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Derivative Instruments and Hedging Activities - Schedule of Notional Amounts of Outstanding (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) MWh BTU	Dec. 31, 2025 USD ($) MWh BTU
Long \| Interest
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| $	$ 4,094	$ 4,080
Heat Rate Call Option Commodity Contracts \| Short \| Power
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, energy measure \| MWh	21	29
Heat Rate Call Option Commodity Contracts \| Short \| Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, energy measure \| BTU	3	5

- Definition

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

+ References

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

Acquisitions

3 Months Ended

Mar. 31, 2026

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

Acquisitions

Cardinal Portfolio Acquisition — On March 30, 2026, the Company, through its indirect subsidiaries, Cardinal Purchaser LLC and Cardinal JV Purchaser LLC, completed the acquisition of the Cardinal Portfolio, a 610 MW portfolio of operational solar facilities located in eight states, for total cash consideration of $324 million, subject to post-closing adjustments. Of the total consideration, $244 million related to facilities consolidated by the Company and $80 million related to facilities held through a joint venture with a third-party investor. The joint venture includes 12 facilities located in the western U.S., comprising 225 MW. The Company’s investment in the joint venture is accounted for under the equity method, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The Cardinal Portfolio has a weighted average remaining contract duration of approximately 10 years. The Cardinal Portfolio is reflected in the Renewables & Storage segment and the acquisition was funded with $100 million in borrowings under the new financing arrangement entered into in connection with the acquisition, as further described in Note 7, Long-term Debt, as well as existing sources of liquidity. After factoring in cash acquired, transaction expenses and proceeds from the related financing activities, the Company estimates that its net capital investment in the Cardinal Portfolio will be approximately $240 million.

The Company accounted for the consolidated group of facilities acquired by Cardinal Purchaser LLC as a business combination under ASC 805, Business Combinations, or ASC 805. The following table presents the preliminary fair value estimates of the assets acquired and liabilities assumed by Cardinal Purchaser LLC as of the acquisition date:


(In millions)	Cardinal Portfolio (a)
Cash	$	1
Restricted cash	15
Property, plant and equipment	315
Intangible assets for power purchase agreements	129
Right-of-use assets	62
Derivative assets	6
Other current and non-current assets	24
Total assets acquired	552

Long-term debt (b)	180
Long-term lease liabilities	39
Other current liabilities	3
Other non-current liabilities	84
Total liabilities assumed	306
Noncontrolling interest (c)	2
Net assets acquired	$	244

(a) Excludes the equity method investment held by Cardinal JV Purchaser LLC.

(b) See Note 7, Long-term Debt, for additional information regarding the assumed facility-level debt.

(c) Represents a tax equity fund, Shoreham Energy Holdings, LLC, which the Company consolidates as primary beneficiary. The Class A membership interests in Shoreham Energy Holdings, LLC are held by a tax equity investor.

In accordance with ASC 805, the assets acquired and liabilities assumed have been measured at fair value as of the acquisition date. The fair value of property, plant and equipment was determined primarily based on the income approach using discounted cash flows. 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 and liabilities for power purchase agreements was determined utilizing a variation of the income approach determined by discounting the replacement market price of the incremental cash flows associated with the contracts to present value. Intangible liabilities for power purchase agreements are included in other non-current liabilities. 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, Fair Value Measurement, as they utilize inputs that are not observable in the market. Long-term debt assumed as part of the acquisition was recorded at its estimated fair value as of the acquisition date.

The Company is in the process of completing the fair value measurement of the acquired assets, assumed liabilities and noncontrolling interests, and accordingly the amounts above are preliminary. The Company expects to finalize the fair value estimates within the measurement period, which will not exceed one year from the acquisition date.

The revenue and earnings of the acquired business from the acquisition date through March 31, 2026 were not material and have not been separately disclosed. In addition, supplemental unaudited pro forma revenue and earnings information assuming the acquisition occurred at the beginning of the prior calendar year has not been disclosed, as such information would not be meaningful given the timing of the acquisition.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

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

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at subsidiary facilities was $233 million and $194 million as of March 31, 2026 and December 31, 2025, respectively.

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


	March 31, 2026		December 31, 2025
	(In millions)
Cash and cash equivalents	$	325	$	231
Restricted cash	355		587
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	680	$	818

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 March 31, 2026, these restricted funds were comprised of $141 million designated to fund operating expenses, $97 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 $32 million is held in distribution reserve accounts. In January 2026, the Company distributed $174 million to the tax equity investor in Rosie South TE Holdco LLC related to transferable ITCs for the Rosamond South I solar and BESS facility that were included in restricted cash as of December 31, 2025.

Accumulated Depreciation and Accumulated Amortization

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


	March 31, 2026		December 31, 2025
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	4,841	$	4,673
Intangible Assets Accumulated Amortization	1,432		1,382

Redeemable Noncontrolling Interests

To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:


	(In millions)
Balance at December 31, 2025	$	103

Cash distributions to redeemable noncontrolling interests	(6)
Non-cash contribution from redeemable noncontrolling interests	6
Comprehensive loss attributable to redeemable noncontrolling interests	(38)
Balance at March 31, 2026	$	65

Revenue Recognition

Disaggregated Revenues

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


	Three months ended March 31, 2026
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue(a)	$	7	$	254	$	261
Capacity revenue(a)	65		32		97
Other revenues	1		15		16
Contract amortization	(5)		(45)		(50)
Mark-to-market for economic hedges	(7)		37		30
Total operating revenues	61		293		354
Less: Contract amortization	5		45		50
Less: Mark-to-market for economic hedges	7		(37)		(30)
Less: Lease revenue	(29)		(179)		(208)
Total revenue from contracts with customers	$	44	$	122	$	166

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


(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue	$	1	$	155	$	156
Capacity revenue	28		24		52
Total	$	29	$	179	$	208


	Three months ended March 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	6	$	242	$	248
Capacity revenue (a)	64		21		85
Other revenues	1		19		20
Contract amortization	(5)		(39)		(44)
Mark-to-market for economic hedges	2		(13)		(11)
Total operating revenues	68		230		298
Less: Contract amortization	5		39		44
Less: Mark-to-market for economic hedges	(2)		13		11
Less: Lease revenue	(29)		(181)		(210)
Total revenue from contracts with customers	$	42	$	101	$	143

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


(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue	$	1	$	168	$	169
Capacity revenue	28		13		41

Total	$	29	$	181	$	210

Contract Balances

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


	March 31, 2026		December 31, 2025
	(In millions)
Accounts receivable, net - Contracts with customers	$	83	$	76
Accounts receivable, net - Leases	115		86
Total accounts receivable, net	$	198	$	162

Recently Adopted Accounting Standards

Effective January 1, 2026, the Company adopted 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. The Company adopted ASU 2025-06 prospectively and the adoption had no material impact on the Company’s financial statements.

Effective January 1, 2026, the Company adopted 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. The Company adopted ASU 2025-07 prospectively, and the adoption had no material impact on the Company’s financial statements.

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 162	$ 156
Derivative Liabilities	203	360
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	34	31
Derivative Liabilities	19	27
Designated as Hedging Instrument \| Interest rate contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	4	2
Derivative Liabilities	3	6
Designated as Hedging Instrument \| Interest rate contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	30	29
Derivative Liabilities	16	21
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	128	125
Derivative Liabilities	184	333
Not Designated as Hedging Instrument \| Interest rate contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	22	17
Derivative Liabilities	0	0
Not Designated as Hedging Instrument \| Interest rate contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	98	94
Derivative Liabilities	2	0
Not Designated as Hedging Instrument \| Energy-related commodity contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	6	10
Derivative Liabilities	31	46
Not Designated as Hedging Instrument \| Energy-related commodity contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	2	4
Derivative Liabilities	$ 151	$ 287

- 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

- 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

Members' Equity

3 Months Ended

Mar. 31, 2026

Members' Equity [Abstract]

Members' Equity

Members’ Equity

Class A Conversion

On April 29, 2026, at Clearway Inc.’s Annual Meeting of Stockholders, Clearway, Inc.’s stockholders approved the Amended Charter, pursuant to which each outstanding share of Clearway, Inc.’s Class A common stock was converted into one share of Clearway Inc.’s Class C common stock, effective May 1, 2026, referred to as the Class A Conversion. As a result of the Class A Conversion, Clearway, Inc. no longer has any Class A common stock.

In connection with the Class A Conversion, Clearway, Inc. and CEG entered into a Fifth Amended and Restated Limited Liability Company Agreement of the Company, pursuant to which, effective concurrently with the Class A Conversion, each outstanding Class A unit of the Company was converted into one Class C unit of the Company. As a result of such conversion, the Company no longer has any Class A Units.

The conversion of the Company’s Class A Units into Class C Units did not affect the economic interests of the Company’s unit holders, including distribution and liquidation rights. Following such conversion, holders of the Company’s former Class A units converted into Class C units remain entitled to receive distributions, if declared by the Company, on the same basis as prior to the conversion.

Direct Stock Purchase Plan, or DSPP

As previously disclosed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025, Clearway, Inc. maintains a DSPP, pursuant to which it may issue shares of its Class C common stock, including through waiver arrangements.

During January 2026, Clearway, Inc. issued 1,445,244 shares of its 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 of the Company’s Class C units. As of March 31, 2026, 1,061,554 shares of Clearway, Inc.’s Class C common stock remained available for issuance under the DSPP.

