 1 as of December 31, 2025 and 2024.

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

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

(d) Includes SREC contract.

(e) Includes long-term power commodity contracts and heat rate call option contracts classified as Level 3. As of December 31, 2025 and 2024, $330 million and $366 million, respectively, related to long-term power commodity contracts, and $3 million and $5 million, respectively, related to heat rate call option contracts.

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:


	Year ended December 31,
		2025		2024
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(352)	$	(317)
Settlements		83		(2)


Total losses for the period included in earnings		(44)		(33)
Ending balance		$	(313)	$	(352)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,		$	(44)	$	(33)

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 December 31, 2025, contracts valued with prices provided by models and other valuation techniques make up 8% of derivative assets, 93% of derivative liabilities and 100% of other financial instruments.

The Company’s significant positions classified as Level 3 relate to physical and financial energy-related contracts, including long-term power commodity contracts and heat rate call option 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 tables quantify the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	December 31, 2025
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	330	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	34.04	$	89.73	$	56.51
Heat Rate Call Option Commodity Contracts	13		3		Option Model	Forward Market Price ($ per MWh)	$	(29.26)	$	260.77	$	42.23
					Option Model	Forward Market Price ($ per MMBtu)	$	0.92	$	10.15	$	3.02
Other Financial Instruments	7		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	60,047 MWh		120,094 MWh		108,791 MWh


	December 31, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	366	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	21.60	$	80.82	$	45.44
Heat Rate Call Option Commodity Contracts	9		5		Option Model	Forward Market Price ($ per MWh)	$	(19.30)	$	1,011.79	$	45.87
					Option Model	Forward Market Price $ (per MMBtu)	$	0.85	$	10.55	$	3.25
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 December 31, 2025 and 2024:

Type

Significant Observable 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 December 31, 2025, the non-performance reserve was a $16 million gain recorded primarily to total operating revenues in the consolidated statements of operations. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounting for Derivative Instruments and Hedging Activities - Schedule of Fair Value Within the Derivative Instrument Valuation on the Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative Assets	$ 156	$ 175
Derivative Liabilities	360	371
Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	31	27
Derivative Liabilities	27	0
Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	125	148
Derivative Liabilities	333	371
Interest rate contracts current \| Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	2	5
Derivative Liabilities	6	0
Interest rate contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	17	30
Derivative Liabilities	0	0
Interest rate contracts long-term \| Derivatives Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	29	22
Derivative Liabilities	21	0
Interest rate contracts long-term \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	94	109
Derivative Liabilities	0	0
Energy-related commodity contracts current \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	10	4
Derivative Liabilities	46	56
Energy-related commodity contracts long-term \| Derivatives Not Designated as Cash Flow Hedges:
Derivative [Line Items]
Derivative Assets	4	5
Derivative Liabilities	$ 287	$ 315

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenues	$ 1,429	$ 1,371	$ 1,314
Mark-to-market for economic hedges	(23)
Total operating revenues	1,429	1,371	1,314
Less: Mark-to-market for economic hedges	23
Flexible Generation \| Energy revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(2)	(3)	(4)
Flexible Generation \| Capacity revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(113)	(110)	(249)
Renewables & Storage \| Energy revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(783)	(817)	(760)
Renewables & Storage \| Capacity revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(63)	(43)	(20)
Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	1,429	1,371	1,314
Contract amortization	(189)	(184)	(186)
Mark-to-market for economic hedges	(23)	(35)	19
Total operating revenues	1,429	1,371	1,314
Less: Contract amortization	189	184	186
Less: Mark-to-market for economic hedges	23	35	(19)
Less: Lease revenue	$ (961)	$ (973)	$ (1,054)
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total operating revenues	Total operating revenues	Total operating revenues
Total revenue from contracts with customers	$ 680	$ 617	$ 427
Operating Segments [Member] \| Energy revenue
Disaggregation of Revenue [Line Items]
Operating revenues	1,196	1,173	1,023
Total operating revenues	1,196	1,173	1,023
Operating Segments [Member] \| Capacity revenue
Disaggregation of Revenue [Line Items]
Operating revenues	369	327	359
Total operating revenues	369	327	359
Operating Segments [Member] \| Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	76	90	99
Total operating revenues	76	90	99
Operating Segments [Member] \| Flexible Generation
Disaggregation of Revenue [Line Items]
Operating revenues	291	342	420
Contract amortization	(18)	(18)	(20)
Mark-to-market for economic hedges	6	9	(5)
Total operating revenues	291	342	420
Less: Contract amortization	18	18	20
Less: Mark-to-market for economic hedges	(6)	(9)	5
Less: Lease revenue	(115)	(113)	(274)
Total revenue from contracts with customers	188	238	171
Operating Segments [Member] \| Flexible Generation \| Energy revenue
Disaggregation of Revenue [Line Items]
Operating revenues	30	84	81
Total operating revenues	30	84	81
Operating Segments [Member] \| Flexible Generation \| Capacity revenue
Disaggregation of Revenue [Line Items]
Operating revenues	269	262	336
Total operating revenues	269	262	336
Operating Segments [Member] \| Flexible Generation \| Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	4	5	28
Total operating revenues	4	5	28
Operating Segments [Member] \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Operating revenues	1,138	1,029	894
Contract amortization	(171)	(166)	(166)
Mark-to-market for economic hedges	(29)	(44)	24
Total operating revenues	1,138	1,029	894
Less: Contract amortization	171	166	166
Less: Mark-to-market for economic hedges	29	44	(24)
Less: Lease revenue	(846)	(860)	(780)
Total revenue from contracts with customers	492	379	256
Operating Segments [Member] \| Renewables & Storage \| Energy revenue
Disaggregation of Revenue [Line Items]
Operating revenues	1,166	1,089	942
Total operating revenues	1,166	1,089	942
Operating Segments [Member] \| Renewables & Storage \| Capacity revenue
Disaggregation of Revenue [Line Items]
Operating revenues	100	65	23
Total operating revenues	100	65	23
Operating Segments [Member] \| Renewables & Storage \| Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	72	85	71
Total operating revenues	$ 72	$ 85	$ 71

Accounting for Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounting for Derivative Instruments and Hedging Activities

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

Interest Rate Swaps

The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments that may arise in connection with its non-recourse debt or a potential refinancing of its Senior Notes. As of December 31, 2025, the Company had interest rate derivative instruments extending through 2033, 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 December 31, 2025, the Company had energy-related derivative instruments extending through 2033. At December 31, 2025, 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
		December 31, 2025		December 31, 2024
Commodity	Units	(In millions)
Power	MWh	(29)		(25)
Natural Gas	MMBtu	5		11
Interest	Dollars	$	4,080	$	1,769

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
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	5	$	6	$	—
Interest rate contracts long-term	29		22		21		—
Total Derivatives Designated as Cash Flow Hedges	$	31	$	27	$	27	$	—
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	17	$	30	$	—	$	—
Interest rate contracts long-term	94		109		—		—
Energy-related commodity contracts current	10		4		46		56
Energy-related commodity contracts long-term	4		5		287		315
Total Derivatives Not Designated as Cash Flow Hedges	$	125	$	148	$	333	$	371
Total Derivatives	$	156	$	175	$	360	$	371

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 December 31, 2025 and 2024, 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 December 31, 2025	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	14	$	—	$	14
Derivative liabilities	(333)		—		(333)
Total energy-related commodity contracts	$	(319)	$	—	$	(319)
Interest rate contracts
Derivative assets	$	142	$	—	$	142
Derivative liabilities	(27)		—		(27)
Total interest rate contracts	$	115	$	—	$	115
Total derivative instruments	$	(204)	$	—	$	(204)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	9	$	—	$	9
Derivative liabilities	(371)		—		(371)
Total energy-related commodity contracts	$	(362)	$	—	$	(362)
Interest rate contracts
Derivative assets	$	166	$	—	$	166

Total interest rate contracts	$	166	$	—	$	166
Total derivative instruments	$	(196)	$	—	$	(196)

Accumulated Other Comprehensive Income (Loss)

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


	Year ended December 31,
	2025		2024		2023
	(In millions)
Accumulated OCI beginning balance	$	14	$	18	$	24
Rosamond South I Drop Down (a)	(4)		—		—
Daggett 1 Drop Down (b)	(6)		—		—
Luna Valley Drop Down (c)	(8)		—		—
Pine Forest Drop Down (d)	5		—		—
Honeycomb Portfolio Drop Down (e)	(3)		—		—
Reclassified from accumulated OCI to income due to realization of previously deferred amounts	(2)		(1)		(4)
Mark-to-market of cash flow hedge accounting contracts	(1)		(3)		(2)
Accumulated (OCL) OCI ending balance, net of income tax (benefit) expense of $(1), $1 and $2, respectively	(5)		14		18
Accumulated OCI attributable to noncontrolling interests	—		11		11
Accumulated (OCL) OCI attributable to Clearway Energy, Inc.	$	(5)	$	3	$	7
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2	$	(4)

(a) Represents $1 million attributable to the Company and $3 million attributable to noncontrolling interests.

(b) Represents $4 million attributable to the Company and $2 million attributable to noncontrolling interests.

(d) Represents $3 million attributable to the Company and $2 million attributable to noncontrolling interests.

(e) Represents $2 million attributable to the Company and $1 million attributable to noncontrolling interests.

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

Impact of Derivative Instruments on the Consolidated Statements of Operations

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


	Year ended December 31,
	2025		2024		2023
	(In millions)
Interest Rate Contracts (Interest expense)	$	(31)	$	29	$	(17)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	(20)		(32)		23
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	1		(2)		2

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

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

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Income Taxes - Schedule of Reconciliation of the U.S. Federal Statutory Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES
Loss Before Income Taxes	$ (175)	$ (33)	$ (16)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at 21%	(37)	(7)	(3)
State taxes, net of federal benefit	12	6	(2)
Tax credits	(1)	(4)
HLBV impact	84	32
Tax credit sales, net	(3)	0
Employee share-based payments	0	2
Other	1	1	(2)
Impact of non-taxable partnership earnings			21
Valuation allowance			3
Investment tax credits			(1)
Production tax credits			(16)
Rate change			1
State taxes assessed at subsidiaries			(3)
Income tax expense (benefit)	$ 56	$ 30	$ (2)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at 21%	21.10%	21.00%
State taxes, net of federal benefit	(6.80%)	(18.20%)
Tax credits	0.60%	12.10%
HLBV impact	(48.00%)	(96.90%)
Tax credit sales, net	1.70%	0.00%
Employee share-based payments	0.00%	(6.00%)
Other	(0.60%)	(2.90%)
Effective income tax rate	(32.00%)	(90.90%)	12.50%
Alta TE Holdco LLC
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense (benefit)			$ (14)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Earnings Per Share

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


	Year Ended December 31,
	2025				2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	49	$	120	$	26	$	62	$	23	$	56
Weighted average number of common shares outstanding — basic and diluted	35		84		35		83		35		82

Earnings per weighted average common share — basic and diluted	$	1.43	$	1.43	$	0.75	$	0.75	$	0.67	$	0.67

(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.

Accounting for Derivative Instruments and Hedging Activities - Schedule of Derivative Gains and Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ (44)	$ (33)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	(31)	29	$ (17)
Energy-Related Commodity Contracts - Operating Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	(20)	(32)	23
Energy-Related Commodity Contracts - Cost of Operation
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ 1	$ (2)	$ 2

- 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

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+ Details

- 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

Long-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

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


	Maturity Date	December 31, 2025		December 31, 2024		Interest rate % (a)
		(In millions, except rates)


Senior Notes	2028-2032	$	2,125	$	2,125	3.750% - 4.750%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility (b) (c)	2028	361		—		S+1.750%

Non-recourse facility-level debt:
Fixed rate	2031-2040	3,001		3,190		2.339% - 8.000%
Variable rate	2026-2033	3,187		1,920		S+1.375% - 2.750%



Total debt		8,674		7,235
Less current maturities		(708)		(430)
Less net debt issuance costs		(70)		(57)
Add premiums (d)		2		2
Total long-term debt		$	7,898	$	6,750

(a) As of December 31, 2025, 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.

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 each respective arrangement. Under the facility-level financing arrangements, each facility is permitted to pay distributions out of available cash as long as certain conditions are satisfied, including that no default under the applicable arrangements has occurred and that each facility is otherwise in compliance with all relevant conditions under the financing agreements, including meeting required financial ratios, where applicable. The Company’s facility-level financing arrangements are non-recourse to the Company, thus, each facility pledges its underlying assets as collateral, and if a facility is in default under its financing arrangement, then the related lender could demand repayment of the facility’s obligations or enforce its security interests with respect to the pledged collateral.

As of December 31, 2025, the Company had $1,063 million in letters of credit outstanding, $96 million of which is related to the Company’s revolving credit facility. Also as of December 31, 2025, the Company was in compliance with all of the required covenants.

2034 Senior Notes

On January 13, 2026, Clearway Energy Operating LLC completed the sale of $600 million aggregate principal amount of senior unsecured notes due 2034, or the 2034 Senior Notes. The 2034 Senior Notes bear interest at 5.750% and mature on January 15, 2034. Interest on the 2034 Senior Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2026. The 2034 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC’s wholly-owned current and future subsidiaries. The net proceeds from the 2034 Senior Notes were used to repay $361 million in outstanding borrowings under the revolving credit facility and for general corporate purposes.

Facility-level Debt

Deriva Solar Portfolio

On February 5, 2026, in order to partially fund the third-party acquisition of the Deriva Solar Portfolio, which is expected to close in the first half of 2026, the Company, through its indirect subsidiary, Cardinal Investment Holdco LLC, entered into a financing agreement that provides for a term loan of up to $100 million and $119 million in letters of credit in support of debt service and facility obligations. The financing will be supported by the Company’s interest in the Deriva Solar Portfolio upon closing of the acquisition. Upon funding, the term loan will bear interest a rate of SOFR plus 2.00% per annum and will mature 364 days after the funding date.

Pine Forest

On June 10, 2025, as part of the acquisition of Pine Forest, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $103 million construction loan, a $102 million cash equity bridge loan, a $41 million tax equity bridge loan and a $275 million tax credit transfer bridge loan, offset by $6 million in unamortized debt issuance costs. A partial payment of $54 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG, and the third-party cash equity investor related to the Pine Forest TargetCo acquisition.

On December 17, 2025, when Pine Forest reached substantial completion, the Company paid $50 million to Clearway Renew as an additional purchase price, as further described in Note 3, Acquisitions and Dispositions, the third-party cash equity investor contributed $144 million, the Company contributed an additional $38 million for its Class A membership interests in Pine Forest TE HoldCo LLC and CEG contributed $49 million, which were utilized, along with the $9 million previously held in escrow, to repay the $100 million cash equity bridge loan, to repay the $41 million tax equity bridge loan, to partially repay $44 million of the tax credit transfer bridge loan, to fund $39 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $15 million in associated fees. Additionally, on December 17, 2025, the outstanding construction loans were converted to a term loan in the amount of $103 million that matures on December 17, 2030. Subsequent to the acquisition during 2025, the Company borrowed an additional $52 million in cash equity bridge loans.

In January 2026, the Company repaid the $231 million outstanding on the tax credit transfer bridge loan utilizing the proceeds received from the sale of transferable ITCs, as further described in Note 14, Income Taxes, and distributed the remaining $51 million to CEG.

Honeycomb Portfolio

On October 15, 2025, as part of the acquisition of the Honeycomb Portfolio, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $218 million construction loan that converts to a term loan at substantial completion, which is expected to occur in the first half of 2026, and a $234 million tax equity bridge loan, offset by $9 million in unamortized debt issuance costs. The tax equity bridge loan will be repaid at substantial completion with the final proceeds received from the tax equity investor, as well as the Company’s additional purchase price, along with the $59 million that was contributed into escrow by the tax equity investor at acquisition date, which is included in restricted cash on the Company’s consolidated balance sheet. Subsequent to the acquisition during 2025, the Company borrowed an additional $38 million in construction loans through December 31, 2025.

