0001567683-22-000025 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36002
Entity Registrant Name	Clearway Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1777204
Entity Address, Address Line One	300 Carnegie Center, Suite 300
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	608-1525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001567683
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	CWEN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		34,599,645
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		42,738,750
Common Class C
Class of Stock [Line Items]
Title of 12(b) Security	Class C Common Stock, par value $0.01
Trading Symbol	CWEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		82,196,386
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		42,738,750

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Revenues
Total operating revenues	$ 368	$ 380	$ 582	$ 617
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	112	107	240	217
Depreciation, amortization and accretion	126	128	250	256
General and administrative	11	10	23	20
Transaction and integration costs	3	1	5	3
Development costs	1	1	2	2
Total operating costs and expenses	253	247	520	498
Gain on sale of business	1,291	0	1,291	0
Operating Income	1,406	133	1,353	119
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	10	8	14	12
Other income, net	5	1	5	2
Loss on debt extinguishment	0	0	(2)	(42)
Interest expense	(47)	(103)	(94)	(148)
Total other expense, net	(32)	(94)	(77)	(176)
Income (Loss) Before Income Taxes	1,374	39	1,276	(57)
Income tax expense (benefit)	225	7	224	(13)
Net Income (Loss)	1,149	32	1,052	(44)
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	579	(3)	514	(82)
Net Income Attributable to Clearway Energy, Inc.	570	35	538	38
Common Class A
Other Income (Expense)
Net Income Attributable to Clearway Energy, Inc.	$ 169	$ 10	$ 160	$ 11
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of common shares outstanding - basic (in shares)	35	35	35	35
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35	35
Earnings per weighted average common share — basic (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32
Earnings per weighted average common share — diluted (in dollars per share)	4.89	0.30	4.62	0.32
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.3536	$ 0.3290	$ 0.7004	$ 0.6530
Common Class C
Other Income (Expense)
Net Income Attributable to Clearway Energy, Inc.	$ 401	$ 25	$ 378	$ 27
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of common shares outstanding - basic (in shares)	82	82	82	82
Weighted average number of common shares outstanding - diluted (in shares)	82	82	82	82
Earnings per weighted average common share — basic (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32
Earnings per weighted average common share — diluted (in dollars per share)	4.89	0.30	4.62	0.32
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.3536	$ 0.3290	$ 0.7004	$ 0.6530

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,149	$ 32	$ 1,052	$ (44)
Other Comprehensive Income
Unrealized gain on derivatives, net of income tax expense of, $1, $— ,$3 and $2	6	0	20	11
Other comprehensive income	6	0	20	11
Comprehensive Income (Loss)	1,155	32	1,072	(33)
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	583	(3)	526	(75)
Comprehensive Income Attributable to Clearway Energy, Inc.	$ 572	$ 35	$ 546	$ 42

- 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.

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- Definition

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

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Unrealized loss on derivatives income tax expense (benefit)	$ 1	$ 0	$ 3	$ 2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 955	$ 179
Restricted cash	333	475
Accounts receivable — trade	222	144
Accounts receivable — affiliates	2	0
Inventory	39	37
Derivative instruments	9	0
Current assets held-for-sale	0	631
Prepayments and other current assets	75	65
Total current assets	1,635	1,531
Property, plant and equipment, net	7,545	7,650
Other Assets
Equity investments in affiliates	375	381
Intangible assets for power purchase agreements, net	2,340	2,419
Other intangible assets, net	79	80
Derivative instruments	35	6
Deferred income taxes	0	95
Right-of-use assets, net	510	550
Other non-current assets	129	101
Total other assets	3,468	3,632
Total Assets	12,648	12,813
Current Liabilities
Current portion of long-term debt	457	772
Accounts payable — trade	59	74
Accounts payable — affiliates	16	107
Derivative instruments	75	46
Accrued interest expense	57	54
Current liabilities held-for-sale	0	494
Accrued expenses and other current liabilities	85	84
Total current liabilities	749	1,631
Other Liabilities
Long-term debt	6,605	6,939
Deferred income taxes	110	13
Derivative instruments	280	196
Long-term lease liabilities	527	561
Other non-current liabilities	184	173
Total other liabilities	7,706	7,882
Total Liabilities	8,455	9,513
Redeemable noncontrolling interest in subsidiaries	4	0
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	0	0
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,273,531 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 82,196,386, Class D 42,738,750) at June 30, 2022 and 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021	1	1
Additional paid-in capital	1,785	1,872
Retained earnings (accumulated deficit)	505	(33)
Accumulated other comprehensive income (loss)	2	(6)
Noncontrolling interest	1,896	1,466
Total Stockholders’ Equity	4,189	3,300
Total Liabilities and Stockholders’ Equity	$ 12,648	$ 12,813

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Par value - preferred stock (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Common stock, authorized (in shares)	3,000,000,000	3,000,000,000
Common stock issued (in shares)	202,273,531	201,856,166
Common stock outstanding (in shares)	202,273,531	201,856,166
Common Class A
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	34,599,645	34,599,645
Common stock outstanding (in shares)	34,599,645	34,599,645
Common Class B
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	42,738,750	42,738,750
Common stock outstanding (in shares)	42,738,750	42,738,750
Common Class C
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	82,196,386	81,779,021
Common stock outstanding (in shares)	82,196,386	81,779,021
Common Class D
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	42,738,750	42,738,750
Common stock outstanding (in shares)	42,738,750	42,738,750

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net Income (Loss)	$ 1,052	$ (44)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(14)	(12)
Distributions from unconsolidated affiliates	17	16
Depreciation, amortization and accretion	250	256
Amortization of financing costs and debt discounts	7	7
Amortization of intangibles	82	70
Loss on debt extinguishment	2	42
Gain on sale of business	(1,291)	0
Reduction in carrying amount of right-of-use assets	7	5
Changes in deferred income taxes	197	(13)
Changes in derivative instruments	92	20
Cash used in changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements	(74)	(76)
Changes in other working capital	(48)	(30)
Net Cash Provided by Operating Activities	279	241
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	0	(211)
Acquisition of Drop Down Assets	(51)	(132)
Capital expenditures	(81)	(93)
Asset purchase from affiliate	0	(21)
Return of investment from unconsolidated affiliates	6	20
Cash receipts from notes receivable	0	4
Proceeds from sale of business	1,457	0
Other	0	13
Net Cash Provided by (Used in) Investing Activities	1,331	(420)
Cash Flows from Financing Activities
(Distributions to) contributions from noncontrolling interests	(7)	265
Payments of dividends and distributions	(141)	(132)
Distributions to CEG of escrowed amounts	(64)	0
Proceeds from the revolving credit facility	80	300
Payments for the revolving credit facility	(325)	(233)
Proceeds from the issuance of long-term debt	214	1,016
Payments of debt issuance costs	(4)	(13)
Payments for short-term and long-term debt	(722)	(1,028)
Other	(7)	9
Net Cash (Used in) Provided by Financing Activities	(976)	184
Net Increase in Cash, Cash Equivalents and Restricted Cash	634	5
Cash, Cash Equivalents and Restricted Cash at beginning of period	654	465
Cash, Cash Equivalents and Restricted Cash at end of period	$ 1,288	$ 470

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Millions	Total	Mesquite Sky Drop Down	Black Rock Drop Down	Mililani I Drop Down	Agua Caliente	Rattlesnake Dropdown	CEG	Tax Equity Investors	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Mesquite Sky Drop Down	Additional Paid-In Capital Mililani I Drop Down	Additional Paid-In Capital CEG	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Noncontrolling Interest Mesquite Sky Drop Down	Noncontrolling Interest Black Rock Drop Down	Noncontrolling Interest Mililani I Drop Down	Noncontrolling Interest Agua Caliente	Noncontrolling Interest Rattlesnake Dropdown	Noncontrolling Interest CEG	Noncontrolling Interest Tax Equity Investors
Balance at beginning of period at Dec. 31, 2020	$ 2,715								$ 0	$ 1	$ 1,922				$ (84)	$ (14)	$ 890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(78)														3		(81)
Unrealized gain on derivatives, net of tax	11															4	7
Contributions from CEG, non-cash							$ 27																$ 27
Contributions from CEG, cash							103	$ 126															103	$ 126
Drop Downs						$ (118)																$ (118)
Non-cash adjustments for change in tax basis	2										2
Agua Caliente acquisition					$ 273																$ 273
Common stock dividends and distributions to CEG unit holders							(66)							$ (38)									(28)
Balance at end of period at Mar. 31, 2021	2,995								0	1	1,886				(81)	(10)	1,199
Balance at beginning of period at Dec. 31, 2020	2,715								0	1	1,922				(84)	(14)	890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(44)
Balance at end of period at Jun. 30, 2021	3,003								0	1	1,848				(46)	(9)	1,209
Balance at beginning of period at Mar. 31, 2021	2,995								0	1	1,886				(81)	(10)	1,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	32														35		(4)
Net income (loss)	31
Unrealized gain on derivatives, net of tax	0															1	(1)
Contributions from CEG, non-cash							3																3
Contributions from CEG, cash							1	38															1	38
Drop Downs						$ 1																$ 1
Non-cash adjustments for change in tax basis	(1)										(1)
Stock-based compensation	1										1
Common stock dividends and distributions to CEG unit holders							(66)							(38)									(28)
Balance at end of period at Jun. 30, 2021	3,003								0	1	1,848				(46)	(9)	1,209
Balance at beginning of period at Dec. 31, 2021	3,300								0	1	1,872				(33)	(6)	1,466
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(99)														(32)		(67)
Unrealized gain on derivatives, net of tax	14															6	8
Distributions to CEG, net of contributions, cash							(3)																(3)
Contributions from CEG, cash								28																28
Drop Downs		$ (8)	$ 1	$ (30)								$ (1)	$ (11)					$ (7)	$ 1	$ (19)
Non-cash adjustments for change in tax basis	8										8
Stock-based compensation	(2)										(2)
Common stock dividends and distributions to CEG unit holders							(70)							(40)									(30)
Balance at end of period at Mar. 31, 2022	3,139								0	1	1,826				(65)	0	1,377
Balance at beginning of period at Dec. 31, 2021	3,300								0	1	1,872				(33)	(6)	1,466
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	1,052
Balance at end of period at Jun. 30, 2022	4,189								0	1	1,785				505	2	1,896
Balance at beginning of period at Mar. 31, 2022	3,139								0	1	1,826				(65)	0	1,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	1,149														570		575
Net income (loss)	1,145
Unrealized gain on derivatives, net of tax	6															2	4
Distributions to CEG, net of contributions, cash							(20)																(20)
Distributions to noncontrolling interests, net of contributions, cash								$ (10)																$ (10)
Non-cash adjustments for change in tax basis	(1)										(1)
Stock-based compensation	1										1
Common stock dividends and distributions to CEG unit holders							$ (71)							$ (41)									$ (30)
Balance at end of period at Jun. 30, 2022	$ 4,189								$ 0	$ 1	$ 1,785				$ 505	$ 2	$ 1,896

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor 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, Clearway Energy Group LLC, or CEG. On May 25, 2022, TotalEnergies entered into an agreement to acquire 50% of GIP’s interest in CEG. The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to close in the second half of 2022. The Company is one of the largest renewable energy owners in the U.S. with over 5,000 net MW of installed wind and solar generation projects. The Company’s over 7,500 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company’s generation assets are under long-term contractual arrangements for the output or capacity from these assets. On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as non-controlling interest in the consolidated financial statements. The holders of the Company’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock. The Company owned 57.74% of the economic interests of Clearway Energy LLC, with CEG owning 42.26% of the economic interests of Clearway Energy LLC as of June 30, 2022. The following table represents the structure of the Company as of June 30, 2022: 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 2021 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 June 30, 2022, and results of operations, comprehensive income and cash flows for the three and six months ended June 30, 2022 and 2021.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

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

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $135 million and $146 million as of June 30, 2022 and December 31, 2021, 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:


	June 30, 2022		December 31, 2021
	(In millions)
Cash and cash equivalents	$	955	$	179
Restricted cash	333		475
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	1,288	$	654

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 June 30, 2022, these restricted funds were comprised of $143 million designated to fund operating expenses, $42 million designated for current debt service payments and $122 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $26 million is held in distributions 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 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 was recorded to 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 June 30, 2022, $30 million of the $49 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 property, plant and equipment, net, and accumulated amortization included in intangible assets, net as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	2,745	$	2,501
Intangible Assets Accumulated Amortization	687		605

Dividends to Class A and Class C Common Stockholders

The following table lists the dividends paid on the Company's Class A and Class C common stock during the six months ended June 30, 2022:


	Second Quarter 2022		First Quarter 2022
Dividends per Class A share	$	0.3536	$	0.3468
Dividends per Class C share	0.3536		0.3468

Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.