Distributions

The following table lists distributions paid on the Company’s Class A, B, C and D units during the three months ended March 31, 2026:


	First Quarter 2026
Distributions per Class A, B, C and D unit	$	0.4602

As a result of the Class A Conversion discussed above, the Company no longer has any Class A units outstanding, and holders of the Company’s former Class A units converted into Class C units remain entitled to receive distributions, if declared by the Company, on the same basis as prior to the conversion.

On May 6, 2026, the Company declared a distribution on its Class B, Class C, including Class C units that were received in the Class A Conversion, and Class D units of $0.4676 per unit payable on June 15, 2026 to unit holders of record as of June 1, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding

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


		Total Volume
		March 31, 2026		December 31, 2025
Commodity	Units	(In millions)
Power	MWh	(21)		(29)
Natural Gas	MMBtu	3		5
Interest	Dollars	$	4,094	$	4,080

Schedule of 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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	4	$	2	$	3	$	6
Interest rate contracts long-term	30		29		16		21
Total Derivatives Designated as Cash Flow Hedges	$	34	$	31	$	19	$	27
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	22	$	17	$	—	$	—
Interest rate contracts long-term	98		94		2		—
Energy-related commodity contracts current	6		10		31		46
Energy-related commodity contracts long-term	2		4		151		287
Total Derivatives Not Designated as Cash Flow Hedges	$	128	$	125	$	184	$	333
Total Derivatives	$	162	$	156	$	203	$	360

Schedule of Offsetting of Derivatives

The following tables summarize the offsetting of derivatives by counterparty:


	Gross Amounts Not Offset in the Statement of Financial Position
As of March 31, 2026	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	8	$	—	$	8
Derivative liabilities	(182)		—		(182)
Total energy-related commodity contracts	$	(174)	$	—	$	(174)
Interest rate contracts
Derivative assets	$	154	$	—	$	154
Derivative liabilities	(21)		—		(21)
Total interest rate contracts	$	133	$	—	$	133
Total derivative instruments	$	(41)	$	—	$	(41)


	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)

Schedule of Cash Flow Hedges Included in 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:


	Three months ended March 31,
			2026		2025
		(In millions)
Accumulated (OCL) OCI beginning balance			$	(6)	$	15
Rosamond South I Drop Down (a)			—		(4)



Reclassified from accumulated OCI/OCL to income due to realization of previously deferred amounts			1		—
Mark-to-market of cash flow hedge accounting contracts			10		(6)
Accumulated OCI ending balance			5		5
Accumulated OCI attributable to noncontrolling interests			5		4
Accumulated OCI attributable to Clearway Energy LLC			$	—	$	1
Losses expected to be realized from OCI during the next 12 months			$	—

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

Schedule of Derivative Instruments, Gain (Loss)

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


	Three months ended March 31,
			2026		2025
		(In millions)
Interest Rate Contracts (Interest expense)			$	—	$	(34)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)			30		(11)

(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.

Nature of Business (Details)		3 Months Ended
Nature of Business (Details)	Apr. 29, 2026 shares	Mar. 31, 2026 state GW
Nature of Business [Line Items]
Power generation capacity, gigawatts (over)		13.6
Number of states \| state		27
Subsequent Event \| Common Class C
Nature of Business [Line Items]
Shares converted (in shares) \| shares	1
Clearway Energy, Inc. \| Clearway Energy LLC
Nature of Business [Line Items]
Ownership interest (as a percentage)		58.91%
Clearway Energy LLC \| GIP
Nature of Business [Line Items]
Voting interest (as a percentage)		54.88%
Clearway Energy LLC \| Shareholders
Nature of Business [Line Items]
Voting interest (as a percentage)		45.12%
Clearway Energy LLC \| CEG
Nature of Business [Line Items]
Ownership interest (as a percentage)		41.09%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Nature of Business [Line Items]
Power generation capacity, gigawatts (over)		10.8
Generational Facilities and District Energy Systems
Nature of Business [Line Items]
Power generation capacity, gigawatts (over)		2.8

Fair Value of Financial Instruments - Schedule of Fair Value Option, Disclosures (Details) - Fair Value - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current portion	$ 8,872	$ 8,382
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current portion	2,625	2,038
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current portion	$ 6,252	$ 6,350

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 354	$ 298
Total operating revenues	354	298
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	354	298
Contract amortization	(50)	(44)
Mark-to-market for economic hedges	30	(11)
Total operating revenues	354	298
Less: Contract amortization	50	44
Less: Mark-to-market for economic hedges	(30)	11
Less: Lease revenue	$ (208)	$ (210)
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total operating revenues	Total operating revenues
Total revenue from contracts with customers	$ 166	$ 143
Total	$ 208	$ 210
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total operating revenues	Total operating revenues
Operating Segments \| Energy revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 261	$ 248
Total operating revenues	261	248
Less: Lease revenue	(156)	(169)
Total	156	169
Operating Segments \| Capacity revenue
Disaggregation of Revenue [Line Items]
Revenues	97	85
Total operating revenues	97	85
Less: Lease revenue	(52)	(41)
Total	52	41
Operating Segments \| Other revenues
Disaggregation of Revenue [Line Items]
Revenues	16	20
Total operating revenues	16	20
Operating Segments \| Flexible Generation
Disaggregation of Revenue [Line Items]
Revenues	61	68
Contract amortization	(5)	(5)
Mark-to-market for economic hedges	(7)	2
Total operating revenues	61	68
Less: Contract amortization	5	5
Less: Mark-to-market for economic hedges	7	(2)
Less: Lease revenue	(29)	(29)
Total revenue from contracts with customers	44	42
Total	29	29
Operating Segments \| Flexible Generation \| Energy revenue
Disaggregation of Revenue [Line Items]
Revenues	7	6
Total operating revenues	7	6
Less: Lease revenue	(1)	(1)
Total	1	1
Operating Segments \| Flexible Generation \| Capacity revenue
Disaggregation of Revenue [Line Items]
Revenues	65	64
Total operating revenues	65	64
Less: Lease revenue	(28)	(28)
Total	28	28
Operating Segments \| Flexible Generation \| Other revenues
Disaggregation of Revenue [Line Items]
Revenues	1	1
Total operating revenues	1	1
Operating Segments \| Renewables & Storage
Disaggregation of Revenue [Line Items]
Revenues	293	230
Contract amortization	(45)	(39)
Mark-to-market for economic hedges	37	(13)
Total operating revenues	293	230
Less: Contract amortization	45	39
Less: Mark-to-market for economic hedges	(37)	13
Less: Lease revenue	(179)	(181)
Total revenue from contracts with customers	122	101
Total	179	181
Operating Segments \| Renewables & Storage \| Energy revenue
Disaggregation of Revenue [Line Items]
Revenues	254	242
Total operating revenues	254	242
Less: Lease revenue	(155)	(168)
Total	155	168
Operating Segments \| Renewables & Storage \| Capacity revenue
Disaggregation of Revenue [Line Items]
Revenues	32	21
Total operating revenues	32	21
Less: Lease revenue	(24)	(13)
Total	24	13
Operating Segments \| Renewables & Storage \| Other revenues
Disaggregation of Revenue [Line Items]
Revenues	15	19
Total operating revenues	$ 15	$ 19

Investments Accounted for by the Equity Method and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Feb. 19, 2026	Mar. 31, 2026
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Non-recourse debt held by unconsolidated affiliates		$ 367
Ownership (as a percentage)		25.00%
Palisade Plains Partnership
Schedule of Equity Method Investments [Line Items]
Ownership (as a percentage)	99.00%
Palisade Plains Partnership \| Variable Interest Entity
Schedule of Equity Method Investments [Line Items]
Contributions received for future delivery of equipment	$ 6
Distributions for future delivery of equipment	$ 5

- Definition

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

+ 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

Acquisitions - Narrative (Details) $ in Millions	Mar. 30, 2026 USD ($) fund facility MW	Mar. 31, 2026 state
Schedule of Asset Acquisition [Line Items]
Number of states \| state		27
Cardinal Purchaser LLC and Cardinal JV Purchaser LLC
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW	610
Cardinal Purchaser LLC and Cardinal JV Purchaser LLC \| Cardinal Portfolio acquisition
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW	225
Number of states \| fund	8
Acquisitions, net of cash acquired	$ 324
Number of solar facilities \| facility	12
Weighted average remaining contract duration (in years)	10 years
Borrowings	$ 100
Payments for asset acquisition and transaction expenses	240
Cardinal Purchaser LLC and Cardinal JV Purchaser LLC \| Cardinal Portfolio acquisition \| Third Party Investor
Schedule of Asset Acquisition [Line Items]
Acquisitions, net of cash acquired	80
Cardinal Purchaser LLC and Cardinal JV Purchaser LLC \| Cardinal Portfolio acquisition \| Cardinal Investment Holdco LLC
Schedule of Asset Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 244

Summary of Significant Accounting Policies - Schedule of Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 198	$ 162
Accounts receivable, net - Contracts with customers
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	83	76
Accounts receivable, net - Leases
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 115	$ 86

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments Accounted for by the Equity Method and Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for by the Equity Method and Variable Interest Entities

Entities that are not Consolidated

The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2025 Form 10-K.

The following table reflects the Company’s equity investments in unconsolidated affiliates as of March 31, 2026:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	12
Cardinal Portfolio JV (b)	50%	80
Desert Sunlight	25%	208
Elkhorn Ridge	66.7%	(5)
GenConn (c)	50%	70

San Juan Mesa	75%	(3)
		$	362

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

(b) Acquired on March 30, 2026. See Note 3, Acquisitions, for further discussion.