Daggett 1

On April 29, 2025, as part of the acquisition of Daggett 1, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $92 million construction loan and a $131 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs.

On September 19, 2025, when Daggett 1 reached substantial completion, the Company paid $42 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions and Dispositions, and the tax equity investor contributed an additional $108 million, which was utilized, along with the $38 million previously held in escrow and $31 million in construction loan proceeds, to repay the $131 million tax equity bridge loan, to fund $6 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $7 million in associated fees with the remaining $33 million distributed to CEG. Additionally, on September 19, 2025, the outstanding construction loans were converted to a term loan in the amount of $132 million that matures on September 19, 2030. Subsequent to the acquisition during 2025, the Company borrowed an additional $40 million in construction loans.

Luna Valley

On April 29, 2025, as part of the acquisition of Luna Valley, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $144 million construction loan, a $64 million cash equity bridge loan and a $144 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. A partial payment of $18 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG.

On September 4, 2025, when Luna Valley facility reached substantial completion, the Company paid $72 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions and Dispositions, the tax equity investor contributed an additional $114 million and CEG contributed $50 million, which were utilized, along with the $29 million previously held in escrow and $28 million in construction loan proceeds, to repay the $46 million cash equity bridge loan, to repay the $144 million tax equity bridge loan, to fund $22 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $9 million in associated fees. Additionally, on September 4, 2025, the outstanding construction loans were converted to a term loan in the amount of $195 million that matures on September 4, 2030. Subsequent to the acquisition during 2025, the Company borrowed an additional $51 million in construction loans.

Rosamond South I

On March 20, 2025, as part of the acquisition of Rosamond South I, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $179 million construction loan, a $6 million cash equity bridge loan and a $284 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. The cash equity bridge loan was repaid at acquisition date, along with $3 million in associated fees, utilizing $2 million from the third-party cash equity investor, as well as all of the proceeds from the Company, which were contributed back to the Company by CEG, and an additional $3 million contributed by CEG.

On August 13, 2025, when Rosamond South I reached substantial completion, the Company paid $29 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions and Dispositions, the third-party cash equity investor contributed an additional $41 million and the tax equity investor contributed an additional $226 million, which were utilized, along with the $58 million previously held in escrow and $13 million in construction loan proceeds, to repay the $276 million tax equity bridge loan and to pay $9 million in associated fees with the remaining $53 million distributed to CEG. Additionally, on August 13, 2025, the outstanding construction loans were converted to a term loan in the amount of $228 million that matures on August 13, 2030. Subsequent to the acquisition during 2025, the Company borrowed an additional $49 million in construction loans and also received $46 million in contributions from CEG to pay for construction completion expenses.

Dan’s Mountain

On November 18, 2024, as part of the acquisition of Dan’s Mountain, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $77 million cash equity bridge loan and a $49 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. A partial payment of $7 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG.

On May 21, 2025, when the Dan’s Mountain facility reached substantial completion, the Company paid $36 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions and Dispositions. Also on May 21, 2025, a third-party cash equity investor contributed $45 million to acquire the Class B membership interests in Dan’s Mountain TargetCo from Clearway Renew and the tax equity investor contributed an additional $90 million. The Company utilized the combined proceeds from the third-party cash equity and tax equity investors, along with the Company’s entire additional purchase price, which was contributed back to the Company by CEG, and the $18 million previously held in escrow, to repay the $91 million tax equity bridge loan, to repay the $70 million cash equity bridge loan and to pay $2 million in associated fees with the remaining $26 million distributed to CEG. Subsequent to the acquisition, the Company borrowed an additional $24 million in tax equity bridge loans during 2024 and $18 million in tax equity bridge loans during 2025. The Company also received $16 million in contributions from CEG to pay for construction completion expenses during 2025.

Tuolumne

On April 29, 2025, in order to partially fund the third-party acquisition of the Tuolumne wind facility, as further described in Note 3, Acquisitions and Dispositions, the Company entered into a financing agreement, which included the issuance of a $163 million term loan, as well as $22 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Tuolumne wind facility. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on April 29, 2030.

Buckthorn Solar

On April 9, 2025, the Company, through its indirect subsidiary, Buckthorn Solar Portfolio LLC, refinanced its existing credit agreement, which was scheduled to mature in May 2025, resulting in the issuance of a $104 million term loan facility, as well as $22 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Buckthorn Solar facility. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on April 9, 2031. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt in the amount of $112 million.

Cedro Hill Repowering

On December 12, 2023, the Company entered into a financing agreement for non-recourse debt for a total commitment of $254 million, which consists of construction loans, a tax equity bridge loan and a cash equity bridge loan, related to the repowering of the Cedro Hill wind facility. The Company’s initial borrowing of $165 million was utilized to repay the $72 million of outstanding principal under the original financing agreement, to pay $55 million to Clearway Renew for the future delivery of equipment, which was included in other non-current assets on the Company’s consolidated balance sheet, to pay $27 million to a third party for the future delivery of equipment, which was included in other non-current assets on the Company’s consolidated balance sheet, to pay a $4 million development services fee to Clearway Renew, to pay for $4 million in debt issuance costs that were deferred and to pay for $3 million in capital expenditures. During 2024, the $82 million of equipment was delivered, and therefore, was included in property, plant and equipment, net on the Company’s consolidated balance sheet as of December 31, 2024.

On December 27, 2024, when the repowering of the Cedro Hill wind facility reached substantial completion, tax equity investors contributed $152 million to acquire the Class A membership interests in Cedro Hill TE Holdco LLC, a tax equity fund that owns the Cedro Hill wind facility. The tax equity proceeds were utilized, along with $54 million in construction loan proceeds, to repay the $138 million tax equity bridge loan, the $16 million cash equity bridge loan, to fund $38 million in construction completion and related reserves, which was included in restricted cash on the Company’s consolidated balance sheet, to pay $11 million in construction invoices and to pay $4 million in associated fees with the remaining $26 million distributed to CEG. Also at substantial completion, the outstanding construction loans were converted to a term loan in the amount of $99 million. Under the new financing agreement, the Company borrowed $88 million during 2024.

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 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 merchant facilities in the Flexible Generation segment. 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 30, 2023, Rosie Class B LLC, the indirect owner of the Rosamond Central solar facility, amended its financing agreement to provide for (i) a refinanced term loan in the amount of $77 million, (ii) construction loans up to $115 million, (iii) tax equity bridge loans up to $188 million, (iv) an increase to the letter of credit sublimit to $41 million and (v) an extension of the maturity date of the term loan and construction loans to June 13, 2029.

On July 3, 2023, Rosie Class B LLC issued a loan to Clearway Renew, utilizing a portion of the loan proceeds under the amended financing agreement, in order to finance the construction of the BESS facility. On December 1, 2023, the Rosamond Central solar facility acquired the BESS facility from Clearway Renew for initial cash consideration of $70 million, as further described in Note 3, Acquisitions and Dispositions, and Clearway Renew utilized the funds to partially repay the loan.

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, Clearway Renew repaid the $184 million outstanding loan balance owed to Rosie Class B LLC utilizing the additional purchase price of $279 million paid by the Company, as further described in Note 3, Acquisitions and Dispositions. The Company utilized the 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 to the Company by CEG, to repay the $186 million tax equity bridge loan, to distribute $44 million to the third-party cash equity investor, to fund $21 million in construction completion reserves, which was 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. Under the amended financing agreement, the Company borrowed $271 million during 2023 and $30 million during 2024.

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 October 31, 2023, as part of the acquisition of Victory Pass and Arica, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the facility’s financing agreement, which included a $483 million cash equity bridge loan and a $385 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. A partial payment of $133 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG, and the contribution from the third-party cash equity investor.

On May 1, 2024, when the facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions and Dispositions, the third-party 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 was included in restricted cash on the Company’s consolidated balance sheet, and to pay $18 million in associated fees. Subsequent to the acquisition, the Company borrowed an additional $22 million during 2023 and $62 million during 2024.

Cedar Creek

On April 16, 2024, as part of the acquisition of Cedar Creek, as further described in Note 3, Acquisitions and Dispositions, 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 to the Company 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 was 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 December 28, 2023, as part of the acquisition of Texas Solar Nova 1, the Company assumed the facility’s financing agreement, which included a $90 million construction loan, $109 million cash equity bridge loan and $151 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $148 million, which was utilized, along with the Company’s entire purchase price that was contributed back to the Company by CEG and the proceeds from the third-party cash equity investor, to repay the $109 million cash equity bridge loan, to repay the $151 million tax equity bridge loan, to fund $18 million in construction completion reserves, which was included in restricted cash on the Company’s consolidated balance sheet, and to pay $5 million in associated fees with the remaining $9 million distributed back to CEG. Also at acquisition date, the $90 million construction loan was converted into a term loan in the amount of $102 million, which includes an additional borrowing of $12 million.

On March 15, 2024, as part of the acquisition of Texas Solar Nova 2, as further described in Note 3, Acquisitions and Dispositions, 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 to the Company by CEG, to repay the $115 million tax equity bridge loan, to fund $19 million in construction completion reserves, which was 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.

Interest Rate Swaps

The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments that may arise in connection with its non-recourse facility level debt or any potential refinancing of its Senior Notes. The facility level debt swaps amortize in proportion to their respective loans and are floating for a fixed rate where the subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional amount and will receive quarterly the equivalent of a floating interest payment based on the same notional amount. All interest rate swap payments by the subsidiary and its counterparty are made quarterly and the SOFR is determined in advance of each interest period.

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company’s facility level debt and the potential refinancing of its Senior Notes:


	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2025 (In millions)		Effective Date	Maturity Date
Avra Valley	85	%	2.20	%	SOFR	$	23	March 31, 2023	January 31, 2031
Alta Wind Asset Management	100	%	2.22	%	SOFR	8		May 22, 2013	May 15, 2031
Buckthorn Solar	100	%	2.63	%	SOFR	100		April 9, 2025	July 31, 2043
Capistrano Portfolio Holdco	100	%	Various		SOFR	106		October 24, 2024	September 30, 2033
Carlsbad Energy Holdings	100	%	Various		SOFR	46		Various	September 30, 2027
Cedar Creek	100	%	3.02	%	SOFR	106		April 30, 2024	March 31, 2049
Cedro Hill	85	%	Various		SOFR	77		Various	September 30, 2044
Clearway Energy Operating (a)	—	%	Various		SOFR	1,093		Various	Various
Daggett 1	95	%	Various		SOFR	126		Various	Various
Daggett 2	87	%	Various		SOFR	134		March 29, 2024	March 31, 2043
Daggett 3	84	%	Various		SOFR	181		September 30, 2024	September 30, 2043

Honeycomb Portfolio (a)	85	%	Various		SOFR	694		Various	Various
Kansas South	75	%	1.93	%	SOFR	9		June 28, 2013	December 31, 2030
Luna Valley	95	%	Various		SOFR	185		Various	Various
Mililani Class B	97	%	Various		SOFR	85		Various	Various
NIMH Solar	100	%	3.25	%	SOFR	111		June 11, 2024	January 31, 2033
Oahu Solar	96	%	2.47	%	SOFR	72		November 30, 2019	October 31, 2040
Pine Forest	85	%	Various		SOFR	88		November 28, 2025	March 31, 2050
Rosie Class B	93	%	Various		SOFR	172		Various	Various
Rosie South	90	%	Various		SOFR	206		Various	Various
South Trent	90	%	Various		SOFR	13		Various	June 30, 2028
TSN1 Class B	96	%	Various		SOFR	163		March 29, 2024	September 30, 2043
Viento Funding II	90	%	2.53	%	SOFR	129		Various	December 31, 2032
Tuolumne	100	%	Various		SOFR	153		April 29, 2025	March 31, 2040
Total						$	4,080

(a) As of December 31, 2025, the notional amount includes forward swaps that are not included in the percentage of outstanding principal disclosed.

Annual Maturities

Annual payments based on the maturities of the Company’s debt, for the years ending after December 31, 2025, are as follows:


	(In millions)
2026 (a)	$	1,139
2027	364
2028	2,022
2029	863
2030	995
Thereafter	3,291
Total	$	8,674

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
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 operating 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. Master Development Services Agreement with Clearway Renew On December 22, 2025, the Company entered into a master development services agreement with Clearway Renew under which Clearway Renew will provide pre-construction development, construction management and asset management services in connection with future approved repowerings of the Company’s facilities. The Company did not incur any expenses under this agreement for the year ended December 31, 2025. Goat Mountain Development Services Agreement with Clearway Renew On July 23, 2025, the Company entered into a development services agreement with Clearway Renew under which Clearway Renew will provide pre-construction development, construction management and asset management services in connection with the repowering of the Goat Mountain wind facility, which is located in Sterling City, Texas. Contingent upon achieving repowering commercial operations in 2027, the 306 MW facility will sell power to an investment-grade counterparty under a new 15-year PPA. In connection with the agreement, on December 12, 2025, the Company paid Clearway Renew $27 million, of which $25 million is related to the future delivery of equipment and is included in other non-current assets on the Company’s consolidated balance sheet, and $2 million is related to capital expenditures. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables & Storage 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 $82 million for each of the years ended December 31, 2025 and 2024, and $73 million for the year ended December 31, 2023, included in cost of operations in the consolidated statements of operations. There was a balance of $8 million and $12 million due to RENOM as of December 31, 2025 and 2024, respectively. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Clearway 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 $26 million, $22 million and $20 million for the years ended December 31, 2025, 2024 and 2023, respectively, included in cost of operations in the consolidated statements of operations. There was a balance of $3 million due to CEG as of December 31, 2025 and 2024. CEG Master Services Agreement The Company, along with certain of its subsidiaries, 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, effective on January 1, 2025, accounting, internal audit, tax, legal and treasury services, in exchange for the payment of fees in respect of such services. Until January 1, 2025, the Company provided certain services to CEG under a separate Master Services Agreement, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. Effective January 1, 2025, the Company directly bears all labor costs for certain employees of CEG who perform work on behalf of the Company. The Company incurred net expenses under the CEG Master Services Agreement of $24 million, $6 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively, included in general and administrative in the consolidated statements of operations. There was a balance of zero and $5 million due to CEG as of December 31, 2025 and 2024, respectively.

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Accounting for Leases

The Company evaluates each arrangement at inception to determine if it contains a lease. Substantially all of the Company’s leases are operating leases.

Lessee

The Company records its operating lease liabilities at the present value of the lease payments over the lease term at lease commencement date. Lease payments include fixed payment amounts as well as variable rate payments based on an index initially measured at lease commencement date. Variable payments, including payments based on future performance and based on index changes, are recorded when the expense is probable. The Company determines the relevant lease term by evaluating whether renewal and termination options are reasonably certain to be exercised. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, based on information available at the lease commencement date.

The Company’s leases consist of land leases for numerous operating asset locations, real estate leases and equipment leases. The terms and conditions for these leases vary by the type of underlying asset. Certain of these leases have both lease and non-lease components and the Company has elected to apply the practical expedient to not separate these components.

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2025		2024		2023
Operating lease cost - Fixed	$	51	$	31	$	40

Operating lease cost - Variable	15		12		11
Total lease cost	$	66	$	43	$	51

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2025		2024		2023
Cash paid for operating leases	$	50	$	34	$	30


(In millions, except term and rate)	December 31, 2025			December 31, 2024
Right-of-use assets - operating leases, net (a)	$	714		$	547

Short-term lease liability - operating leases (b)	$	20		$	10
Long-term lease liability - operating leases (a)	796			569
Total lease liabilities	$	816		$	579

Weighted average remaining lease term (in years)	25			26
Weighted average discount rate	5.7		%	4.5		%

(a) Increases in right-of-use assets and long-term lease liabilities are primarily due to third-party acquisitions, as further described in Note 3, Acquisitions and Dispositions.