On August 1, 2022, the Company declared quarterly dividends on its Class A and Class C common stock of $0.3604 per share payable on September 15, 2022 to stockholders of record as of September 1, 2022.

Noncontrolling Interests

Clearway Energy LLC Distributions to CEG

The following table lists distributions paid to CEG during the six months ended June 30, 2022 on Clearway Energy LLC’s Class B and D units:


	Second Quarter 2022		First Quarter 2022
Distributions per Class B Unit	$	0.3536	$	0.3468
Distributions per Class D Unit	0.3536		0.3468

On August 1, 2022, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.3604 per unit payable on September 15, 2022 to unit holders of record as of September 1, 2022.

Redeemable Noncontrolling Interests

To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance for the six months ended June 30, 2022:


	(In millions)
Balance as of December 31, 2021	$	—
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	6
Balance as of June 30, 2022	$	4

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.

Power Purchase Agreements, or PPAs

The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain 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 operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. 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 or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory.

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

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 consolidated statements of income.

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.

On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions.

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 six months ended June 30, 2022 and 2021, respectively:


	Three months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	306	$	11	$	320
Capacity revenue (a)	106		1		4		111
Contract amortization	(6)		(35)		—		(41)
Other revenue	—		27		3		30
Mark-to-market for economic hedges	—		(52)		—		(52)
Total operating revenues	103		247		18		368
Less: Mark-to-market for economic hedges	—		52		—		52
Less: Lease revenue	(109)		(268)		—		(377)
Less: Contract amortization	6		35		—		41
Total revenue from contracts with customers	$	—	$	66	$	18	$	84

(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	$	268	$	—	$	271
Capacity revenue	106		—		—		106
Total	$	109	$	268	$	—	$	377


	Three months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	2	$	261	$	29	$	292
Capacity revenue (a)	113		—		15		128
Contract amortization	(6)		(30)		(1)		(37)
Other revenue	—		22		6		28
Mark-to-market for economic hedges	—		(31)		—		(31)
Total operating revenues	109		222		49		380
Less: Mark-to-market for economic hedges	—		31		—		31
Less: Lease revenue	(115)		(228)		—		(343)
Less: Contract amortization	6		30		1		37
Total revenue from contracts with customers	$	—	$	55	$	50	$	105

(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	$	2	$	228	$	—	$	230
Capacity revenue	113		—		—		113
Total	$	115	$	228	$	—	$	343


	Six months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	501	$	48	$	552
Capacity revenue (a)	220		1		18		239
Contract amortization	(12)		(71)		—		(83)
Other revenue	—		41		11		52
Mark-to-market for economic hedges	—		(178)		—		(178)
Total operating revenues	211		294		77		582
Less: Mark-to-market for economic hedges	—		178		—		178
Less: Lease revenue	(223)		(430)		(1)		(654)
Less: Contract amortization	12		71		—		83
Total revenue from contracts with customers	$	—	$	113	$	76	$	189

(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	$	430	$	1	$	434
Capacity revenue	220		—		—		220
Total	$	223	$	430	$	1	$	654


	Six months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	387	$	58	$	448
Capacity revenue (a)	220		—		28		248
Contract amortization	(12)		(55)		(2)		(69)
Other revenue	—		31		14		45
Mark-to-market for economic hedges	—		(55)		—		(55)
Total operating revenues	211		308		98		617
Less: Mark-to-market for economic hedges	—		55		—		55
Less: Lease revenue	(223)		(373)		(1)		(597)
Less: Contract amortization	12		55		2		69
Total revenue from contracts with customers	$	—	$	45	$	99	$	144

(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	$	373	$	1	$	377
Capacity revenue	220		—		—		220
Total	$	223	$	373	$	1	$	597

Contract Amortization

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

Contract Balances

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
	(In millions)
Accounts receivable, net - Contracts with customers	$	60	$	44
Accounts receivable, net - Leases	162		100
Total accounts receivable, net	$	222	$	144

Recently Adopted Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company’s debt and interest rate swap agreements. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. As of June 30, 2022, the Company has applied the amendments to all of its eligible contract modifications, where applicable, during the reference rate reform period. Additionally, the Company has not elected any optional expedients provided in the standard.

Acquisition and Dispositions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

Mililani I Drop Down — On March 25, 2022, the Company, through its indirect subsidiary, Lighthouse Renewable Holdco LLC, acquired Mililani BL Borrower Holdco LLC, the indirect owner of the Mililani I solar project, a 39 MW solar project with 156 MWh of storage capacity that is currently under construction, located in Oahu, Hawaii, from Clearway Renew LLC, a subsidiary of CEG, for cash consideration of $22 million. Lighthouse Renewable Holdco LLC is a partnership between the Company and a third-party investor. The third-party investor also contributed cash consideration of $14 million utilized to acquire their portion of the acquired entity. Mililani BL Borrower Holdco LLC consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Mililani TE Holdco LLC, which directly holds the Mililani I solar project, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Mililani I has a 20-year power purchase agreement with an investment-grade utility that commenced in July 2022. The Mililani I operations are reflected in the Company’s Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Mililani I on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The sum of the cash paid of $22 million and the historical cost of the Company’s net liabilities assumed of $8 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $15 million of the Company’s purchase price, which was contributed back by CEG to pay down the acquired long-term debt, as distributions to CEG, net of contributions, in the consolidated statement of stockholders’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 25, 2022:


(In millions)	Mililani I
Other current and non-current assets	$	2
Property, plant and equipment	118
Right-of-use-assets	19

Total assets acquired	139

Long-term debt (a)	100
Long-term lease liabilities	20
Other current and non-current liabilities	27

Total liabilities assumed	147

Net liabilities assumed	$	(8)

(a) Includes a $16 million construction loan, $27 million sponsor equity bridge loan and $60 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. The sponsor equity bridge loan was repaid at acquisition date utilizing $14 million from the cash equity investor, as well as $15 million of the Company’s purchase price, which was contributed back to the Company by CEG, of which $27 million was utilized to pay down the acquired long-term debt and $2 million was utilized to pay associated fees. Also at acquisition date, the tax equity investor contributed $18 million into escrow, which was included in restricted cash on the Company’s consolidated balance sheet. The tax equity investor will contribute an additional $42 million when the project reaches substantial completion, which will be utilized, along with the $18 million in escrow, to repay the $60 million tax equity bridge loan. The project is expected to achieve substantial completion in the second half of 2022.

Thermal Disposition — On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR for net proceeds of approximately $1.46 billion, inclusive of working capital adjustments, which excludes approximately $18 million in transaction expenses that were incurred in connection with the disposition. The Thermal Disposition resulted in a gain on sale of business of approximately $1.29 billion, which is net of the $18 million in transaction expenses referenced above. The proceeds from the sale were utilized to repay certain borrowings outstanding as further described in Note 7, Long-term Debt, with the remaining proceeds invested in short-term investments classified as cash and cash equivalents on the Company’s consolidated balance sheet as of June 30, 2022. Effective with the approval by the Board of Directors and signing of the agreement to sell the Thermal Business on October 22, 2021, the Company concluded that all entities that are included within the Thermal Business will be treated as held for sale on a prospective basis, thus the assets and liabilities were reported as separate held for sale line items on the Company’s consolidated balance sheets as of December 31, 2021. As of December 31, 2021, property, plant and equipment represented 78% and intangible assets represented 9% of assets classified as held for sale while long-term debt represented 85% of liabilities classified as held for sale. The Company’s Thermal segment is comprised solely of the Thermal Business's results of operations.

Investments Accounted for by the Equity Method and Variable Interest Entities

6 Months Ended

Jun. 30, 2022

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, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind and solar facilities, 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 2021 Form 10-K.

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of June 30, 2022:


(In millions)	Alta TE Holdco		Buckthorn Renewables, LLC		DGPV Funds(a)		Kawailoa Partnership		Langford TE Partnership LLC		Lighthouse Renewable Holdco LLC (b)		Lighthouse Renewable Holdco 2 LLC (c)
Other current and non-current assets	$	61	$	5	$	92	$	40	$	15	$	97	$	56
Property, plant and equipment	318		198		585		132		129		723		368
Intangible assets	206		—		14		—		2		—		—
Total assets	585		203		691		172		146		820		424
Current and non-current liabilities	39		11		76		93		54		307		133
Total liabilities	39		11		76		93		54		307		133
Noncontrolling interest	31		37		10		51		62		423		234
Net assets less noncontrolling interests	$	515	$	155	$	605	$	28	$	30	$	90	$	57

(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, Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are also consolidated VIEs.


(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	$	50	$	11	$	14	$	35	$	22	$	18
Property, plant and equipment	168		105		189		243		217		162
Intangible assets	—		17		—		—		—		1
Total assets	218		133		203		278		239		181
Current and non-current liabilities	105		4		16		100		18		69
Total liabilities	105		4		16		100		18		69
Noncontrolling interest	30		50		93		136		117		77
Net assets less noncontrolling interests	$	83	$	79	$	94	$	42	$	104	$	35

(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 six months ended June 30, 2022.

Lighthouse Renewable Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on March 25, 2022, Lighthouse Renewable Holdco LLC acquired the Class B interests in a partnership, Mililani BL Borrower Holdco LLC, which consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Mililani TE Holdco LLC, that holds the Mililani I solar project. The tax equity investor’s interest is shown as noncontrolling interest and the HLBV method is utilized to allocate the income or losses of Mililani TE Holdco LLC. The third-party investor in Lighthouse Renewable Holdco LLC also acquired and contributed an interest in Mililani BL Borrower Holdco LLC to Lighthouse Renewable Holdco LLC. The Company recorded the related noncontrolling interest at historical carrying amount, with the offset to contributed capital.

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 2021 Form 10-K.