The Company’s pro-rata share of non-recourse debt held by unconsolidated affiliates was $367 million as of March 31, 2026.

Entities that are Consolidated

As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2025 Form 10-K, the Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidation, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind, solar and BESS facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which also have been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability company agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.

The following is a summary of significant activity during the three months ended March 31, 2026 related to the Company’s consolidated VIEs:

Palisade Plains Partnership — On February 19, 2026, Clearway Renew contributed its rights and interests in certain transformer supply agreements to Palisade Plains Development Partnership LLC, or Palisade Plains Partnership, an indirect subsidiary of the Company, in exchange for Class A membership interests. In connection with the transaction, Clearway Renew contributed $6 million for deposits related to the future delivery of equipment, which is included in other non-current assets on the Company’s consolidated balance sheet, and received a distribution of $5 million. The Class A membership interests held by Clearway Renew are reflected as redeemable noncontrolling interest on the Company’s consolidated balance sheet, as the arrangement provides Clearway Renew with the right to redeem their interests in the partnership for cash or other assets at a point in time. Palisade Plains Partnership is a VIE that indirectly owns the Goat Mountain wind facility and whose purpose is to carry out the development, construction and completion of the repowering of the facility. Palisade Plains Development Partnership Holdco LLC, an indirect subsidiary of the Company, consolidates Palisade Plains Partnership as primary beneficiary through its Class B membership interests, which entitles the Company to 99% of distributable cash.

Summarized financial information for the Company’s consolidated VIEs consisted of the following:


(In millions)	March 31, 2026		December 31, 2025
Other current assets	$	324	$	484
Other non-current assets	732		547
Property, plant and equipment	7,888		7,894
Total assets	$	8,944	$	8,925
Other current liabilities	$	277	$	241
Other non-current liabilities	2,524		2,353
Total liabilities	$	2,801	$	2,594

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 325	$ 231
Restricted cash	355	587
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 680	$ 818	$ 706	$ 733

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Other non-current assets	$ 317	$ 208
Property, plant and equipment	11,816	11,596
Total assets	16,893	16,444	$ 14,636
Other non-current liabilities	469	389
Total liabilities	10,930	10,416
Variable Interest Entity
Schedule of Equity Method Investments [Line Items]
Other current assets	324	484
Other non-current assets	732	547
Property, plant and equipment	7,888	7,894
Total assets	8,944	8,925
Other current liabilities	277	241
Other non-current liabilities	2,524	2,353
Total liabilities	$ 2,801	$ 2,594

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ 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

Fair Value of Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 $ in Millions	Mar. 31, 2026 USD ($) $ / MWh $ / BTU MWh
Low \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / BTU	1.58
High \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / BTU	9.75
Weighted Average \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / BTU	3.17
Long-term Power Commodity Contracts \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 0
Liabilities \| $	$ 178
Long-term Power Commodity Contracts \| Low \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	24.87
Long-term Power Commodity Contracts \| High \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	93.56
Long-term Power Commodity Contracts \| Weighted Average \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	51.11
Heat Rate Call Option Commodity Contracts \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 7
Liabilities \| $	$ 4
Heat Rate Call Option Commodity Contracts \| Low \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	(4.79)
Heat Rate Call Option Commodity Contracts \| High \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	248.37
Heat Rate Call Option Commodity Contracts \| Weighted Average \| Forward Market Price \| Option Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| $ / MWh	49.66
Other Financial Instruments \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 7
Liabilities \| $	$ 0
Other Financial Instruments \| Low \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| MWh	60,047
Other Financial Instruments \| High \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| MWh	120,094
Other Financial Instruments \| Weighted Average \| Forward Market Price \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Input/Range \| MWh	108,791

Revision of Previously Issued Unaudited Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Quarterly Financial Information Disclosure [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	Three months ended March 31, 2025
(In millions)	As Previously Reported		Adjustments		As Revised
Renewables & Storage Segment:
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income attributable to Clearway Energy LLC	41		(12)		29

(b) Includes eliminations.

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


	Three months ended March 31, 2025
(in millions)	As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income (loss) attributable to Clearway Energy LLC	$	7	$	(12)	$	(5)
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive loss attributable to noncontrolling interests	$	(113)	$	12	$	(101)
Comprehensive income (loss) attributable to Clearway Energy LLC	$	3	$	(12)	$	(9)
Consolidated Balance Sheet (As of March 31, 2025)

Retained earnings	$	814	$	(12)	$	802
Noncontrolling interest	3,851		12		3,863
Total Members’ Equity	$	5,479	$	—	$	5,479
Consolidated Statements of Members’ Equity
Retained Earnings:
Net income (loss)	$	7	$	(12)	$	(5)
Retained Earnings at March 31, 2025	$	814	$	(12)	$	802
Noncontrolling Interest:
Net loss	$	(111)	$	12	$	(99)
Noncontrolling Interest at March 31, 2025	$	3,851	$	12	$	3,863

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Estimated Carrying Values and Fair Values

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


	As of March 31, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)



Long-term debt, including current portion — affiliate	$	5	$	5	$	6	$	6
Long-term debt, including current portion — external (a)	9,205		8,872		8,676		8,382

(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 March 31, 2026				As of December 31, 2025
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,625	$	6,252	$	2,038	$	6,350

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 March 31, 2026				As of December 31, 2025
	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	$	7		$	1	$	13
Interest rate contracts	154		—			142		—
Other financial instruments (d)	—		7			—		7
Total assets	$	155	$	14		$	143	$	20
Derivative liabilities:
Energy-related commodity contracts (e)	$	—	$	182		$	—	$	333
Interest rate contracts	21		—			27		—
Total liabilities	$	21	$	182		$	27	$	333

(a) There were no derivative assets or liabilities classified as Level 1 as of March 31, 2026 and December 31, 2025.

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

(c) Includes 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 March 31, 2026 and December 31, 2025, $178 million and $330 million, respectively, related to long-term power commodity contracts, and $4 million and $3 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:


	Three months ended March 31,
		2026		2025
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(313)	$	(352)
Settlements		3		7

Transfers out of Level 3 (a)		115		—
Total gains (losses) for the period included in earnings		27		(18)
Ending balance		$	(168)	$	(363)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of March 31, 2026		$	27

(a) On March 27, 2026, the Company restructured the Mesquite Sky energy-related commodity contract, resulting in the derecognition of the related derivative liabilities and its classification as an in-substance financing. See Note 7, Long-term Debt, for further discussion.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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


	March 31, 2026
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	178	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	24.87	$	93.56	$	51.11
Heat Rate Call Option Commodity Contracts	7		4		Option Model	Forward Market Price ($ per MWh)	(4.79)		248.37		49.66
					Option Model	Forward Market Price ($ per MMBtu)	1.58		9.75		3.17
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

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of March 31, 2026:

Type

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Maximum Loss Exposure in Equity Method Investments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 362	$ 291	$ 300
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 12
Cardinal Portfolio JV
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 80
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Investment Balance	$ 208
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	66.70%
Investment Balance	$ (5)
GenConn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 70
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Investment Balance	$ (3)

- Definition

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

+ References + Details

- 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

Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Mark-to-market of cash flow hedge accounting contracts	$ 11	$ (6)
Accumulated OCI ending balance		5,479
Losses expected to be realized from OCI during the next 12 months	0
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated (OCL) OCI beginning balance	(6)	15
Accumulated OCI ending balance	5	5
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassified from accumulated OCI/OCL to income due to realization of previously deferred amounts	1	0
Mark-to-market of cash flow hedge accounting contracts	10	(6)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Rosamond South I Drop Down
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Drop Down	0	(4)
Accumulated OCI attributable to noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated OCI ending balance	5	4
Accumulated OCI attributable to Clearway Energy LLC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated OCI ending balance	0	1
Clearway Energy LLC \| Rosamond South I Drop Down
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Drop Down	2
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated OCI ending balance		$ 3,863
Noncontrolling Interest \| Rosamond South I Drop Down
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Drop Down	$ 2

Revision of Previously Issued Unaudited Financial Information

3 Months Ended

Mar. 31, 2026

Quarterly Financial Information Disclosure [Abstract]

Revision of Previously Issued Unaudited Financial Information

As discussed in Item 15 — Note 16, 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.

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


	Three months ended March 31, 2025
(in millions)	As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income (loss) attributable to Clearway Energy LLC	$	7	$	(12)	$	(5)
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive loss attributable to noncontrolling interests	$	(113)	$	12	$	(101)
Comprehensive income (loss) attributable to Clearway Energy LLC	$	3	$	(12)	$	(9)
Consolidated Balance Sheet (As of March 31, 2025)

Retained earnings	$	814	$	(12)	$	802
Noncontrolling interest	3,851		12		3,863
Total Members’ Equity	$	5,479	$	—	$	5,479
Consolidated Statements of Members’ Equity
Retained Earnings:
Net income (loss)	$	7	$	(12)	$	(5)
Retained Earnings at March 31, 2025	$	814	$	(12)	$	802
Noncontrolling Interest:
Net loss	$	(111)	$	12	$	(99)
Noncontrolling Interest at March 31, 2025	$	3,851	$	12	$	3,863

See Note 9, Segment Reporting, for more details related to the revisions included in the notes to the financial statements.