(b) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2025 and 2024.

Minimum future rental payments of operating lease liabilities as of December 31, 2025 are as follows:


	(In millions)
2026	$	63
2027	63
2028	64
2029	62
2030	63
Thereafter	1,214
Total lease payments	1,529
Less imputed interest	(713)
Total lease liability - operating leases	$	816

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2025
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	29		34		December 18, 2062
Luna Valley	16		19		September 23, 2058
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	10		12		March 31, 2056
Rosamond South I	14		16		September 30, 2058

As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Lessor

The majority of the Company’s revenue is obtained through PPAs or other contractual agreements that are accounted for as leases. These leases are comprised of both fixed payments and variable payments contingent upon volumes or performance metrics. Many of the leases have renewal options at the end of the lease term. Termination may be allowed under specific circumstances in the lease arrangements, such as under an event of default. All but one of the Company’s active leases are operating leases. This sales-type lease is further described below. Certain of these operating leases have both lease and non-lease components, and the Company allocates the transaction price to the components based on standalone selling prices.

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables & Storage		Total
December 31, 2025	(In millions)
Energy revenue	$	2	$	783	$	785
Capacity revenue	113		63		176

Operating revenues	$	115	$	846	$	961


	Flexible Generation		Renewables & Storage		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables & Storage		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2025 were as follows:


	(In millions)
2026	$	214
2027	215
2028	213
2029	211
2030	212
Thereafter	1,918
Total lease payments	$	2,983

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2025		December 31, 2024
Property, plant and equipment	$	6,642	$	6,284
Accumulated depreciation	(2,520)		(2,276)
Net property, plant and equipment	$	4,122	$	4,008

Leases

Accounting for Leases

The Company evaluates each arrangement at inception to determine if it contains a lease. Substantially all of the Company’s leases are operating leases.

Lessee

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2025		2024		2023
Operating lease cost - Fixed	$	51	$	31	$	40

Operating lease cost - Variable	15		12		11
Total lease cost	$	66	$	43	$	51

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2025		2024		2023
Cash paid for operating leases	$	50	$	34	$	30


(In millions, except term and rate)	December 31, 2025			December 31, 2024
Right-of-use assets - operating leases, net (a)	$	714		$	547

Short-term lease liability - operating leases (b)	$	20		$	10
Long-term lease liability - operating leases (a)	796			569
Total lease liabilities	$	816		$	579

Weighted average remaining lease term (in years)	25			26
Weighted average discount rate	5.7		%	4.5		%

(a) Increases in right-of-use assets and long-term lease liabilities are primarily due to third-party acquisitions, as further described in Note 3, Acquisitions and Dispositions.

(b) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2025 and 2024.

Minimum future rental payments of operating lease liabilities as of December 31, 2025 are as follows:


	(In millions)
2026	$	63
2027	63
2028	64
2029	62
2030	63
Thereafter	1,214
Total lease payments	1,529
Less imputed interest	(713)
Total lease liability - operating leases	$	816

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2025
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	29		34		December 18, 2062
Luna Valley	16		19		September 23, 2058
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	10		12		March 31, 2056
Rosamond South I	14		16		September 30, 2058

As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Lessor

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables & Storage		Total
December 31, 2025	(In millions)
Energy revenue	$	2	$	783	$	785
Capacity revenue	113		63		176

Operating revenues	$	115	$	846	$	961


	Flexible Generation		Renewables & Storage		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables & Storage		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2025 were as follows:


	(In millions)
2026	$	214
2027	215
2028	213
2029	211
2030	212
Thereafter	1,918
Total lease payments	$	2,983

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2025		December 31, 2024
Property, plant and equipment	$	6,642	$	6,284
Accumulated depreciation	(2,520)		(2,276)
Net property, plant and equipment	$	4,122	$	4,008

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	$ 587,000,000	$ 401,000,000
Allowance for credit losses	0	0
Interest costs capitalized	51,000,000	28,000,000	$ 36,000,000
Contingent lease revenue recognized	$ 797,000,000	831,000,000	$ 780,000,000
Income tax benefit threshold	50.00%
Long-Term Debt, Current
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	$ 99,000,000	37,000,000
Debt Service Obligations
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	85,000,000	102,000,000
Cash Distribution
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	257,000,000	78,000,000
Cash Distribution \| Rosie South TargetCo LLC
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	174,000,000
Operating Funds
Summary of Significant Accounting Policies [Line Items]
Restricted cash, current	146,000,000	184,000,000
Project Level Subsidiaries
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents held at project subsidiaries	$ 194,000,000	$ 194,000,000

Fair Value of Financial Instruments - Schedule of Estimated Carrying Values and Fair Value Option (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 8,676	$ 7,237
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	8,382	6,715
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	2,032	1,922
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 6,350	$ 4,793

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Financial Information of Equity Method Investments (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Operating revenues		$ 1,429	$ 1,371	$ 1,314
Operating income		160	196	263
Net income	$ 8	(231)	(63)	(14)
Current assets		1,152	1,067
Current liabilities		1,018	718
Non-current liabilities		9,723	8,047
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Operating revenues		205	206	202
Operating income		149	146	144
Net income		118	113	108
Current assets		77	81
Non-current assets		1,025	1,086
Current liabilities		66	63
Non-current liabilities		653	726
Other
Schedule of Equity Method Investments [Line Items]
Operating revenues		96	95	94
Operating income		31	25	23
Net income		22	16	$ 13
Current assets		72	63
Non-current assets		358	391
Current liabilities		33	27
Non-current liabilities		$ 208	$ 225

Accounting for 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	12 Months Ended
	Dec. 31, 2025 USD ($) MWh BTU	Dec. 31, 2024 USD ($) MWh BTU
Long \| Interest
Derivative [Line Items]
Notional amount \| $	$ 4,080	$ 1,769
Heat Rate Call Option Commodity Contracts \| Short \| Power
Derivative [Line Items]
Notional amount, energy measure \| MWh	29	25
Heat Rate Call Option Commodity Contracts \| Short \| Natural Gas
Derivative [Line Items]
Notional amount, energy measure \| BTU	5	11

Acquisitions and Dispositions - Schedule of Assets and Liabilities Transferred with Disposition (Details) - WV Wind HoldCo LLC - Disposed of by Sale - Mt. Storm Sale to Clearway Renew $ in Millions	Oct. 02, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment	$ 54
Other current and non-current assets	6
Total assets transferred	60
Other current and non-current liabilities	9
Total liabilities transferred	9
Net assets transferred	$ 51

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Estimated Carrying Amounts 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 December 31, 2025				As of December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion (a)	$	8,676	$	8,382	$	7,237	$	6,715

(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 December 31, 2025				As of December 31, 2024
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,032	$	6,350	$	1,922	$	4,793

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 December 31, 2025				As of December 31, 2024
	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)	$	1	$	13	$	—	$	9
Interest rate contracts	142		—		166		—
Other financial instruments (d)	—		7		—		10
Total assets	$	143	$	20	$	166	$	19
Derivative liabilities
Energy-related commodity contracts (e)	$	—	$	333	$	—	$	371
Interest rate contracts	27		—		—		—
Total liabilities	$	27	$	333	$	—	$	371

(a) There were no derivative assets or liabilities classified as Level 1 as of December 31, 2025 and 2024.

(c) Includes short-term backbone transportation service contracts classified as Level 2 and 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:


	Year ended December 31,
		2025		2024
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(352)	$	(317)
Settlements		83		(2)


Total losses for the period included in earnings		(44)		(33)
Ending balance		$	(313)	$	(352)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,		$	(44)	$	(33)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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


	December 31, 2025
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	330	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	34.04	$	89.73	$	56.51
Heat Rate Call Option Commodity Contracts	13		3		Option Model	Forward Market Price ($ per MWh)	$	(29.26)	$	260.77	$	42.23
					Option Model	Forward Market Price ($ per MMBtu)	$	0.92	$	10.15	$	3.02
Other Financial Instruments	7		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	60,047 MWh		120,094 MWh		108,791 MWh


	December 31, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	366	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	21.60	$	80.82	$	45.44
Heat Rate Call Option Commodity Contracts	9		5		Option Model	Forward Market Price ($ per MWh)	$	(19.30)	$	1,011.79	$	45.87
					Option Model	Forward Market Price $ (per MMBtu)	$	0.85	$	10.55	$	3.25
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 December 31, 2025 and 2024:

Type

Significant Observable 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)

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	$ 3,907	$ 3,318
Property, plant and equipment	11,596	9,944
Total assets	16,655	14,329
Total liabilities	10,741	8,765
Variable Interest Entity
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	1,031	755
Property, plant and equipment	7,894	5,985
Total assets	8,925	6,740
Total liabilities	$ 2,594	$ 1,858

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- 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 + Details

Stockholders' Equity - Schedule of Dividends Paid (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Class A
Equity, Class of Treasury Stock [Line Items]
Dividends per common share (in usd per share)	$ 0.4528	$ 0.4456	$ 0.4384	$ 0.4312	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745	$ 1.77	$ 1.65	$ 1.54
Common Class C
Equity, Class of Treasury Stock [Line Items]
Dividends per common share (in usd per share)	$ 0.4528	$ 0.4456	$ 0.4384	$ 0.4312	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745	$ 1.77	$ 1.65	$ 1.54

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Baltimore, Maryland
Auditor Firm ID	238

Schedule II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2025, 2024, and 2023


(In millions)	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Balance at End of Period
Income tax valuation allowance, deducted from deferred tax assets
Year Ended December 31, 2025	$	4	$	—	$	21	$	25
Year Ended December 31, 2024	4		—		—		4
Year Ended December 31, 2023	1		3		—		4

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2025
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 Clearway Energy Group LLC, or CEG. The Company is one of the largest owners of clean energy generation assets in the U.S. The Company’s portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. 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 December 31, 2025, the Company owned 58.62% of the economic interests of Clearway Energy LLC, with CEG owning 41.38% of the economic interests of Clearway Energy LLC. For further discussion, see Note 12, Stockholders’ Equity. The diagram below represents a summarized structure of the Company as of December 31, 2025:

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 189	$ 184	$ 186
Contract amortization expense	183	$ 178	$ 181
Expected amortization, year one	200
Expected amortization, year two	200
Expected amortization, year three	200
Expected amortization, year four	200
Expected amortization, year five	$ 200

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Leases - Schedule of Revenue Related to Leases (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Renewal period	5 years
Lease receivable	$ 21
Net investment costs	13
Net income (loss)	$ 8	$ (231)	$ (63)	$ (14)
Energy revenue \| Flexible Generation
Disaggregation of Revenue [Line Items]
Lease revenue		2	3	4
Energy revenue \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Lease revenue		783	817	760
Energy revenue \| Total Segments
Disaggregation of Revenue [Line Items]
Lease revenue		785	820	764
Capacity revenue \| Flexible Generation
Disaggregation of Revenue [Line Items]
Lease revenue		113	110	249
Capacity revenue \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Lease revenue		63	43	20
Capacity revenue \| Total Segments
Disaggregation of Revenue [Line Items]
Lease revenue		176	153	269
Other revenue \| Flexible Generation
Disaggregation of Revenue [Line Items]
Lease revenue				21
Other revenue \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Lease revenue				0
Other revenue \| Total Segments
Disaggregation of Revenue [Line Items]
Lease revenue				21
Operating revenues \| Flexible Generation
Disaggregation of Revenue [Line Items]
Lease revenue		115	113	274
Operating revenues \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Lease revenue		846	860	780
Operating revenues \| Total Segments
Disaggregation of Revenue [Line Items]
Lease revenue		$ 961	$ 973	$ 1,054

Earnings Per Share

12 Months Ended

Dec. 31, 2025

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 earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period.

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


	Year Ended December 31,
	2025				2024				2023
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	49	$	120	$	26	$	62	$	23	$	56
Weighted average number of common shares outstanding — basic and diluted	35		84		35		83		35		82

Earnings per weighted average common share — basic and diluted	$	1.43	$	1.43	$	0.75	$	0.75	$	0.67	$	0.67

(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.

Leases - Schedule of Property, Plant and Equipment Related to Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Property, plant and equipment	$ 6,642	$ 6,284
Accumulated depreciation	(2,520)	(2,276)
Net property, plant and equipment	$ 4,122	$ 4,008

Schedule I - Condensed Financial Statements - B/S (Details) - USD ($) $ in Millions	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Deferred income taxes	$ 172				$ 0
Other non-current assets	243				133
Total Assets	16,655				14,329
Other Liabilities
Deferred income taxes	45				89
Other non-current liabilities	676				324
Total Liabilities	10,741				8,765
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); 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025 and 202,147,579 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,833,226, Class D 41,961,750) at December 31, 2024	1				1
Additional paid-in capital	1,715				1,805
Retained earnings	213	$ 358	$ 178	$ 200	254
Accumulated other comprehensive (loss) income	(5)				3
Noncontrolling interest	3,887	3,650	3,696	3,484	3,501
Total Stockholders’ Equity	5,811	$ 5,685	$ 5,535	$ 5,420	5,564	$ 4,994	$ 4,026
Total Liabilities and Stockholders’ Equity	16,655				14,329
Affiliated Entity
Current Assets
Accounts receivable — affiliates	1				0
Clearway Energy, Inc.
Current Assets
Note receivable — Clearway Energy Operating LLC	6				0
Other current assets	5				9
Other Assets
Investment in consolidated subsidiaries	5,903				5,642
Deferred income taxes	172				0
Other non-current assets	55				0
Total Assets	6,141				5,655
Other Liabilities
Deferred income taxes	44				87
Other non-current liabilities	286				4
Total Liabilities	330				91
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); 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025 and 202,147,579 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,833,226, Class D 41,961,750) at December 31, 2024	1				1
Additional paid-in capital	1,715				1,805
Retained earnings	213				254
Accumulated other comprehensive (loss) income	(5)				3
Noncontrolling interest	3,887				3,501
Total Stockholders’ Equity	5,811				5,564
Total Liabilities and Stockholders’ Equity	6,141				5,655
Clearway Energy, Inc. \| Affiliated Entity
Current Assets
Accounts receivable — affiliates	$ 0				$ 4

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

12 Months Ended

Dec. 31, 2025

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 December 31, 2025:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	12
Desert Sunlight	25%	212
Elkhorn Ridge	66.7%	(3)
GenConn (b)	50%	72
San Juan Mesa	75%	(2)
		$	291

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

(b) GenConn is a VIE.

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


	Year Ended December 31,
	2025		2024		2023
Income Statement Data:	(In millions)




Desert Sunlight
Operating revenues	$	205	$	206	$	202
Operating income	149		146		144
Net income	118		113		108












Other (a)
Operating revenues	96		95		94
Operating income	31		25		23
Net income	22		16		13
			As of December 31,
			2025		2024
Balance Sheet Data:			(In millions)





Desert Sunlight
Current assets			$	77	$	81
Non-current assets			1,025		1,086
Current liabilities			66		63
Non-current liabilities			653		726

















Other (a)
Current assets			72		63
Non-current assets			358		391
Current liabilities			33		27
Non-current liabilities			208		225

(a) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa.

