0001637757-21-000015 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 31, 2021
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	2021
Document Fiscal Period Focus	Q3
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		34,599,645
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		42,738,750
Common Class C
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		81,664,108
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		42,633,750

Consolidated Statements of Operations - Unaudited - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Revenues
Total operating revenues	$ 351	$ 332	$ 968	$ 919
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	117	95	334	275
Depreciation, amortization and accretion	131	102	387	303
General and administrative	10	9	29	29
Transaction and integration costs	1	1	4	2
Development costs	3	2	5	4
Total operating costs and expenses	262	209	759	613
Operating Income	89	123	209	306
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	20	19	32	22
Gain on sale of unconsolidated affiliate	0	0	0	49
Other income (expense), net	1	(1)	3	2
Loss on debt extinguishment	0	(6)	(42)	(9)
Interest expense	(84)	(84)	(232)	(344)
Total other expense, net	(63)	(72)	(239)	(280)
Net Income (Loss)	26	51	(30)	26
Less: Loss attributable to noncontrolling interests and redeemable interests	(12)	(20)	(114)	(86)
Net Income Attributable to Clearway Energy LLC	$ 38	$ 71	$ 84	$ 112

Consolidated Statements of Comprehensive Income (Loss) - Unaudited - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 26	$ 51	$ (30)	$ 26
Other Comprehensive Income
Unrealized gain on derivatives	4	10	17	1
Other comprehensive income	4	10	17	1
Comprehensive Income (Loss)	30	61	(13)	27
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests	(10)	(20)	(112)	(86)
Comprehensive Income Attributable to Clearway Energy LLC	$ 40	$ 81	$ 99	$ 113

- 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 + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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- Definition

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

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 189	$ 268
Restricted cash	366	197
Accounts receivable — trade	203	143
Inventory	42	42
Derivative instruments	2	0
Prepayments and other current assets	51	58
Total current assets	853	708
Property, plant and equipment, net	7,438	7,217
Other Assets
Equity investments in affiliates	632	741
Intangible assets for power purchase agreements, net	2,154	1,231
Other intangible assets, net	132	139
Derivative instruments	5	1
Right of use assets, net	346	337
Other non-current assets	104	114
Total other assets	3,373	2,563
Total Assets	11,664	10,488
Current Liabilities
Current portion of long-term debt — external	545	384
Current portion of long-term debt — affiliate	0	1
Accounts payable — trade	58	72
Accounts payable — affiliates	15	20
Derivative instruments	56	38
Accrued interest expense	41	44
Accrued expenses and other current liabilities	104	79
Total current liabilities	819	638
Other Liabilities
Long-term debt — external	7,299	6,585
Derivative instruments	160	135
Long-term lease liabilities	361	345
Other non-current liabilities	184	173
Total non-current liabilities	8,004	7,238
Total Liabilities	8,823	7,876
Commitments and Contingencies
Members' Equity
Contributed capital	1,515	1,723
Retained earnings (accumulated deficit)	32	(50)
Accumulated other comprehensive loss	(18)	(33)
Noncontrolling interest	1,312	972
Total Members' Equity	2,841	2,612
Total Liabilities and Members’ Equity	$ 11,664	$ 10,488

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net (Loss) Income	$ (30)	$ 26
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(32)	(22)
Distributions from unconsolidated affiliates	25	51
Depreciation, amortization and accretion	387	303
Amortization of financing costs and debt discounts	10	11
Amortization of intangibles	107	67
Loss on debt extinguishment	42	9
Reduction in carrying amount of right-of-use assets	8	1
Gain on sale of unconsolidated affiliate	0	(49)
Changes in derivative instruments	44	63
Gain on disposal of asset components	0	(4)
Cash provided by (used in) changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements	20	15
Changes in other working capital	(51)	(30)
Net Cash Provided by Operating Activities	530	441
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(211)	0
Acquisition of Drop Down Asset	(132)	(79)
Consolidation of DGPV Holdco 3	0	17
Capital expenditures	(124)	(95)
Asset purchase from affiliate	(21)	0
Return of investment from unconsolidated affiliates	37	53
Investments in unconsolidated affiliates	0	(11)
Cash receipts from notes receivable	4	0
Proceeds from sale of assets	0	90
Insurance proceeds	0	5
Other	17	0
Net Cash Used in Investing Activities	(430)	(20)
Cash Flows from Financing Activities
Net contributions from noncontrolling interests	148	147
Contributions from CEG	103	0
Buyout of Repowering Partnership II LLC noncontrolling interest	0	(70)
Net proceeds from the issuance of Class C units	0	58
Payments of distributions	(199)	(147)
Proceeds from the revolving credit facility	377	265
Payments for the revolving credit facility	(300)	(265)
Proceeds from the issuance of long-term debt — external	1,037	775
Proceeds from the issuance of long-term debt — affiliate	0	3
Payments of debt issuance costs	(13)	(10)
Payments for long-term debt — external	(1,170)	(1,009)
Payments for long-term debt — affiliate	(1)	(45)
Other	8	0
Net Cash Used in Financing Activities	(10)	(298)
Net Increase in Cash, Cash Equivalents and Restricted Cash	90	123
Cash, Cash Equivalents and Restricted Cash at beginning of period	465	414
Cash, Cash Equivalents and Restricted Cash at end of period	$ 555	$ 537

Consolidated Statements of Members' Equity - Unaudited - USD ($) $ in Millions	Total	Mesquite Star	Aqua Cliente Acquisition	CEG	Tax Equity Investors	Clearway Energy, Inc.	Clearway Energy, Inc. Rattlensake Down	Contributed Capital	Contributed Capital Mesquite Star	Contributed Capital CEG	Contributed Capital Clearway Energy, Inc.	Contributed Capital Clearway Energy, Inc. Rattlensake Down	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) CEG	Retained Earnings (Accumulated Deficit) Clearway Energy, Inc.	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Noncontrolling Interest Aqua Cliente Acquisition	Noncontrolling Interest CEG	Noncontrolling Interest Tax Equity Investors
Balance, beginning of period at Dec. 31, 2019	$ 2,173							$ 1,882					$ 5			$ (37)	$ 323
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(129)												(90)				(39)
Unrealized gain on derivatives	(14)															(14)
Contributions from CEG, cash				$ 4	$ 150														$ 4	$ 150
Rattlesnake Drop Down	10									$ 10
Distributions to tax equity investors, non-cash					(1)															(1)
Distributions paid				(24)		$ (18)				(24)	$ (18)			$ 0	$ 0
Balance, end of period at Mar. 31, 2020	2,151							1,850					(85)			(51)	437
Balance, beginning of period at Dec. 31, 2019	2,173							1,882					5			(37)	323
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	26
Consolidation of DGPV Holdco 3	17
Balance, end of period at Sep. 30, 2020	2,154							1,747					65			(36)	378
Balance, beginning of period at Mar. 31, 2020	2,151							1,850					(85)			(51)	437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	104												131				(27)
Unrealized gain on derivatives	5															5
(Distributions) contributions from CEG, non-cash	8							8
Contributions from CEG, cash				2															2
Contributions from noncontrolling interests, net of distributions, cash	(70)							(60)									(10)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(43)							(51)									8
Rattlesnake Drop Down	28							28
Distributions to tax equity investors, non-cash	(3)				(2)												(3)			(2)
Distributions paid				(24)		(18)				(24)	(18)
Balance, end of period at Jun. 30, 2020	2,138							1,733					46			(46)	405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	51												71				(20)
Unrealized gain on derivatives	10															10
(Distributions) contributions from CEG, non-cash				20						20									0
Contributions from noncontrolling interests, net of distributions, cash	(1)							0									(1)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	1	$ 4						1	$ 4
Distributions to tax equity investors, non-cash	(6)																(6)
Distributions paid				(36)		(27)				(11)	0			$ (25)	(27)
Balance, end of period at Sep. 30, 2020	2,154							1,747					65			(36)	378
Balance, beginning of period at Dec. 31, 2020	2,612							1,723					(50)			(33)	972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(97)												(29)				(68)
Unrealized gain on derivatives	13															10	3
(Distributions) contributions from CEG, non-cash				27						(2)									$ 29
Contributions from CEG, cash				103						103
Contributions from noncontrolling interests, net of distributions, cash	126																126
Agua Caliente acquisition			$ 273															$ 273
Rattlesnake Drop Down							$ (118)					$ (118)
Distributions paid				(28)		(38)				(28)	(38)
Balance, end of period at Mar. 31, 2021	2,873							1,640					(79)			(23)	1,335
Balance, beginning of period at Dec. 31, 2020	2,612							1,723					(50)			(33)	972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(30)
Consolidation of DGPV Holdco 3	0
Balance, end of period at Sep. 30, 2021	2,841							1,515					32			(18)	1,312
Balance, beginning of period at Mar. 31, 2021	2,873							1,640					(79)			(23)	1,335
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	39												75				(36)
Unrealized gain on derivatives	(1)															1	(2)
(Distributions) contributions from CEG, non-cash				3						3
Contributions from noncontrolling interests, net of distributions, cash	38																38
Rattlesnake Drop Down							$ 1					$ 1
Distributions paid				(28)		(38)				(28)	(38)
Balance, end of period at Jun. 30, 2021	2,887							1,578					(4)			(22)	1,335
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	26												38				(13)
Unrealized gain on derivatives	5															4	1
(Distributions) contributions from CEG, non-cash				2						2
Distributions to tax equity investors, non-cash					$ (11)															$ (11)
Distributions paid				$ (28)		$ (39)				$ (26)	$ (39)				$ 0
Balance, end of period at Sep. 30, 2021	2,841							$ 1,515					$ 32			$ (18)	$ 1,312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss, including rounding adjustments	$ 25

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2021
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 in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners, or GIP. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The Company is sponsored by GIP through GIP's portfolio company, CEG. The Company is one of the largest renewable energy owners in the U.S. with over 4,700 net MW of installed wind and solar generation projects. The Company's over 8,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient generation facilities, as well as a portfolio of district energy systems. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. Clearway Energy, Inc. consolidates the results of the Company through its controlling interest, with CEG's interest shown as non-controlling interest in the financial statements. The holders of Clearway Energy, Inc.'s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company's Class B and Class D units. Clearway Energy, Inc. owns 57.65% of the economic interests of the Company, with CEG owning 42.35% of the economic interests of the Company as of September 30, 2021. The following table represents the structure of the Company as of September 30, 2021: Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2021, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2021 and 2020.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

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, and the reported amounts of revenues and expenses during the reporting period. 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 project subsidiaries was $152 million and $149 million as of September 30, 2021 and December 31, 2020, 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:


	September 30, 2021		December 31, 2020
	(In millions)
Cash and cash equivalents	$	189	$	268
Restricted cash	366		197
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	555	$	465

Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of September 30, 2021, these restricted funds were comprised of $121 million designated to fund operating expenses, approximately $68 million designated for current debt service payments and $133 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $44 million is held in distribution reserve accounts.

In 2020, the members of the partnerships holding the Oahu Solar and Kawailoa Solar projects submitted applications to the state of Hawaii for refundable tax credits based on the cost of construction of the projects. In April 2021, the members of the partnerships contributed their respective portions of the tax credits in the amount of $49 million to the Oahu Solar and Kawailoa project companies, which is reflected in restricted cash on the Company's consolidated balance sheet with an offsetting adjustment to noncontrolling interests. In accordance with the projects' related agreements, the cash is held in a restricted account and utilized to offset invoiced amounts under the projects' PPAs. As of September 30, 2021, $13 million has been utilized to offset invoiced amounts under the projects' PPAs.

Accumulated Depreciation and Accumulated Amortization

The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	2,700	$	2,323
Intangible Assets Accumulated Amortization	593		487

Distributions

The following table lists distributions paid on the Company's Class A, B, C and D units during the nine months ended September 30, 2021:


	Third Quarter 2021		Second Quarter 2021		First Quarter 2021
Distributions per Class A, B, C and D unit	$	0.3345	$	0.3290	$	0.3240

On November 3, 2021, the Company declared a distribution on its Class A, Class B, Class C and Class D units of $0.34 per unit payable on December 15, 2021 to unit holders of record as of December 1, 2021.

Revenue Recognition

Revenue from Contracts with Customers

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

Thermal Revenues

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

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

Power Purchase Agreements, or PPAs

The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered.