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 162		$ 156
Derivative Liabilities	203		360
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(313)	$ (352)
Settlements	3	7
Total gains (losses) for the period included in earnings	27	(18)
Ending balance	(168)	(363)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of March 31, 2026	$ 27
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
El Segundo, Marsh Landing and Walnut Creek Notes \| Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long term debt	$ 178		330
Fair value of short term debt	4		3
Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	8		14
Derivative Liabilities	182		333
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	154		142
Derivative Liabilities	21		27
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of March 31, 2026	0	$ (34)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	155		143
Derivative Liabilities	21		27
Level 2 \| Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	1		1
Derivative Liabilities	0		0
Level 2 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	154		142
Derivative Liabilities	21		27
Level 2 \| Other financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	14		20
Derivative Liabilities	182		333
Level 3 \| Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Transfers out of Level 3	115	$ 0
Level 3 \| Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	7		13
Derivative Liabilities	182		333
Level 3 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0		0
Derivative Liabilities	0		0
Level 3 \| Other financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 7		$ 7

Members' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	May 06, 2026	Apr. 29, 2026	Jan. 31, 2026	Mar. 31, 2026
Common Class C \| Subsequent Event
Class of Stock [Line Items]
Shares converted (in shares)		1
Dividend declared (in dollars per share)	$ 0.4676
Common Class A \| Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share)	0.4676
Common Class B \| Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share)	0.4676
Common Class D \| Subsequent Event
Class of Stock [Line Items]
Dividend declared (in dollars per share)	$ 0.4676
Dividend Reinvestment and Direct Stock Purchase Plan \| Common Class C
Class of Stock [Line Items]
Stock issued during period, issued for services (in shares)			1,445,244
Proceeds from issuance of stock			$ 50
Accrued professional fees			$ 1
Reserved for issuance up to an aggregate (in shares)				1,061,554
Dividend Reinvestment and Direct Stock Purchase Plan \| Capital Unit, Class C
Class of Stock [Line Items]
Stock exchanged (in shares)			1,445,244

Revision of Previously Issued Unaudited Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Net loss attributable to noncontrolling interests	$ (184)	$ (99)
Net income (loss) attributable to Clearway Energy LLC	115	(5)
Comprehensive loss attributable to noncontrolling interests	(183)	(101)
Comprehensive income (loss) attributable to Clearway Energy LLC	125	(9)
Retained earnings	896	802	$ 875
Noncontrolling interest	4,369	3,863	$ 4,419
Total Members’ Equity		5,479
Net income (loss)	(31)	(104)
Retained Earnings
Total Members’ Equity		802
Net income (loss)	115	(5)
Noncontrolling Interest
Total Members’ Equity		3,863
Net income (loss)	$ (146)	(99)
As Previously Reported
Net loss attributable to noncontrolling interests		(111)
Net income (loss) attributable to Clearway Energy LLC		7
Comprehensive loss attributable to noncontrolling interests		(113)
Comprehensive income (loss) attributable to Clearway Energy LLC		3
Retained earnings		814
Noncontrolling interest		3,851
Total Members’ Equity		5,479
As Previously Reported \| Retained Earnings
Total Members’ Equity		814
Net income (loss)		7
As Previously Reported \| Noncontrolling Interest
Total Members’ Equity		3,851
Net income (loss)		(111)
Adjustments
Net loss attributable to noncontrolling interests		12
Net income (loss) attributable to Clearway Energy LLC		(12)
Comprehensive loss attributable to noncontrolling interests		12
Comprehensive income (loss) attributable to Clearway Energy LLC		(12)
Retained earnings		(12)
Noncontrolling interest		12
Total Members’ Equity		0
Adjustments \| Retained Earnings
Total Members’ Equity		(12)
Net income (loss)		(12)
Adjustments \| Noncontrolling Interest
Total Members’ Equity		12
Net income (loss)		$ 12

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 9,206	$ 8,680
Less current maturities	(617)	(714)
Less net debt issuance costs	(89)	(70)
Add premiums (c)	4	2
Total long-term debt	8,504	7,898
Intercompany Note with Clearway, Inc.
Debt Instrument [Line Items]
Total debt	$ 5	6
Interest rate (as a percentage)	3.54%
Senior Notes
Debt Instrument [Line Items]
Total debt	$ 2,725	2,125
Senior Notes \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percentage)	3.75%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	361
Basis spread on variable rate (as a percentage)	1.75%
Fixed rate
Debt Instrument [Line Items]
Total debt	$ 3,151	3,001
Fixed rate \| Minimum
Debt Instrument [Line Items]
Basis spread on fixed rate (as a percentage)	2.339%
Fixed rate \| Maximum
Debt Instrument [Line Items]
Basis spread on fixed rate (as a percentage)	8.00%
Variable rate
Debt Instrument [Line Items]
Total debt	$ 3,325	$ 3,187
Variable rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	1.375%
Variable rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	2.75%

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
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. This footnote should be read in conjunction with the complete description under Item 15 — Note 13, Related Party Transactions, to the consolidated financial statements included in the Company’s 2025 Form 10-K. Goat Mountain Development Services Agreement with Clearway Renew Pursuant to the development services agreement entered into in July 2025, in connection with the closing of the Goat Mountain construction financing on February 27, 2026, as further described in Note 7, Long-term Debt, the Company acquired assets totaling $106 million, consisting of $98 million for deposits related to the future delivery of equipment, which is included in other non-current assets on the Company’s consolidated balance sheet, and $8 million of capital expenditures. Of this amount, $70 million was paid to Clearway Renew on February 27, 2026, with the remaining $36 million outstanding as of March 31, 2026. Also on February 27, 2026, the Company paid Clearway Renew $18 million in fees under the development services agreement. The Company estimates that its total capital investment in the Goat Mountain repowering will be $200 million, subject to closing adjustments. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various 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 $21 million for each of the three months ended March 31, 2026 and 2025. Expenses for these services are included in cost of operations in the consolidated statements of operations. There was a balance of $12 million and $8 million due to RENOM as of March 31, 2026 and December 31, 2025, respectively. Administrative Services Agreements by and between the Company and CEG Various subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and 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 $6 million and $5 million for the three months ended March 31, 2026 and 2025, respectively. Expenses for these services are included in cost of operations in the consolidated statements of operations. There was a balance of $4 million and $3 million due to CEG as of March 31, 2026 and December 31, 2025, respectively. 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. These services include operational and administrative services, such as human resources, information systems, cybersecurity, external affairs, legal, risk management, internal audit, accounting, procurement, tax and treasury services, in exchange for the payment of fees in respect of such services, which are settled on a quarterly basis. The Company also directly bears labor costs for certain CEG employees who perform work on behalf of the Company. The Company incurred expenses under the CEG Master Services Agreement of $7 million and $6 million for the three months ended March 31, 2026 and 2025, respectively. Expenses for these services are included in general and administrative in the consolidated statements of operations.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-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

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	333-203369
Entity Registrant Name	Clearway Energy LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0407370
Entity Address, Address Line One	300 Carnegie Center, Suite 300
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	608-1525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001637757
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		42,738,750
Common Class C
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		121,168,025
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		41,361,142

Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative assets, gross	$ 162	$ 156
Derivative liabilities, gross	(203)	(360)
Fair value of gross derivative assets/(liabilities), net	(41)	(204)
Derivative Instruments	0	0
Net Amount	(41)	(204)
Energy-related commodity contracts
Derivatives, Fair Value [Line Items]
Derivative assets, gross	8	14
Derivative instruments, assets	0	0
Net Amount	8	14
Derivative liabilities, gross	(182)	(333)
Derivative instruments, liabilities	0	0
Net Amount	(182)	(333)
Fair value of gross derivative assets/(liabilities), net	(174)	(319)
Derivative Instruments	0	0
Net Amount	(174)	(319)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative assets, gross	154	142
Derivative instruments, assets	0	0
Net Amount	154	142
Derivative liabilities, gross	(21)	(27)
Derivative instruments, liabilities	0	0
Net Amount	(21)	(27)
Fair value of gross derivative assets/(liabilities), net	133	115
Derivative Instruments	0	0
Net Amount	$ 133	$ 115

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Certain prior period financial information included in these unaudited interim consolidated financial statements has been revised to correct immaterial errors. See Note 11, Revision of Previously Issued Unaudited Financial Information, for additional information. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2025 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2026 and December 31, 2025, and results of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2026 and 2025.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
Cash, 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2026, the Company adopted 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. The Company adopted ASU 2025-06 prospectively and the adoption had no material impact on the Company’s financial statements. Effective January 1, 2026, the Company adopted 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. The Company adopted ASU 2025-07 prospectively, and the adoption had no material impact on the Company’s financial statements.
Concentration of Credit Risk	Concentration of Credit Risk In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2025 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ 27
Interest Rate Contracts (Interest expense)
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	0	(34)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues)
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ 30	$ (11)

- 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

- 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

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

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Maximum Loss Exposure in Equity Method Investments

The following table reflects the Company’s equity investments in unconsolidated affiliates as of March 31, 2026:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	12
Cardinal Portfolio JV (b)	50%	80
Desert Sunlight	25%	208
Elkhorn Ridge	66.7%	(5)
GenConn (c)	50%	70

San Juan Mesa	75%	(3)
		$	362

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

(b) Acquired on March 30, 2026. See Note 3, Acquisitions, for further discussion.

