Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Class of Stock [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-203369 | |
Entity Registrant Name | Clearway Energy LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0407370 | |
Entity Address, Address Line One | 300 Carnegie Center, Suite 300 | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
City Area Code | 609 | |
Local Phone Number | 608-1525 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001637757 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Common Class A | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 34,599,645 | |
Common Class B | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,738,750 | |
Common Class C | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 81,655,667 | |
Common Class D | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,633,750 |
Consolidated Statements of Oper
Consolidated Statements of Operations - Unaudited - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenues | ||||
Total operating revenues | $ 380 | $ 329 | $ 617 | $ 587 |
Operating Costs and Expenses | ||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 107 | 87 | 217 | 180 |
Depreciation, amortization and accretion | 128 | 99 | 256 | 201 |
General and administrative | 9 | 11 | 19 | 20 |
Transaction and integration costs | 1 | 0 | 3 | 1 |
Development costs | 1 | 1 | 2 | 2 |
Total operating costs and expenses | 246 | 198 | 497 | 404 |
Operating Income | 134 | 131 | 120 | 183 |
Other Income (Expense) | ||||
Equity in earnings of unconsolidated affiliates | 8 | 16 | 12 | 3 |
Gain on sale of unconsolidated affiliate | 0 | 49 | 0 | 49 |
Other income, net | 1 | 1 | 2 | 3 |
Loss on debt extinguishment | 0 | 0 | (42) | (3) |
Interest expense | (103) | (93) | (148) | (260) |
Total other expense, net | (94) | (27) | (176) | (208) |
Net Income (Loss) | 40 | 104 | (56) | (25) |
Less: Loss attributable to noncontrolling interests and redeemable interests | (35) | (27) | (102) | (66) |
Net Income Attributable to Clearway Energy LLC | $ 75 | $ 131 | $ 46 | $ 41 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - Unaudited - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 40 | $ 104 | $ (56) | $ (25) |
Other Comprehensive Income (Loss) | ||||
Unrealized gain (loss) on derivatives | 0 | 5 | 13 | (9) |
Other comprehensive income (loss) | 0 | 5 | 13 | (9) |
Comprehensive Income (Loss) | 40 | 109 | (43) | (34) |
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests | (38) | (27) | (66) | |
Comprehensive Income Attributable to Clearway Energy LLC | $ 78 | $ 136 | $ 59 | $ 32 |
Consolidated Balance Sheets - U
Consolidated Balance Sheets - Unaudited - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 138 | $ 268 |
Restricted cash | 332 | 197 |
Accounts receivable — trade | 203 | 143 |
Accounts receivable — affiliates | 1 | 0 |
Inventory | 43 | 42 |
Prepayments and other current assets | 50 | 58 |
Total current assets | 767 | 708 |
Property, plant and equipment, net | 7,537 | 7,217 |
Other Assets | ||
Equity investments in affiliates | 639 | 741 |
Intangible assets for power purchase agreements, net | 2,188 | 1,231 |
Other intangible assets, net | 136 | 139 |
Derivative instruments | 4 | 1 |
Right of use assets, net | 349 | 337 |
Other non-current assets | 143 | 114 |
Total other assets | 3,459 | 2,563 |
Total Assets | 11,763 | 10,488 |
Current Liabilities | ||
Current portion of long-term debt — external | 518 | 384 |
Current portion of long-term debt — affiliate | 1 | 1 |
Accounts payable — trade | 59 | 72 |
Accounts payable — affiliates | 16 | 20 |
Derivative instruments | 44 | 38 |
Accrued interest expense | 55 | 44 |
Accrued expenses and other current liabilities | 64 | 79 |
Total current liabilities | 757 | 638 |
Other Liabilities | ||
Long-term debt — external | 7,434 | 6,585 |
Derivative instruments | 145 | 135 |
Long-term lease liabilities | 361 | 345 |
Other non-current liabilities | 179 | 173 |
Total non-current liabilities | 8,119 | 7,238 |
Total Liabilities | 8,876 | 7,876 |
Commitments and Contingencies | ||
Members' Equity | ||
Contributed capital | 1,578 | 1,723 |
Accumulated deficit | (4) | (50) |
Accumulated other comprehensive loss | (22) | (33) |
Noncontrolling interest | 1,335 | 972 |
Total Members' Equity | 2,887 | 2,612 |
Total Liabilities and Members’ Equity | $ 11,763 | $ 10,488 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (56) | $ (25) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | (12) | (3) |
Distributions from unconsolidated affiliates | 16 | 10 |
Depreciation, amortization and accretion | 256 | 201 |
Amortization of financing costs and debt discounts | 7 | 7 |
Amortization of intangibles | 70 | 45 |
Loss on debt extinguishment | 42 | 3 |
Reduction (increase) in carrying amount of right-of-use assets | 5 | (1) |
Gain on sale of unconsolidated affiliate | 0 | (49) |
Changes in derivative instruments | 15 | 100 |
Cash used in changes in other working capital | ||
Changes in prepaid and accrued liabilities for tolling agreements | (76) | (77) |
Changes in other working capital | (26) | (28) |
Net Cash Provided by Operating Activities | 241 | 183 |
Cash Flows from Investing Activities | ||
Acquisitions, net of cash acquired | (211) | 0 |