Schedule of Variable Interest Entities

The Company has updated the following disclosure of assets and liabilities for its consolidated VIEs to present combined totals, and has revised the amounts as of December 31, 2024 to reflect accurate comparative totals for the same relevant entities:


(In millions)	December 31, 2025		December 31, 2024
Other current and non-current assets	$	1,031	$	755
Property, plant and equipment	7,894		5,985
Total assets	$	8,925	$	6,740
Total liabilities	$	2,594	$	1,858

- 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 Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Acquisition of Drop Down Assets, net of cash acquired	$ (318)	$ (678)	$ (45)
Drop Down
Summary of Significant Accounting Policies [Line Items]
Cash paid to acquire Drop Down Assets	(329)	(680)	(173)
Cash acquired from the acquisition of Drop Down Assets	11	2	128
Acquisition of Drop Down Assets, net of cash acquired	$ (318)	$ (678)	$ (45)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in accordance with GAAP. The FASB ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.
Principles of Consolidation	The consolidated financial statements include the Company’s accounts and operations and those of its subsidiaries in which it has a controlling financial interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of the majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated.
Cash, Cash Equivalents and Restricted Cash	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 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.
Accounts Receivable — Trade and Allowance for Credit Losses	Accounts Receivable — Trade and Allowance for Credit Losses Accounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The majority of the Company’s customers typically receive invoices monthly with payment due within 30 days. The allowance for credit losses is reviewed periodically based on amounts past due and their significance.
Inventory	Inventory Inventory consists of spare parts and is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Inventory is removed when used for repairs, maintenance or capital projects.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, however, impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. For further discussion of the Company’s property, plant and equipment refer to Note 4, Property, Plant and Equipment. Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amount of interest capitalized for the years ended December 31, 2025, 2024 and 2023 was $51 million, $28 million and $36 million, respectively. Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment.
Asset Impairments	Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate their carrying amounts may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment. An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying amount. An impairment charge is measured as the excess of an asset’s carrying amount over its fair value with the difference recorded in operating costs and expenses in the consolidated statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company’s long-lived asset impairments, refer to Note 9, Asset Impairments. Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures, which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long-term debt are presented as a direct deduction from the carrying amount of the related debt. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the consolidated balance sheet and are amortized over the term of the credit facility.
Intangible Assets	Intangible Assets Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets, including PPAs, leasehold rights, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis.
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company’s policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Flexible Generation Segment Revenues The majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. These facilities generate revenues from selling electricity and/or RA to the CAISO and to public utility and load serving entities, as the power is delivered at the interconnection point. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain facilities in the Flexible Generation segment are sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Certain revenue agreements also provide for the sale of BESS capacity. As discussed above, the majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. The Company’s BESS arrangements include variable payments not based on an index or rate and sales-type lease treatment would result in a loss at lease commencement. As a result, the Company accounts for these arrangements as operating leases under ASC 842. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or finance lease. Certain of these PPAs have no minimum lease payments and all of the lease revenue under these PPAs is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2025, 2024 and 2023 was $797 million, $831 million and $780 million, respectively. See Note 17, Leases, for additional information related to the Company’s PPAs accounted for as leases. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is unnecessary to allocate transaction price to multiple performance obligations. Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.
Derivative Financial Instruments	Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging, or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are deferred and recorded as a component of accumulated OCI/OCL until the hedged transactions occur and are recognized in earnings. The Company’s primary derivative financial instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates and energy-related instruments used to mitigate variability in earnings due to fluctuations in power market prices or natural gas market prices. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI/OCL would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI/OCL would be immediately reclassified into earnings. If the derivative financial instrument is terminated, the effective portion of this derivative deferred in accumulated OCI/OCL will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. Cash flows from derivative financial instruments, including derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges, are classified as operating activities in the consolidated statements of cash flows.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative financial instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company’s facilities have only one customer. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of 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 approximate fair value because of the short-term maturity of these instruments.
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, other than when an ARO is assumed in an acquisition of the related long-lived asset, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company’s AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its consolidated balance sheet.
Guarantees	Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.
Investments Accounted for by the Equity Method	Investments Accounted for by the Equity Method The Company has investments in various energy facilities accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the facilities. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Distributions from equity method investments that represent earnings on the Company’s investment are included within cash flows from operating activities and distributions from equity method investments that represent a return of the Company’s investment are included within cash flows from investing activities.
Sale-Leaseback Arrangements	Sale-Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 842-40, Sale-Leaseback Transactions, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term.
Income Taxes	Income Taxes The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes, or ASC 740, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. The Company has two categories of income tax expense or benefit — current and deferred, as follows: •Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and •Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income (loss). The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company’s financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company’s consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion to utilize projections of future profit before tax in its estimate of future taxable income, the Company considered the profit before tax generated in recent years. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized. The Company, through its consolidated subsidiaries, may earn tax credits in the ordinary course of business, which may be eligible for a transferability election permitting the Company to sell the tax credit to a third party. These tax credits, which are accounted for in accordance with ASC 740, include production tax credits, or PTCs, which are based on electricity generated by an operating facility, and investment tax credits, or ITCs, which are earned based on eligible costs to place an asset in service. The Company accounts for PTCs as electricity is generated and sold and records transferable PTCs as reduction to current income taxes. The Company records ITCs when generated as a deferred tax asset and other non-current liability. The Company reduces the deferred tax asset when the credit is sold and then reduces the other non-current liability ratably as a reduction to income tax expense over the depreciable life of the related property, plant and equipment. For further discussion, see Note 14, Income Taxes. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. In accordance with ASC 740 and as discussed further in Note 14, Income Taxes, changes to existing net deferred tax assets, valuation allowances, or changes to uncertain tax benefits, are recorded to income tax expense.
Asset Acquisitions	Asset Acquisitions The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. No goodwill is recognized, and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, the difference between the cash paid and historical value of the entities’ equity is recorded as a distribution/contribution from/to CEG with the offset to noncontrolling interest.
Tax Equity Arrangements	Tax Equity Arrangements Certain portions of the Company’s redeemable noncontrolling interest in subsidiaries and noncontrolling interest represent third-party interests in the net assets under tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of facilities eligible for certain tax credits and benefits. The Company has determined that the provisions in the contractual agreements of these redeemable noncontrolling interests and noncontrolling interests represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the redeemable noncontrolling interest and noncontrolling interest that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as redeemable noncontrolling interest and noncontrolling interest represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in redeemable noncontrolling interest and noncontrolling interest at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. In addition, in certain circumstances, the Company and its partners in the tax equity arrangements agree that certain tax benefits are to be utilized outside of the tax equity arrangements, which may result in differences in the amount an investor would hypothetically receive at the initial balance sheet date calculated strictly in accordance with related contractual agreements. These differences are recognized in the consolidated statements of operations using a systematic and rational method over the period during which the investor is expected to achieve its target return.
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. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, AROs, acquisition accounting, fair value of financial instruments and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
Recent Accounting Standards Not Yet Adopted	Recent Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU No 2025-10, Government Grants - (Topic 832): Accounting for Government Grants Received by Business Entities. The amendment establishes the accounting guidance for governmental grants received by a business entity. This guidance is effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods within the annual reporting period. The amendment may be applied on a modified prospective approach, a modified retrospective approach or retrospectively. Early adoption is permitted in both interim and annual reporting periods. As of December 31, 2025, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment clarifies when software costs should be capitalized and requires certain disclosures for all capitalized internal-use software costs. This guidance may be applied prospectively, retrospectively or on a modified retrospective basis and is effective for annual reporting periods in fiscal years beginning after December 15, 2027. The Company intends to early adopt ASU 2025-06 prospectively, effective January 1, 2026. The adoption is not expected to have an impact on the Company’s financial statements. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The amendment expands the derivative scope exceptions and clarifies when an entity should apply the guidance in ASC 606, Revenue from Contracts with Customers, to contracts with share-based noncash consideration from a customer for the transfer of goods or services. This guidance may be applied either prospectively or on a modified retrospective basis and is effective for annual reporting periods in fiscal years beginning after December 15, 2026. The Company intends to early adopt ASU 2025-07 prospectively, effective January 1, 2026. The adoption is not expected to have an impact on the Company’s financial statements. In November 2024, the FASB issued ASU No 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendment requires certain expenses presented on the face of the income statement to be disaggregated in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. As of December 31, 2025, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements.

Investments Accounted for by the Equity Method and Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for by the Equity Method and Variable Interest Entities

Equity Method Investments

The following table reflects the Company’s equity investments in unconsolidated affiliates as of December 31, 2025:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	12
Desert Sunlight	25%	212
Elkhorn Ridge	66.7%	(3)
GenConn (b)	50%	72
San Juan Mesa	75%	(2)
		$	291

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

(b) GenConn is a VIE.

As of December 31, 2025 and 2024, the Company had $25 million and $20 million, respectively, of undistributed earnings from its equity method investments.

The Company acquired its interest in Desert Sunlight on June 30, 2015, for $285 million, which resulted in a $181 million difference between the purchase price and the basis of the acquired assets and liabilities. The difference is attributable to the fair value of the property, plant and equipment and PPAs. The Company is amortizing the related basis differences to equity in earnings of unconsolidated subsidiaries over the related useful life of the underlying assets acquired. As of December 31, 2025, the carrying value of the basis difference is $109 million.

The Company’s pro-rata share of non-recourse debt held by unconsolidated affiliates was $259 million as of December 31, 2025.

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 utilizing the additional purchase price paid by the Company, as further described in Note 3, Acquisitions and Dispositions. Rosie Class B LLC’s equity investment in Rosie Central BESS was comprised of contributions from the Company and the third-party cash equity investor in Rosie TargetCo LLC during the year ended December 31, 2023. The Company previously accounted for its investment in Rosie Central BESS as an equity method investment.

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


	Year Ended December 31,
	2025		2024		2023
Income Statement Data:	(In millions)




Desert Sunlight
Operating revenues	$	205	$	206	$	202
Operating income	149		146		144
Net income	118		113		108












Other (a)
Operating revenues	96		95		94
Operating income	31		25		23
Net income	22		16		13
			As of December 31,
			2025		2024
Balance Sheet Data:			(In millions)





Desert Sunlight
Current assets			$	77	$	81
Non-current assets			1,025		1,086
Current liabilities			66		63
Non-current liabilities			653		726

















Other (a)
Current assets			72		63
Non-current assets			358		391
Current liabilities			33		27
Non-current liabilities			208		225

(a) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa.

Variable Interest Entities, or VIEs

Entities that are Consolidated

The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations. 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 2025 related to the Company’s consolidated VIEs:

Honeycomb TE HoldCo LLC — As described in Note 3, Acquisitions and Dispositions, on October 15, 2025, Honeycomb 1 Holdco LLC, an indirect subsidiary of the Company, acquired Honeycomb TargetCo. Honeycomb TargetCo consolidates as primary beneficiary, and through its ownership of the Class B membership interests, Honeycomb TE HoldCo LLC, a tax equity fund that owns the Honeycomb Portfolio BESS facilities. The Class A membership interests in Honeycomb TE HoldCo LLC are held by a tax equity investor and are reflected as redeemable noncontrolling interest on the Company’s consolidated balance sheet, as the tax equity arrangement provides the tax equity investor with the right to redeem their interests in the partnership for cash or other assets at a point in time.

DGPV Funds — On August 11, 2025, Puma Class B LLC, an indirect subsidiary of the Company, acquired 100% of the Class A membership interests in Golden Puma Fund LLC, a tax equity fund that owns several distributed solar facilities, from the tax equity investor for $3 million. Prior to the acquisition, the Company consolidated Golden Puma Fund LLC through its ownership of the Class B membership interests and role as managing member, and the Class A membership interests were reflected as noncontrolling interest on the Company’s consolidated balance sheet. The difference between the historical cost of the Company’s noncontrolling interest and the cash paid to acquire the Class A membership interests was less than $1 million.

Pine Forest TargetCo — As described in Note 3, Acquisitions and Dispositions, on June 10, 2025, Pine Forest CE Class A Owner LLC, an indirect subsidiary of the Company, acquired the Class A membership interests in Pine Forest TargetCo, which is a partnership. The Company consolidates Pine Forest TargetCo as a VIE, as the Company is the primary beneficiary. Through its membership interests in Pine Forest TargetCo, the Company receives 50% of distributable cash. The Company recorded the third-party cash equity investor’s noncontrolling interest in Pine Forest TargetCo at the historical carrying amount, with the offset to additional paid-in capital. Pine Forest TargetCo consolidates as primary beneficiary, and through its ownership of the Class B membership interests, Pine Forest TE HoldCo LLC, a tax equity fund that directly owns the Pine Forest solar and BESS facility. The Class A membership interests in Pine Forest TE HoldCo LLC are held by Pine Forest TE Class A, an indirect subsidiary of the Company.

Luna Valley TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on April 29, 2025, LV-Daggett Parent Holdco LLC, an indirect subsidiary of the Company, acquired Luna Valley Class B. Luna Valley Class B consolidates as primary beneficiary, and through its ownership of the Class B membership interests, Luna Valley TE Holdco LLC, a tax equity fund that owns the Luna Valley solar facility. The Class A membership interests in Luna Valley TE Holdco LLC are held by a tax equity investor and are reflected as redeemable noncontrolling interest on the Company’s consolidated balance sheet, as the tax equity arrangement provides the tax equity investor with the right to redeem their interests in the partnership for cash or other assets at a point in time.

Daggett 1 TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on April 29, 2025, LV-Daggett Parent Holdco LLC acquired Daggett 1 Class B. Daggett 1 Class B consolidates as primary beneficiary, and through its ownership of the Class B membership interests, Daggett 1 TE Holdco LLC, a tax equity fund that owns the Daggett 1 BESS facility. The Class A membership interests in Daggett 1 TE Holdco LLC are held by a tax equity investor and are reflected as redeemable noncontrolling interest on the Company’s consolidated balance sheet, as the tax equity arrangement provides the tax equity investor with the right to redeem their interests in the partnership for cash or other assets at a point in time.

Rosie South TargetCo — As described in Note 3, Acquisitions and Dispositions, on March 20, 2025, Rosamond South Investment LLC, an indirect subsidiary of the Company, acquired the Class A membership interests in Rosie South TargetCo, which is a partnership. The Company consolidates Rosie South TargetCo as a VIE, as the Company is the primary beneficiary. Through its membership interests in Rosie South TargetCo, the Company receives 50% of distributable cash. The Company recorded the third-party cash equity investor’s noncontrolling interest in Rosie South TargetCo at the historical carrying amount, with the offset to additional paid-in capital. Rosie South TargetCo consolidates as primary beneficiary, and through its ownership of the Class B membership interests, Rosie South TE Holdco LLC, a tax equity fund that directly owns the Rosamond South I solar and BESS facility. The Class A membership interests in Rosie South TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.