Schedule of Variable Interest Entities

Summarized financial information for the Company’s consolidated VIEs consisted of the following:


(In millions)	March 31, 2026		December 31, 2025
Other current assets	$	324	$	484
Other non-current assets	732		547
Property, plant and equipment	7,888		7,894
Total assets	$	8,944	$	8,925
Other current liabilities	$	277	$	241
Other non-current liabilities	2,524		2,353
Total liabilities	$	2,801	$	2,594

- 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

Fair Value of Financial Instruments - Schedule of Estimated Carrying Values and Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	$ 9,206	$ 8,680
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	5	6
Long-term debt, including current portion — external	9,205	8,676
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	5	6
Long-term debt, including current portion — external	$ 8,872	$ 8,382

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Derivative assets using level 3 fair value inputs (as a percentage)	4.00%
Derivative liabilities using level 3 fair value inputs (as a percentage)	90.00%
Other financial instruments using level 3 fair value inputs (as a percentage)	100.00%
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 7

Nature of Business (Tables)	3 Months Ended
Nature of Business (Tables)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Company Organization Chart	The diagram below represents a summarized structure of the Company as of March 31, 2026 (prior to the Class A Conversion):

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Jan. 31, 2026	Jan. 15, 2026	Dec. 31, 2025
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents, held at project subsidiaries	$ 233			$ 194
Restricted cash	355			$ 587
Long Term Debt Current
Summary of Significant Accounting Policies [Line Items]
Restricted cash	97
Debt Service Obligations
Summary of Significant Accounting Policies [Line Items]
Restricted cash	85
Cash Distribution
Summary of Significant Accounting Policies [Line Items]
Restricted cash	32		$ 51
Cash Distribution \| Rosie South TargetCo LLC
Summary of Significant Accounting Policies [Line Items]
Restricted cash		$ 174
Operating Funds
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 141

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

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 March 31, 2026, the Company had interest rate derivative instruments extending through 2036, 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 March 31, 2026, the Company had energy-related derivative instruments extending through 2033. At March 31, 2026, 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
		March 31, 2026		December 31, 2025
Commodity	Units	(In millions)
Power	MWh	(21)		(29)
Natural Gas	MMBtu	3		5
Interest	Dollars	$	4,094	$	4,080

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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	4	$	2	$	3	$	6
Interest rate contracts long-term	30		29		16		21
Total Derivatives Designated as Cash Flow Hedges	$	34	$	31	$	19	$	27
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	22	$	17	$	—	$	—
Interest rate contracts long-term	98		94		2		—
Energy-related commodity contracts current	6		10		31		46
Energy-related commodity contracts long-term	2		4		151		287
Total Derivatives Not Designated as Cash Flow Hedges	$	128	$	125	$	184	$	333
Total Derivatives	$	162	$	156	$	203	$	360

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	8	$	—	$	8
Derivative liabilities	(182)		—		(182)
Total energy-related commodity contracts	$	(174)	$	—	$	(174)
Interest rate contracts
Derivative assets	$	154	$	—	$	154
Derivative liabilities	(21)		—		(21)
Total interest rate contracts	$	133	$	—	$	133
Total derivative instruments	$	(41)	$	—	$	(41)


	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)

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:


	Three months ended March 31,
			2026		2025
		(In millions)
Accumulated (OCL) OCI beginning balance			$	(6)	$	15
Rosamond South I Drop Down (a)			—		(4)



Reclassified from accumulated OCI/OCL to income due to realization of previously deferred amounts			1		—
Mark-to-market of cash flow hedge accounting contracts			10		(6)
Accumulated OCI ending balance			5		5
Accumulated OCI attributable to noncontrolling interests			5		4
Accumulated OCI attributable to Clearway Energy LLC			$	—	$	1
Losses expected to be realized from OCI during the next 12 months			$	—

(a) Represents $2 million attributable to the Company and $2 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:


	Three months ended March 31,
			2026		2025
		(In millions)
Interest Rate Contracts (Interest expense)			$	—	$	(34)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)			30		(11)

See Note 5, 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.

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+ Details

Long-term Debt - Narrative (Details) - USD ($) $ in Millions								1 Months Ended	3 Months Ended
	May 07, 2026	May 01, 2026	Mar. 27, 2026	Feb. 27, 2026	Feb. 05, 2026	Jan. 15, 2026	Jan. 13, 2026	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Mar. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt								$ 9,206	$ 9,206			$ 8,680
Other non-current liabilities								469	469			389
Debt issuance costs, net								89	89			70
Capital expenditures									82	$ 38
Restricted cash								355	355			$ 587
Cash Distribution
Debt Instrument [Line Items]
Restricted cash						$ 51		32	32
Cardinal Portfolio
Debt Instrument [Line Items]
Asset acquisition, issuance cost											$ 100
Mesquite Sky Restructuring
Debt Instrument [Line Items]
Total debt			$ 127
Derecognized derivative liabilities with fair value			115
Other non-current liabilities			12
Total payments			$ 162
Effective interest rate (as a percentage)			5.436%
Weighted average remaining contract duration (in years)			15 years
Goat Mountain Repowering
Debt Instrument [Line Items]
Proceeds from the revolving credit facility				$ 140
Long-term debt				$ 703
Long-term debt, additions								151
Debt instrument, basis spread on variable rate (as a percentage)				1.50%
Debt instrument, term (in years)				5 years
Remaining balance to distribute				$ 88
Debt issuance costs, net				15
Capital expenditures				$ 5
Honeycomb Portfolio BESS \| Subsequent Event
Debt Instrument [Line Items]
Payments for associated fees		$ 14
Honeycomb Portfolio BESS \| Subsequent Event \| CEG
Debt Instrument [Line Items]
Net assets (liabilities) acquired (assumed)		67
Honeycomb Portfolio BESS \| Honeycomb TE Holdco LLC \| Subsequent Event
Debt Instrument [Line Items]
Acquisitions, net of cash acquired		97
Payments for asset acquisition, additional purchase price		81
2034 Senior Notes
Debt Instrument [Line Items]
Proceeds from the revolving credit facility							$ 600
Interest rate (as a percentage)							5.75%
Repayments of outstanding borrowings							$ 361
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt								151	151
Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount								$ 1,256	$ 1,256
Letter of Credit \| Cardinal Portfolio
Debt Instrument [Line Items]
Asset acquisition, issuance cost					$ 119
Term Loan \| Cardinal Portfolio
Debt Instrument [Line Items]
Asset acquisition, issuance cost					$ 100
Debt instrument, basis spread on variable rate (as a percentage)					2.00%
Tax Credit Transfer Bridge Loan \| Pine Forest
Debt Instrument [Line Items]
Repayment of outstanding loan						$ 231
Tax Equity Investors \| Honeycomb Portfolio BESS \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt		254
(Distributions to) Contributions from noncontrolling interests, net		60
Tax Equity Bridge Loan \| Honeycomb Portfolio BESS \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt		234
Construction Loan \| Honeycomb Portfolio BESS \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt, additions		$ 327
Construction loans \| Honeycomb Portfolio BESS \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt, additions	$ 71

Members' Equity - Schedule of Distributions Paid (Details)	Mar. 31, 2026 $ / shares
Common Class A
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)	$ 0.4602
Common Class B
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)	0.4602
Common Class C
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)	0.4602
Common Class D
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)	$ 0.4602

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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+ Details

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting
Number Of Reportable Segments Not Disclosed Flag	segment
Operating revenues	$ 354	$ 298
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	134	122
Depreciation, amortization and accretion	181	163
General and administrative	11	10
Transaction and integration costs	7	3
Operating Income	21	0
Equity in earnings of unconsolidated affiliates	5	5
Other income, net	8	7
Loss on debt extinguishment	(2)	0
Interest expense	(101)	(116)
Net Loss	(69)	(104)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(184)	(99)
Net Income (Loss) Attributable to Clearway Energy LLC	115	(5)
Equity investments in affiliates	362	300	$ 291
Capital expenditures	82	38
Total Assets	16,893	14,636	$ 16,444
Net loss attributable to noncontrolling interests	(184)	(99)
Net income attributable to Clearway Energy LLC	115	(5)
As Previously Reported
Segment Reporting
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		(111)
Net Income (Loss) Attributable to Clearway Energy LLC		7
Net loss attributable to noncontrolling interests		(111)
Net income attributable to Clearway Energy LLC		7
Adjustments
Segment Reporting
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		12
Net Income (Loss) Attributable to Clearway Energy LLC		(12)
Net loss attributable to noncontrolling interests		12
Net income attributable to Clearway Energy LLC		(12)
Operating Segments
Segment Reporting
Operating revenues	354	298
Operating Segments \| Flexible Generation
Segment Reporting
Operating revenues	61	68
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	30	31
Depreciation, amortization and accretion	28	28
General and administrative	0	0
Transaction and integration costs	0	0
Operating Income	3	9
Equity in earnings of unconsolidated affiliates	2	0
Other income, net	1	1
Loss on debt extinguishment	0
Interest expense	(8)	(8)
Net Loss	(2)	2
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	0	0
Net Income (Loss) Attributable to Clearway Energy LLC	(2)	2
Equity investments in affiliates	70	73
Capital expenditures	4	2
Total Assets	1,784	1,916
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Clearway Energy LLC	(2)	2
Operating Segments \| Renewables & Storage
Segment Reporting
Operating revenues	293	230
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	104	91
Depreciation, amortization and accretion	153	135
General and administrative	0	0
Transaction and integration costs	0	0
Operating Income	36	4
Equity in earnings of unconsolidated affiliates	3	5
Other income, net	5	5
Loss on debt extinguishment	(2)
Interest expense	(57)	(84)
Net Loss	(15)	(70)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(184)	(99)
Net Income (Loss) Attributable to Clearway Energy LLC	169	29
Equity investments in affiliates	292	227
Capital expenditures	78	36
Total Assets	14,984	12,617
Net loss attributable to noncontrolling interests	(184)	(99)
Net income attributable to Clearway Energy LLC	169	29
Operating Segments \| Renewables & Storage \| As Previously Reported
Segment Reporting
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		(111)
Net Income (Loss) Attributable to Clearway Energy LLC		41
Net loss attributable to noncontrolling interests		(111)
Net income attributable to Clearway Energy LLC		41
Operating Segments \| Renewables & Storage \| Adjustments
Segment Reporting
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		12
Net Income (Loss) Attributable to Clearway Energy LLC		(12)
Net loss attributable to noncontrolling interests		12
Net income attributable to Clearway Energy LLC		(12)
Corporate
Segment Reporting
Operating revenues	0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	0	0
Depreciation, amortization and accretion	0	0
General and administrative	11	10
Transaction and integration costs	7	3
Operating Income	(18)	(13)
Equity in earnings of unconsolidated affiliates	0	0
Other income, net	2	1
Loss on debt extinguishment	0
Interest expense	(36)	(24)
Net Loss	(52)	(36)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	0	0
Net Income (Loss) Attributable to Clearway Energy LLC	(52)	(36)
Equity investments in affiliates	0	0
Capital expenditures	0	0
Total Assets	125	103
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Clearway Energy LLC	$ (52)	$ (36)