The Company’s maximum exposure to loss as of June 30, 2022 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%	$	5
Desert Sunlight	25%	239
Elkhorn Ridge	67%	26
GenConn (a)	50%	85
San Juan Mesa	75%	20

		$	375

(a) GenConn is a variable interest entity.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Accounting under ASC 820

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

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

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

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

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

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

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


	As of June 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(In millions)




Long-term debt, including current portion (a)	$	7,131	$	6,617	$	7,782	$	7,997

(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 June 30, 2022 and December 31, 2021:


	As of June 30, 2022				As of December 31, 2021
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,795	$	4,822	$	2,159	$	5,838

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 June 30, 2022				As of December 31, 2021
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2		Level 3			Level 2		Level 3
Derivative assets:

Interest rate contracts	$	44	$	—		$	6	$	—
Other financial instruments (b)	—		21			—		25
Total assets	$	44	$	21		$	6	$	25
Derivative liabilities:
Commodity contracts	$	—	$	353		$	—	$	179
Interest rate contracts	2		—			63		—
Total liabilities	$	2	$	353		$	63	$	179

(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of June 30, 2022 and December 31, 2021.

(b) SREC contract.

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(280)	$	(39)	$	(154)	$	(15)
Total losses for the period included in earnings	(74)		(33)		(184)		(57)
Additions due to loss of NPNS exception	—		—		(22)		—
Purchases	—		(9)		—		(9)
Settlements	22		2		28		2
Ending balance	$	(332)	$	(79)	$	(332)	$	(79)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2022	$	(74)			$	(184)

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 June 30, 2022, contracts valued with prices provided by models and other valuation techniques make up 99% of derivative liabilities and 100% of other financial instruments.

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

The following table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions as of June 30, 2022:

June 30, 2022

Fair Value

Input/Range

Assets

Liabilities

Valuation Technique

Significant Unobservable Input

Low

High

Weighted Average

(In millions)

Commodity Contracts

—

353

Discounted Cash Flow

Forward Market Price (per MWh)

21.68

109.37

39.23

Other Financial Instruments

—

Discounted Cash Flow

Forecast annual generation levels of certain DG solar facilities

58,539 MWh

117,078 MWh

114,223 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2022:


Significant Unobservable Input	Position	Change In Input	Impact on Fair Value Measurement
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 June 30, 2022, the non-performance reserve was a $47 million gain recorded primarily to total operating revenues in the consolidated statement of income. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2021 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 commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade

- Definition

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

+ References + Details

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

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 2021 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 June 30, 2022, 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 June 30, 2022, the Company had energy-related derivative instruments extending through 2033. At June 30, 2022, 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 June 30, 2022 and December 31, 2021:


		Total Volume
		June 30, 2022		December 31, 2021
Commodity	Units	(In millions)
Natural Gas	MMBtu	—		2
Power	MWh	(19)		(17)
Interest	Dollars	$	1,200	$	1,326

Fair Value of Derivative Instruments

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


	Fair Value
	Derivative Assets				Derivative Liabilities
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	—	$	—	$	5
Interest rate contracts long-term	8		2		—		3
Total Derivatives Designated as Cash Flow Hedges	$	10	$	2	$	—	$	8
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	7	$	—	$	1	$	17
Interest rate contracts long-term	27		4		1		38
Commodity contracts current	—		—		74		24
Commodity contracts long-term	—		—		279		155
Total Derivatives Not Designated as Cash Flow Hedges	$	34	$	4	$	355	$	234
Total Derivatives	$	44	$	6	$	355	$	242

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty level. As of June 30, 2022 and December 31, 2021, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by counterparty:


	Gross Amounts Not Offset in the Statement of Financial Position
As of June 30, 2022	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(353)	$	—	$	(353)
Total commodity contracts	$	(353)	$	—	$	(353)
Interest rate contracts
Derivative assets	$	44	$	(2)	$	42
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	42	$	—	$	42
Total derivative instruments	$	(311)	$	—	$	(311)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2021	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(179)	$	—	$	(179)
Total commodity contracts	$	(179)	$	—	$	(179)
Interest rate contracts:
Derivative assets	$	6	$	(5)	$	1
Derivative liabilities	(63)		5		(58)
Total interest rate contracts	$	(57)	$	—	$	(57)
Total derivative instruments	$	(236)	$	—	$	(236)

Accumulated Other Comprehensive Income (Loss)

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(In millions)
Accumulated OCI (OCL) beginning balance	$	3	$	(19)	$	(11)	$	(30)
Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts	1		2		3		4
Mark-to-market of cash flow hedge accounting contracts	5		(2)		17		7
Accumulated OCI (OCL) ending balance, net of income tax (benefit) expense of $—, $(4) ,$1 and $(4), respectively	9		(19)		9		(19)
Accumulated OCI (OCL) attributable to noncontrolling interests	7		(10)		7		(10)
Accumulated OCI (OCL) attributable to Clearway Energy, Inc.	$	2	$	(9)	$	2	$	(9)
Losses expected to be realized from OCI during the next 12 months, net of income tax benefit of $—	$	(1)			$	(1)

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

Impact of Derivative Instruments on the Consolidated Statements of Income

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(In millions)
Interest Rate Contracts (Interest expense)	$	36	$	(11)	$	77	$	36
Commodity Contracts (Mark-to-market for economic hedging activities) (a)	(49)		(28)		(174)		(50)

(a) Relates to long-term commodity contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and gains or losses are recognized in operating revenues. During the six months ended June 30, 2022, the commodity contract for Langford, which previously met the NPNS exception, no longer qualified for NPNS treatment and, accordingly, is accounted for as a derivative and marked to market value through operating revenues.

Prior to the Thermal Disposition, which is further described in Note 3, Acquisitions and Dispositions, a portion of the Company’s derivative commodity contracts were related 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 were reflected in the fuel costs that were permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses were reflected in the consolidated statements of income for these contracts through the period that the Company owned the Thermal Business.

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

Long-term Debt

6 Months Ended

Jun. 30, 2022

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 2021 Form 10-K. The Company’s borrowings, including short-term and long-term portions consisted of the following:


(In millions, except rates)	June 30, 2022		December 31, 2021		June 30, 2022 interest rate % (a)	Letters of Credit Outstanding at June 30, 2022


2028 Senior Notes	$	850	$	850	4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)	—		245		L+1.750	$	87
Bridge Loan, due 2022 (c)	—		335		S+1.250
Project-level debt:
Agua Caliente Solar LLC, due 2037	677		684		2.395 - 3.633	45
Alta Wind Asset Management LLC, due 2031	12		13		L+2.625	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	727		756		5.696 - 7.015	22
Alta Wind Realty Investments LLC, due 2031	23		24		7.000	—
Borrego, due 2024 and 2038	54		54		Various	—
Buckthorn Solar, due 2025	122		123		L+1.750	23
Carlsbad Energy Holdings LLC, due 2027	136		136		L+1.750	82
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, due 2038	203		205		4.210	10
CVSR, due 2037	638		652		2.339 - 3.775	—
CVSR Holdco Notes, due 2037	160		169		4.680	13
DG-CS Master Borrower LLC, due 2040	434		441		3.510	30


El Segundo Energy Center, due 2023	154		193		L+1.875 - L+2.500	138


Kawailoa Solar Portfolio LLC, due 2026	78		78		L+1.375	15
Laredo Ridge, due 2028 (d)	—		72		L+2.125	—

Marsh Landing, due 2023	65		84		L+2.375	73
Mililani I, due 2022 and 2024	98		—		L+1.000 - L+1.250	2
NIMH Solar, due 2024	171		176		L+2.000	16
Oahu Solar Holdings LLC, due 2026	85		86		L+1.375	11

Rosie Class B LLC, due 2027	78		78		L+1.750	17





Tapestry Wind LLC, due 2031 (d)	—		85		L+1.375	—
Utah Solar Holdings, due 2036	267		273		3.590	15

Viento Funding II, LLC, due 2023 and 2029 (d)	188		29		S+1.475	26
Walnut Creek, due 2023	55		74		L+1.750	133
WCEP Holdings, LLC, due 2023	28		30		L+3.000	—
Other	142		151		Various	191
Subtotal project-level debt:	5,002		5,073
Total debt	7,127		7,778
Less current maturities	(457)		(772)
Less net debt issuance costs	(69)		(71)
Add premiums (e)	4		4
Total long-term debt	$	6,605	$	6,939

(a) As of June 30, 2022, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Mililani I, due 2022 and 2024, 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.

(d) Laredo Ridge, due 2028; Tapestry Wind, LLC, due 2031; and Viento Funding II, LLC, due 2023 project-level debt were repaid on March 16, 2022 totaling $186 million and was replaced with $190 million in new project-level debt under Viento Funding II, LLC that was obtained on March 16, 2022 and is due in 2029, as discussed further below.

(e) Premiums relate to the 2028 Senior Notes.

The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of June 30, 2022, 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 six months ended June 30, 2022.

Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility

As of June 30, 2022, the Company had no outstanding borrowings under the revolving credit facility and $87 million in letters of credit outstanding. During the six months ended June 30, 2022, the Company borrowed $80 million under the revolving credit facility and repaid $325 million, $305 million of which was repaid on May 3, 2022, utilizing the proceeds received from the Thermal Disposition.

Bridge Loan Agreement

On May 3, 2022, the Company repaid the $335 million in outstanding borrowings under the Bridge Loan Agreement utilizing proceeds received from the Thermal Disposition, as further described in Note 3, Acquisitions and Dispositions.

Project-level Debt

Mililani I

On March 25, 2022, as part of the acquisition of Mililani I, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the project’s financing agreement which included a $16 million construction loan that converts to a term loan upon completion of construction, $60 million tax equity bridge loan and a $27 million sponsor equity bridge loan. The sponsor equity bridge loan was repaid at acquisition date, utilizing $14 million from the cash equity investor, as well as $15 million of the Company’s acquisition price, which was contributed back by CEG, and $2 million was utilized to pay associated fees. The tax equity bridge loan will be repaid with the final proceeds from the tax equity investor that will be received when Mililani I achieves substantial completion, which is expected to occur in the second half of 2022. Subsequent to the Mililani I acquisition, the Company borrowed an additional $22 million in construction loans. As of June 30, 2022, the Company had $38 million in outstanding construction loans in addition to the $60 million tax equity bridge loan referenced above.

Viento Funding II, LLC

On March 16, 2022, the Company, through its indirect subsidiary, Viento Funding II, LLC, entered into a financing agreement which included the issuance of a $190 million term loan as well as $35 million in letters of credit, supported by the Company’s interests in the Elkhorn Ridge, Laredo Ridge, San Juan Mesa and Taloga wind projects. The term loan bears annual interest at a rate of SOFR plus a spread of 0.10% and an applicable margin, which is 1.35% per annum through the fourth anniversary of the term loan and 1.50% per annum thereafter through the maturity date of March 16, 2029. The proceeds from the term loan were used to pay off the existing debt in the amount of $186 million related to Laredo Ridge, Tapestry Wind LLC and Viento Funding II, LLC and to pay related financing costs. The Company recorded a loss on debt extinguishment of $2 million to expense unamortized debt issuance costs.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period.