Renewable Energy Credits, or RECs

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

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

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and nine months ended September 30, 2021 and 2020, respectively:


	Three months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	3	$	231	$	33	$	267
Capacity revenue(a)	120		1		12		133
Contract amortization	(5)		(32)		(1)		(38)
Other revenue	—		14		10		24
Mark-to-market for economic hedges	—		(35)		—		(35)
Total operating revenue	118		179		54		351
Less: Mark-to-market for economic hedges	—		35		—		35
Less: Lease revenue	(123)		(198)		(1)		(322)
Less: Contract amortization	5		32		1		38
Total revenue from contracts with customers	$	—	$	48	$	54	$	102

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	3	$	198	$	1	$	202
Capacity revenue	120		—		—		120
Total	$	123	$	198	$	1	$	322


	Nine months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	6	$	618	$	91	$	715
Capacity revenue(a)	340		1		40		381
Contract amortization	(17)		(87)		(3)		(107)
Other revenue	—		45		24		69
Mark-to-market for economic hedges	—		(90)		—		(90)
Total operating revenue	329		487		152		968
Less: Mark-to-market for economic hedges	—		90		—		90
Less: Lease revenue	(346)		(571)		(2)		(919)
Less: Contract amortization	17		87		3		107
Total revenue from contracts with customers	$	—	$	93	$	153	$	246

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	6	$	571	$	2	$	579
Capacity revenue	340		—		—		340
Total	$	346	$	571	$	2	$	919


	Three months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	3	$	166	$	27	$	196
Capacity revenue(a)	119		—		24		143
Contract amortization	(6)		(15)		(1)		(22)
Other revenue	—		6		9		15

Total operating revenue	116		157		59		332

Less: Lease revenue	(122)		(153)		—		(275)
Less: Contract amortization	6		15		1		22
Total revenue from contracts with customers	$	—	$	19	$	60	$	79

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	3	$	153	$	—	$	156
Capacity revenue	119		—		—		119
Total	$	122	$	153	$	—	$	275


	Nine months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	6	$	486	$	77	$	569
Capacity revenue(a)	338		—		50		388
Contract amortization	(18)		(46)		(2)		(66)
Other revenue	—		12		24		36
Mark-to-market for economic hedges	—		(8)		—		(8)
Total operating revenue	326		444		149		919
Less: Mark-to-market for economic hedges	—		8		—		8
Less: Lease revenue	(344)		(449)		(1)		(794)
Less: Contract amortization	18		46		2		66
Total revenue from contracts with customers	$	—	$	49	$	150	$	199

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	6	$	449	$	1	$	456
Capacity revenue	338		—		—		338
Total	$	344	$	449	$	1	$	794

Contract Amortization

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

Contract Balances

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
	(In millions)
Accounts receivable, net - Contracts with customers	$	60	$	57
Accounts receivable, net - Leases	143		86
Total accounts receivable, net	$	203	$	143

Recently Adopted Accounting Standards

In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period.

Acquisition and Dispositions

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisition and Dispositions

Acquisitions and Dispositions

Acquisitions

Rattlesnake Drop Down — On January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC indirectly consolidates the Rattlesnake wind project, a 160 MW wind facility with 144 MW of deliverable capacity in Adams County, Washington, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The project has a 20-year PPA with Avista Corporation, which began when the facility reached commercial operations in December 2020. The Rattlesnake operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Rattlesnake on a prospective basis. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the cash paid of $132 million and the historical cost of the Company's acquired interests of $14 million was recorded as an adjustment to contributed capital.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021:


(In millions)	Rattlesnake
Current Assets	$	8
Property, plant and equipment	200
Right-of-use asset	12
Total assets acquired	220

Debt(a)	176
Long-term lease liabilities	12
Other current and non-current liabilities	18
Total liabilities assumed	206

Net assets acquired	$	14

(a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor recorded in noncontrolling interest and $103 million contributed by CEG, recorded as contributed capital. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees.

Agua Caliente Acquisition — On February 3, 2021, the Company acquired Agua Caliente Borrower 1 LLC from NRG Energy, Inc. for $202 million. Agua Caliente Borrower 1 LLC indirectly owns a 35% equity interest in Agua Caliente, a 290 MW solar project located in Dateland, Arizona in which the Company previously owned a 16% equity interest. The project has a 25-year PPA with PG&E, with approximately 18 years remaining under the agreement. Following the close of the transaction, the Company owns a 51% equity interest in Agua Caliente and consolidates Agua Caliente. The Agua Caliente operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and the cash consideration of $202 million, net of restricted cash acquired of $91 million, represented a net cash outflow of $111 million, which was allocated to the fair value of the assets and liabilities acquired on the acquisition date. A third party investor holds the remaining 49% equity interest in Agua Caliente, which is reflected in noncontrolling interest and was valued at historical carrying amount increased for the incremental fair value determined at the acquisition date.

The following is a summary of assets and liabilities acquired in connection with the acquisition as of February 3, 2021:


(In millions)	Agua Caliente
Restricted cash	$	91
Property, plant and equipment	154
Intangible asset for power purchase agreement	1,022

Other currents assets	9
Total assets acquired	1,276

Accounts payable and other current liabilities	5
Debt	716

Total liabilities assumed	721
Noncontrolling interest	273
Equity method investment removed	(80)
Net assets acquired	$	202

Fair value measurements

The fair values of the property, plant and equipment, intangible assets and long-term debt at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement. Significant inputs were as follows:

Property, plant and equipment — The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic obsolescence. The income approach was applied by determining the enterprise value for each acquired entity and subtracting the fair value of the intangible assets and working capital to determine the implied value of the tangible fixed assets. This methodology was primarily relied upon as the forecasted cash flows incorporate the specific attributes of each asset including age, useful life, equipment condition, and technology. The income approach also allows for an accurate reflection of current and expected market dynamics such as supply and demand and the regulatory environment as of the acquisition date.

Intangible assets — The fair value of the PPA acquired was determined utilizing a variation of the income approach where the incremental future cash flows resulting from the acquired PPA compared to the cash flows based on current market prices were discounted to present value at the weighted average cost of debt of the utility off-taker, as the PPA was determined to be a debt-like instrument for the off-taker. The values were corroborated with available market data. The PPA value will be amortized over a period of 18 years.

Long-term debt — The fair value of the long-term debt was determined by discounting future cash flows at current interest rates for similar instruments with equivalent credit quality.

Noncontrolling interest — The Company recorded the noncontrolling interest utilizing the cost accumulation model, as the acquisition was an asset acquisition, which maintained the carrying value for the pre-existing equity, with the value increased incrementally based on the value of the Company's newly acquired interest.

Mt. Storm Wind Acquisition — On April 23, 2021, the Company acquired 100% of the equity interests in NedPower Mount Storm LLC, or Mt. Storm, from Castleton Commodities International for approximately $96 million before working capital and purchase price adjustments in the net amount of $4 million, representing a total cash outflow of $100 million. Mt. Storm is a 264 MW wind project located in Grant County, West Virginia. Mt. Storm has a 10 year energy hedge with an investment-grade counterparty. The acquisition was determined to be an asset acquisition and the purchase price was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:


(In millions)	Mt. Storm

Current Assets	$	3
Property, plant and equipment	108
Intangible asset	2


Total assets acquired	113

Accounts payable and other liabilities	4
Derivative instruments	9

Total liabilities assumed	13

Net assets acquired	$	100

Fair value measurements

The fair values of the property, plant and equipment, derivative instrument and intangible asset at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement.

Property, plant and equipment — The estimated fair values of property, plant and equipment were determined primarily based on an income method using discounted cash flows.

Intangible assets — The estimated fair value of the intangible asset was determined using a market approach based on quoted prices of renewable energy credits in the applicable market.

Derivative instruments — The estimated fair value of the derivative instruments was determined based on the discounted cash flows associated with the acquired commodity contract.

Mesquite Star Drop Down — On September 1, 2020, the Company, through its indirect subsidiary Lighthouse Renewable Class A LLC, acquired the Class A membership interests in Lighthouse Renewable Holdco LLC (formerly Mesquite Star Pledgor LLC) from Clearway Renew LLC, a subsidiary of CEG, for $79 million in cash consideration. Lighthouse Renewable Holdco LLC indirectly owns 100% of the Class B membership interests in Mesquite Star Tax Equity Holdco LLC, a tax equity partnership that it consolidates as the primary beneficiary, and owns the Mesquite Star wind project, a 419 MW utility scale wind project located in Fisher County, Texas. A majority of the project’s output is backed by contracts with investment grade counterparties with a 12-year weighted average contract life. The Mesquite Star operations are reflected in the Company's Renewables segment and the acquisition was funded with cash on hand. The Company recorded its interest in Lighthouse Renewable Class A LLC as an equity method investment from September 1, 2020 to December 21, 2020. On December 21, 2020, CEG sold its Class B membership interest in Lighthouse Renewable Holdco LLC to a third-party investor which resulted in a reconsideration event for consolidation of the entity. Upon the reconsideration event, the Company determined it was the primary beneficiary of Lighthouse Renewable Holdco LLC and effective on December 21, 2020, the Company consolidates Lighthouse Renewable Holdco LLC. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the $79 million cash paid and the historical value of the Company's acquired interests of $83 million was recorded as an adjustment to contributed capital.

Dispositions

Sale of Thermal Business — On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to an affiliate of KKR & Co. Inc. for total consideration of $1.9 billion, subject to customary closing adjustments. The closing of the transaction is subject to various customary closing conditions, approvals and consents and is expected to close in the first half of 2022. Effective with the signing of the agreement to sell the Thermal Business, the Company concluded that all entities that are included within the Thermal Business will be treated as held for sale on a prospective basis, resulting in the assets and liabilities being treated as separate held for sale line items on the Company’s consolidated balance sheet as of December 31, 2021.

Sale of RPV Holdco 1 LLC — On May 14, 2020, the Company sold its interests in RPV Holdco 1 LLC, or RPV Holdco, to Spruce Power for net proceeds of approximately $75 million. The Company previously accounted for its interest in RPV Holdco as an equity method investment. The sale of the investment resulted in a gain of approximately $49 million.

Sale of Energy Center Dover LLC and Energy Center Smyrna LLC Assets — On March 3, 2020, the Company, through Clearway Thermal LLC, sold 100% of its interests in Energy Center Dover LLC and Energy Center Smyrna LLC to DB Energy Assets, LLC for cash proceeds of approximately $15 million.

Investments Accounted for by the Equity Method and Variable Interest Entities

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for by the Equity Method and Variable Interest Entities

Entities that are Consolidated

The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidation. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax attributes associated with wind and solar facilities, 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 2020 Form 10-K.

Summarized financial information for the Company's consolidated VIEs consisted of the following as of September 30, 2021:


(In millions)	Alta TE Holdco		Buckthorn Renewables, LLC		DGPV Funds(a)		Kawailoa Partnership		Langford TE Partnership LLC		Lighthouse Renewable Holdco LLC (b)
Other current and non-current assets	$	56	$	4	$	95	$	41	$	17	$	42
Property, plant and equipment	338		204		602		137		133		432
Intangible assets	215		—		16		—		2		—
Total assets	609		208		713		178		152		474
Current and non-current liabilities	40		10		77		105		18		136
Total liabilities	40		10		77		105		18		136
Noncontrolling interest	20		48		5		49		69		307
Net assets less noncontrolling interests	$	549	$	150	$	631	$	24	$	65	$	31

(a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC.

(b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, which is also a consolidated VIE.


(In millions)	Oahu Solar Partnership		Pinnacle Repowering Partnership LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		Wildorado TE Holdco		Other (a)
Other current and non-current assets	$	48	$	11	$	30	$	29	$	22	$	15
Property, plant and equipment	174		106		194		253		229		175
Intangible assets	—		19		—		—		—		1
Total assets	222		136		224		282		251		191
Current and non-current liabilities	115		119		22		101		19		47
Total liabilities	115		119		22		101		19		47
Noncontrolling interest	32		27		100		145		124		97
Net assets less noncontrolling interests	$	75	$	(10)	$	102	$	36	$	108	$	47

(a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects.

The discussion below describes material changes to VIEs during the nine months ended September 30, 2021.