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Revenues
Total operating revenues	$ 354	$ 298
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	134	122
Depreciation, amortization and accretion	181	163
General and administrative	11	10
Transaction and integration costs	7	3
Total operating costs and expenses	333	298
Operating Income	21	0
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	5	5
Other income, net	8	7
Loss on debt extinguishment	(2)	0
Interest expense	(101)	(116)
Total other expense, net	(90)	(104)
Net Loss	(69)	(104)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(184)	(99)
Net Income (Loss) Attributable to Clearway Energy LLC	$ 115	$ (5)

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 325	$ 231
Restricted cash	355	587
Inventory	87	75
Derivative instruments	32	29
Prepayments and other current assets	56	63
Total current assets	1,053	1,148
Property, plant and equipment, net	11,816	11,596
Other Assets
Equity investments in affiliates	362	291
Intangible assets for power purchase agreements, net	2,375	2,294
Other intangible assets, net	67	66
Derivative instruments	130	127
Right-of-use assets, net	773	714
Other non-current assets	317	208
Total other assets	4,024	3,700
Total Assets	16,893	16,444
Current Liabilities
Current portion of long-term debt — external	612	708
Current portion of long-term debt — affiliate	5	6
Accounts payable — trade	123	95
Derivative instruments	34	52
Accrued interest expense	43	52
Accrued expenses and other current liabilities	68	78
Total current liabilities	961	1,023
Other Liabilities
Long-term debt — external	8,504	7,898
Deferred income taxes	1	2
Derivative instruments	169	308
Long-term lease liabilities	826	796
Other non-current liabilities	469	389
Total other liabilities	9,969	9,393
Total Liabilities	10,930	10,416
Redeemable noncontrolling interest in subsidiaries	65	103
Commitments and Contingencies
Members’ Equity
Contributed capital	633	641
Retained earnings	896	875
Accumulated other comprehensive loss	0	(10)
Noncontrolling interest	4,369	4,419
Total Members’ Equity	5,898	5,925
Total Liabilities and Members’ Equity	16,893	16,444
Trade
Current Assets
Accounts receivable	198	162
Affiliates
Current Assets
Accounts receivable	0	1
Current Liabilities
Accounts payable — affiliates	$ 76	$ 32

Segment Reporting

3 Months Ended

Mar. 31, 2026

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.


	Three months ended March 31, 2026
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	61	$	293	$	—	$	354
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	30		104		—		134
Depreciation, amortization and accretion	28		153		—		181
General and administrative	—		—		11		11
Transaction and integration costs	—		—		7		7


Operating income (loss)	3		36		(18)		21
Equity in earnings of unconsolidated affiliates	2		3		—		5

Other income, net	1		5		2		8
Loss on debt extinguishment	—		(2)		—		(2)
Interest expense	(8)		(57)		(36)		(101)


Net Loss	(2)		(15)		(52)		(69)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(184)		—		(184)
Net (Loss) Income Attributable to Clearway Energy LLC	$	(2)	$	169	$	(52)	$	115
Balance Sheet
Equity investments in affiliates	$	70	$	292	$	—	$	362
Capital expenditures (b)	4		78		—		82
Total Assets	$	1,784	$	14,984	$	125	$	16,893

(a) Includes eliminations.

(b) Includes accruals.


	Three months ended March 31, 2025 (as revised) (a)
(In millions)	Flexible Generation		Renewables & Storage		Corporate (b)		Total
Operating revenues	$	68	$	230	$	—	$	298
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	31		91		—		122
Depreciation, amortization and accretion	28		135		—		163

General and administrative	—		—		10		10

Transaction and integration costs	—		—		3		3


Operating income (loss)	9		4		(13)		—
Equity in earnings of unconsolidated affiliates	—		5		—		5

Other income, net	1		5		1		7

Interest expense	(8)		(84)		(24)		(116)
Net Income (Loss)	2		(70)		(36)		(104)
Less: Net loss attributable to noncontrolling interests	—		(99)		—		(99)
Net Income (Loss) Attributable to Clearway Energy LLC	$	2	$	29	$	(36)	$	(5)
Balance Sheet
Equity investments in affiliates	$	73	$	227	$	—	$	300
Capital expenditures (c)	2		36		—		38
Total Assets	$	1,916	$	12,617	$	103	$	14,636

(a) The following amounts were revised for the Renewables & Storage segment:


	Three months ended March 31, 2025
(In millions)	As Previously Reported		Adjustments		As Revised
Renewables & Storage Segment:
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income attributable to Clearway Energy LLC	41		(12)		29

(b) 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-term Debt

This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company’s 2025 Form 10-K. The Company’s borrowings, including short-term and long-term portions, consisted of the following:


	Maturity Date	March 31, 2026		December 31, 2025		Interest Rate (a)
		(In millions)
Intercompany Note with Clearway, Inc.	2026	$	5	$	6	3.54	%
Senior Notes	2028-2034	2,725		2,125		3.750% - 5.750%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility (b)	2028	—		361		S+1.750%
Non-recourse facility-level debt:
Fixed rate	2031-2040	3,151		3,001		2.339% - 8.000%
Variable rate	2026-2036	3,325		3,187		S+1.375% - 2.750%
Total debt		9,206		8,680
Less current maturities		(617)		(714)
Less net debt issuance costs		(89)		(70)
Add premiums (c)		4		2
Total long-term debt		$	8,504	$	7,898

(a) As of March 31, 2026, S+ equals SOFR plus x%.

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

As of March 31, 2026, the Company had $1,256 million in letters of credit outstanding, $151 million of which is related to the Company’s revolving credit facility.

The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of March 31, 2026, the Company was in compliance with all of the required covenants.

The discussion below describes material changes to or additions of long-term debt for the three months ended March 31, 2026.

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 a rate of 5.750% per annum 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

Honeycomb Portfolio

On May 1, 2026, when the Honeycomb Portfolio BESS facilities reached substantial completion, the Company paid $81 million to Clearway Renew as additional purchase price in connection with the Company’s acquisition of Honeycomb TargetCo LLC, or Honeycomb TargetCo, from Clearway Renew on October 15, 2025, which was funded with existing sources of liquidity. The Company’s total capital investment in Honeycomb TargetCo was $97 million. Also, on May 1, 2026, the tax equity investor in Honeycomb TE Holdco LLC contributed an additional $254 million, which was utilized along with the $60 million previously held in escrow, to repay the $234 million tax equity bridge loan and to pay $14 million in associated fees with the remaining $67 million distributed to CEG. During 2026, the Company borrowed an additional $71 million in construction loans, and on May 1, 2026, the total outstanding construction loans were converted to a term loan in the amount of $327 million that matures on May 1, 2031.

Cardinal Portfolio

On February 5, 2026, the Company, through its indirect subsidiary, Cardinal Investment Holdco LLC, entered into a financing arrangement 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-level obligations. On March 30, 2026, the Company borrowed $100 million to partially fund the acquisition of the Cardinal Portfolio, as further described in Note 3, Acquisitions. The financing is supported by the Company’s interest in the Cardinal Portfolio. The term loan bears interest at a rate of SOFR plus 2.00% per annum and matures on March 29, 2027.

In connection with the acquisition of the Cardinal Portfolio on March 30, 2026, as further described in Note 3, Acquisitions, the Company assumed existing facility‑level debt associated with certain of the acquired facilities. The assumed debt is secured by the respective facilities and is non‑recourse to the Company. In accordance with ASC 805, the assumed debt was recorded at its estimated fair value as of the acquisition date. The assumed facility‑level debt has maturities ranging from 2032 through 2036.

Mesquite Sky Restructuring

On March 27, 2026, the Company restructured its existing energy‑related commodity contract associated with the Mesquite Sky wind facility, which resulted in an in‑substance financing to settle existing derivative liabilities over time. As a result of the restructuring, the Company derecognized derivative liabilities with a fair value of $115 million, as well as $12 million owed to the counterparty that was previously included in other non‑current liabilities, and recognized a term financing obligation with an initial carrying amount of $127 million. The financing obligation is repaid through fixed monthly payments beginning in May 2026 and matures on September 30, 2035. Total payments over the term of the arrangement are $162 million, which implies an effective interest rate of approximately 5.436%. Interest expense is recognized over the term of the obligation using the effective interest method.