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


	Three months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	169	$	401	$	10	$	25
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.89	$	4.89	$	0.30	$	0.30

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


	Six months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	160	$	378	$	11	$	27
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.62	$	4.62	$	0.32	$	0.32

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

Segment Reporting

6 Months Ended

Jun. 30, 2022

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 Business, which was sold to KKR on May 1, 2022, as further described in Note 3, Acquisitions and Dispositions. 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 June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal (a)		Corporate (b)		Total
Operating revenues	$	103	$	247	$	18	$	—	$	368
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	28		73		11		—		112
Depreciation, amortization and accretion	33		93		—		—		126

General and administrative	—		—		1		10		11
Transaction and integration costs	—		—		—		3		3
Development costs	—		—		1		—		1
Total operating costs and expenses	61		166		13		13		253
Gain on sale of business	—		—		—		1,291		1,291
Operating income	42		81		5		1,278		1,406
Equity in earnings of unconsolidated affiliates	1		9		—		—		10

Other income, net	—		4		—		1		5



Interest expense	(10)		(11)		(1)		(25)		(47)
Income before income taxes	33		83		4		1,254		1,374
Income tax expense	—		—		—		225		225
Net Income	$	33	$	83	$	4	$	1,029	$	1,149
Total Assets (a)	2,363		9,446		—		839		12,648

(a) The Thermal Business was sold on May 1, 2022.

(b) Includes eliminations.


	Three months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	109	$	222	$	49	$	—	$	380
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	23		54		31		(1)		107
Depreciation, amortization and accretion	31		89		8		—		128

General and administrative	—		1		—		9		10
Transaction and integration costs	—		—		—		1		1
Development costs	—		—		1		—		1
Operating income (loss)	55		78		9		(9)		133
Equity in earnings of unconsolidated affiliates	2		6		—		—		8

Other (expense) income, net	(1)		1		1		—		1



Interest expense	(16)		(58)		(4)		(25)		(103)
Income (loss) before income taxes	40		27		6		(34)		39
Income tax expense	—		—		—		7		7
Net Income (Loss)	$	40	$	27	$	6	$	(41)	$	32


	Six months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal (a)		Corporate (b)		Total
Operating revenues	$	211	$	294	$	77	$	—	$	582
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	49		141		50		—		240
Depreciation, amortization and accretion	66		184		—		—		250

General and administrative	—		—		2		21		23
Transaction and integration costs	—		—		—		5		5
Development costs	—		—		2		—		2
Total operating costs and expenses	115		325		54		26		520
Gain on sale of business	—		—		—		1,291		1,291
Operating income (loss)	96		(31)		23		1,265		1,353
Equity in earnings of unconsolidated affiliates	2		12		—		—		14

Other income, net	—		4		—		1		5
Loss on debt extinguishment	—		(2)		—		—		(2)
Interest expense	(18)		(19)		(6)		(51)		(94)
Income (loss) before income taxes	80		(36)		17		1,215		1,276
Income tax expense	—		—		—		224		224
Net Income (Loss)	$	80	$	(36)	$	17	$	991	$	1,052

(a) The Thermal Business was sold on May 1, 2022.

(b) Includes eliminations.


	Six months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	211	$	308	$	98	$	—	$	617
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	50		106		62		(1)		217
Depreciation, amortization and accretion	65		176		15		—		256

General and administrative	—		1		1		18		20
Transaction and integration costs	—		—		—		3		3
Development costs	—		—		2		—		2
Operating income (loss)	96		25		18		(20)		119
Equity in earnings of unconsolidated affiliates	4		8		—		—		12
Other income, net	—		1		1		—		2
Loss on debt extinguishment	—		(1)		—		(41)		(42)
Interest expense	(27)		(62)		(9)		(50)		(148)
Income (loss) before income taxes	73		(29)		10		(111)		(57)
Income tax benefit	—		—		—		(13)		(13)
Net Income (Loss)	$	73	$	(29)	$	10	$	(98)	$	(44)

- 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

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Effective Tax Rate

The income tax provision consisted of the following amounts:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
	(In millions, except percentages)
Income (loss) before income taxes	$	1,374		$	39		$	1,276		$	(57)
Income tax expense (benefit)	225			7			224			(13)
Effective income tax rate	16.4		%	17.9		%	17.6		%	22.8		%

For the three and six months ended June 30, 2022, the overall effective tax rate was different than the statutory rate of 21% primarily due to the allocation of taxable earnings and losses, including the gain on the sale of the Thermal Business, based on the partners' interest in Clearway Energy LLC, which includes the effects of applying HLBV method of accounting for book purposes for certain partnerships.

For the three and six months ended June 30, 2021, the overall effective tax rate was different than the statutory rate of 21% primarily due to the allocation of taxable earnings and losses based on the partners' interest in Clearway Energy LLC, which includes the effects of applying HLBV method of accounting for book purposes for certain partnerships.

The Company treated the sale of the Thermal Business as a discrete event and recorded the income taxes associated with the transaction during the three months ended June 30, 2022.

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

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
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 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 $15 million and $14 million for the three months ended June 30, 2022 and 2021, respectively. The Company incurred total expenses for these services of $30 million and $27 million for the six months ended June 30, 2022 and 2021, respectively. There was a balance of $9 million due to RENOM as of both June 30, 2022 and December 31, 2021. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $5 million and $4 million for the three months ended June 30, 2022 and 2021, respectively. The Company incurred expenses under these agreements of $8 million and $7 million for the six months ended June 30, 2022 and 2021, respectively. There was a balance of $2 million due to CEG as of both June 30, 2022 and December 31, 2021. 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 under these agreements for both the three months ended June 30, 2022, and 2021. The Company incurred net expenses of $2 million under these agreements for both the six months ended June 30, 2022, and 2021.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies This note should be read in conjunction with the complete description under Item 15 — Note 16, Commitments and Contingencies, to the consolidated financial statements included in the Company’s 2021 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. 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. The case is currently in discovery and is expected to proceed to trial in June 2023. 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)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
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 2021 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 June 30, 2022, and results of operations, comprehensive income and cash flows for the three and six months ended June 30, 2022 and 2021.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
Revenue Recognition and Contract Amortization	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. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain 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 operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. 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 or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. 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 consolidated statements of income. 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. On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions. Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company’s debt and interest rate swap agreements. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. As of June 30, 2022, the Company has applied the amendments to all of its eligible contract modifications, where applicable, during the reference rate reform period. Additionally, the Company has not elected any optional expedients provided in the standard.

Nature of Business (Tables)	6 Months Ended
Nature of Business (Tables)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Structure	The following table represents the structure of the Company as of June 30, 2022:

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	June 30, 2022		December 31, 2021
	(In millions)
Cash and cash equivalents	$	955	$	179
Restricted cash	333		475
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	1,288	$	654

Schedule of Restricted Cash


	June 30, 2022		December 31, 2021
	(In millions)
Cash and cash equivalents	$	955	$	179
Restricted cash	333		475
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	1,288	$	654

Schedule of Accumulated Amortization and Depreciation


	June 30, 2022		December 31, 2021
	(In millions)
Property, Plant and Equipment Accumulated Depreciation	$	2,745	$	2,501
Intangible Assets Accumulated Amortization	687		605

Dividends Declared

The following table lists the dividends paid on the Company's Class A and Class C common stock during the six months ended June 30, 2022:


	Second Quarter 2022		First Quarter 2022
Dividends per Class A share	$	0.3536	$	0.3468
Dividends per Class C share	0.3536		0.3468

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

The following table lists distributions paid to CEG during the six months ended June 30, 2022 on Clearway Energy LLC’s Class B and D units:


	Second Quarter 2022		First Quarter 2022
Distributions per Class B Unit	$	0.3536	$	0.3468
Distributions per Class D Unit	0.3536		0.3468

Redeemable Noncontrolling Interest

The following table reflects the changes in the Company’s redeemable noncontrolling interest balance for the six months ended June 30, 2022:


	(In millions)
Balance as of December 31, 2021	$	—
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	6
Balance as of June 30, 2022	$	4

Disaggregation of Revenue


	Three months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	306	$	11	$	320
Capacity revenue (a)	106		1		4		111
Contract amortization	(6)		(35)		—		(41)
Other revenue	—		27		3		30
Mark-to-market for economic hedges	—		(52)		—		(52)
Total operating revenues	103		247		18		368
Less: Mark-to-market for economic hedges	—		52		—		52
Less: Lease revenue	(109)		(268)		—		(377)
Less: Contract amortization	6		35		—		41
Total revenue from contracts with customers	$	—	$	66	$	18	$	84

(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	$	268	$	—	$	271
Capacity revenue	106		—		—		106
Total	$	109	$	268	$	—	$	377


	Three months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	2	$	261	$	29	$	292
Capacity revenue (a)	113		—		15		128
Contract amortization	(6)		(30)		(1)		(37)
Other revenue	—		22		6		28
Mark-to-market for economic hedges	—		(31)		—		(31)
Total operating revenues	109		222		49		380
Less: Mark-to-market for economic hedges	—		31		—		31
Less: Lease revenue	(115)		(228)		—		(343)
Less: Contract amortization	6		30		1		37
Total revenue from contracts with customers	$	—	$	55	$	50	$	105

(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	$	2	$	228	$	—	$	230
Capacity revenue	113		—		—		113
Total	$	115	$	228	$	—	$	343


	Six months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	501	$	48	$	552
Capacity revenue (a)	220		1		18		239
Contract amortization	(12)		(71)		—		(83)
Other revenue	—		41		11		52
Mark-to-market for economic hedges	—		(178)		—		(178)
Total operating revenues	211		294		77		582
Less: Mark-to-market for economic hedges	—		178		—		178
Less: Lease revenue	(223)		(430)		(1)		(654)
Less: Contract amortization	12		71		—		83
Total revenue from contracts with customers	$	—	$	113	$	76	$	189

(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	$	430	$	1	$	434
Capacity revenue	220		—		—		220
Total	$	223	$	430	$	1	$	654


	Six months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Total
Energy revenue (a)	$	3	$	387	$	58	$	448
Capacity revenue (a)	220		—		28		248
Contract amortization	(12)		(55)		(2)		(69)
Other revenue	—		31		14		45
Mark-to-market for economic hedges	—		(55)		—		(55)
Total operating revenues	211		308		98		617
Less: Mark-to-market for economic hedges	—		55		—		55
Less: Lease revenue	(223)		(373)		(1)		(597)
Less: Contract amortization	12		55		2		69
Total revenue from contracts with customers	$	—	$	45	$	99	$	144

(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	$	373	$	1	$	377
Capacity revenue	220		—		—		220
Total	$	223	$	373	$	1	$	597

Contract with Customer, Asset and Liability

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
	(In millions)
Accounts receivable, net - Contracts with customers	$	60	$	44
Accounts receivable, net - Leases	162		100
Total accounts receivable, net	$	222	$	144

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2022

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 March 25, 2022:


(In millions)	Mililani I
Other current and non-current assets	$	2
Property, plant and equipment	118
Right-of-use-assets	19

Total assets acquired	139

Long-term debt (a)	100
Long-term lease liabilities	20
Other current and non-current liabilities	27

Total liabilities assumed	147

Net liabilities assumed	$	(8)

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

6 Months Ended

Jun. 30, 2022

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 June 30, 2022:


(In millions)	Alta TE Holdco		Buckthorn Renewables, LLC		DGPV Funds(a)		Kawailoa Partnership		Langford TE Partnership LLC		Lighthouse Renewable Holdco LLC (b)		Lighthouse Renewable Holdco 2 LLC (c)
Other current and non-current assets	$	61	$	5	$	92	$	40	$	15	$	97	$	56
Property, plant and equipment	318		198		585		132		129		723		368
Intangible assets	206		—		14		—		2		—		—
Total assets	585		203		691		172		146		820		424
Current and non-current liabilities	39		11		76		93		54		307		133
Total liabilities	39		11		76		93		54		307		133
Noncontrolling interest	31		37		10		51		62		423		234
Net assets less noncontrolling interests	$	515	$	155	$	605	$	28	$	30	$	90	$	57

(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, Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are also consolidated VIEs.