Rattlesnake TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC owns Rattlesnake Class B LLC, which owns the Class B membership interests in Rattlesnake TE Holdco LLC, which is a VIE. Rattlesnake Class B LLC is the primary beneficiary and managing member and consolidates its interest in Rattlesnake TE Holdco LLC, which owns the Rattlesnake wind project. Subsequent to the acquisition, on January 12, 2021 the third party tax equity investor contributed $107 million into Rattlesnake TE Holdco LLC in exchange for the Class A membership interests. The proceeds from the tax equity contribution along with cash contributed by CEG were used to repay a portion of the $176 million of the outstanding principal under the Rattlesnake Class B LLC credit facility.

The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest.

Pinnacle Repowering Partnership LLC — On February 26, 2021, the Company entered into an amended agreement with CWSP Pinnacle Holding LLC, an indirect subsidiary of CEG, with respect to Pinnacle Repowering Partnership LLC in order to facilitate the repowering of the Pinnacle wind project, a 55 MW wind facility located in Mineral County, West Virginia. On March 10, 2021, the Company contributed its interest in the Pinnacle wind project to Pinnacle Repowering Partnership LLC concurrent with entering into a financing agreement as further described in Note 7, Long-term Debt. The Company owns 100% of the Class A membership interests in Pinnacle Repowering Partnership LLC, which is a VIE, and the Company consolidates its interest as the primary beneficiary and managing member. CWSP Pinnacle Holding LLC owns 100% of the Class B membership interests in Pinnacle Repowering Partnership LLC and is entitled to allocations of 15% of the cash distributions from the partnership. On March 10, 2021, CWSP Pinnacle Holding LLC contributed $27 million in equipment to the partnership, which was a transfer of assets under common control and recorded at historical cost in property, plant and equipment, with a corresponding non-cash contribution in Pinnacle Repowering Partnership LLC's noncontrolling interests. Additionally, on March 10, 2021, the Pinnacle wind project acquired equipment from CEG for $21 million in cash consideration.

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 2020 Form 10-K.

The Company's maximum exposure to loss as of September 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:


Name	Economic Interest	Investment Balance
		(In millions)
Avenal	50%	$	2
Desert Sunlight	25%	249
Elkhorn Ridge	67%	31
GenConn(a)	50%	86
San Juan Mesa	75%	25
Utah Solar Portfolio(b)	50%	239
		$	632

(a) GenConn is a variable interest entity.

(b) Economic interest based on cash to be distributed. Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC are tax equity structures and VIEs.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2021

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 payable — trade, current portion of accounts payable — affiliates, accrued expenses and other 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 estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:


	As of September 30, 2021				As of December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion — affiliate	$	—	$	—	$	1	$	1
Long-term debt, including current portion — external (a)	7,918		8,227		7,048		7,020

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

The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2021 and December 31, 2020:


	As of September 30, 2021				As of December 31, 2020
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,172	$	6,055	$	1,906	$	5,115

Recurring Fair Value Measurements

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


	As of September 30, 2021				As of December 31, 2020
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2		Level 3			Level 2		Level 3
Derivative assets:
Commodity contracts	$	2	$	—		$	—	$	—
Interest rate contracts	5		—			1		—
Other financial instruments (b)	—		25			—		29
Total assets	$	7	$	25		$	1	$	29
Derivative liabilities:
Commodity contracts	$	—	$	138		$	—	$	44
Interest rate contracts	78		—			129		—
Total liabilities	$	78	$	138		$	129	$	44

(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of September 30, 2021 and December 31, 2020.

(b) SREC contract acquired on November 2, 2020.

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(79)	$	(17)	$	(15)	$	(9)
Total losses for the period included in earnings	(37)		—		(90)		(8)
Purchases	—		—		(9)		—
Settlements	3		—		1		—
Ending balance	$	(113)	$	(17)	$	(113)	$	(17)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of September 30, 2021	$	(37)			$	(90)

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 contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of September 30, 2021, contracts valued with prices provided by models and other valuation techniques make up 64% of derivative liabilities and 100% of other financial instruments.

The Company’s significant positions classified as Level 3 include physical power 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 as of September 30, 2021:

September 30, 2021

Fair Value

Input/Range

Assets

Liabilities

Valuation Technique

Significant Unobservable Input

Low

High

Weighted Average

(In millions)

Power Contracts

—

(138)

Discounted Cash Flow

Forward Market Price (per MWh)

14.35

76.09

29.04

Other Financial Instruments

—

Discounted Cash Flow

Forecast annual generation levels of certain DG solar facilities

80,872 MWh

129,913 MWh

124,783 MWh

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2021:


Significant Observable Input	Position	Change In Input	Impact on Fair Value Measurement
Forward Market Price Power	Buy	Increase/(Decrease)	Higher/(Lower)
Forward Market Price Power	Sell	Increase/(Decrease)	Lower/(Higher)
Forecast Generation Levels	Sell	Increase/(Decrease)	Higher/(Lower)

The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of September 30, 2021, the non-performance reserve was a $10 million gain recorded primarily to total operating revenues in the consolidated statement 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 2020 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 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 power contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations 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 + Details

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

This footnote should be read in conjunction with the complete description under Item 15 — Note 7, Accounting for Derivative Instruments and Hedging Activities, to the consolidated financial statements included in the Company's 2020 Form 10-K.

Interest Rate Swaps

The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of September 30, 2021, the Company had interest rate derivative instruments on non-recourse debt extending through 2031, 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 Commodities

As of September 30, 2021, the Company had energy-related derivative instruments extending through 2032. At September 30, 2021, 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 as of September 30, 2021 and December 31, 2020:


		Total Volume
		September 30, 2021		December 31, 2020
Commodity	Units	(In millions)
Natural Gas	MMBtu	2		1
Power	MWh	(12)		(8)
Interest	Dollars	$	1,389	$	1,600

Fair Value of Derivative Instruments

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


	Fair Value
	Derivative Assets				Derivative Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	—	$	—	$	7	$	8
Interest rate contracts long-term	1		—		5		15
Total Derivatives Designated as Cash Flow Hedges	$	1	$	—	$	12	$	23
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	—	$	—	$	21	$	25
Interest rate contracts long-term	4		1		45		81
Commodity contracts current	2		—		28		5
Commodity contracts long-term	—		—		110		39
Total Derivatives Not Designated as Cash Flow Hedges	$	6	$	1	$	204	$	150
Total Derivatives	$	7	$	1	$	216	$	173

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. As of September 30, 2021 and December 31, 2020, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by counterparty master agreement level as of September 30, 2021 and December 31, 2020:


As of September 30, 2021	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(138)		—		(138)
Total commodity contracts	$	(136)	$	—	$	(136)
Interest rate contracts
Derivative assets	$	5	$	(5)	$	—
Derivative liabilities	(78)		5		(73)
Total interest rate contracts	$	(73)	$	—	$	(73)
Total derivative instruments	$	(209)	$	—	$	(209)


As of December 31, 2020	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(44)	$	—	$	(44)
Total commodity contracts	$	(44)	$	—	$	(44)
Interest rate contracts:
Derivative assets	$	1	$	—	$	1
Derivative liabilities	(129)		—		(129)
Total interest rate contracts	$	(128)	$	—	$	(128)
Total derivative instruments	$	(172)	$	—	$	(172)

Accumulated Other Comprehensive Loss

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


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions)
Accumulated OCL beginning balance	$	(22)	$	(46)	$	(35)	$	(37)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts	3		3		9		7
Mark-to-market of cash flow hedge accounting contracts	1		6		8		(7)
Accumulated OCL ending balance	(18)		(37)		(18)		(37)
Accumulated OCL attributable to noncontrolling interests	—		—		—		—
Accumulated OCL attributable to Clearway Energy LLC	$	(18)	$	(37)	$	(18)	$	(37)
Losses expected to be realized from OCL during the next 12 months	$	(11)			$	(11)

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

Impact of Derivative Instruments on the Consolidated Statements of Operations

Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions)
Interest Rate Contracts (Interest expense)	$	6	$	39	$	42	$	(53)
Commodity Contracts (Mark-to-market for economic hedging activities)(a)	(36)		—		(86)		(8)

(a) Relates to long-term power contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star Special LLC, or Mesquite Star, and Mt. Storm.

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

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

Long-term Debt

9 Months Ended

Sep. 30, 2021

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 2020 Form 10-K. Long-term debt consisted of the following:


(In millions, except rates)	September 30, 2021		December 31, 2020		September 30, 2021 interest rate % (a)	Letters of Credit Outstanding at September 30, 2021
Intercompany Note with Clearway Energy, Inc.	$	—	$	1	0.170
2025 Senior Notes	—		600		5.750
2026 Senior Notes	350		350		5.000
2028 Senior Notes	850		850		4.750
2031 Senior Notes	925		—		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)	77		—		L+1.750	75
Project-level debt:
Agua Caliente Solar LLC, due 2037	700		—		2.395 - 3.633	45
Alta Wind Asset Management LLC, due 2031	13		14		L+2.625	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	772		800		5.696 - 7.015	26
Alta Wind Realty Investments LLC, due 2031	24		25		7.000	—
Borrego, due 2024 and 2038	55		57		Various	4
Buckthorn Solar, due 2025	123		126		L+1.750	21
Carlsbad Energy Holdings LLC, due 2027	141		156		L+1.625	68
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, due 2038	210		210		4.210	10
CVSR Holdco Notes, due 2037	169		176		4.680	13
CVSR, due 2037	652		675		2.339 - 3.775	—
DG-CS Master Borrower LLC, due 2040	441		467		3.510	30
Duquesne, due 2059	95		95		4.620	—
El Segundo Energy Center, due 2023	193		250		L+1.875 - L+2.500	138
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037	327		327		Various	—

Kawailoa Solar Portfolio LLC, due 2026	79		81		L+1.375	15
Laredo Ridge, due 2028	74		78		L+2.125	9

Marsh Landing, due 2023	102		146		L+2.375	93
NIMH Solar, due 2024	179		191		L+2.00	15
Oahu Solar Holdings LLC, due 2026	87		89		L+1.375	10
Pinnacle Repowering Partnership Holdco LLC, due 2021	111		—		L+1.00	2
Rosie Class B LLC, due 2027	79		80		L+1.75	17





Tapestry Wind LLC, due 2031	87		143		L+1.375	11
Utah Solar Holdings, due 2036	284		290		3.590	16

Walnut Creek, due 2023	88		126		L+1.75	92
WCEP Holdings, LLC, due 2023	32		35		L+3.00	—
Other	188		199		Various	35
Subtotal project-level debt:	5,712		5,243
Total debt	7,914		7,044
Less current maturities	(545)		(385)
Less net debt issuance costs	(74)		(79)
Add premiums(c)	4		5
Total long-term debt	$	7,299	$	6,585

(a) As of September 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%.

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

The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of September 30, 2021, the Company was in compliance with all of the required covenants.

The discussion below describes material changes to or additions of long-term debt for the nine months ended September 30, 2021.

Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility

As of September 30, 2021, the Company had $77 million of borrowings under the revolving credit facility and $75 million in letters of credit outstanding. During the nine months ended September 30, 2021, the Company borrowed $377 million under the revolving credit facility, and subsequently repaid $300 million, utilizing cash on hand and proceeds from the issuance of the 2031 Senior Notes as described below. During October 2021, the Company repaid $32 million of its outstanding loans under the revolving credit facility and as of October 31, 2021, the Company had $45 million of loans outstanding and a total of $75 million in letters of credit outstanding.

2032 Senior Notes

On October 1, 2021, Clearway Energy Operating LLC completed the sale of $350 million of senior unsecured notes due 2032, or the 2032 Senior Notes. The 2032 Senior Notes bear interest at 3.750% and mature on January 15, 2032. Interest on the 2032 Senior Notes is payable semi-annually on January 15 and July 15 of each year, and interest payments will commence on January 15, 2022. The 2032 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by the Company and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2032 Senior Notes were used, together with existing corporate liquidity, to repurchase the 2026 Senior Notes, as described below.

2026 Senior Notes Tender Offer and Redemption

On October 1, 2021, the Company completed the repurchase of an aggregate principal amount of $123 million, or 35.3%, of the 2026 Senior Notes outstanding as part of the cash tender offer announced on September 24, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $227 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2026 Senior Notes. The 2026 Senior Notes repurchased and redeemed in October 2021 were effectuated at a premium of approximately 103% for total consideration of $359 million.