(In millions)	December 31, 2025		December 31, 2024
Other current and non-current assets	$	1,031	$	755
Property, plant and equipment	7,894		5,985
Total assets	$	8,925	$	6,740
Total liabilities	$	2,594	$	1,858

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 16,269	$ 14,030
Accumulated depreciation	(4,673)	(4,086)
Net property, plant and equipment	11,596	9,944
Facilities and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 15,095	13,302
Facilities and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Facilities and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 644	537
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	530	191
Construction in Progress \| Accrued Liabilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment	12	9
Construction in Progress \| Flexible Generation
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 24	$ 23

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

Also, the Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Customer	Flexible Generation	Renewables & Storage	Flexible Generation	Renewables & Storage	Flexible Generation	Renewables & Storage
SCE	7%	15%	7%	17%	11%	13%
PG&E	2%	14%	3%	14%	4%	13%

Schedule of Segment Reporting Information


	Year ended December 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	291	$	1,138	$	—	$	1,429
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	109		421		—		530
Depreciation, amortization and accretion	112		570		—		682

General and administrative	—		—		41		41
Transaction and integration costs	—		—		16		16

Operating income (loss)	70		147		(57)		160
Equity in earnings of unconsolidated affiliates	1		30		—		31


Other income, net	4		22		3		29
Loss on debt extinguishment	—		(8)		—		(8)
Interest expense	(35)		(252)		(100)		(387)
Income (loss) before income taxes	40		(61)		(154)		(175)
Income tax (benefit) expense	—		(1)		57		56
Net Income (Loss)	40		(60)		(211)		(231)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(560)		160		(400)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	40	$	500	$	(371)	$	169
Balance Sheet
Equity investments in affiliates	$	72	$	219	$	—	$	291
Capital expenditures (b)	9		187		—		196
Total Assets	$	1,803	$	14,557	$	295	$	16,655

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	342	$	1,029	$	—	$	1,371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	137		367		(3)		501
Depreciation, amortization and accretion	115		512		—		627

General and administrative	—		—		39		39
Transaction and integration costs	—		—		8		8



Operating income (loss)	90		150		(44)		196
Equity in earnings of unconsolidated affiliates	3		32		—		35


Other income, net	6		31		11		48
Loss on debt extinguishment	—		(5)		—		(5)
Interest expense	(35)		(176)		(96)		(307)
Income (loss) before income taxes	64		32		(129)		(33)
Income tax expense	—		1		29		30
Net Income (Loss)	64		31		(158)		(63)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(236)		85		(151)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	64	$	267	$	(243)	$	88
Balance Sheet
Equity investments in affiliates	$	75	$	234	$	—	$	309
Capital expenditures (b)	9		179		—		188
Total Assets	$	1,933	$	12,236	$	160	$	14,329

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	420	$	894	$	—	$	1,314
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	154		321		(2)		473
Depreciation, amortization and accretion	129		397		—		526
Impairment losses	—		12		—		12
General and administrative	—		—		36		36
Transaction and integration costs	—		—		4		4

Operating income (loss)	137		164		(38)		263
Equity in earnings of unconsolidated affiliates	3		9		—		12


Other income, net	4		24		24		52
Loss on debt extinguishment	—		(6)		—		(6)
Interest expense	(35)		(205)		(97)		(337)
Income (loss) before income taxes	109		(14)		(111)		(16)
Income tax benefit	—		(2)		—		(2)
Net Income (Loss)	109		(12)		(111)		(14)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(162)		69		(93)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	109	$	150	$	(180)	$	79

(a) Includes eliminations.

Accounting for Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative assets, gross	$ 156	$ 175
Derivative liabilities, gross	(360)	(371)
Fair value of gross derivative assets/(liabilities), net	(204)	(196)
Derivative instruments	0	0
Net amount	(204)	(196)
Energy-related commodity contracts
Derivative [Line Items]
Derivative assets, gross	14	9
Derivative instruments, assets	0	0
Net amount	14	9
Derivative liabilities, gross	(333)	(371)
Derivative instruments, liabilities	0	0
Derivative Liabilities, Net Amount	(333)	(371)
Fair value of gross derivative assets/(liabilities), net	(319)	(362)
Derivative instruments	0	0
Net amount	(319)	(362)
Interest rate contracts
Derivative [Line Items]
Derivative assets, gross	142	166
Derivative instruments, assets	0	0
Net amount	142	166
Derivative liabilities, gross	(27)
Derivative instruments, liabilities	0
Derivative Liabilities, Net Amount	(27)
Fair value of gross derivative assets/(liabilities), net	115	166
Derivative instruments	0	0
Net amount	$ 115	$ 166

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Loss	$ (231)	$ (63)	$ (14)
Other Comprehensive Loss, net of tax
Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit of $(2), $(1) and $(1)	(3)	(4)	(6)
Other comprehensive loss	(3)	(4)	(6)
Comprehensive Loss	(234)	(67)	(20)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	(404)	(151)	(97)
Comprehensive Income Attributable to Clearway Energy, Inc.	$ 170	$ 84	$ 77

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Balance as of December 31, 2024	$ 0
Increase due to prior year positions	19
Balance as of December 31, 2025	$ 19

Long-term Debt - Schedule of Annual Payments Based on the Maturities of NRG Yield's Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 1,139
2027	364
2028	2,022
2029	863
2030	995
Thereafter	3,291
Total	8,674
Debt current	$ 431

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 662	$ 610	$ 514
Mt Storm And Goat Wind Facilities
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 22

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 8,674	$ 7,235
Less current maturities	(708)	(430)
Less net debt issuance costs	(70)	(57)
Add premiums	2	2
Total long-term debt	7,898	6,750
Senior Notes
Debt Instrument [Line Items]
Total debt	$ 2,125	2,125
Senior Notes \| Minimum
Debt Instrument [Line Items]
Interest rate, percentage	3.75%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Interest rate, percentage	4.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 361	0
Basis spread on variable rate	1.75%
Fixed Rate
Debt Instrument [Line Items]
Total debt	$ 3,001	3,190
Fixed Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on fixed rate	2.339%
Fixed Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on fixed rate	8.00%
Variable Rate
Debt Instrument [Line Items]
Total debt	$ 3,187	$ 1,920
Variable Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.375%
Variable Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Dividends Paid

The following tables list the dividends paid on the Company’s Class A and Class C common stock during the years ended December 31, 2025, 2024 and 2023:


	Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025		First Quarter 2025
Dividends per Class A share	$	0.4528	$	0.4456	$	0.4384	$	0.4312
Dividends per Class C share	0.4528		0.4456		0.4384		0.4312


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Dividends per Class A share	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Dividends per Class C share	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Dividends per Class A share	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Dividends per Class C share	0.3964		0.3891		0.3818		0.3745

Schedule of Distributions Paid

The following tables list the distributions paid to CEG during the years ended December 31, 2025, 2024 and 2023 on Clearway Energy LLC’s Class B and D units:


	Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025		First Quarter 2025
Distributions per Class B unit	$	0.4528	$	0.4456	$	0.4384	$	0.4312
Distributions per Class D unit	0.4528		0.4456		0.4384		0.4312


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class B unit	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Distributions per Class D unit	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Distributions per Class B unit	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Distributions per Class D unit	0.3964		0.3891		0.3818		0.3745

Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 4	$ 4	$ 1
Charged to costs and expenses	0	0	3
Charged to other accounts	21	0	0
Balance at end of period	$ 25	$ 4	$ 4

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Components of the Company's Intangible Assets Subject to Amortization

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


Year ended December 31, 2025	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2025	$	3,265	$	86	$	17	$	19	$	3,387
Acquisitions (a)	351		—		—		—		351
Other	—		—		—		4		4
December 31, 2025	3,616		86		17		23		3,742
Less accumulated amortization	(1,322)		(46)		(6)		(8)		(1,382)
Net carrying amount	$	2,294	$	40	$	11	$	15	$	2,360

(a) The weighted average life of acquired intangibles was 14 years for PPAs.


Year ended December 31, 2024	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2024	$	3,265	$	86	$	17	$	15	$	3,383

Other	—		—		—		4		4
December 31, 2024	3,265		86		17		19		3,387
Less accumulated amortization	(1,140)		(42)		(5)		(7)		(1,194)
Net carrying amount	$	2,125	$	44	$	12	$	12	$	2,193

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 231	$ 332
Restricted cash	587	401
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 818	$ 733	$ 1,051	$ 996

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	December 31, 2025		December 31, 2024		Depreciable Lives
	(In millions)
Facilities and equipment	$	15,095	$	13,302	3 - 40 Years
Land and improvements	644		537
Construction in progress (a) (b)	530		191
Total property, plant and equipment	16,269		14,030
Accumulated depreciation	(4,673)		(4,086)
Net property, plant and equipment	$	11,596	$	9,944

(b) As of December 31, 2025 and 2024, construction in progress included $12 million and $9 million, respectively, of accrued non-cash capital expenditures.

Segment Reporting (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	May 31, 2023	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting
Operating revenues							$ 1,429	$ 1,371	$ 1,314
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below							530	501	473
Depreciation, amortization and accretion							682	627	526
Impairment losses							0	0	12
General and administrative							41	39	36
Transaction and integration costs							16	8	4
Operating income (loss)							160	196	263
Equity in earnings of unconsolidated affiliates							31	35	12
Other income, net							29	48	52
Loss on debt extinguishment							(8)	(5)	(6)
Interest expense							(387)	(307)	(337)
Income (loss) before income taxes							(175)	(33)	(16)
Income tax expense (benefit)							56	30	(2)
Net income (loss)	$ 8						(231)	(63)	(14)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		$ (172)	$ (18)	$ (101)	$ (119)	$ (291)	(400)	(151)	(93)
Net Income (Loss) Attributable to Clearway Energy, Inc.		$ 232	$ 30	$ (3)	$ 27	$ 259	169	88	79
Equity investments in affiliates							291	309
Capital expenditures							196	188
Total Assets							16,655	14,329
Operating Segments
Segment Reporting
Operating revenues							1,429	1,371	1,314
Operating Segments \| Flexible Generation
Segment Reporting
Operating revenues							291	342	420
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below							109	137	154
Depreciation, amortization and accretion							112	115	129
Impairment losses									0
General and administrative							0	0	0
Transaction and integration costs							0	0	0
Operating income (loss)							70	90	137
Equity in earnings of unconsolidated affiliates							1	3	3
Other income, net							4	6	4
Loss on debt extinguishment							0	0	0
Interest expense							(35)	(35)	(35)
Income (loss) before income taxes							40	64	109
Income tax expense (benefit)							0	0	0
Net income (loss)							40	64	109
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests							0	0	0
Net Income (Loss) Attributable to Clearway Energy, Inc.							40	64	109
Equity investments in affiliates							72	75
Capital expenditures							9	9
Total Assets							1,803	1,933
Operating Segments \| Renewables & Storage
Segment Reporting
Operating revenues							1,138	1,029	894
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below							421	367	321
Depreciation, amortization and accretion							570	512	397
Impairment losses									12
General and administrative							0	0	0
Transaction and integration costs							0	0	0
Operating income (loss)							147	150	164
Equity in earnings of unconsolidated affiliates							30	32	9
Other income, net							22	31	24
Loss on debt extinguishment							(8)	(5)	(6)
Interest expense							(252)	(176)	(205)
Income (loss) before income taxes							(61)	32	(14)
Income tax expense (benefit)							(1)	1	(2)
Net income (loss)							(60)	31	(12)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests							(560)	(236)	(162)
Net Income (Loss) Attributable to Clearway Energy, Inc.							500	267	150
Equity investments in affiliates							219	234
Capital expenditures							187	179
Total Assets							14,557	12,236
Corporate
Segment Reporting
Operating revenues							0	0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below							0	(3)	(2)
Depreciation, amortization and accretion							0	0	0
Impairment losses									0
General and administrative							41	39	36
Transaction and integration costs							16	8	4
Operating income (loss)							(57)	(44)	(38)
Equity in earnings of unconsolidated affiliates							0	0	0
Other income, net							3	11	24
Loss on debt extinguishment							0	0	0
Interest expense							(100)	(96)	(97)
Income (loss) before income taxes							(154)	(129)	(111)
Income tax expense (benefit)							57	29	0
Net income (loss)							(211)	(158)	(111)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests							160	85	69
Net Income (Loss) Attributable to Clearway Energy, Inc.							(371)	(243)	$ (180)
Equity investments in affiliates							0	0
Capital expenditures							0	0
Total Assets							$ 295	$ 160
Southern California Edison \| Flexible Generation
Segment Reporting
Customers percentage of total revenue							7.00%	7.00%	11.00%
Southern California Edison \| Renewables & Storage
Segment Reporting
Customers percentage of total revenue							15.00%	17.00%	13.00%
PG&E \| Flexible Generation
Segment Reporting
Customers percentage of total revenue							2.00%	3.00%	4.00%
PG&E \| Renewables & Storage
Segment Reporting
Customers percentage of total revenue							14.00%	14.00%	13.00%
CALIFORNIA \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting
Percentage of total operating revenue and assets							58.00%
CALIFORNIA \| Assets, Total \| Geographic Concentration Risk
Segment Reporting
Percentage of total operating revenue and assets							45.00%

Schedule I - Condensed Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements

Clearway Energy, Inc. (Parent)

Condensed Financial Statements

Condensed Statements of Operations


	Year ended December 31,
(In millions)	2025		2024		2023
Total operating costs and expenses	$	1	$	1	$	1
Equity in losses of consolidated subsidiaries	(173)		(33)		(13)


Total other expense, net	(173)		(33)		(13)
Loss Before Income Taxes	(174)		(34)		(14)
Income tax expense	57		29		—
Net Loss	(231)		(63)		(14)

Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(400)		(151)		(93)
Net Income Attributable to Clearway Energy, Inc.	$	169	$	88	$	79

Clearway Energy, Inc. (Parent)

Condensed Balance Sheets


	December 31,		December 31,
	2025		2024
ASSETS	(In millions)

Current Assets

Accounts receivable — affiliates	$	—	$	4
Note receivable — Clearway Energy Operating LLC	6		—
Other current assets	5		9
Other Assets
Investment in consolidated subsidiaries	5,903		5,642

Deferred income taxes	172		—
Other non-current assets	55		—
Total Assets	$	6,141	$	5,655
LIABILITIES AND STOCKHOLDERS’ EQUITY




Other Liabilities
Deferred income taxes	$	44	$	87
Other non-current liabilities	286		4
Total Liabilities	330		91

Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	—		—
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025 and 202,147,579 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,833,226, Class D 41,961,750) at December 31, 2024	1		1
Additional paid-in capital	1,715		1,805
Retained earnings	213		254
Accumulated other comprehensive (loss) income	(5)		3
Noncontrolling interest	3,887		3,501
Total Stockholders’ Equity	5,811		5,564
Total Liabilities and Stockholders’ Equity	$	6,141	$	5,655

Clearway Energy, Inc. (Parent)

Condensed Statements of Cash Flows


	Year ended December 31,
	2025		2024		2023
	(In millions)

Net Cash Used in Operating Activities	$	(1)	$	(2)	$	(31)
Cash Flows from Investing Activities
Investments in consolidated affiliates	(41)		—		—
Cash advances for notes receivable — affiliate	(8)		—		—
Cash received from notes receivable — affiliate	2		1		1
Net Cash (Used in) Provided by Investing Activities	(47)		1		1
Cash Flows from Financing Activities


Proceeds from the issuance of Class C common stock	48		—		—

Cash received from Clearway Energy LLC for tax-related distributions	—		1		30
Cash received from Clearway Energy LLC for the payment of dividends	209		194		180
Payment of dividends	(209)		(194)		(180)
Net Cash Provided by Financing Activities	48		1		30
Net Change in Cash	—		—		—
Cash at Beginning of Period	—		—		—
Cash at End of Period	$	—	$	—	$	—

Background and Basis of Presentation

Background

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 Clearway Energy Group LLC, or CEG.

The Company is one of the largest owners of clean energy generation assets in the U.S. The Company’s portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. 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 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 December 31, 2025, the Company owned 58.62% of the economic interests of Clearway Energy LLC, with CEG owning 41.38% of the economic interests of Clearway Energy LLC.