(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	$	50	$	11	$	14	$	35	$	22	$	18
Property, plant and equipment	168		105		189		243		217		162
Intangible assets	—		17		—		—		—		1
Total assets	218		133		203		278		239		181
Current and non-current liabilities	105		4		16		100		18		69
Total liabilities	105		4		16		100		18		69
Noncontrolling interest	30		50		93		136		117		77
Net assets less noncontrolling interests	$	83	$	79	$	94	$	42	$	104	$	35

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

Schedule of Maximum Loss Exposure in Equity Method Investments

The Company’s maximum exposure to loss as of June 30, 2022 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%	$	5
Desert Sunlight	25%	239
Elkhorn Ridge	67%	26
GenConn (a)	50%	85
San Juan Mesa	75%	20

		$	375

(a) GenConn is a variable interest entity.

- 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)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Estimated Carrying Values and Fair Values

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


	As of June 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(In millions)




Long-term debt, including current portion (a)	$	7,131	$	6,617	$	7,782	$	7,997

(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 June 30, 2022 and December 31, 2021:


	As of June 30, 2022				As of December 31, 2021
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,795	$	4,822	$	2,159	$	5,838

Schedule of Fair Value, Assets and Liabilities

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


	As of June 30, 2022				As of December 31, 2021
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2		Level 3			Level 2		Level 3
Derivative assets:

Interest rate contracts	$	44	$	—		$	6	$	—
Other financial instruments (b)	—		21			—		25
Total assets	$	44	$	21		$	6	$	25
Derivative liabilities:
Commodity contracts	$	—	$	353		$	—	$	179
Interest rate contracts	2		—			63		—
Total liabilities	$	2	$	353		$	63	$	179

(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of June 30, 2022 and December 31, 2021.

(b) SREC contract.

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)				Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance	$	(280)	$	(39)	$	(154)	$	(15)
Total losses for the period included in earnings	(74)		(33)		(184)		(57)
Additions due to loss of NPNS exception	—		—		(22)		—
Purchases	—		(9)		—		(9)
Settlements	22		2		28		2
Ending balance	$	(332)	$	(79)	$	(332)	$	(79)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2022	$	(74)			$	(184)

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 June 30, 2022:

June 30, 2022

Fair Value

Input/Range

Assets

Liabilities

Valuation Technique

Significant Unobservable Input

Low

High

Weighted Average

(In millions)

Commodity Contracts

—

353

Discounted Cash Flow

Forward Market Price (per MWh)

21.68

109.37

39.23

Other Financial Instruments

—

Discounted Cash Flow

Forecast annual generation levels of certain DG solar facilities

58,539 MWh

117,078 MWh

114,223 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2022:


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

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021:


		Total Volume
		June 30, 2022		December 31, 2021
Commodity	Units	(In millions)
Natural Gas	MMBtu	—		2
Power	MWh	(19)		(17)
Interest	Dollars	$	1,200	$	1,326

Fair value within the derivative instrument valuation on the balance sheets

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


	Fair Value
	Derivative Assets				Derivative Liabilities
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	2	$	—	$	—	$	5
Interest rate contracts long-term	8		2		—		3
Total Derivatives Designated as Cash Flow Hedges	$	10	$	2	$	—	$	8
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	7	$	—	$	1	$	17
Interest rate contracts long-term	27		4		1		38
Commodity contracts current	—		—		74		24
Commodity contracts long-term	—		—		279		155
Total Derivatives Not Designated as Cash Flow Hedges	$	34	$	4	$	355	$	234
Total Derivatives	$	44	$	6	$	355	$	242

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

The following tables summarize the offsetting of derivatives by counterparty:


	Gross Amounts Not Offset in the Statement of Financial Position
As of June 30, 2022	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(353)	$	—	$	(353)
Total commodity contracts	$	(353)	$	—	$	(353)
Interest rate contracts
Derivative assets	$	44	$	(2)	$	42
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	42	$	—	$	42
Total derivative instruments	$	(311)	$	—	$	(311)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2021	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Commodity contracts	(In millions)

Derivative liabilities	$	(179)	$	—	$	(179)
Total commodity contracts	$	(179)	$	—	$	(179)
Interest rate contracts:
Derivative assets	$	6	$	(5)	$	1
Derivative liabilities	(63)		5		(58)
Total interest rate contracts	$	(57)	$	—	$	(57)
Total derivative instruments	$	(236)	$	—	$	(236)

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

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(In millions)
Accumulated OCI (OCL) beginning balance	$	3	$	(19)	$	(11)	$	(30)
Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts	1		2		3		4
Mark-to-market of cash flow hedge accounting contracts	5		(2)		17		7
Accumulated OCI (OCL) ending balance, net of income tax (benefit) expense of $—, $(4) ,$1 and $(4), respectively	9		(19)		9		(19)
Accumulated OCI (OCL) attributable to noncontrolling interests	7		(10)		7		(10)
Accumulated OCI (OCL) attributable to Clearway Energy, Inc.	$	2	$	(9)	$	2	$	(9)
Losses expected to be realized from OCI during the next 12 months, net of income tax benefit of $—	$	(1)			$	(1)

Derivative gains and losses

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(In millions)
Interest Rate Contracts (Interest expense)	$	36	$	(11)	$	77	$	36
Commodity Contracts (Mark-to-market for economic hedging activities) (a)	(49)		(28)		(174)		(50)

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

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


(In millions, except rates)	June 30, 2022		December 31, 2021		June 30, 2022 interest rate % (a)	Letters of Credit Outstanding at June 30, 2022


2028 Senior Notes	$	850	$	850	4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)	—		245		L+1.750	$	87
Bridge Loan, due 2022 (c)	—		335		S+1.250
Project-level debt:
Agua Caliente Solar LLC, due 2037	677		684		2.395 - 3.633	45
Alta Wind Asset Management LLC, due 2031	12		13		L+2.625	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	727		756		5.696 - 7.015	22
Alta Wind Realty Investments LLC, due 2031	23		24		7.000	—
Borrego, due 2024 and 2038	54		54		Various	—
Buckthorn Solar, due 2025	122		123		L+1.750	23
Carlsbad Energy Holdings LLC, due 2027	136		136		L+1.750	82
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, due 2038	203		205		4.210	10
CVSR, due 2037	638		652		2.339 - 3.775	—
CVSR Holdco Notes, due 2037	160		169		4.680	13
DG-CS Master Borrower LLC, due 2040	434		441		3.510	30


El Segundo Energy Center, due 2023	154		193		L+1.875 - L+2.500	138


Kawailoa Solar Portfolio LLC, due 2026	78		78		L+1.375	15
Laredo Ridge, due 2028 (d)	—		72		L+2.125	—

Marsh Landing, due 2023	65		84		L+2.375	73
Mililani I, due 2022 and 2024	98		—		L+1.000 - L+1.250	2
NIMH Solar, due 2024	171		176		L+2.000	16
Oahu Solar Holdings LLC, due 2026	85		86		L+1.375	11

Rosie Class B LLC, due 2027	78		78		L+1.750	17





Tapestry Wind LLC, due 2031 (d)	—		85		L+1.375	—
Utah Solar Holdings, due 2036	267		273		3.590	15

Viento Funding II, LLC, due 2023 and 2029 (d)	188		29		S+1.475	26
Walnut Creek, due 2023	55		74		L+1.750	133
WCEP Holdings, LLC, due 2023	28		30		L+3.000	—
Other	142		151		Various	191
Subtotal project-level debt:	5,002		5,073
Total debt	7,127		7,778
Less current maturities	(457)		(772)
Less net debt issuance costs	(69)		(71)
Add premiums (e)	4		4
Total long-term debt	$	6,605	$	6,939

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

(e) Premiums relate to the 2028 Senior Notes.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic

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


	Three months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	169	$	401	$	10	$	25
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.89	$	4.89	$	0.30	$	0.30

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


	Six months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	160	$	378	$	11	$	27
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.62	$	4.62	$	0.32	$	0.32

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

Schedule of Earnings Per Share, Diluted

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


	Three months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	169	$	401	$	10	$	25
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.89	$	4.89	$	0.30	$	0.30

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


	Six months ended June 30,
	2022				2021
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	160	$	378	$	11	$	27
Weighted average number of common shares outstanding — basic and diluted	35		82		35		82
Earnings per weighted average common share — basic and diluted	$	4.62	$	4.62	$	0.32	$	0.32

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

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal (a)		Corporate (b)		Total
Operating revenues	$	103	$	247	$	18	$	—	$	368
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	28		73		11		—		112
Depreciation, amortization and accretion	33		93		—		—		126

General and administrative	—		—		1		10		11
Transaction and integration costs	—		—		—		3		3
Development costs	—		—		1		—		1
Total operating costs and expenses	61		166		13		13		253
Gain on sale of business	—		—		—		1,291		1,291
Operating income	42		81		5		1,278		1,406
Equity in earnings of unconsolidated affiliates	1		9		—		—		10

Other income, net	—		4		—		1		5



Interest expense	(10)		(11)		(1)		(25)		(47)
Income before income taxes	33		83		4		1,254		1,374
Income tax expense	—		—		—		225		225
Net Income	$	33	$	83	$	4	$	1,029	$	1,149
Total Assets (a)	2,363		9,446		—		839		12,648

(a) The Thermal Business was sold on May 1, 2022.

(b) Includes eliminations.


	Three months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	109	$	222	$	49	$	—	$	380
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	23		54		31		(1)		107
Depreciation, amortization and accretion	31		89		8		—		128

General and administrative	—		1		—		9		10
Transaction and integration costs	—		—		—		1		1
Development costs	—		—		1		—		1
Operating income (loss)	55		78		9		(9)		133
Equity in earnings of unconsolidated affiliates	2		6		—		—		8

Other (expense) income, net	(1)		1		1		—		1



Interest expense	(16)		(58)		(4)		(25)		(103)
Income (loss) before income taxes	40		27		6		(34)		39
Income tax expense	—		—		—		7		7
Net Income (Loss)	$	40	$	27	$	6	$	(41)	$	32


	Six months ended June 30, 2022
(In millions)	Conventional Generation		Renewables		Thermal (a)		Corporate (b)		Total
Operating revenues	$	211	$	294	$	77	$	—	$	582
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	49		141		50		—		240
Depreciation, amortization and accretion	66		184		—		—		250

General and administrative	—		—		2		21		23
Transaction and integration costs	—		—		—		5		5
Development costs	—		—		2		—		2
Total operating costs and expenses	115		325		54		26		520
Gain on sale of business	—		—		—		1,291		1,291
Operating income (loss)	96		(31)		23		1,265		1,353
Equity in earnings of unconsolidated affiliates	2		12		—		—		14

Other income, net	—		4		—		1		5
Loss on debt extinguishment	—		(2)		—		—		(2)
Interest expense	(18)		(19)		(6)		(51)		(94)
Income (loss) before income taxes	80		(36)		17		1,215		1,276
Income tax expense	—		—		—		224		224
Net Income (Loss)	$	80	$	(36)	$	17	$	991	$	1,052

(a) The Thermal Business was sold on May 1, 2022.