2031 Senior Notes

On March 9, 2021, Clearway Energy Operating LLC completed the sale of $925 million of senior unsecured notes due 2031, or the 2031 Senior Notes. The 2031 Senior Notes bear interest at 3.750% and mature on February 15, 2031. Interest on the 2031 Senior Notes is payable semi-annually on February 15 and August 15 of each year, and interest payments commenced on August 15, 2021. The 2031 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by the Company and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2031 Senior Notes were used to repurchase the 2025 Senior Notes, as described below, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes.

2025 Senior Notes Tender Offer and Redemption

On March 9, 2021, the Company completed the repurchase of an aggregate principal amount of $411 million, or 68.6%, of the 2025 Senior Notes outstanding as part of the cash tender offer announced on March 2, 2021. Additionally, $6 million of the 2025 Senior Notes that were subject to guaranteed delivery procedures were subsequently repurchased on March 11, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $183 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2025 Senior Notes. The 2025 Senior Notes repurchased and redeemed in March 2021 were effectuated at a premium of approximately 106% for total consideration of $636 million and, as a result, the Company recorded a loss on extinguishment in the amount of $36 million. The Company recorded an additional $5 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2025 Senior Notes.

Intercompany Note with Clearway Energy, Inc.

On February 18, 2020, the Company entered into an intercompany demand promissory note with Clearway Energy, Inc. in the principal amount of $3 million. The unpaid principal amount bears interest at a rate equal to the short-term applicable federal rate, which is payable on the last day of each quarter, or at other times as agreed upon by the Company and Clearway Energy, Inc.

Project - level Debt

Agua Caliente Solar LLC

As part of the acquisition of Agua Caliente Borrower 1 LLC and the consolidation of Agua Caliente, as further described in Note 3, Acquisitions and Dispositions, the Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC on February 3, 2021. The debt consists of a credit agreement with the Federal Financing Bank and accrues interest at fixed rates between 2.395% and 3.633%, which matures in 2037.

Pinnacle Repowering Partnership HoldCo LLC

On March 10, 2021, the Company entered into a financing agreement for non-recourse debt for a total commitment of $126 million related to the repowering of the Pinnacle wind project. The debt consists of a construction loan at an interest rate of LIBOR plus 1.00%. The Company's initial borrowings of $79 million were utilized to repay $53 million of the outstanding balance under the Tapestry Wind LLC financing agreement, which related to the Pinnacle wind project, to pay vendor invoices and fees and to acquire certain equipment from Clearway Renew LLC to be utilized in the repowering project. The Company will continue to draw on the construction loan to fund the repowering activities of the Pinnacle wind project up to the total commitment amount.

Segment Reporting

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

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


	Three months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	118	$	179	$	54	$	—	$	351

Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	20		60		37		—		117
Depreciation, amortization and accretion	34		90		7		—		131

General and administrative	—		—		1		9		10
Transaction and integration costs	—		—		—		1		1
Development costs	—		—		1		2		3
Operating income (loss)	64		29		8		(12)		89
Equity in earnings of unconsolidated affiliates	2		18		—		—		20

Other income, net	—		—		1		—		1

Interest expense	(14)		(41)		(5)		(24)		(84)
Net Income (Loss)	$	52	$	6	$	4	$	(36)	$	26
Total Assets	$	2,473	$	8,522	$	623	$	46	$	11,664

(a) Includes eliminations


	Three months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	116	$	157	$	59	$	—	$	332

Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	21		33		41		—		95
Depreciation, amortization and accretion	34		61		7		—		102

General and administrative	—		—		1		8		9

Transaction and integration costs	—		—		—		1		1
Development costs	—		—		2		—		2
Operating income (loss)	61		63		8		(9)		123
Equity in earnings of unconsolidated affiliates	3		16		—		—		19

Other income (expense), net	1		—		(1)		(1)		(1)
Loss on debt extinguishment	—		(6)		—		—		(6)
Interest expense	(17)		(39)		(6)		(22)		(84)
Net Income (Loss)	$	48	$	34	$	1	$	(32)	$	51


	Nine months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	329	$	487	$	152	$	—	$	968
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	70		166		99		(1)		334
Depreciation, amortization and accretion	99		266		22		—		387

General and administrative	—		1		2		26		29
Transaction and integration costs	—		—		—		4		4
Development costs	—		—		3		2		5
Operating income (loss)	160		54		26		(31)		209
Equity in earnings of unconsolidated affiliates	6		26		—		—		32

Other income, net	—		1		2		—		3
Loss on debt extinguishment	—		(1)		—		(41)		(42)
Interest expense	(41)		(103)		(14)		(74)		(232)
Net Income (Loss)	$	125	$	(23)	$	14	$	(146)	$	(30)

(a) Includes eliminations


	Nine months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	326	$	444	$	149	$	—	$	919
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	67		108		100		—		275
Depreciation, amortization and accretion	100		182		21		—		303

General and administrative	—		1		4		24		29
Transaction and integration costs	—		—		—		2		2

Development costs	—		—		4		—		4
Operating income (loss)	159		153		20		(26)		306
Equity in earnings of unconsolidated affiliates	6		16		—		—		22
Gain on sale of unconsolidated affiliate	—		—		—		49		49
Other income, net	1		1		—		—		2
Loss on debt extinguishment	—		(6)		—		(3)		(9)
Interest expense	(69)		(190)		(16)		(69)		(344)
Net Income (Loss)	$	97	$	(26)	$	4	$	(49)	$	26

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2021
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 project entities. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company's consolidated balance sheets. The disclosures below summarize the Company's material related party transactions with CEG and its subsidiaries that are included in the Company's operating costs. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to administrative 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 $13 million and $9 million for the three months ended September 30, 2021 and 2020, respectively. The Company incurred total expenses for these services of $40 million and $27 million for the nine months ended September 30, 2021 and 2020, respectively. There was a balance of $11 million and $10 million due to RENOM as of September 30, 2021 and December 31, 2020, respectively. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to administrative services agreements with Clearway Asset Services LLC and Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $3 million for each of the three months ended September 30, 2021 and 2020. The Company incurred expenses under these agreements of $10 million and $7 million for the nine months ended September 30, 2021 and 2020, respectively. CEG Master Services Agreements The Company is a party to Master Services Agreements with CEG, or MSAs, pursuant to which CEG and certain of its affiliates or third party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. The Company incurred net expenses of $1 million and $0.6 million under these agreements for the three months ended September 30, 2021 and 2020, respectively. The Company incurred net expenses of $3 million and $2 million under these agreements for the nine months ended September 30, 2021 and 2020, respectively.

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies This note should be read in conjunction with the complete description under Item 15 — Note 14, Commitments and Contingencies, to the consolidated financial statements included in the Company's 2020 Form 10-K. The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Nebraska Public Power District Litigation On January 11, 2019, Nebraska Public Power District, or NPPD, sent written notice to certain of the Company’s subsidiaries which own the Laredo Ridge and Elkhorn Ridge wind projects alleging an event of default under each of the PPAs between NPPD and the projects. NPPD alleges that the Company moved forward with certain transactions without obtaining the consent of NPPD. NPPD threatened to terminate the applicable PPAs by February 11, 2019 if the alleged default was not cured. The Company filed a motion for a temporary restraining order and preliminary injunction in the U.S. District Court for the District of Nebraska relating to the Laredo Ridge project, and a similar motion in the District Court of Knox County, Nebraska for the Elkhorn Ridge project, to enjoin NPPD from taking any actions related to the PPAs. On February 19, 2019, the U.S. District Court in the Laredo Ridge matter approved a stipulation between the parties to provide for an injunction preventing NPPD from terminating the PPA pending disposition of the litigation. On February 26, 2019, the Knox County District Court approved a similar stipulation relating to the Elkhorn Ridge project. On April 13, 2020, the U.S. District Court granted the wind projects' motion for summary judgment and permanently enjoined NPPD from terminating the PPAs in reliance on the alleged events of default. The U.S. District Court decision was appealed by NPPD on May 11, 2020. On August 24, 2021, the U.S. Court of Appeals for the Eight Circuit affirmed the U.S. District Court decision granting summary judgment. On October 18, 2021, the Appeals Court denied a petition by NPPD for rehearing and a request that the case be heard by the full Appeals Court. On November 2, 2021, the Knox County District Court issued an order dismissing the case with respect to the Elkhorn Ridge project. The Company believes the allegations of NPPD are meritless and the Company is vigorously defending its rights under the PPAs. Buckthorn Solar Litigation On October 8, 2019, the City of Georgetown, Texas, or Georgetown, filed a petition in the District Court of Williamson County, Texas naming Buckthorn Westex, LLC, the Company’s subsidiary that owns the Buckthorn Westex solar project, as the defendant, alleging fraud by nondisclosure and breach of contract in connection with the project and the PPA, and seeking (i) rescission and/or cancellation of the PPA, (ii) declaratory judgment that the alleged breaches constitute an event of default under the PPA entitling Georgetown to terminate, and (iii) recovery of all damages, costs of court, and attorneys’ fees. On November 15, 2019, Buckthorn Westex filed an original answer and counterclaims (i) denying Georgetown’s claims, (ii) alleging Georgetown has breached its contracts with Buckthorn Westex by failing to pay amounts due, and (iii) seeking relief in the form of (x) declaratory judgment that Georgetown’s alleged failure to pay amounts due constitute breaches of and an event of default under the PPA and that Buckthorn did not commit any events of default under the PPA, (y) recovery of costs, expenses, interest, and attorneys’ fees, and (z) such other relief to which it is entitled at law or in equity. Buckthorn Westex believes the allegations of Georgetown are meritless, and Buckthorn Westex is vigorously defending its rights under the PPA.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2021, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2021 and 2020
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, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates.
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect, and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period.

Nature of Business (Tables)	9 Months Ended
Nature of Business (Tables)	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clearway Energy Organizational Structure	The following table represents the structure of the Company as of September 30, 2021:

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	September 30, 2021		December 31, 2020
	(In millions)
Cash and cash equivalents	$	189	$	268
Restricted cash	366		197
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	555	$	465

Schedule of Restricted Cash


	September 30, 2021		December 31, 2020
	(In millions)
Cash and cash equivalents	$	189	$	268
Restricted cash	366		197
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	555	$	465

Schedule of Accumulated Depreciation and Amortization


	September 30, 2021		December 31, 2020
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	2,700	$	2,323
Intangible Assets Accumulated Amortization	593		487

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

The following table lists distributions paid on the Company's Class A, B, C and D units during the nine months ended September 30, 2021:


	Third Quarter 2021		Second Quarter 2021		First Quarter 2021
Distributions per Class A, B, C and D unit	$	0.3345	$	0.3290	$	0.3240

Disaggregation of Revenue


	Three months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	3	$	231	$	33	$	267
Capacity revenue(a)	120		1		12		133
Contract amortization	(5)		(32)		(1)		(38)
Other revenue	—		14		10		24
Mark-to-market for economic hedges	—		(35)		—		(35)
Total operating revenue	118		179		54		351
Less: Mark-to-market for economic hedges	—		35		—		35
Less: Lease revenue	(123)		(198)		(1)		(322)
Less: Contract amortization	5		32		1		38
Total revenue from contracts with customers	$	—	$	48	$	54	$	102

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	3	$	198	$	1	$	202
Capacity revenue	120		—		—		120
Total	$	123	$	198	$	1	$	322


	Nine months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	6	$	618	$	91	$	715
Capacity revenue(a)	340		1		40		381
Contract amortization	(17)		(87)		(3)		(107)
Other revenue	—		45		24		69
Mark-to-market for economic hedges	—		(90)		—		(90)
Total operating revenue	329		487		152		968
Less: Mark-to-market for economic hedges	—		90		—		90
Less: Lease revenue	(346)		(571)		(2)		(919)
Less: Contract amortization	17		87		3		107
Total revenue from contracts with customers	$	—	$	93	$	153	$	246

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	6	$	571	$	2	$	579
Capacity revenue	340		—		—		340
Total	$	346	$	571	$	2	$	919


	Three months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	3	$	166	$	27	$	196
Capacity revenue(a)	119		—		24		143
Contract amortization	(6)		(15)		(1)		(22)
Other revenue	—		6		9		15

Total operating revenue	116		157		59		332

Less: Lease revenue	(122)		(153)		—		(275)
Less: Contract amortization	6		15		1		22
Total revenue from contracts with customers	$	—	$	19	$	60	$	79

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	3	$	153	$	—	$	156
Capacity revenue	119		—		—		119
Total	$	122	$	153	$	—	$	275