Basis of Presentation

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

Note 2 — Long-Term Debt

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

Note 3 — Contingencies and Guarantees

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

Note 4 — Dividends

Cash distributions paid to Clearway Energy, Inc. by its subsidiary, Clearway Energy LLC, were $209 million, $194 million and $180 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Intangible Assets - Schedule of Components Subject to Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	$ 3,742	$ 3,387	$ 3,383
Acquisition	351
Net carrying amount ending balance	3,742	3,387	3,383
Less accumulated amortization	(1,382)	(1,194)
Net carrying amount	$ 2,360	2,193
Weighted average life of acquired intangibles	14 years
Other Acquisitions
Finite-lived Intangible Assets [Roll Forward]
Other	$ 4	4
PPAs
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	3,616	3,265	3,265
Acquisition	351
Net carrying amount ending balance	3,616	3,265	3,265
Less accumulated amortization	(1,322)	(1,140)
Net carrying amount	2,294	2,125
PPAs \| Other Acquisitions
Finite-lived Intangible Assets [Roll Forward]
Other	0	0
Leasehold Rights
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	86	86	86
Acquisition	0
Net carrying amount ending balance	86	86	86
Less accumulated amortization	(46)	(42)
Net carrying amount	40	44
Leasehold Rights \| Other Acquisitions
Finite-lived Intangible Assets [Roll Forward]
Other	0	0
Emission Allowances
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	17	17	17
Acquisition	0
Net carrying amount ending balance	17	17	17
Less accumulated amortization	(6)	(5)
Net carrying amount	11	12
Emission Allowances \| Other Acquisitions
Finite-lived Intangible Assets [Roll Forward]
Other	0	0
Other
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	23	19	15
Acquisition	0
Net carrying amount ending balance	23	19	$ 15
Less accumulated amortization	(8)	(7)
Net carrying amount	15	12
Other \| Other Acquisitions
Finite-lived Intangible Assets [Roll Forward]
Other	$ 4	$ 4

Long-term Debt - Narrative (Details) $ in Millions																												1 Months Ended		3 Months Ended		4 Months Ended	5 Months Ended	12 Months Ended
Long-term Debt - Narrative (Details) $ in Millions	Feb. 05, 2026 USD ($)	Jan. 13, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 17, 2025 USD ($)	Oct. 15, 2025 USD ($)	Sep. 19, 2025 USD ($)	Sep. 04, 2025 USD ($)	Aug. 13, 2025 USD ($)	Jun. 10, 2025 USD ($)	May 21, 2025 USD ($)	Apr. 29, 2025 USD ($)	Apr. 09, 2025 USD ($)	Mar. 20, 2025 USD ($)	Dec. 27, 2024 USD ($)	Nov. 18, 2024 USD ($)	Oct. 23, 2024 USD ($)	Jul. 25, 2024 USD ($) option	Jun. 13, 2024 USD ($)	Jun. 11, 2024 USD ($)	May 01, 2024 USD ($)	Apr. 16, 2024 USD ($)	Mar. 15, 2024 USD ($)	Dec. 28, 2023 USD ($)	Dec. 12, 2023 USD ($)	Dec. 01, 2023 USD ($)	Oct. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt			$ 8,674																										$ 7,235	$ 8,674	$ 8,674	$ 8,674	$ 8,674	$ 8,674	$ 7,235
Proceeds from the revolving credit facility																																		701	0	$ 0
Repayment of outstanding loan																																		1,461	1,966	1,349
Restricted cash, current			587																										401	587	587	587	587	587	401
Net debt issuance costs			70																										57	70	70	70	70	70	57
Capital expenditures			196																										188	196	196	196	196	196	188
Property, plant and equipment			11,596																										9,944	11,596	11,596	11,596	11,596	11,596	9,944
Cash Distribution
Debt Instrument [Line Items]
Restricted cash, current			257																										78	257	257	257	257	257	78
Pine Forest
Debt Instrument [Line Items]
Unamortized debt issuance costs									$ 6
Payments for other fees				$ 15
Pine Forest \| Cash Equity Investor
Debt Instrument [Line Items]
Expected contributions upon substantial completion				144
Pine Forest \| Pine Forest TE Holdco LLC
Debt Instrument [Line Items]
Long-term debt				49					515
Payments for asset acquisition				50
Net assets (liabilities) assumed									(9)
Honeycomb
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ 9
Daggett 1
Debt Instrument [Line Items]
Unamortized debt issuance costs											$ 3
Payments for other fees						$ 7
Daggett 1 \| CEG
Debt Instrument [Line Items]
Net assets (liabilities) assumed						33
Daggett 1 \| LV-Daggett Parent Holdco LLC
Debt Instrument [Line Items]
Long-term debt											220
Payments for asset acquisition					57	42
Net assets (liabilities) assumed											1
Luna Valley
Debt Instrument [Line Items]
Unamortized debt issuance costs											4
Payments for other fees							$ 9
Luna Valley \| CEG
Debt Instrument [Line Items]
Expected contributions upon substantial completion							50
Luna Valley \| LV-Daggett Parent Holdco LLC
Debt Instrument [Line Items]
Long-term debt											348
Payments for asset acquisition					119
Net assets (liabilities) assumed											7
Luna Valley \| LV-Daggett Parent Holdco LLC \| LV-Daggett Parent Holdco LLC
Debt Instrument [Line Items]
Payments for asset acquisitions, net of cash acquired and transaction expenses							72				72
Rosie South
Debt Instrument [Line Items]
Unamortized debt issuance costs													$ 1
Payments for other fees								$ 9
Net assets (liabilities) assumed													3
Rosie South \| Rosamond South Investment LLC \| Clearway Renew LLC
Debt Instrument [Line Items]
Current assets, receivables								29
Rosie South \| Cash Equity Investor
Debt Instrument [Line Items]
Payments for asset acquisition													2
Rosie South \| Cash Equity Investor \| Rosamond South Investment LLC \| Clearway Renew LLC
Debt Instrument [Line Items]
Current assets, receivables								41
Rosie South \| CEG
Debt Instrument [Line Items]
Net assets (liabilities) assumed								53
Payments to fund project reserve accounts													3
Partial payment of long term debt																																	46
Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt															$ 125
Unamortized debt issuance costs															1
Payments for asset acquisition															1
Payments for other fees										$ 2
Net assets (liabilities) assumed															(2)
Dan’s Mountain Drop Down \| Cash Equity Investor
Debt Instrument [Line Items]
Expected contributions upon substantial completion										45
Dan’s Mountain Drop Down \| CEG
Debt Instrument [Line Items]
Net assets (liabilities) assumed										26
Partial payment of long term debt										16
Tuolumne
Debt Instrument [Line Items]
Asset acquisition, issuance cost											$ 163
Buckthorn Solar Portfolio LLC
Debt Instrument [Line Items]
Aggregate principal amount repurchased												$ 112
Cedro Hill Repowering
Debt Instrument [Line Items]
Proceeds from the revolving credit facility																								$ 165
Long-term debt																								254
Expected contributions upon substantial completion														$ 152
Remaining balance to distribute																								55
Payments for other fees														4										4
Aggregate principal amount repurchased																								72
Proceeds from debt																								27
Net debt issuance costs																								4
Capital expenditures																								$ 3
Property, plant and equipment																													82						82
Cedro Hill Repowering \| Clearway Renew LLC
Debt Instrument [Line Items]
Remaining balance to distribute														26
Rosamond Central Solar Project
Debt Instrument [Line Items]
Total debt																											$ 77
Rosamond Central Solar Project \| Rosie Central BESS
Debt Instrument [Line Items]
Payments for asset acquisition																									$ 70
Current assets, receivables																									279
Repayment of partial loan amount																									70
Rosamond Central Solar Project \| Cash Equity Investor \| Rosie Central BESS
Debt Instrument [Line Items]
Payments for asset acquisition																									54
Rosamond Central Solar Project \| Tax Equity Investors \| Rosie Central BESS
Debt Instrument [Line Items]
Current assets, receivables																									215
Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt																		$ 21
Payments for other fees																		11
Rosie Class B LLC, Due 2029 \| Cash Equity Investor
Debt Instrument [Line Items]
Remaining balance to distribute																		44
Rosie Class B LLC, Due 2029 \| CEG
Debt Instrument [Line Items]
Expected contributions upon substantial completion																		56
Contributions from noncontrolling interests, net of distributions																		39
NIMH Solar, due 2024
Debt Instrument [Line Items]
Aggregate principal amount repurchased																			$ 146
Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt																				$ 75
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]
Expected contributions upon substantial completion																				52
Contributions from noncontrolling interests, net of distributions																				103
Victory Pass and Arica, due 2024 \| Sponsor Equity Bridge Loan
Debt Instrument [Line Items]
Long-term debt																										$ 483
Victory Pass and Arica, due 2024 \| Tax Equity Bridge Loan
Debt Instrument [Line Items]
Long-term debt																										385
Victory Pass and Arica, due 2024 \| Tax Equity Investors
Debt Instrument [Line Items]
Expected contributions upon substantial completion																				410
Long-term debt, additions																																			62	22
Victory Pass and Arica
Debt Instrument [Line Items]
Long-term debt																										864
Unamortized debt issuance costs																										4
Payments for other fees																				18
Net assets (liabilities) assumed																										(1)
Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt																					$ 309
Unamortized debt issuance costs																					3
Payments for other fees																					6
Net assets (liabilities) assumed																					17
Construction completion reserves																					16
Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Unamortized debt issuance costs																							$ 1
Texas Solar Nova 1
Debt Instrument [Line Items]
Long-term debt																							18
Payments for other fees																							5
Long-term debt, additions																							12
Texas Solar Nova 1 \| CEG
Debt Instrument [Line Items]
Remaining balance to distribute																							9
Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt																						$ 19
Unamortized debt issuance costs																						1
Payments for other fees																						4
Texas Solar Nova 2 \| CEG
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions																						9
Subsequent Event \| Cash Distribution
Debt Instrument [Line Items]
Restricted cash, current																												$ 51
Subsequent Event \| Deriva Solar Portfolio
Debt Instrument [Line Items]
Maturity term	364 days
Senior Notes 2034 \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from the revolving credit facility		$ 600
Interest rate, percentage		5.75%
Repayments of outstanding borrowings		$ 361
Clearway Renew LLC \| Rosamond Central Solar Project \| Rosie Central BESS
Debt Instrument [Line Items]
Payments for asset acquisition																									16
Current assets, receivables																		184							$ 64
Clearway Renew LLC \| Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt																		279
Clearway Renew LLC \| Victory Pass and Arica, due 2024 \| VP-Arica TargetCo LLC
Debt Instrument [Line Items]
Payments to acquire productive assets																				165
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt			96																											96	96	96	96	96
Term Loan \| Tuolumne
Debt Instrument [Line Items]
Basis spread on variable rate											1.625%
Term Loan \| Buckthorn Solar Portfolio LLC
Debt Instrument [Line Items]
Basis spread on variable rate												1.625%
Long-term debt												$ 104
Term Loan \| Capistrano Portfolio Holdco
Debt Instrument [Line Items]
Asset acquisition, issuance cost																$ 121
Term Loan \| Broken Bow and Crofton Bluffs
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions																63
Term Loan \| NIMH Solar, due 2024
Debt Instrument [Line Items]
Long-term debt																			137
Term Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt																						80
Term Loan \| Subsequent Event \| Deriva Solar Portfolio
Debt Instrument [Line Items]
Asset acquisition, issuance cost	$ 100
Basis spread on variable rate	2.00%
Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			1,063																											1,063	1,063	1,063	1,063	1,063
Letter of Credit \| Tuolumne
Debt Instrument [Line Items]
Asset acquisition, issuance cost											$ 22
Letter of Credit \| Buckthorn Solar Portfolio LLC
Debt Instrument [Line Items]
Long-term debt												$ 22
Letter of Credit \| Capistrano Portfolio Holdco
Debt Instrument [Line Items]
Asset acquisition, issuance cost																$ 42
Letter of Credit \| Natural Gas CA Holdco LLC LC Facility
Debt Instrument [Line Items]
Maturity term																	3 years
Asset acquisition, long-term debt, outstanding																	$ 200
Debt instrument, number of additional extension option \| option																	2
Letter of Credit \| Natural Gas CA Holdco LLC LC Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, extension term																	1 year
Letter of Credit \| NIMH Solar, due 2024
Debt Instrument [Line Items]
Long-term debt																			$ 17
Letter of Credit \| Subsequent Event \| Deriva Solar Portfolio
Debt Instrument [Line Items]
Asset acquisition, issuance cost	$ 119
Construction Loans \| Pine Forest
Debt Instrument [Line Items]
Long-term debt									103
Remaining balance to distribute				39
Long-term debt, additions				103
Construction Loans \| Honeycomb
Debt Instrument [Line Items]
Long-term debt					218
Long-term debt, additions																															$ 38
Construction Loans \| Daggett 1
Debt Instrument [Line Items]
Long-term debt											92
Construction loan proceeds						31
Remaining balance to distribute						6
Long-term debt, additions																														$ 40
Construction Loans \| Luna Valley
Debt Instrument [Line Items]
Long-term debt							22				144
Construction loan proceeds							28
Long-term debt, additions																																$ 51
Construction Loans \| Rosie South
Debt Instrument [Line Items]
Long-term debt													179
Construction loan proceeds								13
Long-term debt, additions																																	$ 49
Construction Loans \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt														38
Construction loan proceeds														54
Long-term debt, additions														99																					88
Construction Loans \| Rosamond Central Solar Project
Debt Instrument [Line Items]
Long-term debt																											115
Construction Loans \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt																					112
Construction Loans \| Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt																							90
Construction Loans \| Texas Solar Nova 1
Debt Instrument [Line Items]
Long-term debt, additions																							102
Cash Equity Bridge Loan \| Pine Forest
Debt Instrument [Line Items]
Long-term debt									102
Payments for asset acquisition									54
Construction loan proceeds				100
Long-term debt, additions			$ 52
Cash Equity Bridge Loan \| Luna Valley
Debt Instrument [Line Items]
Long-term debt							46				64
Cash Equity Bridge Loan \| Rosie South
Debt Instrument [Line Items]
Long-term debt													6
Payments for other fees													3
Cash Equity Bridge Loan \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt															77
Remaining balance to distribute										70
Cash Equity Bridge Loan \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt														16
Cash Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Aggregate principal amount repurchased																				351
Cash Equity Bridge Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt																					91
Tax Equity Bridge Loan \| Pine Forest
Debt Instrument [Line Items]
Long-term debt									41
Construction loan proceeds				41
Tax Equity Bridge Loan \| Honeycomb
Debt Instrument [Line Items]
Long-term debt					234
Tax Equity Bridge Loan \| Daggett 1
Debt Instrument [Line Items]
Long-term debt											131
Construction loan proceeds						131
Tax Equity Bridge Loan \| Luna Valley
Debt Instrument [Line Items]
Long-term debt							144				144
Tax Equity Bridge Loan \| Rosie South
Debt Instrument [Line Items]
Long-term debt								276					$ 284
Tax Equity Bridge Loan \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt															49
Construction loan proceeds										91
Long-term debt, additions																													$ 24					$ 18
Tax Equity Bridge Loan \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt														138
Tax Equity Bridge Loan \| Rosamond Central Solar Project
Debt Instrument [Line Items]
Long-term debt																											188
Tax Equity Bridge Loan \| Rosie Class B LLC, Due 2029
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 1 Drop Down
Debt Instrument [Line Items]
Long-term debt																							151
Tax Equity Bridge Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt																						115
Tax Credit Transfer Bridge Loan \| Pine Forest
Debt Instrument [Line Items]
Long-term debt									$ 275
Partial payment of long term debt				44
Tax Credit Transfer Bridge Loan \| Subsequent Event \| Pine Forest
Debt Instrument [Line Items]
Repayment of outstanding loan																												$ 231
Tax Equity Investors \| Pine Forest
Debt Instrument [Line Items]
Long-term debt				38
Tax Equity Investors \| Honeycomb
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions					$ 59
Tax Equity Investors \| Daggett 1
Debt Instrument [Line Items]
Long-term debt						108
Contributions from noncontrolling interests, net of distributions						38
Tax Equity Investors \| Luna Valley
Debt Instrument [Line Items]
Long-term debt							114
Payments for asset acquisition											$ 18
Contributions from noncontrolling interests, net of distributions							29
Tax Equity Investors \| Rosie South
Debt Instrument [Line Items]
Long-term debt								226
Contributions from noncontrolling interests, net of distributions								58
Tax Equity Investors \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt										90
Payments for asset acquisition															$ 7
Contributions from noncontrolling interests, net of distributions										18
Tax Equity Investors \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt																					108
Tax Equity Investors \| Texas Solar Nova 1
Debt Instrument [Line Items]
Long-term debt																							148
Tax Equity Investors \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt																						$ 130
Cash Equity Investor \| Pine Forest
Debt Instrument [Line Items]
Contributions from noncontrolling interests, net of distributions				$ 9
Cash Equity Investor \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Payments for asset acquisition										$ 36
Line of Credit \| Letter of Credit \| Rosamond Central Solar Project
Debt Instrument [Line Items]
Bridge credit agreement, borrowing amount																											$ 41
Construction Loan \| Daggett 1
Debt Instrument [Line Items]
Long-term debt, additions						$ 132
Construction Loan \| Luna Valley
Debt Instrument [Line Items]
Long-term debt, additions							$ 195
Construction Loan \| Rosie South
Debt Instrument [Line Items]
Long-term debt, additions								$ 228
Construction Loan \| Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt, additions																		$ 115																	$ 30	$ 271
Construction Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Partial payment of long term debt																					2
Long-term debt, additions																					$ 110
Construction Invoices \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt														$ 11
Sponsor Equity Bridge Loan \| Victory Pass and Arica
Debt Instrument [Line Items]
Partial payment of long term debt																										$ 133
Sponsor Equity Bridge Loan \| Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt																							$ 109