(b) Includes eliminations.


	Six months ended June 30, 2021
(In millions)	Conventional Generation		Renewables		Thermal		Corporate		Total
Operating revenues	$	211	$	308	$	98	$	—	$	617
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	50		106		62		(1)		217
Depreciation, amortization and accretion	65		176		15		—		256

General and administrative	—		1		1		18		20
Transaction and integration costs	—		—		—		3		3
Development costs	—		—		2		—		2
Operating income (loss)	96		25		18		(20)		119
Equity in earnings of unconsolidated affiliates	4		8		—		—		12
Other income, net	—		1		1		—		2
Loss on debt extinguishment	—		(1)		—		(41)		(42)
Interest expense	(27)		(62)		(9)		(50)		(148)
Income (loss) before income taxes	73		(29)		10		(111)		(57)
Income tax benefit	—		—		—		(13)		(13)
Net Income (Loss)	$	73	$	(29)	$	10	$	(98)	$	(44)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Reconciliation of the U.S. federal statutory rate to the Company's effective rate

The income tax provision consisted of the following amounts:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
	(In millions, except percentages)
Income (loss) before income taxes	$	1,374		$	39		$	1,276		$	(57)
Income tax expense (benefit)	225			7			224			(13)
Effective income tax rate	16.4		%	17.9		%	17.6		%	22.8		%

Nature of Business (Details) - MW		6 Months Ended
Nature of Business (Details) - MW	May 25, 2022	Jun. 30, 2022	May 01, 2022
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		7,500
Clearway Energy LLC \| Clearway Energy, Inc.
Nature of Business [Line Items]
Ownership interest (as a percentage)		57.74%
CEG \| Clearway Energy LLC
Nature of Business [Line Items]
Ownership interest (as a percentage)		42.26%
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%
Global Infrastructure Partners \| Total Energies
Nature of Business [Line Items]
Ownership interest (as a percentage)	50.00%
Thermal \| Discontinued Operations, Disposed of by Sale
Nature of Business [Line Items]
Percentage of assets ownership sold			100.00%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		5,000
Generational Facilities and District Energy Systems
Nature of Business [Line Items]
Power generation capacity, megawatts (over)		2,500

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, held at project subsidiaries	$ 135	$ 146
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	955	179
Restricted cash	333	475
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	1,288	654	$ 470	$ 465
State of Hawaii \| Prepayments and other current assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Refundable tax credit receivable	49	$ 49
Amount of restricted funds used to offset amounts under the PPAs	30
Long Term Debt Current
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	42
Debt Service Obligations
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	122
Cash Distribution
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	26
Operating Funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Restricted cash	$ 143

Summary of Significant Accounting Policies - Accumulated Depreciation, Accumulated Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Property, Plant and Equipment Accumulated Depreciation	$ 2,745	$ 2,501
Intangible Assets Accumulated Amortization	$ 687	$ 605

Summary of Significant Accounting Policies - Dividends Paid (Details) - $ / shares		3 Months Ended			6 Months Ended
	Aug. 01, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Common Class A
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share)		$ 0.3536	$ 0.3468	$ 0.3290	$ 0.7004	$ 0.6530
Common Class A \| Subsequent Event
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.3604
Common Class C
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share)		$ 0.3536	$ 0.3468	$ 0.3290	$ 0.7004	$ 0.6530
Common Class C \| Subsequent Event
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.3604

Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - $ / shares		3 Months Ended
	Aug. 01, 2022	Jun. 30, 2022	Mar. 31, 2022
Common Class B \| Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability (LLC) member, distributions declared, per unit (in dollars per share)	$ 0.3604
Common Class D \| Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability (LLC) member, distributions declared, per unit (in dollars per share)	$ 0.3604
Clearway Energy LLC \| Common Class B
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share)		$ 0.3536	$ 0.3468
Clearway Energy LLC \| Common Class D
Summary of Significant Accounting Policies [Line Items]
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share)		$ 0.3536	$ 0.3468

Summary of Significant Accounting Policies -Redeemable Noncontrolling Interests (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of December 31, 2021	$ 0
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	6
Balance as of June 30, 2022	$ 4

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Revenue Recognition (Details)	May 01, 2022
Discontinued Operations, Disposed of by Sale \| Thermal
Schedule of Asset Acquisition [Line Items]
Percentage of assets ownership sold	100.00%

Summary of Significant Accounting Policies - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 368	$ 380	$ 582	$ 617
Total operating revenues	368	380	582	617
Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	368	380	582	617
Contract amortization	(41)	(37)	(83)	(69)
Mark-to-market for economic hedges	(52)	(31)	(178)	(55)
Total operating revenues	368	380	582	617
Less: Mark-to-market for economic hedges	52	31	178	55
Lease income	(377)	(343)	(654)	(597)
Less: Contract amortization	41	37	83	69
Total revenue from contracts with customers	84	105	189	144
Operating Segments \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	103	109	211	211
Contract amortization	(6)	(6)	(12)	(12)
Mark-to-market for economic hedges	0	0	0	0
Total operating revenues	103	109	211	211
Less: Mark-to-market for economic hedges	0	0	0	0
Lease income	(109)	(115)	(223)	(223)
Less: Contract amortization	6	6	12	12
Total revenue from contracts with customers	0	0	0	0
Operating Segments \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	247	222	294	308
Contract amortization	(35)	(30)	(71)	(55)
Mark-to-market for economic hedges	(52)	(31)	(178)	(55)
Total operating revenues	247	222	294	308
Less: Mark-to-market for economic hedges	52	31	178	55
Lease income	(268)	(228)	(430)	(373)
Less: Contract amortization	35	30	71	55
Total revenue from contracts with customers	66	55	113	45
Operating Segments \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues	18	49	77	98
Contract amortization	0	(1)	0	(2)
Mark-to-market for economic hedges	0	0	0	0
Total operating revenues	18	49	77	98
Less: Mark-to-market for economic hedges	0	0	0	0
Lease income	0	0	(1)	(1)
Less: Contract amortization	0	1	0	2
Total revenue from contracts with customers	18	50	76	99
Operating Segments \| Energy revenue
Disaggregation of Revenue [Line Items]
Operating revenues	320	292	552	448
Total operating revenues	320	292	552	448
Lease income	(271)	(230)	(434)	(377)
Operating Segments \| Energy revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	3	2	3	3
Total operating revenues	3	2	3	3
Lease income	(3)	(2)	(3)	(3)
Operating Segments \| Energy revenue \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	306	261	501	387
Total operating revenues	306	261	501	387
Lease income	(268)	(228)	(430)	(373)
Operating Segments \| Energy revenue \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues	11	29	48	58
Total operating revenues	11	29	48	58
Lease income	0	0	(1)	(1)
Operating Segments \| Capacity revenue
Disaggregation of Revenue [Line Items]
Operating revenues	111	128	239	248
Total operating revenues	111	128	239	248
Lease income	(106)	(113)	(220)	(220)
Operating Segments \| Capacity revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	106	113	220	220
Total operating revenues	106	113	220	220
Lease income	(106)	(113)	(220)	(220)
Operating Segments \| Capacity revenue \| Renewables
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 \| Capacity revenue \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues	4	15	18	28
Total operating revenues	4	15	18	28
Lease income	0	0	0	0
Operating Segments \| Other revenue
Disaggregation of Revenue [Line Items]
Operating revenues	30	28	52	45
Total operating revenues	30	28	52	45
Operating Segments \| Other revenue \| Conventional Generation
Disaggregation of Revenue [Line Items]
Operating revenues	0	0	0	0
Total operating revenues	0	0	0	0
Operating Segments \| Other revenue \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	27	22	41	31
Total operating revenues	27	22	41	31
Operating Segments \| Other revenue \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues	3	6	11	14
Total operating revenues	$ 3	$ 6	$ 11	$ 14

Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 222	$ 144
Accounts receivable, net - Contracts with customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	60	44
Accounts receivable, net - Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 162	$ 100

Acquisitions and Dispositions - Narrative (Details) $ in Millions			4 Months Ended	6 Months Ended
	May 01, 2022 USD ($)	Mar. 25, 2022 USD ($) MW	May 01, 2022 USD ($)	Jun. 30, 2022 USD ($) MW	Jun. 30, 2021 USD ($)	Dec. 31, 2021
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW				7,500
Payments for asset acquisition				$ 0	$ 211
Thermal \| Discontinued Operations, Disposed of by Sale
Schedule of Asset Acquisition [Line Items]
Percentage of assets ownership sold	100.00%		100.00%
Consideration received in asset disposition	$ 1,460		$ 1,460
Transaction expenses			$ 18
Gain on sale of asset	$ 1,290
Disposition, property, plant and equipment, percent						78.00%
Disposition, intangible assets, percent						9.00%
Disposition, liabilities held for sale, percent						85.00%
Mililani I Drop Down
Schedule of Asset Acquisition [Line Items]
Consideration transferred in asset acquisition		$ 22
Net liabilities assumed, net		(8)
Mililani I Drop Down \| Tax Equity Investors
Schedule of Asset Acquisition [Line Items]
Payments to fund project reserve accounts		$ 15
Mililani I Drop Down \| Lighthouse Renewable Holdco LLC \| Solar \| Lighthouse Renewable Holdco LLC
Schedule of Asset Acquisition [Line Items]
Power generation capacity, megawatts \| MW		39
Power generation storage capacity, megawatts \| MW		156
Payments for asset acquisition		$ 22
Power purchase agreement period (in years_		20 years
Mililani I Drop Down \| Lighthouse Renewable Holdco LLC \| Solar \| Lighthouse Renewable Holdco LLC \| Third Party Investor
Schedule of Asset Acquisition [Line Items]
Payments for asset acquisition		$ 14

Acquisitions and Dispositions - Summary of Assets and Liabilities Transferred (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 25, 2022	Jun. 30, 2022
Waiawa Drop Down \| Tax Equity Bridge Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	$ 60
Mililani I Drop Down
Schedule of Asset Acquisition [Line Items]
Other current and non-current assets	2
Property, plant and equipment	118
Right-of-use-assets	19
Total assets acquired	139
Long-term debt	100
Long-term lease liabilities	20
Other current and non-current liabilities	27
Total liabilities assumed	147
Net liabilities assumed	(8)
Unamortized debt issuance costs	3
Expected contributions upon substantial completion	42
Mililani I Drop Down \| Tax Equity Investors
Schedule of Asset Acquisition [Line Items]
Payments to fund project reserve accounts	15
(Distributions to) contributions from noncontrolling interests	18
Mililani I Drop Down \| CEG
Schedule of Asset Acquisition [Line Items]
Repayment of debt at asset acquisition	27
Payments for associated fees	2
Mililani I Drop Down \| Construction loans
Schedule of Asset Acquisition [Line Items]
Long-term debt	16
Mililani I Drop Down \| Sponsor Equity Bridge Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	27
Mililani I Drop Down \| Sponsor Equity Bridge Loan \| Tax Equity Investors
Schedule of Asset Acquisition [Line Items]
Repayment of debt at asset acquisition	14
Mililani I Drop Down \| Tax Equity Bridge Loan
Schedule of Asset Acquisition [Line Items]
Long-term debt	$ 60	$ 60