	Nine months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue(a)	$	6	$	486	$	77	$	569
Capacity revenue(a)	338		—		50		388
Contract amortization	(18)		(46)		(2)		(66)
Other revenue	—		12		24		36
Mark-to-market for economic hedges	—		(8)		—		(8)
Total operating revenue	326		444		149		919
Less: Mark-to-market for economic hedges	—		8		—		8
Less: Lease revenue	(344)		(449)		(1)		(794)
Less: Contract amortization	18		46		2		66
Total revenue from contracts with customers	$	—	$	49	$	150	$	199

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


(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue	$	6	$	449	$	1	$	456
Capacity revenue	338		—		—		338
Total	$	344	$	449	$	1	$	794

Contract Asset and Liability

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020:


	September 30, 2021		December 31, 2020
	(In millions)
Accounts receivable, net - Contracts with customers	$	60	$	57
Accounts receivable, net - Leases	143		86
Total accounts receivable, net	$	203	$	143

Acquisition and Dispositions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Asset Acquisition

The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021:


(In millions)	Rattlesnake
Current Assets	$	8
Property, plant and equipment	200
Right-of-use asset	12
Total assets acquired	220

Debt(a)	176
Long-term lease liabilities	12
Other current and non-current liabilities	18
Total liabilities assumed	206

Net assets acquired	$	14

The following is a summary of assets and liabilities acquired in connection with the acquisition as of February 3, 2021:


(In millions)	Agua Caliente
Restricted cash	$	91
Property, plant and equipment	154
Intangible asset for power purchase agreement	1,022

Other currents assets	9
Total assets acquired	1,276

Accounts payable and other current liabilities	5
Debt	716

Total liabilities assumed	721
Noncontrolling interest	273
Equity method investment removed	(80)
Net assets acquired	$	202

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


(In millions)	Mt. Storm

Current Assets	$	3
Property, plant and equipment	108
Intangible asset	2


Total assets acquired	113

Accounts payable and other liabilities	4
Derivative instruments	9

Total liabilities assumed	13

Net assets acquired	$	100

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

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Variable Interest Entities

Summarized financial information for the Company's consolidated VIEs consisted of the following as of September 30, 2021:


(In millions)	Alta TE Holdco		Buckthorn Renewables, LLC		DGPV Funds(a)		Kawailoa Partnership		Langford TE Partnership LLC		Lighthouse Renewable Holdco LLC (b)
Other current and non-current assets	$	56	$	4	$	95	$	41	$	17	$	42
Property, plant and equipment	338		204		602		137		133		432
Intangible assets	215		—		16		—		2		—
Total assets	609		208		713		178		152		474
Current and non-current liabilities	40		10		77		105		18		136
Total liabilities	40		10		77		105		18		136
Noncontrolling interest	20		48		5		49		69		307
Net assets less noncontrolling interests	$	549	$	150	$	631	$	24	$	65	$	31

(a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC.

(b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, which is also a consolidated VIE.


(In millions)	Oahu Solar Partnership		Pinnacle Repowering Partnership LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		Wildorado TE Holdco		Other (a)
Other current and non-current assets	$	48	$	11	$	30	$	29	$	22	$	15
Property, plant and equipment	174		106		194		253		229		175
Intangible assets	—		19		—		—		—		1
Total assets	222		136		224		282		251		191
Current and non-current liabilities	115		119		22		101		19		47
Total liabilities	115		119		22		101		19		47
Noncontrolling interest	32		27		100		145		124		97
Net assets less noncontrolling interests	$	75	$	(10)	$	102	$	36	$	108	$	47

(a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects.

Equity Method Investments

The Company's maximum exposure to loss as of September 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:


Name	Economic Interest	Investment Balance
		(In millions)
Avenal	50%	$	2
Desert Sunlight	25%	249
Elkhorn Ridge	67%	31
GenConn(a)	50%	86
San Juan Mesa	75%	25
Utah Solar Portfolio(b)	50%	239
		$	632

(a) GenConn is a variable interest entity.

(b) Economic interest based on cash to be distributed. Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC are tax equity structures and VIEs.

- 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 (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Estimated Carrying Values and Fair Value

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


	As of September 30, 2021				As of December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion — affiliate	$	—	$	—	$	1	$	1
Long-term debt, including current portion — external (a)	7,918		8,227		7,048		7,020

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

Fair Value Option, Disclosures

The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2021 and December 31, 2020:


	As of September 30, 2021				As of December 31, 2020
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,172	$	6,055	$	1,906	$	5,115

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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


	As of September 30, 2021				As of December 31, 2020
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2		Level 3			Level 2		Level 3
Derivative assets:
Commodity contracts	$	2	$	—		$	—	$	—
Interest rate contracts	5		—			1		—
Other financial instruments (b)	—		25			—		29
Total assets	$	7	$	25		$	1	$	29
Derivative liabilities:
Commodity contracts	$	—	$	138		$	—	$	44
Interest rate contracts	78		—			129		—
Total liabilities	$	78	$	138		$	129	$	44

(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of September 30, 2021 and December 31, 2020.

(b) SREC contract acquired on November 2, 2020.


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(79)	$	(17)	$	(15)	$	(9)
Total losses for the period included in earnings	(37)		—		(90)		(8)
Purchases	—		—		(9)		—
Settlements	3		—		1		—
Ending balance	$	(113)	$	(17)	$	(113)	$	(17)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of September 30, 2021	$	(37)			$	(90)

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 as of September 30, 2021:

September 30, 2021

Fair Value

Input/Range

Assets

Liabilities

Valuation Technique

Significant Unobservable Input

Low

High

Weighted Average

(In millions)

Power Contracts

—

(138)

Discounted Cash Flow

Forward Market Price (per MWh)

14.35

76.09

29.04

Other Financial Instruments

—

Discounted Cash Flow

Forecast annual generation levels of certain DG solar facilities

80,872 MWh

129,913 MWh

124,783 MWh

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2021:


Significant Observable Input	Position	Change In Input	Impact on Fair Value Measurement
Forward Market Price Power	Buy	Increase/(Decrease)	Higher/(Lower)
Forward Market Price Power	Sell	Increase/(Decrease)	Lower/(Higher)
Forecast Generation Levels	Sell	Increase/(Decrease)	Higher/(Lower)

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of September 30, 2021 and December 31, 2020:


		Total Volume
		September 30, 2021		December 31, 2020
Commodity	Units	(In millions)
Natural Gas	MMBtu	2		1
Power	MWh	(12)		(8)
Interest	Dollars	$	1,389	$	1,600

Fair value within the derivative instrument valuation on the balance sheets

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


	Fair Value
	Derivative Assets				Derivative Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	—	$	—	$	7	$	8
Interest rate contracts long-term	1		—		5		15
Total Derivatives Designated as Cash Flow Hedges	$	1	$	—	$	12	$	23
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	—	$	—	$	21	$	25
Interest rate contracts long-term	4		1		45		81
Commodity contracts current	2		—		28		5
Commodity contracts long-term	—		—		110		39
Total Derivatives Not Designated as Cash Flow Hedges	$	6	$	1	$	204	$	150
Total Derivatives	$	7	$	1	$	216	$	173

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

The following tables summarize the offsetting of derivatives by counterparty master agreement level as of September 30, 2021 and December 31, 2020:


As of September 30, 2021	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(138)		—		(138)
Total commodity contracts	$	(136)	$	—	$	(136)
Interest rate contracts
Derivative assets	$	5	$	(5)	$	—
Derivative liabilities	(78)		5		(73)
Total interest rate contracts	$	(73)	$	—	$	(73)
Total derivative instruments	$	(209)	$	—	$	(209)


As of December 31, 2020	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(44)	$	—	$	(44)
Total commodity contracts	$	(44)	$	—	$	(44)
Interest rate contracts:
Derivative assets	$	1	$	—	$	1
Derivative liabilities	(129)		—		(129)
Total interest rate contracts	$	(128)	$	—	$	(128)
Total derivative instruments	$	(172)	$	—	$	(172)

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

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


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions)
Accumulated OCL beginning balance	$	(22)	$	(46)	$	(35)	$	(37)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts	3		3		9		7
Mark-to-market of cash flow hedge accounting contracts	1		6		8		(7)
Accumulated OCL ending balance	(18)		(37)		(18)		(37)
Accumulated OCL attributable to noncontrolling interests	—		—		—		—
Accumulated OCL attributable to Clearway Energy LLC	$	(18)	$	(37)	$	(18)	$	(37)
Losses expected to be realized from OCL during the next 12 months	$	(11)			$	(11)

Derivative gains and losses

Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions)
Interest Rate Contracts (Interest expense)	$	6	$	39	$	42	$	(53)
Commodity Contracts (Mark-to-market for economic hedging activities)(a)	(36)		—		(86)		(8)

(a) Relates to long-term power contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star Special LLC, or Mesquite Star, and Mt. Storm.

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt


(In millions, except rates)	September 30, 2021		December 31, 2020		September 30, 2021 interest rate % (a)	Letters of Credit Outstanding at September 30, 2021
Intercompany Note with Clearway Energy, Inc.	$	—	$	1	0.170
2025 Senior Notes	—		600		5.750
2026 Senior Notes	350		350		5.000
2028 Senior Notes	850		850		4.750
2031 Senior Notes	925		—		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)	77		—		L+1.750	75
Project-level debt:
Agua Caliente Solar LLC, due 2037	700		—		2.395 - 3.633	45
Alta Wind Asset Management LLC, due 2031	13		14		L+2.625	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	772		800		5.696 - 7.015	26
Alta Wind Realty Investments LLC, due 2031	24		25		7.000	—
Borrego, due 2024 and 2038	55		57		Various	4
Buckthorn Solar, due 2025	123		126		L+1.750	21
Carlsbad Energy Holdings LLC, due 2027	141		156		L+1.625	68
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, due 2038	210		210		4.210	10
CVSR Holdco Notes, due 2037	169		176		4.680	13
CVSR, due 2037	652		675		2.339 - 3.775	—
DG-CS Master Borrower LLC, due 2040	441		467		3.510	30
Duquesne, due 2059	95		95		4.620	—
El Segundo Energy Center, due 2023	193		250		L+1.875 - L+2.500	138
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037	327		327		Various	—

Kawailoa Solar Portfolio LLC, due 2026	79		81		L+1.375	15
Laredo Ridge, due 2028	74		78		L+2.125	9

Marsh Landing, due 2023	102		146		L+2.375	93
NIMH Solar, due 2024	179		191		L+2.00	15
Oahu Solar Holdings LLC, due 2026	87		89		L+1.375	10
Pinnacle Repowering Partnership Holdco LLC, due 2021	111		—		L+1.00	2
Rosie Class B LLC, due 2027	79		80		L+1.75	17





Tapestry Wind LLC, due 2031	87		143		L+1.375	11
Utah Solar Holdings, due 2036	284		290		3.590	16

Walnut Creek, due 2023	88		126		L+1.75	92
WCEP Holdings, LLC, due 2023	32		35		L+3.00	—
Other	188		199		Various	35
Subtotal project-level debt:	5,712		5,243
Total debt	7,914		7,044
Less current maturities	(545)		(385)
Less net debt issuance costs	(74)		(79)
Add premiums(c)	4		5
Total long-term debt	$	7,299	$	6,585

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

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	118	$	179	$	54	$	—	$	351

Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	20		60		37		—		117
Depreciation, amortization and accretion	34		90		7		—		131

General and administrative	—		—		1		9		10
Transaction and integration costs	—		—		—		1		1
Development costs	—		—		1		2		3
Operating income (loss)	64		29		8		(12)		89
Equity in earnings of unconsolidated affiliates	2		18		—		—		20

Other income, net	—		—		1		—		1

Interest expense	(14)		(41)		(5)		(24)		(84)
Net Income (Loss)	$	52	$	6	$	4	$	(36)	$	26
Total Assets	$	2,473	$	8,522	$	623	$	46	$	11,664

(a) Includes eliminations


	Three months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	116	$	157	$	59	$	—	$	332

Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	21		33		41		—		95
Depreciation, amortization and accretion	34		61		7		—		102

General and administrative	—		—		1		8		9

Transaction and integration costs	—		—		—		1		1
Development costs	—		—		2		—		2
Operating income (loss)	61		63		8		(9)		123
Equity in earnings of unconsolidated affiliates	3		16		—		—		19