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 291	$ 309
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 12
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Investment Balance	$ 212
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	66.70%
Investment Balance	$ (3)
Gen Conn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 72
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Investment Balance	$ (2)

- 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

- 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 + Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company will establish an adequate reserve for ongoing legal matters. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought and the probability of success. The Company is unable to predict the outcome of ongoing legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimate of contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company’s liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. The Company and its subsidiaries are party to litigation or legal proceedings arising in the ordinary course of business. In management’s opinion, the disposition of these ordinary course matters will not materially adversely affect the Company’s consolidated financial position, results of operations or cash flows.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 231	$ 332
Restricted cash	587	401
Inventory	75	64
Derivative instruments	29	39
Prepayments and other current assets	67	67
Total current assets	1,152	1,067
Property, plant and equipment	11,596	9,944
Other Assets
Equity investments in affiliates	291	309
Intangible assets for power purchase agreements, net	2,294	2,125
Other intangible assets, net	66	68
Deferred income taxes	172	0
Derivative instruments	127	136
Right-of-use assets, net	714	547
Other non-current assets	243	133
Total other assets	3,907	3,318
Total Assets	16,655	14,329
Current Liabilities
Current portion of long-term debt	708	430
Derivative instruments	52	56
Accrued interest expense	52	53
Accrued expenses and other current liabilities	79	66
Total current liabilities	1,018	718
Other Liabilities
Long-term debt	7,898	6,750
Deferred income taxes	45	89
Derivative instruments	308	315
Long-term lease liabilities	796	569
Other non-current liabilities	676	324
Total other liabilities	9,723	8,047
Total Liabilities	10,741	8,765
Redeemable noncontrolling interest in subsidiaries	103	0
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); 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025 and 202,147,579 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,833,226, Class D 41,961,750) at December 31, 2024	1	1
Additional paid-in capital	1,715	1,805
Retained earnings	213	254
Accumulated other comprehensive (loss) income	(5)	3
Noncontrolling interest	3,887	3,501
Total Stockholders’ Equity	5,811	5,564
Total Liabilities and Stockholders’ Equity	16,655	14,329
Nonrelated Party
Current Assets
Accounts receivable	162	164
Current Liabilities
Accounts payable — trade	95	82
Affiliated Entity
Current Assets
Accounts receivable	1	0
Current Liabilities
Other Liabilities, Current	$ 32	$ 31

Income Taxes - Schedule of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Liabilities, Gross [Abstract]
Investment in projects	$ 245	$ 191
Total deferred tax liabilities	245	191
Deferred tax assets:
Interest expense disallowance carryforward - Investment in Projects	24	18
Production tax credits	12	16
Investment tax credits	6	7
Investment tax credits subject to transferability	304	0
U.S. Federal net operating loss carryforwards	44	58
State net operating loss carryforwards	7	7
Total deferred tax assets	397	106
Valuation allowance	(25)	(4)
Total deferred tax assets, net of valuation allowance	372	102
Net deferred non-current tax asset (liability)	$ 127
Net deferred non-current tax asset (liability)		$ (89)

Summary of Significant Accounting Policies - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning Balance	$ 266	$ 239
Revisions in estimated cash flows	7	(1)
Liabilities incurred	38	14
Liabilities settled	(5)	(2)
Accretion expense	18	16
Ending Balance	$ 324	$ 266

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company recognizes the critical importance of developing, implementing and maintaining robust cybersecurity measures to safeguard information systems and protect the confidentiality, integrity and availability of data. Managing Material Risks & Integrated Overall Risk Management The Company has strategically integrated cybersecurity risk management into its broader risk management framework to promote a company-wide culture of cybersecurity risk management. The Company’s risk management team works closely with the IT department to continuously evaluate and address cybersecurity risks in alignment with business objectives and operational needs. In addition, the Company follows the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). Engage Third Parties on Risk Management Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages with a range of external experts, including cybersecurity consultants in evaluating and testing its cybersecurity systems. The Company’s collaboration with these third parties includes regular audits; threat and vulnerability assessments; incident response plan testing; company-wide monitoring of cybersecurity risks; and consultation on security enhancements. Oversee Third-Party Risk Due to the risks associated with the engagement of third-party vendors, service providers and business partners, the Company applies processes to manage these risks. Thorough security assessments of third-party vendors with access to internal protected data or information systems occurs before engagement, as well as ongoing monitoring to ensure compliance with relevant cybersecurity standards. The monitoring includes annual assessments by CEG’s Vice President of Information Technology and its Director of Cybersecurity and assessments on an ongoing basis by the internal cybersecurity team. These services are provided to the Company pursuant to the CEG Master Services Agreement. This approach is designed to mitigate risks related to potential data breaches or other security incidents originating from third parties. Risks from Cybersecurity Threats As of February 24, 2026, the Company was not aware of any cybersecurity threats or incidents that have materially affected, or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial standing. However, there can be no assurance that the Company’s cybersecurity processes will prevent or mitigate cybersecurity incidents or threats or that the Company’s efforts will always be successful. For further discussion regarding the Company’s cybersecurity risks, see Item 1A — Risk Factors, Risks Related to the Company’s Business.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has strategically integrated cybersecurity risk management into its broader risk management framework to promote a company-wide culture of cybersecurity risk management. The Company’s risk management team works closely with the IT department to continuously evaluate and address cybersecurity risks in alignment with business objectives and operational needs. In addition, the Company follows the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company’s Board of Directors has oversight of cybersecurity risks and is well informed with respect to the nature and scope of such risks. The Board of Directors is acutely aware of the critical nature of managing risks associated with cybersecurity threats. The Board of Directors has established oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity as they recognize the significance of these risks and threats to operational integrity and stakeholder confidence.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Vice President of Information Technology and Director of Cybersecurity
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Vice President of Information Technology and Director of Cybersecurity each play a pivotal role in informing the Board of Directors on cybersecurity risks. They provide briefings to the Board of Directors on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including: •Current cybersecurity threat landscape and emerging threats; •Status of ongoing cybersecurity initiatives and strategies; •Incident reports and learnings from any meaningful cybersecurity events; and •Compliance status and efforts with regulatory requirements and industry standards. In addition to scheduled meetings, the Board of Directors, the Vice President of Information Technology and the Director of Cybersecurity maintain an ongoing dialogue regarding emerging cybersecurity risks. Together, they receive updates on significant developments in the cybersecurity domain. The Board of Directors actively participates in strategic decisions related to cybersecurity, offering guidance and approval for major strategic decisions and initiatives. This involvement advances the Company’s overall strategy that cybersecurity considerations are integrated into its broader strategic objectives. The Board of Directors conducts an annual review of the Company’s cybersecurity posture and the effectiveness of its risk management strategies through the information, findings and recommendations from the Company’s internal cybersecurity team as well as third-party audits, penetration tests and incident response plan testing outcomes. This review helps identify areas for improvement and helps align cybersecurity efforts with the overall risk management framework.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role Managing Cybersecurity Risk The Vice President of Information Technology and Director of Cybersecurity regularly inform the Company’s management of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters and strategic risk management decisions are escalated to the Board of Directors, ensuring that the Board of Directors have insight and can provide guidance on critical cybersecurity issues. Monitor Cybersecurity Incidents The Vice President of Information Technology and Director of Cybersecurity are kept informed about the latest developments in cybersecurity, including emerging threats and innovative risk management techniques. They implement and oversee processes for the regular monitoring of the Company’s information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the Company is equipped with a defined and practiced incident response plan, which includes incident response retainers from respected third parties. This plan includes immediate actions to mitigate the impact of the incident, long-term strategies for remediation and the prevention of future incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Vice President of Information Technology and Director of Cybersecurity regularly inform the Company’s management of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters and strategic risk management decisions are escalated to the Board of Directors, ensuring that the Board of Directors have insight and can provide guidance on critical cybersecurity issues. Monitor Cybersecurity Incidents The Vice President of Information Technology and Director of Cybersecurity are kept informed about the latest developments in cybersecurity, including emerging threats and innovative risk management techniques. They implement and oversee processes for the regular monitoring of the Company’s information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the Company is equipped with a defined and practiced incident response plan, which includes incident response retainers from respected third parties. This plan includes immediate actions to mitigate the impact of the incident, long-term strategies for remediation and the prevention of future incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	With over 20 years of experience in the field of cybersecurity, the current Vice President of Information Technology’s background includes in-depth knowledge and experience in developing and executing the Company’s cybersecurity strategies. They oversee the Company’s IT governance programs; test compliance with internal, industry and regulatory standards; remediate known risks; and lead the Company’s employee training program. The current Director of Cybersecurity has over 30 years of experience in information technology across a variety of industries and compliance programs. The Director of Cybersecurity has been heavily focused on cybersecurity in regulated industries for over 10 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Vice President of Information Technology and Director of Cybersecurity regularly inform the Company’s management of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. Furthermore, significant cybersecurity matters and strategic risk management decisions are escalated to the Board of Directors, ensuring that the Board of Directors have insight and can provide guidance on critical cybersecurity issues.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions and Dispositions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions															12 Months Ended
	Dec. 17, 2025	Oct. 15, 2025	Sep. 04, 2025	Aug. 13, 2025	Jul. 16, 2025	Jun. 10, 2025	Apr. 29, 2025	Mar. 20, 2025	Nov. 18, 2024	Apr. 16, 2024	Mar. 15, 2024	Dec. 01, 2023	Oct. 31, 2023	Jun. 30, 2023	Dec. 31, 2025
Business Acquisition [Line Items]
Intangible asset for power purchase agreement															$ 351
Pine Forest
Business Acquisition [Line Items]
Unamortized debt issuance costs						$ 6
Pine Forest \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt						102
Construction in progress						550
Pine Forest \| Construction Loans
Business Acquisition [Line Items]
Long-term debt						103
Pine Forest \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt						41
Pine Forest \| Tax Credit Transfer Bridge Loan
Business Acquisition [Line Items]
Long-term debt						275
Honeycomb Portfolio (a)
Business Acquisition [Line Items]
Unamortized debt issuance costs		$ 9
Honeycomb Portfolio (a) \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Construction in progress		473
Honeycomb Portfolio (a) \| Construction Loans
Business Acquisition [Line Items]
Long-term debt		218
Honeycomb Portfolio (a) \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt		234
Daggett 1
Business Acquisition [Line Items]
Unamortized debt issuance costs							$ 3
Daggett 1 \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Construction in progress							221
Daggett 1 \| Construction Loans
Business Acquisition [Line Items]
Long-term debt							92
Daggett 1 \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt							131
Luna Valley
Business Acquisition [Line Items]
Unamortized debt issuance costs							4
Luna Valley \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt			$ 46				64
Construction in progress							338
Luna Valley \| Construction Loans
Business Acquisition [Line Items]
Long-term debt			22				144
Luna Valley \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt			$ 144				144
Rosie South
Business Acquisition [Line Items]
Net liabilities assumed								$ (3)
Unamortized debt issuance costs								1
Rosie South \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt								6
Construction in progress								495
Rosie South \| Construction Loans
Business Acquisition [Line Items]
Long-term debt								179
Rosie South \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt				$ 276				284
Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Property, plant and equipment									$ 152
Right-of-use assets, net									3
Total assets acquired									155
Long-term debt									125
Long-term lease liabilities									3
Other current and non-current liabilities									29
Total liabilities assumed									157
Net liabilities assumed									2
Unamortized debt issuance costs									1
Dan’s Mountain Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt									77
Construction in progress									150
Dan’s Mountain Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt									$ 49
Rosamond Central BESS
Business Acquisition [Line Items]
Property, plant and equipment												$ 275
Total assets acquired												275
Other current and non-current liabilities												9
Total liabilities assumed												9
Net liabilities assumed												(266)
Rosamond Central Solar Project
Business Acquisition [Line Items]
Construction in progress												$ 272
Rosamond Central Solar Project \| Construction Loans
Business Acquisition [Line Items]
Long-term debt														$ 115
Rosamond Central Solar Project \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt														$ 188
Victory Pass and Arica
Business Acquisition [Line Items]
Cash													$ 1
Property, plant and equipment													937
Right-of-use assets, net													4
Derivative assets													1
Other current and non-current assets													6
Total assets acquired													949
Long-term debt													864
Long-term lease liabilities													4
Other current and non-current liabilities													82
Total liabilities assumed													950
Net liabilities assumed													1
Unamortized debt issuance costs													4
Victory Pass and Arica Drop Down
Business Acquisition [Line Items]
Construction in progress													893
Unamortized debt issuance costs													4
Victory Pass and Arica Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt													483
Victory Pass and Arica Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt													$ 385
Cedar Creek Drop Down
Business 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 liabilities assumed										(17)
Unamortized debt issuance costs										3
Cedar Creek Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt										91
Cedar Creek Drop Down \| Construction Loans
Business Acquisition [Line Items]
Long-term debt										112
Cedar Creek Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt										$ 109
Texas Solar Nova 2 Drop Down
Business 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 liabilities assumed											(72)
Unamortized debt issuance costs											1
Texas Solar Nova 2 Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt											115
Texas Solar Nova 2 Drop Down \| Term Loan
Business Acquisition [Line Items]
Long-term debt											$ 80
Pine Forest TE Holdco LLC \| Pine Forest
Business Acquisition [Line Items]
Restricted cash						1
Property, plant and equipment						560
Right-of-use assets, net						17
Derivative assets						6
Total assets acquired						584
Long-term debt	$ 49					515
Long-term lease liabilities						18
Derivative liabilities						1
Other current and non-current liabilities						54
Total liabilities assumed						588
Other comprehensive loss						5
Net liabilities assumed						$ 9
Honeycomb 1 Holdco LLC \| Honeycomb Portfolio (a)
Business Acquisition [Line Items]
Cash		1
Property, plant and equipment		480
Right-of-use assets, net		3
Derivative assets		4
Other current and non-current assets		7
Total assets acquired		495
Long-term debt		443
Long-term lease liabilities		3
Derivative liabilities		7
Other current and non-current liabilities		47
Total liabilities assumed		500
Other comprehensive loss		(3)
Net liabilities assumed		$ 2
LV-Daggett Parent Holdco LLC \| Daggett 1
Business Acquisition [Line Items]
Cash							1
Property, plant and equipment							223
Other current and non-current assets							8
Total assets acquired							232
Long-term debt							220
Derivative liabilities							6
Other current and non-current liabilities							11
Total liabilities assumed							237
Other comprehensive loss							(6)
Net liabilities assumed							(1)
LV-Daggett Parent Holdco LLC \| Luna Valley
Business Acquisition [Line Items]
Restricted cash							8
Property, plant and equipment							346
Right-of-use assets, net							16
Other current and non-current assets							22
Total assets acquired							392
Long-term debt							348
Long-term lease liabilities							18
Derivative liabilities							8
Other current and non-current liabilities							33
Total liabilities assumed							407
Other comprehensive loss							(8)
Net liabilities assumed							(7)
Rosie South TargetCo LLC \| Rosie South
Business Acquisition [Line Items]
Property, plant and equipment								507
Right-of-use assets, net								17
Other current and non-current assets								11
Total assets acquired								535
Long-term debt								468
Long-term lease liabilities								19
Derivative liabilities								4
Other current and non-current liabilities								51
Total liabilities assumed								542
Other comprehensive loss								(4)
Net liabilities assumed								$ 3
Catalina Solar Investment LLC \| Catalina Solar Acquisition
Business Acquisition [Line Items]
Cash					$ 15
Intangible asset for power purchase agreement					175
Right-of-use assets, net					107
Other current and non-current assets					6
Total assets acquired					303
Long-term lease liabilities					173
Other current and non-current liabilities					2
Total liabilities assumed					175
Net liabilities assumed					$ (128)
Tuolumne \| Tuolumne
Business Acquisition [Line Items]
Property, plant and equipment							37
Intangible asset for power purchase agreement							176
Right-of-use assets, net							5
Other current and non-current assets							1
Total assets acquired							219
Long-term lease liabilities							4
Other current and non-current liabilities							4
Total liabilities assumed							8
Net liabilities assumed							$ (211)