Investments Accounted for by the Equity Method and Variable Interest Entities - Consolidated Entities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	$ 3,468	$ 3,632
Property, plant and equipment	7,545	7,650
Intangible assets	2,340	2,419
Total Assets	12,648	12,813
Total liabilities	8,455	$ 9,513
Alta TE Holdco
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	61
Property, plant and equipment	318
Intangible assets	206
Total Assets	585
Total liabilities	39
Noncontrolling interest	31
Net assets less noncontrolling interests	515
Buckthorn Renewables, LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	5
Property, plant and equipment	198
Intangible assets	0
Total Assets	203
Total liabilities	11
Noncontrolling interest	37
Net assets less noncontrolling interests	155
DGPV Funds
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	92
Property, plant and equipment	585
Intangible assets	14
Total Assets	691
Total liabilities	76
Noncontrolling interest	10
Net assets less noncontrolling interests	605
Kawailoa Partnership
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	40
Property, plant and equipment	132
Intangible assets	0
Total Assets	172
Total liabilities	93
Noncontrolling interest	51
Net assets less noncontrolling interests	28
Langford TE Partnership LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	15
Property, plant and equipment	129
Intangible assets	2
Total Assets	146
Total liabilities	54
Noncontrolling interest	62
Net assets less noncontrolling interests	30
Lighthouse Renewable Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	97
Property, plant and equipment	723
Intangible assets	0
Total Assets	820
Total liabilities	307
Noncontrolling interest	423
Net assets less noncontrolling interests	90
Lighthouse Renewable Holdco 2 LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	56
Property, plant and equipment	368
Intangible assets	0
Total Assets	424
Total liabilities	133
Noncontrolling interest	234
Net assets less noncontrolling interests	57
Oahu Solar Partnership
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	50
Property, plant and equipment	168
Intangible assets	0
Total Assets	218
Total liabilities	105
Noncontrolling interest	30
Net assets less noncontrolling interests	83
Pinnacle Repowering Partnership LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	11
Property, plant and equipment	105
Intangible assets	17
Total Assets	133
Total liabilities	4
Noncontrolling interest	50
Net assets less noncontrolling interests	79
Rattlesnake TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	14
Property, plant and equipment	189
Intangible assets	0
Total Assets	203
Total liabilities	16
Noncontrolling interest	93
Net assets less noncontrolling interests	94
Rosie TargetCo LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	35
Property, plant and equipment	243
Intangible assets	0
Total Assets	278
Total liabilities	100
Noncontrolling interest	136
Net assets less noncontrolling interests	42
Wildorado TE Holdco
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	22
Property, plant and equipment	217
Intangible assets	0
Total Assets	239
Total liabilities	18
Noncontrolling interest	117
Net assets less noncontrolling interests	104
Other
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	18
Property, plant and equipment	162
Intangible assets	1
Total Assets	181
Total liabilities	69
Noncontrolling interest	77
Net assets less noncontrolling interests	$ 35

Investments Accounted for by the Equity Method and Variable Interest Entities - Unconsolidated Entities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 375	$ 381
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 5
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Investment Balance	$ 239
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	67.00%
Investment Balance	$ 26
GenConn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 85
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Investment Balance	$ 20

Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 7,131	$ 7,782
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	6,617	7,997
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	1,795	2,159
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 4,822	$ 5,838

Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 44				$ 44		$ 6
Derivative Liabilities	355				355		242
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 June 30, 2022	6	$ 14	$ 0	$ 11
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	44				44		6
Derivative Liabilities	2				2		63
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	353				353		179
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(280)	(154)	(39)	(15)	(154)	$ (15)
Total losses for the period included in earnings	(74)		(33)		(184)	(57)
Additions due to loss of NPNS exception	0		0		(22)	0
Purchases	0		(9)		0	(9)
Settlements	22		2		28	2
Ending balance	(332)	$ (280)	(79)	$ (39)	(332)	(79)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2022	(74)				(184)
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	44				44		6
Derivative Liabilities	2				2		63
Fair Value, Recurring \| Level 2 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	44				44		6
Derivative Liabilities	2				2		63
Fair Value, Recurring \| Level 2 \| Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0				0		0
Fair Value, Recurring \| Level 2 \| Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	0				0		0
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	21				21		25
Derivative Liabilities	353				353		179
Fair Value, Recurring \| Level 3 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0				0		0
Derivative Liabilities	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 Assets	21				21		25
Fair Value, Recurring \| Level 3 \| Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	$ 353				$ 353		$ 179

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Percent of derivative liabilities using level 3 fair value inputs	99.00%
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	$ 47

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Fair Value, Recurring - Level 3 $ in Millions	Jun. 30, 2022 USD ($) $ / MWh
Commodity Contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset \| $	$ 0
Derivative liability \| $	$ 353
Commodity Contracts \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	21.68
Commodity Contracts \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	109.37
Commodity Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	39.23
Other Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset \| $	$ 21
Derivative liability \| $	$ 0
Other Financial Instruments \| Low \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	58,539
Other Financial Instruments \| High \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	117,078
Other Financial Instruments \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset/liability measurement input	114,223

Derivative Instruments and Hedging Activities - Volumetric Underlying Derivative Transactions (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) MMBTU MWh	Dec. 31, 2021 USD ($) MMBTU MWh
Natural Gas \| Long
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount (energy measure) \| MMBTU	0	2
Power \| Short
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount (energy measure) \| MWh	19	17
Interest \| Long
Derivatives, Fair Value [Line Items]
Derivative, notional amount \| $	$ 1,200	$ 1,326

Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 44	$ 6
Derivative Liabilities	355	242
Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	10	2
Derivative Liabilities	0	8
Derivatives Designated as Cash Flow Hedges: \| Interest rate contracts current
Derivatives, Fair Value [Line Items]
Derivative Assets	2	0
Derivative Liabilities	0	5
Derivatives Designated as Cash Flow Hedges: \| Interest rate contracts long-term
Derivatives, Fair Value [Line Items]
Derivative Assets	8	2
Derivative Liabilities	0	3
Derivatives Not Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Derivative Assets	34	4
Derivative Liabilities	355	234
Derivatives Not Designated as Cash Flow Hedges: \| Interest rate contracts current
Derivatives, Fair Value [Line Items]
Derivative Assets	7	0
Derivative Liabilities	1	17
Derivatives Not Designated as Cash Flow Hedges: \| Interest rate contracts long-term
Derivatives, Fair Value [Line Items]
Derivative Assets	27	4
Derivative Liabilities	1	38
Derivatives Not Designated as Cash Flow Hedges: \| Commodity contracts current
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	74	24
Derivatives Not Designated as Cash Flow Hedges: \| Commodity contracts long-term
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 279	$ 155

Derivative Instruments and Hedging Activities - Summary of Offsetting of Derivatives by Counterparty Master Agreement Level (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	$ (355)	$ (242)
Derivative assets, Gross Amount of Recognized Assets/Liabilities	44	6
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	(311)	(236)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	(311)	(236)
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	(353)	(179)
Derivative liability, Derivative Instruments	0	0
Derivative liability, Net Amount	(353)	(179)
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	(353)	(179)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	(353)	(179)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative liability, Gross Amounts of Recognized Assets/Liabilities	(2)	(63)
Derivative liability, Derivative Instruments	2	5
Derivative liability, Net Amount	0	(58)
Derivative assets, Gross Amount of Recognized Assets/Liabilities	44	6
Derivative assets, Derivative Instruments	(2)	(5)
Derivative asset, Net Amount	42	1
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities	42	(57)
Total derivative instruments, Derivative Instruments	0	0
Total derivative instruments, Net Amount	$ 42	$ (57)

Derivative Instruments and Hedging Activities - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 3,139	$ 2,995	$ 3,300	$ 2,715
Mark-to-market of cash flow hedge accounting contracts	6	0	20	11
Balance at end of period	4,189	3,003	4,189	3,003
Accumulated other comprehensive income (loss)	2		2		$ (6)
Losses expected to be realized from OCI during the next 12 months, net of income tax benefit of $—	(1)		(1)
Accumulated OCL ending balance, income tax benefit	0	(4)	1	(4)
Losses expected to be realized from OCL during the next 12 months, tax expense (benefit)	0		0
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	3	(19)	(11)	(30)
Balance at end of period	9	(19)	9	(19)
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 OCI (OCL) to income due to realization of previously deferred amounts	1	2	3	4
Mark-to-market of cash flow hedge accounting contracts	5	(2)	17	7
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	7	(10)	7	(10)
Accumulated Other Comprehensive (Loss) Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	0	(10)	(6)	(14)
Balance at end of period	2	(9)	2	(9)
Accumulated other comprehensive income (loss)	$ 2	$ (9)	$ 2	$ (9)

Derivative Instruments and Hedging Activities - Impact to Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Contracts (Interest expense)	$ 6	$ 14	$ 0	$ 11
Interest rate contracts \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Contracts (Interest expense)	36		(11)		$ 77	$ 36
Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Commodity Contracts (Mark-to-market economic hedging activities)	$ (49)		$ (28)		$ (174)	$ (50)

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions			6 Months Ended
	May 03, 2022	Mar. 16, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt			$ 7,127	$ 7,778
Less current maturities			(457)	(772)
Less net debt issuance costs			(69)	(71)
Add premiums			4	4
Total long-term debt			6,605	6,939
2028 Senior Notes
Debt Instrument [Line Items]
Total debt			$ 850	850
Debt instrument, interest rate, stated percentage			4.75%
2031 Senior Notes
Debt Instrument [Line Items]
Total debt			$ 925	925
Debt instrument, interest rate, stated percentage			3.75%
2032 Senior Notes
Debt Instrument [Line Items]
Total debt			$ 350	350
Debt instrument, interest rate, stated percentage			3.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023
Debt Instrument [Line Items]
Total debt			$ 0	245
Repayments of debt	$ 305
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 \| 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 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 87
Bridge Loan, Due 2022
Debt Instrument [Line Items]
Total debt			$ 0	335
Repayments of debt	$ 335
Bridge Loan, Due 2022 \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Bridge Loan, Due 2022 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount
Subtotal project-level debt:
Debt Instrument [Line Items]
Total debt			5,002	5,073
Agua Caliente Solar LLC, due 2037
Debt Instrument [Line Items]
Total debt			$ 677	684
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]
Total debt			$ 12	13
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]
Total debt			$ 727	756
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			$ 22
Alta Wind Realty Investments LLC, due 2031
Debt Instrument [Line Items]
Total debt			$ 23	24
Debt instrument, interest rate, stated percentage			7.00%
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]
Total debt			54	54
Borrego, due 2024 and 2038 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			0
Buckthorn Solar, due 2025
Debt Instrument [Line Items]
Total debt			$ 122	123
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			$ 23
Carlsbad Energy Holdings LLC, due 2027
Debt Instrument [Line Items]
Total debt			$ 136	136
Carlsbad Energy Holdings LLC, due 2027 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Carlsbad Energy Holdings LLC, due 2027 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 82
Carlsbad Energy Holdings LLC, due 2038
Debt Instrument [Line Items]
Total 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]
Total debt			$ 203	205
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, due 2037
Debt Instrument [Line Items]
Total debt			$ 638	652
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
CVSR Holdco Notes, due 2037
Debt Instrument [Line Items]
Total debt			$ 160	169
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
DG-CS Master Borrower LLC, due 2040
Debt Instrument [Line Items]
Total debt			$ 434	441
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
El Segundo Energy Center, due 2023
Debt Instrument [Line Items]
Total debt			$ 154	193
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
Kawailoa Solar Portfolio LLC, due 2026
Debt Instrument [Line Items]
Total debt			$ 78	78
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]
Total debt			$ 0	72
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			$ 0
Marsh Landing, due 2023
Debt Instrument [Line Items]
Total debt			$ 65	84
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			$ 73
Mililani I, due 2022 and 2024
Debt Instrument [Line Items]
Total debt			$ 98	0
Mililani I, due 2022 and 2024 \| Minimum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Mililani I, due 2022 and 2024 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Mililani I, due 2022 and 2024 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 2
NIMH Solar, due 2024
Debt Instrument [Line Items]
Total debt			$ 171	176
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			$ 16
Oahu Solar Holdings LLC, due 2026
Debt Instrument [Line Items]
Total debt			$ 85	86
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			$ 11
Rosie Class B LLC, due 2027
Debt Instrument [Line Items]
Total debt			$ 78	78
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]
Total debt			$ 0	85
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			$ 0
Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Total debt			$ 267	273
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			$ 15
Viento Funding II, LLC Due 2023 and 2029
Debt Instrument [Line Items]
Total debt		$ 190	$ 188	29
Viento Funding II, LLC Due 2023 and 2029 \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.10%
Viento Funding II, LLC Due 2023 and 2029 \| SOFR and Applicable Margin
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.475%
Viento Funding II, LLC Due 2023 and 2029 \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 26
Walnut Creek, due 2023
Debt Instrument [Line Items]
Total debt			$ 55	74
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			$ 133
WCEP Holdings, LLC, due 2023
Debt Instrument [Line Items]
Total debt			$ 28	30
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]
Total debt			142	$ 151
Other \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 191
Laredo Ridge, Due 2028; Tapestry Wind, LLC, Due 2031; and Viento Funding II, LLC, Due 2023
Debt Instrument [Line Items]
Repayments of debt		$ 186