Other income (expense), net	1		—		(1)		(1)		(1)
Loss on debt extinguishment	—		(6)		—		—		(6)
Interest expense	(17)		(39)		(6)		(22)		(84)
Net Income (Loss)	$	48	$	34	$	1	$	(32)	$	51


	Nine months ended September 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	329	$	487	$	152	$	—	$	968
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	70		166		99		(1)		334
Depreciation, amortization and accretion	99		266		22		—		387

General and administrative	—		1		2		26		29
Transaction and integration costs	—		—		—		4		4
Development costs	—		—		3		2		5
Operating income (loss)	160		54		26		(31)		209
Equity in earnings of unconsolidated affiliates	6		26		—		—		32

Other income, net	—		1		2		—		3
Loss on debt extinguishment	—		(1)		—		(41)		(42)
Interest expense	(41)		(103)		(14)		(74)		(232)
Net Income (Loss)	$	125	$	(23)	$	14	$	(146)	$	(30)

(a) Includes eliminations


	Nine months ended September 30, 2020
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	326	$	444	$	149	$	—	$	919
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	67		108		100		—		275
Depreciation, amortization and accretion	100		182		21		—		303

General and administrative	—		1		4		24		29
Transaction and integration costs	—		—		—		2		2

Development costs	—		—		4		—		4
Operating income (loss)	159		153		20		(26)		306
Equity in earnings of unconsolidated affiliates	6		16		—		—		22
Gain on sale of unconsolidated affiliate	—		—		—		49		49
Other income, net	1		1		—		—		2
Loss on debt extinguishment	—		(6)		—		(3)		(9)
Interest expense	(69)		(190)		(16)		(69)		(344)
Net Income (Loss)	$	97	$	(26)	$	4	$	(49)	$	26

Nature of Business (Details)	9 Months Ended
Nature of Business (Details)	Sep. 30, 2021 MW
Nature of Business [Line Items]
Power generation capacity, megawatts (over)	8,000
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Nature of Business [Line Items]
Power generation capacity, megawatts (over)	4,700
Generational Facilities and District Energy Systems
Nature of Business [Line Items]
Power generation capacity, megawatts (over)	2,500
Clearway Energy LLC \| Clearway Energy, Inc.
Nature of Business [Line Items]
Ownership interest (as a percentage)	57.65%
CEG \| Clearway Energy LLC
Nature of Business [Line Items]
Ownership interest (as a percentage)	42.35%
CEG \| Clearway Energy, Inc.
Nature of Business [Line Items]
Voting Interest (as a percentage)	54.93%
Public Shareholders \| Clearway Energy, Inc.
Nature of Business [Line Items]
Voting Interest (as a percentage)	45.07%

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, held at project subsidiaries	$ 152	$ 149
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	189	268
Restricted cash	366	197
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	555	$ 465	$ 537	$ 414
State of Hawaii \| Prepayments and other current assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Refundable tax credit receivable	49
Amount of restricted funds used to offset amounts under the PPAs	13
Long Term Debt Current
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	68
Debt Service Obligations
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	133
Cash Distribution
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	44
Operating Funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	$ 121

Summary of Significant Accounting Policies - Accumulated Depreciation, Accumulated Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Property, Plant and Equipment Accumulated Depreciation	$ 2,700	$ 2,323
Intangible Assets Accumulated Amortization	$ 593	$ 487

Summary of Significant Accounting Policies - Distributions Paid (Details) - $ / shares		3 Months Ended
	Nov. 03, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Common Class A
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)		$ 0.3345	$ 0.3290	$ 0.3240
Common Class A \| Subsequent Event
Class of Stock [Line Items]
Distribution per Class A, B, C and D unit, delcared (in dollars per share)	$ 0.34
Common Class B
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)		0.3345	0.3290	0.3240
Common Class B \| Subsequent Event
Class of Stock [Line Items]
Distribution per Class A, B, C and D unit, delcared (in dollars per share)	0.34
Common Class C
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)		0.3345	0.3290	0.3240
Common Class C \| Subsequent Event
Class of Stock [Line Items]
Distribution per Class A, B, C and D unit, delcared (in dollars per share)	0.34
Common Class D
Class of Stock [Line Items]
Distributions per Class A, B, C and D unit (in dollars per share)		$ 0.3345	$ 0.3290	$ 0.3240
Common Class D \| Subsequent Event
Class of Stock [Line Items]
Distribution per Class A, B, C and D unit, delcared (in dollars per share)	$ 0.34

Summary of Significant Accounting Policies - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Operating revenues	$ 351	$ 332	$ 968	$ 919
Total operating revenues	351	332	968	919
Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	351	332	968	919
Contract amortization	(38)	(22)	(107)	(66)
Mark-to-market for economic hedges	(35)		(90)	(8)
Total operating revenues	351	332	968	919
Less: Mark-to-market for economic hedges	35		90	8
Lease income	(322)	(275)	(919)	(794)
Less: Contract amortization	38	22	107	66
Total revenue from contracts with customers	102	79	246	199
Operating Segments \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	267	196	715	569
Total operating revenues	267	196	715	569
Lease income	(202)	(156)	(579)	(456)
Operating Segments \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	133	143	381	388
Total operating revenues	133	143	381	388
Lease income	(120)	(119)	(340)	(338)
Operating Segments \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	24	15	69	36
Total operating revenues	24	15	69	36
Operating Segments \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	118	116	329	326
Contract amortization	(5)	(6)	(17)	(18)
Mark-to-market for economic hedges	0		0	0
Total operating revenues	118	116	329	326
Less: Mark-to-market for economic hedges	0		0	0
Lease income	(123)	(122)	(346)	(344)
Less: Contract amortization	5	6	17	18
Total revenue from contracts with customers	0	0	0	0
Operating Segments \| Conventional Generation \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	3	3	6	6
Total operating revenues	3	3	6	6
Lease income	(3)	(3)	(6)	(6)
Operating Segments \| Conventional Generation \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	120	119	340	338
Total operating revenues	120	119	340	338
Lease income	(120)	(119)	(340)	(338)
Operating Segments \| Conventional Generation \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	0	0	0	0
Total operating revenues	0	0	0	0
Operating Segments \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	179	157	487	444
Contract amortization	(32)	(15)	(87)	(46)
Mark-to-market for economic hedges	(35)		(90)	(8)
Total operating revenues	179	157	487	444
Less: Mark-to-market for economic hedges	35		90	8
Lease income	(198)	(153)	(571)	(449)
Less: Contract amortization	32	15	87	46
Total revenue from contracts with customers	48	19	93	49
Operating Segments \| Renewables \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	231	166	618	486
Total operating revenues	231	166	618	486
Lease income	(198)	(153)	(571)	(449)
Operating Segments \| Renewables \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	1	0	1	0
Total operating revenues	1	0	1	0
Lease income	0	0	0	0
Operating Segments \| Renewables \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	14	6	45	12
Total operating revenues	14	6	45	12
Operating Segments \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues	54	59	152	149
Contract amortization	(1)	(1)	(3)	(2)
Mark-to-market for economic hedges	0		0	0
Total operating revenues	54	59	152	149
Less: Mark-to-market for economic hedges	0		0	0
Lease income	(1)	0	(2)	(1)
Less: Contract amortization	1	1	3	2
Total revenue from contracts with customers	54	60	153	150
Operating Segments \| Thermal \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	33	27	91	77
Total operating revenues	33	27	91	77
Lease income	(1)	0	(2)	(1)
Operating Segments \| Thermal \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	12	24	40	50
Total operating revenues	12	24	40	50
Lease income	0	0	0	0
Operating Segments \| Thermal \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	10	9	24	24
Total operating revenues	$ 10	$ 9	$ 24	$ 24

Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 203	$ 143
Accounts receivable, net - Contracts with customers
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	60	57
Accounts receivable, net - Leases
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 143	$ 86

Acquisition and Dispositions - Narrative (Details) $ in Millions							3 Months Ended	9 Months Ended
	Apr. 23, 2021 USD ($) MW	Feb. 03, 2021 USD ($) MW	Jan. 12, 2021 USD ($) MW	Sep. 01, 2020 USD ($) MW	May 14, 2020 USD ($)	Mar. 03, 2020 USD ($)	Sep. 30, 2021 MW	Sep. 30, 2021 USD ($) MW	Sep. 30, 2020 USD ($)	Oct. 22, 2021 USD ($)	Feb. 02, 2021
Schedule of Asset Acquisition [Line Items]
Payments for asset acquisition								$ 211	$ 0
Power generation capacity, megawatts \| MW							8,000	8,000
Payments to acquire investments in unconsolidated affiliates								$ 0	$ 11
Mesquite Star
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW				419
Payments to acquire investments in unconsolidated affiliates				$ 79
Remaining lease term				12 years
Adjustment for purchase of interests				$ 83
Energy Center Dover
Schedule of Asset Acquisition [Line Items]
Proceeds from sale of interests						$ 15
Sale of assets percentage ownership interest sold						100.00%
RPV Holdco 1 LLC
Schedule of Asset Acquisition [Line Items]
Proceeds from sale of interests					$ 75
Gain on sale of investment					$ 49
Thermal \| Discontinued Operations, Disposed of by Sale \| Subsequent Event
Schedule of Asset Acquisition [Line Items]
Total consideration										$ 1,900
Rattlesnake TE Holdco LLC
Schedule of Asset Acquisition [Line Items]
Payments for asset acquisition			$ 132
Power purchase agreement period			20 years
Net assets acquired			$ 14
Agua Caliente
Schedule of Asset Acquisition [Line Items]
Payments for asset acquisition		$ 202
Power generation capacity, megawatts \| MW		290
Power purchase agreement period		25 years
Net assets acquired		$ 202
Asset acquisition, percentage equity interests acquired		35.00%
Power purchase agreement period (in years)		18 years
Asset acquisition, restricted cash acquired		$ 91
Payments for asset acquisition, net cash outflow		$ 111
Mt. Storm
Schedule of Asset Acquisition [Line Items]
Power purchase agreement period	10 years
Net assets acquired	$ 100
Asset acquisition, percentage equity interests acquired	100.00%
Asset acquisition consideration	$ 96
Working capital and purchase price adjustments	4
Payments to acquire productive assets	$ 100
Wind Power Generation \| Rattlesnake TE Holdco LLC
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW			160
Deliverable power generation capacity, megawatts \| MW			144
Wind Power Generation \| Mt. Storm
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW	264
Clearway Energy, Inc. \| Agua Caliente
Schedule of Asset Acquisition [Line Items]
Noncontrolling interest, ownership percentage by parent											16.00%
Agua Caliente
Schedule of Asset Acquisition [Line Items]
Ownership interest		51.00%
Third Party Investor \| Agua Caliente
Schedule of Asset Acquisition [Line Items]
Ownership percentage by third party investor							49.00%	49.00%
Mesquite Star Tax Equity Holdco LLC \| Lighthouse Renewable Holdco LLC (b)
Schedule of Asset Acquisition [Line Items]
Ownership interest							100.00%

Acquisitions and Dispositions - Summary of Assets and Liabilities Transferred (Details) - USD ($) $ in Millions				9 Months Ended
	Apr. 23, 2021	Feb. 03, 2021	Jan. 12, 2021	Sep. 30, 2021	Sep. 30, 2020
Schedule of Asset Acquisition [Line Items]
Net contributions from noncontrolling interests				$ 148	$ 147
Payments to fund project reserve accounts			$ 29
Payments for associated fees			5
Tax Equity Investors
Schedule of Asset Acquisition [Line Items]
Net contributions from noncontrolling interests			107
CEG
Schedule of Asset Acquisition [Line Items]
Net contributions from noncontrolling interests			103
Rattlesnake TE Holdco LLC
Schedule of Asset Acquisition [Line Items]
Current Assets			8
Property, plant and equipment			200
Right-of-use asset			12
Total assets acquired			220
Debt			176
Long-term lease liabilities			12
Other current and non-current liabilities			18
Total liabilities assumed			206
Net assets acquired			14
Net contributions from noncontrolling interests			210
Repayment of debt at asset acquisition			$ 176
Agua Caliente
Schedule of Asset Acquisition [Line Items]
Restricted cash		$ 91
Property, plant and equipment		154
Intangible asset for power purchase agreement		1,022
Other currents assets		9
Total assets acquired		1,276
Accounts payable and other current liabilities		5
Debt		716
Total liabilities assumed		721
Noncontrolling interest		273
Equity method investment removed		(80)
Net assets acquired		$ 202
Mt. Storm
Schedule of Asset Acquisition [Line Items]
Current Assets	$ 3
Property, plant and equipment	108
Intangible asset for power purchase agreement	2
Total assets acquired	113
Accounts payable and other current liabilities	4
Derivative instruments	9
Total liabilities assumed	13
Net assets acquired	$ 100