In connection with the restructuring, the Company also entered into a 15‑year PPA with an investment‑grade counterparty, which replaces the volumetric and price exposure of Mesquite Sky’s energy‑related commodity contract with more favorable pricing.

Goat Mountain Repowering

On February 27, 2026, the Company, through its indirect subsidiaries, Goat Mountain Class B Holdco LLC and Goat Wind LLC, as co-borrowers, entered into a financing arrangement for non-recourse debt for a total commitment of $703 million, which consists of a construction loan that converts to a five-year term loan upon the repowering of the facility reaching substantial completion, which is expected to occur in the second half of 2027, as well as bridge loans to be repaid with the proceeds from the tax equity investor. The construction loan and bridge loans bear interest at a rate of SOFR plus 1.50% and mature on the term conversion date. The Company’s initial borrowing of $140 million was utilized to pay $88 million under the development services agreement, as further described in Note 10, Related Party Transactions, $15 million in debt issuance costs that were deferred and $5 million in capital expenditures. Under the financing arrangement, the Company borrowed $151 million through March 31, 2026.

Pine Forest

On January 15, 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 and distributed the remaining $51 million to CEG.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

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 table presents the preliminary fair value estimates of the assets acquired and liabilities assumed by Cardinal Purchaser LLC as of the acquisition date:


(In millions)	Cardinal Portfolio (a)
Cash	$	1
Restricted cash	15
Property, plant and equipment	315
Intangible assets for power purchase agreements	129
Right-of-use assets	62
Derivative assets	6
Other current and non-current assets	24
Total assets acquired	552

Long-term debt (b)	180
Long-term lease liabilities	39
Other current liabilities	3
Other non-current liabilities	84
Total liabilities assumed	306
Noncontrolling interest (c)	2
Net assets acquired	$	244

(a) Excludes the equity method investment held by Cardinal JV Purchaser LLC.

(b) See Note 7, Long-term Debt, for additional information regarding the assumed facility-level debt.

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Cardinal Purchaser LLC and Cardinal JV Purchaser LLC - Cardinal Portfolio acquisition $ in Millions	Mar. 30, 2026 USD ($)
Schedule of Asset Acquisition [Line Items]
Cash	$ 1
Restricted cash	15
Property, plant and equipment	315
Intangible assets for power purchase agreements	129
Right-of-use assets	62
Derivative assets	6
Other current and non-current assets	24
Total assets acquired	552
Long-term debt	180
Long-term lease liabilities	39
Other current liabilities	3
Other non-current liabilities	84
Total liabilities assumed	306
Noncontrolling interests	2
Net assets acquired	$ 244

Summary of Significant Accounting Policies - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Comprehensive loss attributable to redeemable noncontrolling interests	$ (183)	$ (101)
Redeemable Noncontrolling Interest
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Balance at December 31, 2025	103
Cash distributions to redeemable noncontrolling interests	(6)
Non-cash contribution from redeemable noncontrolling interests	6
Comprehensive loss attributable to redeemable noncontrolling interests	(38)
Balance at March 31, 2026	$ 65

- 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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-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Accounting under ASC 820

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

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

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

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

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

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

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


	As of March 31, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)



Long-term debt, including current portion — affiliate	$	5	$	5	$	6	$	6
Long-term debt, including current portion — external (a)	9,205		8,872		8,676		8,382

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

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


	As of March 31, 2026				As of December 31, 2025
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,625	$	6,252	$	2,038	$	6,350

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 March 31, 2026				As of December 31, 2025
	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	$	7		$	1	$	13
Interest rate contracts	154		—			142		—
Other financial instruments (d)	—		7			—		7
Total assets	$	155	$	14		$	143	$	20
Derivative liabilities:
Energy-related commodity contracts (e)	$	—	$	182		$	—	$	333
Interest rate contracts	21		—			27		—
Total liabilities	$	21	$	182		$	27	$	333

(a) There were no derivative assets or liabilities classified as Level 1 as of March 31, 2026 and December 31, 2025.

(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:


	Three months ended March 31,
		2026		2025
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(313)	$	(352)
Settlements		3		7

Transfers out of Level 3 (a)		115		—
Total gains (losses) for the period included in earnings		27		(18)
Ending balance		$	(168)	$	(363)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of March 31, 2026		$	27

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 March 31, 2026, contracts valued with prices provided by models and other valuation techniques make up 4% of derivative assets, 90% 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 table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	March 31, 2026
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	178	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	24.87	$	93.56	$	51.11
Heat Rate Call Option Commodity Contracts	7		4		Option Model	Forward Market Price ($ per MWh)	(4.79)		248.37		49.66
					Option Model	Forward Market Price ($ per MMBtu)	1.58		9.75		3.17
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

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of March 31, 2026:

Type

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the Net Exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the Net Exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of March 31, 2026, the non-performance reserve was a $7 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 under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2025 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.

Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.

- Definition

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

+ References

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+ Details

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by 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 13.6 GW of gross capacity in 27 states, including approximately 10.8 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 distributions. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. Clearway Energy, Inc., or Clearway, Inc., consolidates the results of the Company through its controlling interest, with CEG’s interest shown as contributed capital in the Company’s consolidated financial statements. The holders of Clearway, Inc.’s outstanding shares of Class C common stock, including shares that were received in the Class A Conversion, are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company’s Class B and Class D units. As of March 31, 2026, Clearway, Inc. owned 58.91% of the economic interests of the Company, with CEG owning 41.09% of the economic interests of the Company. The diagram below represents a summarized structure of the Company as of March 31, 2026 (prior to the Class A Conversion): Class A Conversion On April 29, 2026, at Clearway, Inc.’s Annual Meeting of Stockholders, Clearway, Inc.’s stockholders approved a Second Amended and Restated Certificate of Incorporation, or the Amended Charter, pursuant to which each outstanding share of Clearway, Inc.’s Class A common stock was converted into one share of Clearway, Inc.’s Class C common stock, effective May 1, 2026, referred to as the Class A Conversion. Accordingly, Clearway, Inc. no longer has any Class A common stock outstanding. Effective concurrently with the Class A Conversion, each outstanding Class A unit of the Company was converted into one Class C unit of the Company. See Note 8, Members’ Equity, for further discussion of the Class A Conversion. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Certain prior period financial information included in these unaudited interim consolidated financial statements has been revised to correct immaterial errors. See Note 11, Revision of Previously Issued Unaudited Financial Information, for additional information. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2025 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2026 and December 31, 2025, and results of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2026 and 2025.

CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY - USD ($) $ in Millions	Total	Cardinal Portfolio acquisition	CEG	Tax Equity Investors	Clearway Energy, Inc.	Contributed Capital	Contributed Capital CEG	Contributed Capital Clearway Energy, Inc.	Retained Earnings	Retained Earnings CEG	Retained Earnings Clearway Energy, Inc.	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Noncontrolling Interest Cardinal Portfolio acquisition	Noncontrolling Interest Tax Equity Investors	Noncontrolling Interest Clearway Energy, Inc.
Balances, beginning of period at Dec. 31, 2024	$ 5,641					$ 911			$ 894			$ 7	$ 3,829
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(104)								(5)				(99)
Unrealized gain (loss) on derivatives and changes in accumulated OCL	(6)											(4)	(2)
Distributions to CEG, net of contributions, cash			$ (2)				$ (2)
Contributions from noncontrolling interests, net of distributions, cash				$ 51											$ 51
Distributions to noncontrolling interests, net of distributions, non-cash				(4)											(4)
Transfer of assets under common control	(11)					(97)						(2)	88
Distributions paid			(36)		$ (51)					$ (36)	$ (51)
Other	1					1
Balances, end of period at Mar. 31, 2025	5,479					813			802			1	3,863
Balances, beginning of period at Dec. 31, 2025	5,925					641			875			(10)	4,419
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31)								115				(146)
Unrealized gain (loss) on derivatives and changes in accumulated OCL	11											10	1
Distributions to CEG, net of contributions, cash			(64)				$ (64)
Distributions to noncontrolling interests, net of contributions, cash				$ (178)											$ (178)
Contributions from Clearway, Inc., cash					282			$ 4								$ 278
Transfer of assets under common control	(1)					(1)
Cardinal Portfolio acquisition		$ 2												$ 2
Buyout of noncontrolling interest	(3)					3							(6)
Proceeds from issuance of Class C units	50					50
Distributions paid			$ (39)		$ (56)					$ (39)	$ (56)
Other	0								1				(1)
Balances, end of period at Mar. 31, 2026	$ 5,898					$ 633			$ 896			$ 0	$ 4,369

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Loss	$ (69)	$ (104)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivatives and changes in accumulated OCI/OCL	11	(6)
Other comprehensive income (loss)	11	(6)
Comprehensive Loss	(58)	(110)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	(183)	(101)
Comprehensive Income (Loss) Attributable to Clearway Energy LLC	$ 125	$ (9)

- 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.

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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.