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Class of Stock
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	true
Document Financial Statement Restatement Recovery Analysis	false
Entity Public Float			$ 2,789
Documents Incorporated by Reference	Documents Incorporated by Reference: Portions of the Registrant’s Definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001567683
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Class A
Class of Stock
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		34,613,853
Common Class B
Class of Stock
Entity Common Stock, Shares Outstanding		42,738,750
Common Class C
Class of Stock
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		86,290,173
Common Class D
Class of Stock
Entity Common Stock, Shares Outstanding		41,576,142

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 (Loss)	Non-controlling Interest	Non-controlling Interest CEG	Non-controlling 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)	(31)						79			(110)
Unrealized gain (loss) on derivatives and changes in accumulated OCI, net of tax	(6)								(2)	(4)
Distributions to CEG, net of contributions, cash		$ (78)									$ (78)
Cash contributions to redeemable noncontrolling interests, net of distributions			$ 1,123									$ 1,123
Distributions to noncontrolling interests, non-cash	(7)									(7)
Tax-related distributions	(21)									(21)
Transfer of assets under common control	286					(62)				348
Buyout of noncontrolling interest	(10)					16				(26)
Buyout of redeemable noncontrolling interest	17					10				7
Non-cash adjustments for change in tax basis	4					4
Stock-based compensation	2					3	(1)
Common stock dividends and distributions to CEG unit holders		(311)					(180)				(131)
Balance at end 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)	(76)						88			(164)
Unrealized gain (loss) on derivatives and changes in accumulated OCI, net of tax	(4)								(4)
Cash contributions to redeemable noncontrolling interests, net of distributions		194	1,321								194	1,321
Distributions to noncontrolling interests, non-cash	(1)									(1)
Tax-related distributions	(1)									(1)
Transfer of assets under common control	(593)					7				(600)
Buyout of noncontrolling interest	(7)					(2)				(5)
Buyout of redeemable noncontrolling interest	7					4				3
Non-cash adjustments for change in tax basis	61					61
Stock-based compensation	1					2	(1)
Common stock dividends and distributions to CEG unit holders		(334)						$ (194)			(140)
Other	2					1				1
Balance at end of period at Dec. 31, 2024	5,564			0	1	1,805	254		3	3,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							(3)			(101)
Balance at end of period at Mar. 31, 2025	5,420						200			3,484
Balance at beginning of period at Dec. 31, 2024	5,564			0	1	1,805	254		3	3,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(11)						169			(180)
Unrealized gain (loss) on derivatives and changes in accumulated OCI, net of tax	(3)								1	(4)
Cash contributions to redeemable noncontrolling interests, net of distributions		112	$ 708								112	$ 708
Distributions to noncontrolling interests, non-cash	(4)									(4)
Pro-rata distributions to CEG, cash		(19)									(19)
Transfer of assets under common control	(267)					(182)			9	(76)
Buyout of noncontrolling interest	(3)					0				(3)
Proceeds from the issuance of Class C common stock	48					(48)				0
Non-cash adjustments for change in tax basis	40					40
Stock-based compensation	3					4	(1)
Common stock dividends and distributions to CEG unit holders		$ (358)						$ (209)			$ (149)
Other	1									1
Balance at end of period at Dec. 31, 2025	5,811			$ 0	$ 1	$ 1,715	213		$ (5)	3,887
Balance at beginning of period at Mar. 31, 2025	5,420						200			3,484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							30			(12)
Balance at end of period at Jun. 30, 2025	5,535						178			3,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							232			(10)
Balance at end of period at Sep. 30, 2025	$ 5,685						$ 358			$ 3,650

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Effective Tax Rate

The income tax provision consisted of the following amounts:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current
U.S. Federal	$	(1)	$	1	$	(13)
State	5		4		(2)
Total — current	4		5		(15)
Deferred
U.S. Federal	$	42	$	22	$	13
State	10		3		—
Total — deferred	52		25		13
Total income tax expense (benefit)	$	56	$	30	$	(2)

As of December 31, 2024, the Company elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, or ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate in accordance with the guidance in ASU 2023-09:


	Year Ended December 31,					Year Ended December 31,
	2025					2024
	(In millions, except percentages)					(In millions, except percentages)
Loss Before Income Taxes	$	(175)				$	(33)

Tax at 21%	(37)			21.1	%	(7)			21.0	%
State taxes, net of federal benefit (a)	12			(6.8)	%	6			(18.2)	%
Tax credits	(1)			0.6	%	(4)			12.1	%
Nontaxable/nondeductible items:
HLBV impact	84			(48.0)	%	32			(96.9)	%
Tax credit sales, net	(3)			1.7	%	—			—	%
Employee share-based payments	—			—	%	2			(6.0)	%
Other	1			(0.6)	%	1			(2.9)	%
Income tax expense	$	56		(32.0)	%	$	30		(90.9)	%
Effective income tax rate	(32.0)		%			(90.9)		%

(a) State taxes in California made up the majority of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate in accordance with the guidance prior to the adoption of ASU 2023-09:


	Year Ended December 31, 2023
	(In millions, except percentages)
Loss Before Income Taxes	$	(16)

Tax at 21%	(3)
State taxes, net of federal benefit	(2)


Impact of non-taxable partnership earnings	21
Valuation allowance	3
Investment tax credits	(1)
Production tax credits (a)	(16)
Rate change	1

State taxes assessed at subsidiaries	(3)
Other	(2)
Income tax benefit	$	(2)
Effective income tax rate	12.5		%

For the years ended December 31, 2025 and 2024, 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 year ended December 31, 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, partially offset by the impact of PTCs generated.

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.

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


	As of December 31,
	2025		2024
	(In millions)
Deferred tax liabilities:
Investment in projects	$	245	$	191
Total deferred tax liabilities	245		191
Deferred tax assets:


Interest expense disallowance carryforward - Investment in Projects	$	24	$	18
Production tax credits	12		16
Investment tax credits	6		7
Investment tax credits subject to transferability	304		—
U.S. Federal net operating loss carryforwards	44		58

State net operating loss carryforwards	7		7
Total deferred tax assets	397		106
Valuation allowance	(25)		(4)
Total deferred tax assets, net of valuation allowance	372		102
Net deferred non-current tax asset (liability)	$	127	$	(89)

Tax Receivable

As of December 31, 2025, the Company had a $5 million tax receivable.

Deferred Tax Balances and Valuation Allowance

Net deferred tax balances — As of December 31, 2025 and 2024, the Company recorded a net deferred tax asset of $127 million and a net deferred tax liability of $89 million, respectively. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income, which includes the future reversal of existing taxable temporary differences to realize deferred tax assets. The Company considered the profit before tax generated in recent years as well as projections of future earnings and estimates of taxable income in arriving at this conclusion. The Company believes that $4 million of existing state NOLs, based on forecasted future earnings and estimated taxable income, will expire unutilized, resulting in the recording of a valuation allowance.

NOL and Tax Credit carryforwards — As of December 31, 2025, the Company had tax-effected domestic NOL carryforwards for federal income tax purposes of $44 million. Additionally, the Company has a cumulative tax-effected state NOL carryforward of $7 million, which will expire between 2026 and 2042 if unutilized. In addition, the Company has PTC and ITC carryforward balances totaling $18 million, which will expire between 2036 and 2045 if unutilized.

Tax Credits

As of December 31, 2025, the Company’s accumulated deferred ITCs are $289 million, including $283 million, which is net of a $21 million valuation allowance, subject to credit transferability and included in other non-current liabilities on the Company’s consolidated balance sheet. During the year ended December 31, 2025, the Company received $3 million from the transfer of PTCs and ITCs. In January 2026, the Company received $282 million in cash proceeds from the sale of ITCs earned by the Pine Forest facility to third parties pursuant to tax credit transfer agreements, as further described in Note 10, Long-term Debt.

Income Tax Payments, Net of Refunds

During each of the years ended December 31, 2025 and 2024, the Company paid $1 million in federal income taxes. Additionally, the amount paid in state income taxes, net of refunds received, was immaterial for each of the years ended December 31, 2025 and 2024.

Unrecognized Tax Benefits

The Company has unrecognized tax benefits with an after-tax value of $19 million and zero as of December 31, 2025 and 2024, respectively. The increase is due to seeking state income tax refunds with respect to prior year tax returns. If recognized, the position would impact the effective tax rate. No material interest or penalties have been recorded as of December 31, 2025 and 2024.

The following table summarizes the Company’s unrecognized tax benefits activity:


(In millions)
Balance as of December 31, 2024	$	—
Increase due to prior year positions	19
Balance as of December 31, 2025	$	19

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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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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-URI https://asc.fasb.org/740/tableOfContent

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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-Paragraph 2
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+ Details

Revision of Previously Issued Unaudited Financial Information (Unaudited) - Summary of Corrections to the Impacted Financial Statement Line Items (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$ (172)	$ (18)	$ (101)	$ (119)	$ (291)	$ (400)	$ (151)	$ (93)
Net income (loss) attributable to Clearway Energy, Inc.	232	30	(3)	27	259	169	88	79
Comprehensive loss attributable to noncontrolling interests	(174)	(27)	(104)	(131)	(305)	(404)	(151)	(97)
Comprehensive income (loss) attributable to Clearway Energy, Inc.	229	26	(5)	21	250	170	84	77
Redeemable noncontrolling interest in subsidiaries	104	45		45	104	103	0
Retained earnings	358	178	200	178	358	213	254
Noncontrolling interest	3,650	3,696	3,484	3,696	3,650	3,887	3,501
Total Stockholders’ Equity	5,685	5,535	5,420	5,535	5,685	5,811	5,564	4,994	$ 4,026
Net income (loss)						(11)	(76)	(31)
Retained Earnings
Total Stockholders’ Equity	358	178	200	178	358	213	254	361	463
Net income (loss)	232	30	(3)			169	88	79
Non-controlling Interest
Total Stockholders’ Equity	3,650	3,696	3,484	$ 3,696	$ 3,650	3,887	3,501	2,893	$ 1,792
Net income (loss)	$ (10)	$ (12)	$ (101)			(180)	(164)	(110)
Common Class A
Net income (loss) attributable to Clearway Energy, Inc.						$ 49	$ 26	$ 23
Earnings (loss) per weighted average common share - basic (in dollars per share)	$ 1.97	$ 0.25	$ (0.02)	$ 0.23	$ 2.20	$ 1.43	$ 0.75	$ 0.67
Earnings (loss) per weighted average common share - diluted (in dollars per share)	1.97	0.25	(0.02)	0.23	2.20	$ 1.43	$ 0.75	$ 0.67
Common Class C
Net income (loss) attributable to Clearway Energy, Inc.						$ 120	$ 62	$ 56
Earnings (loss) per weighted average common share - basic (in dollars per share)	1.97	0.25	(0.02)	0.23	2.20	$ 1.43	$ 0.75	$ 0.67
Earnings (loss) per weighted average common share - diluted (in dollars per share)	$ 1.97	$ 0.25	$ (0.02)	$ 0.23	$ 2.20	$ 1.43	$ 0.75	$ 0.67
As Previously Reported
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$ (176)	$ (21)	$ (108)	$ (129)	$ (305)
Net income (loss) attributable to Clearway Energy, Inc.	236	33	4	37	273
Comprehensive loss attributable to noncontrolling interests	(178)	(30)	(111)	(141)	(319)
Comprehensive income (loss) attributable to Clearway Energy, Inc.	233	29	2	31	264
Redeemable noncontrolling interest in subsidiaries	74	38		38	74
Retained earnings	372	188	207	188	372
Noncontrolling interest	3,666	3,693	3,477	3,693	3,666
Total Stockholders’ Equity	5,715	5,542	5,420	5,542	5,715
As Previously Reported \| Retained Earnings
Total Stockholders’ Equity	372	188	207	188	372
Net income (loss)	236	33	4
As Previously Reported \| Non-controlling Interest
Total Stockholders’ Equity	3,666	3,693	3,477	$ 3,693	$ 3,666
Net income (loss)	$ 9	$ (8)	$ (108)
As Previously Reported \| Common Class A
Earnings (loss) per weighted average common share - basic (in dollars per share)	$ 2.00	$ 0.28	$ 0.03	$ 0.31	$ 2.32
Earnings (loss) per weighted average common share - diluted (in dollars per share)	2.00	0.28	0.03	0.31	2.32
As Previously Reported \| Common Class C
Earnings (loss) per weighted average common share - basic (in dollars per share)	2.00	0.28	0.03	0.31	2.32
Earnings (loss) per weighted average common share - diluted (in dollars per share)	$ 2.00	$ 0.28	$ 0.03	$ 0.31	$ 2.32
Adjustments
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$ 4	$ 3	$ 7	$ 10	$ 14
Net income (loss) attributable to Clearway Energy, Inc.	(4)	(3)	(7)	(10)	(14)
Comprehensive loss attributable to noncontrolling interests	4	3	7	10	14
Comprehensive income (loss) attributable to Clearway Energy, Inc.	(4)	(3)	(7)	(10)	(14)
Redeemable noncontrolling interest in subsidiaries	30	7		7	30
Retained earnings	(14)	(10)	(7)	(10)	(14)
Noncontrolling interest	(16)	3	7	3	(16)
Total Stockholders’ Equity	(30)	(7)	0	(7)	(30)
Adjustments \| Retained Earnings
Total Stockholders’ Equity	(14)	(10)	(7)	(10)	(14)
Net income (loss)	(4)	(3)	(7)
Adjustments \| Non-controlling Interest
Total Stockholders’ Equity	(16)	3	7	$ 3	$ (16)
Net income (loss)	$ (19)	$ (4)	$ 7
Adjustments \| Common Class A
Earnings (loss) per weighted average common share - basic (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.05)	$ (0.08)	$ (0.12)
Earnings (loss) per weighted average common share - diluted (in dollars per share)	(0.03)	(0.03)	(0.05)	(0.08)	(0.12)
Adjustments \| Common Class C
Earnings (loss) per weighted average common share - basic (in dollars per share)	(0.03)	(0.03)	(0.05)	(0.08)	(0.12)
Earnings (loss) per weighted average common share - diluted (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.05)	$ (0.08)	$ (0.12)