Investments Accounted for by the Equity Method and Variable Interest Entities - Consolidated Entities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	$ 3,373	$ 2,563
Property, plant and equipment, net	7,438	7,217
Intangible assets	2,154	1,231
Total Assets	11,664	10,488
Total liabilities	8,823	$ 7,876
Alta TE Holdco
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	56
Property, plant and equipment, net	338
Intangible assets	215
Total Assets	609
Total liabilities	40
Noncontrolling interest	20
Net assets less noncontrolling interests	549
Buckthorn Renewables, LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	4
Property, plant and equipment, net	204
Intangible assets	0
Total Assets	208
Total liabilities	10
Noncontrolling interest	48
Net assets less noncontrolling interests	150
DGPV Funds
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	95
Property, plant and equipment, net	602
Intangible assets	16
Total Assets	713
Total liabilities	77
Noncontrolling interest	5
Net assets less noncontrolling interests	631
Kawailoa Partnership
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	41
Property, plant and equipment, net	137
Intangible assets	0
Total Assets	178
Total liabilities	105
Noncontrolling interest	49
Net assets less noncontrolling interests	24
Langford TE Partnership LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	17
Property, plant and equipment, net	133
Intangible assets	2
Total Assets	152
Total liabilities	18
Noncontrolling interest	69
Net assets less noncontrolling interests	65
Lighthouse Renewable Holdco LLC (b)
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	42
Property, plant and equipment, net	432
Intangible assets	0
Total Assets	474
Total liabilities	136
Noncontrolling interest	307
Net assets less noncontrolling interests	31
Oahu Solar Partnership
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	48
Property, plant and equipment, net	174
Intangible assets	0
Total Assets	222
Total liabilities	115
Noncontrolling interest	32
Net assets less noncontrolling interests	75
Pinnacle Repowering Partnership LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	11
Property, plant and equipment, net	106
Intangible assets	19
Total Assets	136
Total liabilities	119
Noncontrolling interest	27
Net assets less noncontrolling interests	(10)
Rattlesnake TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	30
Property, plant and equipment, net	194
Intangible assets	0
Total Assets	224
Total liabilities	22
Noncontrolling interest	100
Net assets less noncontrolling interests	102
Rosie TargetCo LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	29
Property, plant and equipment, net	253
Intangible assets	0
Total Assets	282
Total liabilities	101
Noncontrolling interest	145
Net assets less noncontrolling interests	36
Wildorado TE Holdco
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	22
Property, plant and equipment, net	229
Intangible assets	0
Total Assets	251
Total liabilities	19
Noncontrolling interest	124
Net assets less noncontrolling interests	108
Other
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	15
Property, plant and equipment, net	175
Intangible assets	1
Total Assets	191
Total liabilities	47
Noncontrolling interest	97
Net assets less noncontrolling interests	$ 47

Investments Accounted for by the Equity Method and Variable Interest Entities - Acquisitions (Details) $ in Millions			3 Months Ended					9 Months Ended
	Mar. 10, 2021 USD ($)	Jan. 12, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Feb. 26, 2021 MW
Schedule of Equity Method Investments [Line Items]
Payments for asset acquisition								$ 211	$ 0
(Distributions) contributions from CEG, non-cash							$ 8
Rattlesnake TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Payments for asset acquisition		$ 132
CEG
Schedule of Equity Method Investments [Line Items]
(Distributions) contributions from CEG, non-cash			$ 2	$ 3	$ 27	$ 20
CEG \| Noncontrolling Interest
Schedule of Equity Method Investments [Line Items]
(Distributions) contributions from CEG, non-cash					$ 29	$ 0
Rattlesnake Class B LLC Credit Facility
Schedule of Equity Method Investments [Line Items]
Repayments of debt		176
Rattlesnake TE Holdco LLC \| Capital Unit, Class A \| Third Party Investor
Schedule of Equity Method Investments [Line Items]
Acquired membership interests		$ 107
Pinnacle Repowering Partnership LLC
Schedule of Equity Method Investments [Line Items]
Deliverable power generation capacity, megawatts \| MW										55
Pinnacle Repowering Partnership LLC \| CEG \| Noncontrolling Interest
Schedule of Equity Method Investments [Line Items]
Allocations of taxable income after (as a percentage)			15.00%					15.00%
(Distributions) contributions from CEG, non-cash	$ 27
Payments to acquire productive assets	$ 21
Pinnacle Repowering Partnership LLC \| Capital Unit, Class A
Schedule of Equity Method Investments [Line Items]
Economic Interest			100.00%					100.00%
Pinnacle Repowering Partnership LLC \| Capital Unit, Class B
Schedule of Equity Method Investments [Line Items]
Economic Interest			100.00%					100.00%

Investments Accounted for by the Equity Method and Variable Interest Entities - Unconsolidated Entities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates	$ 632	$ 741
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Equity investments in affiliates	$ 2
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Equity investments in affiliates	$ 249
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	67.00%
Equity investments in affiliates	$ 31
GenConn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Equity investments in affiliates	$ 86
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Equity investments in affiliates	$ 25
Utah Solar Portfolio
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Equity investments in affiliates	$ 239

Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 7,918	$ 7,048
Carrying Amount \| Affiliated Entity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	0	1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	8,227	7,020
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	2,172	1,906
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	6,055	5,115
Fair Value \| Affiliated Entity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 0	$ 1

Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	$ 7						$ 7		$ 1
Derivative liability, fair value, gross liability	216						216		173
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of September 30, 2021	5	$ (1)	$ 13	$ 10	$ 5	$ (14)
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, fair value, gross liability	138						138		44
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	5						5		1
Derivative liability, fair value, gross liability	78						78		129
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	7						7		1
Derivative liability, fair value, gross liability	78						78		129
Fair Value, Recurring \| Level 2 \| Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	2						2		0
Derivative liability, fair value, gross liability	0						0		0
Fair Value, Recurring \| Level 2 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	5						5		1
Derivative liability, fair value, gross liability	78						78		129
Fair Value, Recurring \| Level 2 \| Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	0						0		0
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	25						25		29
Derivative liability, fair value, gross liability	138						138		44
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(79)		$ (15)	(17)		$ (9)	(15)	$ (9)
Total losses for the period included in earnings	(37)			0			(90)	(8)
Purchases	0			0			(9)	0
Settlements	3			0			1	0
Ending balance	(113)	$ (79)		(17)	$ (17)		(113)	(17)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of September 30, 2021	(37)						(90)
Fair Value, Recurring \| Level 3 \| Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	0						0		0
Derivative liability, fair value, gross liability	138						138		44
Fair Value, Recurring \| Level 3 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	0						0		0
Derivative liability, fair value, gross liability	0						0		0
Fair Value, Recurring \| Level 3 \| Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	$ 25						$ 25		$ 29

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Sep. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Percent of derivative liabilities using level 3 fair value inputs	64.00%
Percent of other financial instruments using level 3 fair value inputs	100.00%
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 10

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Fair Value, Recurring - Level 3 $ in Millions	Sep. 30, 2021 USD ($) $ / MWh
Power Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset \| $	$ 0
Derivative liability \| $	$ (138)
Power Contracts \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	14.35
Power Contracts \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	76.09
Power Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	29.04
Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset \| $	$ 25
Derivative liability \| $	$ 0
Other Financial Instruments \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	80,872
Other Financial Instruments \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	129,913
Other Financial Instruments \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input	124,783

Derivative Instruments and Hedging Activities - Volumetric Underlying Derivative Transactions (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) MMBTU MWh	Dec. 31, 2020 USD ($) MMBTU MWh
Natural Gas \| Long
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, nonmonetary notional amount \| MMBTU	2	1
Power \| Short
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, nonmonetary notional amount \| MWh	12	8
Interest \| Long
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| $	$ 1,389	$ 1,600

Derivative Instruments and Hedging Activities - FV of Derivative Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 7	$ 1
Derivative Liabilities	216	173
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	1	0
Derivative Liabilities	12	23
Designated as Hedging Instrument \| Interest rate contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Derivative Liabilities	7	8
Designated as Hedging Instrument \| Interest rate contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	1	0
Derivative Liabilities	5	15
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	6	1
Derivative Liabilities	204	150
Not Designated as Hedging Instrument \| Interest rate contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Derivative Liabilities	21	25
Not Designated as Hedging Instrument \| Interest rate contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	4	1
Derivative Liabilities	45	81
Not Designated as Hedging Instrument \| Commodity contracts current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	2	0
Derivative Liabilities	28	5
Not Designated as Hedging Instrument \| Commodity contracts long-term
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 110	$ 39

Derivative Instruments and Hedging Activities - Summary of Offsetting of Derivatives by Counterparty Master Agreement Level (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	$ (216)	$ (173)
Derivative Assets	7	1
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	(209)	(172)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	(209)	(172)
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	(138)	(44)
Derivative liability, Derivative Instruments	0	0
Derivative liability, Net Amount	(138)	(44)
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	(136)	(44)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	(136)	(44)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	(78)	(129)
Derivative liability, Derivative Instruments	5	0
Derivative liability, Net Amount	(73)	(129)
Derivative Assets	5	1
Derivative assets, Derivative Instruments	(5)	0
Derivative asset, Net Amount	0	1
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	(73)	(128)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	$ (73)	$ (128)

Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Mark-to-market of cash flow hedge accounting contracts	$ 4	$ 10	$ 17	$ 1
Accumulated other comprehensive loss	(18)		(18)		$ (33)
Losses expected to be realized from OCL during the next 12 months	(11)		(11)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated OCL beginning balance	(22)	(46)	(35)	(37)
Accumulated OCL ending balance	(18)	(37)	(18)	(37)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	(18)	(37)	(18)	(37)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassified from accumulated OCL to income due to realization of previously deferred amounts	3	3	9	7
Mark-to-market of cash flow hedge accounting contracts	1	6	8	(7)
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	$ 0	$ 0	$ 0	$ 0

Derivative Instruments and Hedging Activities - Impact on Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Contracts (Interest expense)	$ 5	$ (1)	$ 13	$ 10	$ 5	$ (14)
Interest rate contracts \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Contracts (Interest expense)	6			39			$ 42	$ (53)
Power Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Commodity Contracts (Mark-to-market economic hedging activities)	$ (36)			$ 0			$ (86)	$ (8)