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

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three months ended March 31, 2026
(In millions)	Flexible Generation		Renewables & Storage		Corporate (a)		Total
Operating revenues	$	61	$	293	$	—	$	354
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	30		104		—		134
Depreciation, amortization and accretion	28		153		—		181
General and administrative	—		—		11		11
Transaction and integration costs	—		—		7		7


Operating income (loss)	3		36		(18)		21
Equity in earnings of unconsolidated affiliates	2		3		—		5

Other income, net	1		5		2		8
Loss on debt extinguishment	—		(2)		—		(2)
Interest expense	(8)		(57)		(36)		(101)


Net Loss	(2)		(15)		(52)		(69)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(184)		—		(184)
Net (Loss) Income Attributable to Clearway Energy LLC	$	(2)	$	169	$	(52)	$	115
Balance Sheet
Equity investments in affiliates	$	70	$	292	$	—	$	362
Capital expenditures (b)	4		78		—		82
Total Assets	$	1,784	$	14,984	$	125	$	16,893

(a) Includes eliminations.

(b) Includes accruals.


	Three months ended March 31, 2025 (as revised) (a)
(In millions)	Flexible Generation		Renewables & Storage		Corporate (b)		Total
Operating revenues	$	68	$	230	$	—	$	298
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	31		91		—		122
Depreciation, amortization and accretion	28		135		—		163

General and administrative	—		—		10		10

Transaction and integration costs	—		—		3		3


Operating income (loss)	9		4		(13)		—
Equity in earnings of unconsolidated affiliates	—		5		—		5

Other income, net	1		5		1		7

Interest expense	(8)		(84)		(24)		(116)
Net Income (Loss)	2		(70)		(36)		(104)
Less: Net loss attributable to noncontrolling interests	—		(99)		—		(99)
Net Income (Loss) Attributable to Clearway Energy LLC	$	2	$	29	$	(36)	$	(5)
Balance Sheet
Equity investments in affiliates	$	73	$	227	$	—	$	300
Capital expenditures (c)	2		36		—		38
Total Assets	$	1,916	$	12,617	$	103	$	14,636

(a) The following amounts were revised for the Renewables & Storage segment:


	Three months ended March 31, 2025
(In millions)	As Previously Reported		Adjustments		As Revised
Renewables & Storage Segment:
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income attributable to Clearway Energy LLC	41		(12)		29

(b) Includes eliminations.

Schedule of Error Corrections and Prior Period Adjustments


	Three months ended March 31, 2025
(In millions)	As Previously Reported		Adjustments		As Revised
Renewables & Storage Segment:
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income attributable to Clearway Energy LLC	41		(12)		29

(b) Includes eliminations.

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


	Three months ended March 31, 2025
(in millions)	As Previously Reported		Adjustments		As Revised
	(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests	$	(111)	$	12	$	(99)
Net income (loss) attributable to Clearway Energy LLC	$	7	$	(12)	$	(5)
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive loss attributable to noncontrolling interests	$	(113)	$	12	$	(101)
Comprehensive income (loss) attributable to Clearway Energy LLC	$	3	$	(12)	$	(9)
Consolidated Balance Sheet (As of March 31, 2025)

Retained earnings	$	814	$	(12)	$	802
Noncontrolling interest	3,851		12		3,863
Total Members’ Equity	$	5,479	$	—	$	5,479
Consolidated Statements of Members’ Equity
Retained Earnings:
Net income (loss)	$	7	$	(12)	$	(5)
Retained Earnings at March 31, 2025	$	814	$	(12)	$	802
Noncontrolling Interest:
Net loss	$	(111)	$	12	$	(99)
Noncontrolling Interest at March 31, 2025	$	3,851	$	12	$	3,863

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


	Maturity Date	March 31, 2026		December 31, 2025		Interest Rate (a)
		(In millions)
Intercompany Note with Clearway, Inc.	2026	$	5	$	6	3.54	%
Senior Notes	2028-2034	2,725		2,125		3.750% - 5.750%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility (b)	2028	—		361		S+1.750%
Non-recourse facility-level debt:
Fixed rate	2031-2040	3,151		3,001		2.339% - 8.000%
Variable rate	2026-2036	3,325		3,187		S+1.375% - 2.750%
Total debt		9,206		8,680
Less current maturities		(617)		(714)
Less net debt issuance costs		(89)		(70)
Add premiums (c)		4		2
Total long-term debt		$	8,504	$	7,898

(a) As of March 31, 2026, S+ equals SOFR plus x%.

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Members' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Members' Equity [Abstract]

Schedule of Distributions Paid

The following table lists distributions paid on the Company’s Class A, B, C and D units during the three months ended March 31, 2026:


	First Quarter 2026
Distributions per Class A, B, C and D unit	$	0.4602

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Net Loss	$ (69)	$ (104)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(5)	(5)
Distributions from unconsolidated affiliates	9	8
Depreciation, amortization and accretion	181	163
Amortization of financing costs and debt discounts	4	3
Amortization of intangibles	49	43
Loss on debt extinguishment	2	0
Reduction in carrying amount of right-of-use assets	4	4
Changes in derivative instruments and amortization of accumulated OCI/OCL	(30)	45
Changes in other working capital	(25)	(67)
Net Cash Provided by Operating Activities	120	90
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(228)	0
Acquisition of Drop Down Assets, net of cash acquired	0	(4)
Capital expenditures	(75)	(56)
Payments for equipment deposits and asset purchases from affiliate	(70)	0
Return of investment from unconsolidated affiliates	5	6
Investments in unconsolidated affiliates	(76)	0
Other	3	8
Net Cash Used in Investing Activities	(441)	(46)
Cash Flows from Financing Activities
(Distributions to) Contributions from noncontrolling interests, net	(179)	51
Contributions from Clearway, Inc.	282	0
Distributions to CEG, net of contributions	(69)	(7)
Proceeds from the issuance of Class C units	50	0
Payments of distributions	(95)	(87)
Buyout of noncontrolling interest	(3)	0
Payments for the revolving credit facility	(361)	0
Proceeds from the issuance of long-term debt — external	882	35
Payments for long-term debt — external	(298)	(63)
Payments of debt issuance costs	(25)	0
Payments for long-term debt — affiliate	(1)	0
Net Cash Provided by (Used in) Financing Activities	183	(71)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(138)	(27)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	818	733
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 680	$ 706

Summary of Significant Accounting Policies - Schedule of Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Property, Plant and Equipment Accumulated Depreciation	$ 4,841	$ 4,673
Intangible Assets Accumulated Amortization	$ 1,432	$ 1,382

Related Party Transactions (Details) $ in Millions		3 Months Ended
Related Party Transactions (Details) $ in Millions	Feb. 27, 2026 USD ($)	Mar. 31, 2026 USD ($) subsidiary	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Related Party Transaction
Capital expenditures		$ 82	$ 38
General and administrative		11	10
Goat Mountain
Related Party Transaction
Remaining balance to distribute	$ 106
Capital expenditures	8
Repayments of debt	70
Remaining expected to be paid	36
Development fee	18
Acquisitions, net of cash acquired	200
Goat Mountain \| Other Noncurrent Assets
Related Party Transaction
Remaining balance to distribute	$ 98
RENOM \| Related Party
Related Party Transaction
Total expenses		21	21
Due to related party		12		$ 8
Administrative Services Agreement \| Related Party
Related Party Transaction
Total expenses		6	5
Due to related party		$ 4		$ 3
Administrative Services Agreement \| Affiliated Entity
Related Party Transaction
Number of wholly owned subsidiaries \| subsidiary		2
CEG \| Related Party
Related Party Transaction
General and administrative		$ 7	$ 6

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31, 2026		December 31, 2025
	(In millions)
Cash and cash equivalents	$	325	$	231
Restricted cash	355		587
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	680	$	818

Schedule of Restricted Cash


	March 31, 2026		December 31, 2025
	(In millions)
Cash and cash equivalents	$	325	$	231
Restricted cash	355		587
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	680	$	818

Schedule of Accumulated Depreciation and Amortization

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


	March 31, 2026		December 31, 2025
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	4,841	$	4,673
Intangible Assets Accumulated Amortization	1,432		1,382

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, 2025	$	103

Cash distributions to redeemable noncontrolling interests	(6)
Non-cash contribution from redeemable noncontrolling interests	6
Comprehensive loss attributable to redeemable noncontrolling interests	(38)
Balance at March 31, 2026	$	65

Schedule of Disaggregation of Revenue

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


	Three months ended March 31, 2026
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue(a)	$	7	$	254	$	261
Capacity revenue(a)	65		32		97
Other revenues	1		15		16
Contract amortization	(5)		(45)		(50)
Mark-to-market for economic hedges	(7)		37		30
Total operating revenues	61		293		354
Less: Contract amortization	5		45		50
Less: Mark-to-market for economic hedges	7		(37)		(30)
Less: Lease revenue	(29)		(179)		(208)
Total revenue from contracts with customers	$	44	$	122	$	166

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


(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue	$	1	$	155	$	156
Capacity revenue	28		24		52
Total	$	29	$	179	$	208


	Three months ended March 31, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	6	$	242	$	248
Capacity revenue (a)	64		21		85
Other revenues	1		19		20
Contract amortization	(5)		(39)		(44)
Mark-to-market for economic hedges	2		(13)		(11)
Total operating revenues	68		230		298
Less: Contract amortization	5		39		44
Less: Mark-to-market for economic hedges	(2)		13		11
Less: Lease revenue	(29)		(181)		(210)
Total revenue from contracts with customers	$	42	$	101	$	143

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


(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue	$	1	$	168	$	169
Capacity revenue	28		13		41

Total	$	29	$	181	$	210

Schedule of Contract Balances

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


	March 31, 2026		December 31, 2025
	(In millions)
Accounts receivable, net - Contracts with customers	$	83	$	76
Accounts receivable, net - Leases	115		86
Total accounts receivable, net	$	198	$	162