Long-term Debt - Narrative (Details) - USD ($)				3 Months Ended			6 Months Ended
Long-term Debt - Narrative (Details) - USD ($)	May 03, 2022	Mar. 25, 2022	Mar. 16, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2027	Jun. 30, 2026	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from the revolving credit facility							$ 80,000,000	$ 300,000,000
Payments for the revolving credit facility							325,000,000	233,000,000
Total debt				$ 7,127,000,000	$ 7,127,000,000		7,127,000,000				$ 7,778,000,000
Loss on debt extinguishment					0	$ 0	(2,000,000)	$ (42,000,000)
Mililani I Drop Down
Debt Instrument [Line Items]
Long-term debt		$ 100,000,000
Mililani I Drop Down \| Tax Equity Investors
Debt Instrument [Line Items]
Payments to fund project reserve accounts		15,000,000
Mililani I Drop Down \| CEG
Debt Instrument [Line Items]
Repayment of debt at asset acquisition		27,000,000
Payments for associated fees		2,000,000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023
Debt Instrument [Line Items]
Line of credit facility, fair value of amount outstanding				0	0		0
Proceeds from the revolving credit facility							80,000,000
Payments for the revolving credit facility							325,000,000
Repayments of debt	$ 305,000,000
Total debt				0	0		0				245,000,000
Bridge Loan, Due 2022
Debt Instrument [Line Items]
Repayments of debt	$ 335,000,000
Total debt				0	0		$ 0				335,000,000
Bridge Loan, Due 2022 \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.25%
Viento Funding II, LLC Due 2023 and 2029
Debt Instrument [Line Items]
Total debt			$ 190,000,000	188,000,000	188,000,000		$ 188,000,000				$ 29,000,000
Viento Funding II, LLC Due 2023 and 2029 \| Forecast
Debt Instrument [Line Items]
Effective interest rate, percent									1.50%	1.35%
Viento Funding II, LLC Due 2023 and 2029 \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.10%
Laredo Ridge, Due 2028; Tapestry Wind, LLC, Due 2031; and Viento Funding II, LLC, Due 2023
Debt Instrument [Line Items]
Repayments of debt			186,000,000
Loss on debt extinguishment			2,000,000
Letter of Credit \| Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023
Debt Instrument [Line Items]
Letters of credit outstanding, amount				87,000,000	87,000,000		$ 87,000,000
Letter of Credit \| Bridge Loan, Due 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount
Letter of Credit \| Viento Funding II, LLC Due 2023 and 2029
Debt Instrument [Line Items]
Letters of credit outstanding, amount				26,000,000	26,000,000		26,000,000
Debt instrument, face amount			$ 35,000,000
Construction loans \| Mililani I Drop Down
Debt Instrument [Line Items]
Long-term debt		16,000,000
Long-term debt, additions				$ 22,000,000
Long-term debt, outstanding					$ 38,000,000
Tax Equity Bridge Loan \| Mililani I Drop Down
Debt Instrument [Line Items]
Long-term debt		60,000,000					$ 60,000,000
Sponsor Equity Bridge Loan \| Mililani I Drop Down
Debt Instrument [Line Items]
Long-term debt		27,000,000
Sponsor Equity Bridge Loan \| Mililani I Drop Down \| Tax Equity Investors
Debt Instrument [Line Items]
Repayment of debt at asset acquisition		$ 14,000,000

Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income attributable to Clearway Energy, Inc.	$ 570	$ 35	$ 538	$ 38
Common Class A
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income attributable to Clearway Energy, Inc.	$ 169	$ 10	$ 160	$ 11
Weighted average number of common shares outstanding - basic (in shares)	35	35	35	35
Weighted average number of common shares outstanding - diluted (in shares)	35	35	35	35
Earnings per weighted average common share — basic (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32
Earnings per weighted average common share — diluted (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32
Common Class C
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income attributable to Clearway Energy, Inc.	$ 401	$ 25	$ 378	$ 27
Weighted average number of common shares outstanding - basic (in shares)	82	82	82	82
Weighted average number of common shares outstanding - diluted (in shares)	82	82	82	82
Earnings per weighted average common share — basic (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32
Earnings per weighted average common share — diluted (in dollars per share)	$ 4.89	$ 0.30	$ 4.62	$ 0.32

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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-Publisher FASB
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Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating revenues	$ 368		$ 380		$ 582	$ 617
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	112		107		240	217
Depreciation, amortization and accretion	126		128		250	256
General and administrative	11		10		23	20
Transaction and integration costs	3		1		5	3
Development costs	1		1		2	2
Total operating costs and expenses	253		247		520	498
Gain on sale of business	1,291		0		1,291	0
Operating income	1,406		133		1,353	119
Equity in earnings of unconsolidated affiliates	10		8		14	12
Loss on debt extinguishment	0		0		(2)	(42)
Other (expense) income, net	5		1		5	2
Interest expense	(47)		(103)		(94)	(148)
Income (Loss) Before Income Taxes	1,374		39		1,276	(57)
Income tax expense (benefit)	225		7		224	(13)
Net Income (Loss)	1,149	$ (99)	32	$ (78)	1,052	(44)
Total Assets	12,648				12,648		$ 12,813
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	368		380		582	617
Operating Segments \| Conventional Generation
Segment Reporting Information [Line Items]
Operating revenues	103		109		211	211
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	28		23		49	50
Depreciation, amortization and accretion	33		31		66	65
General and administrative	0		0		0	0
Transaction and integration costs	0		0		0	0
Development costs	0		0		0	0
Total operating costs and expenses	61				115
Gain on sale of business	0				0
Operating income	42		55		96	96
Equity in earnings of unconsolidated affiliates	1		2		2	4
Loss on debt extinguishment					0	0
Other (expense) income, net	0		(1)		0	0
Interest expense	(10)		(16)		(18)	(27)
Income (Loss) Before Income Taxes	33		40		80	73
Income tax expense (benefit)	0		0		0	0
Net Income (Loss)	33		40		80	73
Total Assets	2,363				2,363
Operating Segments \| Renewables
Segment Reporting Information [Line Items]
Operating revenues	247		222		294	308
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	73		54		141	106
Depreciation, amortization and accretion	93		89		184	176
General and administrative	0		1		0	1
Transaction and integration costs	0		0		0	0
Development costs	0		0		0	0
Total operating costs and expenses	166				325
Gain on sale of business	0				0
Operating income	81		78		(31)	25
Equity in earnings of unconsolidated affiliates	9		6		12	8
Loss on debt extinguishment					(2)	(1)
Other (expense) income, net	4		1		4	1
Interest expense	(11)		(58)		(19)	(62)
Income (Loss) Before Income Taxes	83		27		(36)	(29)
Income tax expense (benefit)	0		0		0	0
Net Income (Loss)	83		27		(36)	(29)
Total Assets	9,446				9,446
Operating Segments \| Thermal
Segment Reporting Information [Line Items]
Operating revenues	18		49		77	98
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	11		31		50	62
Depreciation, amortization and accretion	0		8		0	15
General and administrative	1		0		2	1
Transaction and integration costs	0		0		0	0
Development costs	1		1		2	2
Total operating costs and expenses	13				54
Gain on sale of business	0				0
Operating income	5		9		23	18
Equity in earnings of unconsolidated affiliates	0		0		0	0
Loss on debt extinguishment					0	0
Other (expense) income, net	0		1		0	1
Interest expense	(1)		(4)		(6)	(9)
Income (Loss) Before Income Taxes	4		6		17	10
Income tax expense (benefit)	0		0		0	0
Net Income (Loss)	4		6		17	10
Total Assets	0				0
Corporate
Segment Reporting Information [Line Items]
Operating revenues	0		0		0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	0		(1)		0	(1)
Depreciation, amortization and accretion	0		0		0	0
General and administrative	10		9		21	18
Transaction and integration costs	3		1		5	3
Development costs	0		0		0	0
Total operating costs and expenses	13				26
Gain on sale of business	1,291				1,291
Operating income	1,278		(9)		1,265	(20)
Equity in earnings of unconsolidated affiliates	0		0		0	0
Loss on debt extinguishment					0	(41)
Other (expense) income, net	1		0		1	0
Interest expense	(25)		(25)		(51)	(50)
Income (Loss) Before Income Taxes	1,254		(34)		1,215	(111)
Income tax expense (benefit)	225		7		224	(13)
Net Income (Loss)	1,029		$ (41)		991	$ (98)
Total Assets	$ 839				$ 839

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 1,374	$ 39	$ 1,276	$ (57)
Income tax expense (benefit)	$ 225	$ 7	$ 224	$ (13)
Effective income tax rate	16.40%	17.90%	17.60%	22.80%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

Related Party Transactions (Details) $ in Millions	3 Months Ended		6 Months Ended
Related Party Transactions (Details) $ in Millions	Jun. 30, 2022 USD ($) subsidiary	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) subsidiary	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction
General and administrative expense	$ 11	$ 10	$ 23	$ 20
RENOM
Related Party Transaction
Expenses from transactions with related party	15	14	30	27
Due to affiliate	9		9		$ 9
CEG
Related Party Transaction
Expenses from transactions with related party	5	4	8	7
Due to affiliate	$ 2		$ 2		$ 2
Number of wholly owned subsidiaries \| subsidiary	2		2
General and administrative expense	$ 1	$ 1	$ 2	$ 2