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 7,914	$ 7,044
Less current maturities	(545)	(385)
Less net debt issuance costs	(74)	(79)
Add premiums	4	5
Long-term debt — external	7,299	6,585
Intercompany Note with Clearway Energy, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 0	1
Debt instrument, interest rate, stated percentage	0.17%
2025 Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 0	600
Debt instrument, interest rate, stated percentage	5.75%
2026 Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 350	350
Debt instrument, interest rate, stated percentage	5.00%
2028 Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 850	850
Debt instrument, interest rate, stated percentage	4.75%
2031 Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 925	0
Debt instrument, interest rate, stated percentage	3.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)
Debt Instrument [Line Items]
Long-term debt	$ 77	0
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 75
Subtotal project-level debt:
Debt Instrument [Line Items]
Long-term debt	5,712	5,243
Agua Caliente Solar LLC, due 2037
Debt Instrument [Line Items]
Long-term debt	$ 700	0
Agua Caliente Solar LLC, due 2037 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	239.50%
Agua Caliente Solar LLC, due 2037 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	363.30%
Agua Caliente Solar LLC, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 45
Alta Wind Asset Management LLC, due 2031
Debt Instrument [Line Items]
Long-term debt	$ 13	14
Alta Wind Asset Management LLC, due 2031 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.625%
Alta Wind Asset Management LLC, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
Alta Wind I-V lease financing arrangements, due 2034 and 2035
Debt Instrument [Line Items]
Long-term debt	$ 772	800
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.696%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.015%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 26
Alta Wind Realty Investments LLC, due 2031
Debt Instrument [Line Items]
Long-term debt	$ 24	25
Debt instrument, interest rate, stated percentage	700.00%
Alta Wind Realty Investments LLC, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
Borrego, due 2024 and 2038
Debt Instrument [Line Items]
Long-term debt	55	57
Borrego, due 2024 and 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	4
Buckthorn Solar, due 2025
Debt Instrument [Line Items]
Long-term debt	$ 123	126
Buckthorn Solar, due 2025 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Buckthorn Solar, due 2025 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 21
Carlsbad Energy Holdings LLC, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 141	156
Carlsbad Energy Holdings LLC, due 2027 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.625%
Carlsbad Energy Holdings LLC, due 2027 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 68
Carlsbad Energy Holdings LLC, due 2038
Debt Instrument [Line Items]
Long-term debt	$ 407	407
Debt instrument, interest rate, stated percentage	4.12%
Carlsbad Energy Holdings LLC, due 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
Carlsbad Holdco, due 2038
Debt Instrument [Line Items]
Long-term debt	$ 210	210
Debt instrument, interest rate, stated percentage	4.21%
Carlsbad Holdco, due 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 10
CVSR Holdco Notes, due 2037
Debt Instrument [Line Items]
Long-term debt	$ 169	176
Debt instrument, interest rate, stated percentage	4.68%
CVSR Holdco Notes, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 13
CVSR, due 2037
Debt Instrument [Line Items]
Long-term debt	$ 652	675
CVSR, due 2037 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.339%
CVSR, due 2037 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.775%
CVSR, due 2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
DG-CS Master Borrower LLC, due 2040
Debt Instrument [Line Items]
Long-term debt	$ 441	467
Debt instrument, interest rate, stated percentage	3.51%
DG-CS Master Borrower LLC, due 2040 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 30
Duquesne, due 2059
Debt Instrument [Line Items]
Long-term debt	$ 95	95
Debt instrument, interest rate, stated percentage	4.62%
Duquesne, due 2059 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
El Segundo Energy Center, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 193	250
El Segundo Energy Center, due 2023 \| Minimum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.875%
El Segundo Energy Center, due 2023 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
El Segundo Energy Center, due 2023 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 138
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037
Debt Instrument [Line Items]
Long-term debt	327	327
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	0
Kawailoa Solar Portfolio LLC, due 2026
Debt Instrument [Line Items]
Long-term debt	$ 79	81
Kawailoa Solar Portfolio LLC, due 2026 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
Kawailoa Solar Portfolio LLC, due 2026 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 15
Laredo Ridge, due 2028
Debt Instrument [Line Items]
Long-term debt	$ 74	78
Laredo Ridge, due 2028 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.125%
Laredo Ridge, due 2028 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 9
Marsh Landing, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 102	146
Marsh Landing, due 2023 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.375%
Marsh Landing, due 2023 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 93
NIMH Solar, due 2024
Debt Instrument [Line Items]
Long-term debt	$ 179	191
NIMH Solar, due 2024 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
NIMH Solar, due 2024 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 15
Oahu Solar Holdings LLC, due 2026
Debt Instrument [Line Items]
Long-term debt	$ 87	89
Oahu Solar Holdings LLC, due 2026 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
Oahu Solar Holdings LLC, due 2026 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 10
Pinnacle Repowering Partnership Holdco LLC, due 2021
Debt Instrument [Line Items]
Long-term debt	$ 111	0
Pinnacle Repowering Partnership Holdco LLC, due 2021 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.01%
Pinnacle Repowering Partnership Holdco LLC, due 2021 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 2
Rosie Class B LLC, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 79	80
Rosie Class B LLC, due 2027 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Rosie Class B LLC, due 2027 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 17
Tapestry Wind LLC, due 2031
Debt Instrument [Line Items]
Long-term debt	$ 87	143
Tapestry Wind LLC, due 2031 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
Tapestry Wind LLC, due 2031 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 11
Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Long-term debt	$ 284	290
Debt instrument, interest rate, stated percentage	3.59%
Utah Solar Holdings, due 2036 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 16
Walnut Creek, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 88	126
Walnut Creek, due 2023 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Walnut Creek, due 2023 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 92
WCEP Holdings, LLC, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 32	35
WCEP Holdings, LLC, due 2023 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%
WCEP Holdings, LLC, due 2023 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0
Other
Debt Instrument [Line Items]
Long-term debt	188	$ 199
Other \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 35

Long-term Debt - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended		9 Months Ended
Long-term Debt - Narrative (Details) - USD ($)	Oct. 24, 2021	Mar. 10, 2021	Oct. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 01, 2021	Mar. 17, 2021	Mar. 11, 2021	Mar. 09, 2021	Feb. 03, 2021	Dec. 31, 2020	Feb. 18, 2020
Debt Instrument [Line Items]
Proceeds from the revolving credit facility							$ 377,000,000	$ 265,000,000
Payments for the revolving credit facility							300,000,000	265,000,000
Loss on debt extinguishment					$ 0	$ 6,000,000	42,000,000	$ 9,000,000
Debt instrument, carrying amount					7,914,000,000		7,914,000,000							$ 7,044,000,000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)
Debt Instrument [Line Items]
Line of credit facility, fair value of amount outstanding					77,000,000		77,000,000
Proceeds from the revolving credit facility							377,000,000
Payments for the revolving credit facility							300,000,000
Debt instrument, carrying amount					77,000,000		$ 77,000,000							0
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, fair value of amount outstanding			$ 45,000,000
Repayments of debt			32,000,000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.75%
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037
Debt Instrument [Line Items]
Debt instrument, face amount													$ 716,000,000
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage													2.395%
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage													3.633%
Project level debt
Debt Instrument [Line Items]
Debt instrument, carrying amount					$ 5,712,000,000		$ 5,712,000,000							5,243,000,000
Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					3.59%		3.59%
Debt instrument, carrying amount					$ 284,000,000		$ 284,000,000							290,000,000
2031 Senior Notes
Debt Instrument [Line Items]
Borrowings												$ 925,000,000
Debt instrument, interest rate, stated percentage					3.75%		3.75%
Debt instrument, carrying amount					$ 925,000,000		$ 925,000,000							0
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					5.75%		5.75%
Debt instrument, repurchased face amount												$ 411,000,000
Repurchased amount, percent of face value												68.60%
Repurchased face amount, subject to guaranteed delivery procedures											$ 6,000,000
Exercised optionally redeemable remaining principal amount, not validly tendered and purchased in tender offer										$ 183,000,000
Debt instrument, redemption price, percentage				106.00%
Repurchase amount, total consideration					$ 636,000,000		$ 636,000,000
Loss on debt extinguishment				$ (36,000,000)
Additional loss on extinguishment to write off deferred financing fees				$ 5,000,000
Debt instrument, carrying amount					0		0							600,000,000
Tapestry Wind LLC, due 2031
Debt Instrument [Line Items]
Repayments of debt		$ 53,000,000
Debt instrument, carrying amount					$ 87,000,000		$ 87,000,000							143,000,000
Tapestry Wind LLC, due 2031 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.375%
Intercompany Note with Clearway Energy, Inc.
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					0.17%		0.17%
Debt instrument, face amount															$ 3,000,000
Debt instrument, carrying amount					$ 0		$ 0							1,000,000
Senior Notes, 2 Point 750 Percent, Due 2032 \| Subsequent Event
Debt Instrument [Line Items]
Borrowings									$ 350,000,000
Debt instrument, interest rate, stated percentage									3.75%
2026 Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					5.00%		5.00%
Debt instrument, carrying amount					$ 350,000,000		$ 350,000,000							$ 350,000,000
2026 Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, repurchased face amount									$ 123,000,000
Repurchased amount, percent of face value									35.30%
Exercised optionally redeemable remaining principal amount, not validly tendered and purchased in tender offer	$ 227,000,000
Debt instrument, redemption price, percentage	103.00%
Repurchase amount, total consideration	$ 359,000,000
Letter of Credit \| Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)
Debt Instrument [Line Items]
Letters of credit outstanding, amount					75,000,000		75,000,000
Letter of Credit \| Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) \| Subsequent Event
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 75,000,000
Letter of Credit \| Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Letters of credit outstanding, amount					16,000,000		16,000,000
Letter of Credit \| Tapestry Wind LLC, due 2031
Debt Instrument [Line Items]
Letters of credit outstanding, amount					$ 11,000,000		$ 11,000,000
Construction loans \| Pinnacle Repowering Partnership LLC
Debt Instrument [Line Items]
Debt instrument, face amount		126,000,000
Debt instrument, carrying amount		$ 79,000,000
Construction loans \| Pinnacle Repowering Partnership LLC \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting
Operating revenues	$ 351			$ 332			$ 968	$ 919
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	117			95			334	275
Depreciation, amortization and accretion	131			102			387	303
General and administrative	10			9			29	29
Transaction and integration costs	1			1			4	2
Development costs	3			2			5	4
Operating Income	89			123			209	306
Equity in earnings of unconsolidated affiliates	20			19			32	22
Gain on sale of unconsolidated affiliate	0			0			0	49
Other income (expense), net	1			(1)			3	2
Loss on debt extinguishment	0			(6)			(42)	(9)
Interest expense	(84)			(84)			(232)	(344)
Net Income (Loss)	26	$ 39	$ (97)	51	$ 104	$ (129)	(30)	26
Total Assets	11,664						11,664		$ 10,488
Operating Segments
Segment Reporting
Operating revenues	351			332			968	919
Operating Segments \| Conventional Generation
Segment Reporting
Operating revenues	118			116			329	326
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	20			21			70	67
Depreciation, amortization and accretion	34			34			99	100
General and administrative	0			0			0	0
Transaction and integration costs	0			0			0	0
Development costs	0			0			0	0
Operating Income	64			61			160	159
Equity in earnings of unconsolidated affiliates	2			3			6	6
Gain on sale of unconsolidated affiliate								0
Other income (expense), net	0			1			0	1
Loss on debt extinguishment				0			0	0
Interest expense	(14)			(17)			(41)	(69)
Net Income (Loss)	52			48			125	97
Total Assets	2,473						2,473
Operating Segments \| Renewables
Segment Reporting
Operating revenues	179			157			487	444
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	60			33			166	108
Depreciation, amortization and accretion	90			61			266	182
General and administrative	0			0			1	1
Transaction and integration costs	0			0			0	0
Development costs	0			0			0	0
Operating Income	29			63			54	153
Equity in earnings of unconsolidated affiliates	18			16			26	16
Gain on sale of unconsolidated affiliate								0
Other income (expense), net	0			0			1	1
Loss on debt extinguishment				(6)			(1)	(6)
Interest expense	(41)			(39)			(103)	(190)
Net Income (Loss)	6			34			(23)	(26)
Total Assets	8,522						8,522
Operating Segments \| Thermal
Segment Reporting
Operating revenues	54			59			152	149
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	37			41			99	100
Depreciation, amortization and accretion	7			7			22	21
General and administrative	1			1			2	4
Transaction and integration costs	0			0			0	0
Development costs	1			2			3	4
Operating Income	8			8			26	20
Equity in earnings of unconsolidated affiliates	0			0			0	0
Gain on sale of unconsolidated affiliate								0
Other income (expense), net	1			(1)			2	0
Loss on debt extinguishment				0			0	0
Interest expense	(5)			(6)			(14)	(16)
Net Income (Loss)	4			1			14	4
Total Assets	623						623
Corporate
Segment Reporting
Operating revenues	0			0			0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	0			0			(1)	0
Depreciation, amortization and accretion	0			0			0	0
General and administrative	9			8			26	24
Transaction and integration costs	1			1			4	2
Development costs	2			0			2	0
Operating Income	(12)			(9)			(31)	(26)
Equity in earnings of unconsolidated affiliates	0			0			0	0
Gain on sale of unconsolidated affiliate								49
Other income (expense), net	0			(1)			0	0
Loss on debt extinguishment				0			(41)	(3)
Interest expense	(24)			(22)			(74)	(69)
Net Income (Loss)	(36)			$ (32)			(146)	$ (49)
Total Assets	$ 46						$ 46

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction
General and administrative	$ 10.0	$ 9.0		$ 29.0	$ 29.0
RENOM
Related Party Transaction
Expenses from transactions with related party	13.0	9.0		40.0	27.0
Due to affiliate	11.0			11.0		$ 10.0
CEG
Related Party Transaction
Expenses from transactions with related party	3.0	$ 3.0		10.0	7.0
General and administrative	$ 1.0		$ 0.6	$ 3.0	$ 2.0