Acquisition of Drop Down Asset | (132) | 0 |
Consolidation of DGPV Holdco 3 | 0 | 17 |
Capital expenditures | (93) | (83) |
Asset purchase from affiliate | (21) | 0 |
Cash receipts from notes receivable | 4 | 0 |
Return of investment from unconsolidated affiliates | 20 | 23 |
Investments in unconsolidated affiliates | 0 | (10) |
Proceeds from sale of assets | 0 | 90 |
Other | 13 | 3 |
Net Cash (Used in) Provided by Investing Activities | (420) | 40 |
Cash Flows from Financing Activities | ||
Net contributions from noncontrolling interests | 162 | 154 |
Contributions from CEG | 103 | 0 |
Buyout of Repowering Partnership II LLC noncontrolling interest | 0 | (70) |
Net proceeds from the issuance of Class C units | 0 | 38 |
Payments of distributions | (132) | (84) |
Proceeds from the revolving credit facility | 300 | 265 |
Payments for the revolving credit facility | (233) | (265) |
Proceeds from the issuance of long-term debt — external | 1,016 | 286 |
Proceeds from the issuance of long-term debt — affiliate | 0 | 3 |
Payments of debt issuance costs | (13) | (2) |
Payments for long-term debt — external | (1,028) | (502) |
Payments for long-term debt — affiliate | 0 | (45) |
Other | 9 | 0 |
Net Cash Provided by (Used in) Financing Activities | 184 | (222) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 5 | 1 |
Cash, Cash Equivalents and Restricted Cash at beginning of period | 465 | 414 |
Cash, Cash Equivalents and Restricted Cash at end of period | $ 470 | $ 415 |
Consolidated Statements of Memb
Consolidated Statements of Members' Equity - Unaudited - USD ($) $ in Millions | Total | Aqua Cliente Acquisition | CEG | Tax Equity Investors | Clearway Energy, Inc. | Clearway Energy, Inc.Rattlensake Down | Contributed Capital | Contributed CapitalCEG | Contributed CapitalClearway Energy, Inc. | Contributed CapitalClearway Energy, Inc.Rattlensake Down | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)CEG | Retained Earnings (Accumulated Deficit)Clearway Energy, Inc. | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Noncontrolling InterestAqua Cliente Acquisition | Noncontrolling InterestCEG | Noncontrolling InterestTax Equity Investors |
Balance, beginning of period at Dec. 31, 2019 | $ 2,173 | $ 1,882 | $ 5 | $ (37) | $ 323 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | (129) | (90) | (39) | |||||||||||||||
Unrealized gain on derivatives | (14) | (14) | ||||||||||||||||
Contributions from CEG, cash | $ 4 | $ 150 | $ 4 | $ 150 | ||||||||||||||
Rattlesnake Drop Down | 10 | $ 10 | ||||||||||||||||
Distributions to tax equity investors, non-cash | (1) | (1) | ||||||||||||||||
Distributions paid | (24) | $ (18) | (24) | $ (18) | $ 0 | $ 0 | ||||||||||||
Balance, end of period at Mar. 31, 2020 | 2,151 | 1,850 | (85) | (51) | 437 | |||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 2,173 | 1,882 | 5 | (37) | 323 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | (25) | |||||||||||||||||
Balance, end of period at Jun. 30, 2020 | 2,138 | 1,733 | 46 | (46) | 405 | |||||||||||||
Balance, beginning of period at Mar. 31, 2020 | 2,151 | 1,850 | (85) | (51) | 437 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | 104 | 131 | (27) | |||||||||||||||
Unrealized gain on derivatives | 5 | 5 | ||||||||||||||||
(Distributions) contributions from CEG, non-cash | 8 | 8 | ||||||||||||||||
Contributions from CEG, cash | 2 | 2 | ||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | (70) | (60) | (10) | |||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (43) | (51) | 8 | |||||||||||||||
Rattlesnake Drop Down | 28 | 28 | ||||||||||||||||
Distributions to tax equity investors, non-cash | (3) | $ (2) | (3) | $ (2) | ||||||||||||||
Distributions paid | (24) | (18) | (24) | (18) | ||||||||||||||
Balance, end of period at Jun. 30, 2020 | 2,138 | 1,733 | 46 | (46) | 405 | |||||||||||||
Balance, beginning of period at Dec. 31, 2020 | 2,612 | 1,723 | (50) | (33) | 972 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | (97) | (29) | (68) | |||||||||||||||
Unrealized gain on derivatives | 13 | 10 | 3 | |||||||||||||||
(Distributions) contributions from CEG, non-cash | 27 | (2) | $ 29 | |||||||||||||||
Contributions from CEG, cash | 103 | 103 | ||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | 126 | 126 | ||||||||||||||||
Agua Caliente acquisition | $ 273 | $ 273 | ||||||||||||||||
Rattlesnake Drop Down | $ (118) | $ (118) | ||||||||||||||||
Distributions paid | (28) | (38) | (28) | (38) | ||||||||||||||
Balance, end of period at Mar. 31, 2021 | 2,873 | 1,640 | (79) | (23) | 1,335 | |||||||||||||
Balance, beginning of period at Dec. 31, 2020 | 2,612 | 1,723 | (50) | (33) | 972 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | (56) | |||||||||||||||||
Balance, end of period at Jun. 30, 2021 | 2,887 | 1,578 | (4) | (22) | 1,335 | |||||||||||||
Balance, beginning of period at Mar. 31, 2021 | 2,873 | 1,640 | (79) | (23) | 1,335 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net Income (Loss) | 40 | 75 | (36) | |||||||||||||||
Unrealized gain on derivatives | (1) | 1 | (2) | |||||||||||||||
(Distributions) contributions from CEG, non-cash | 3 | 3 | ||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | 38 | 38 | ||||||||||||||||
Rattlesnake Drop Down | $ 1 | $ 1 | ||||||||||||||||
Distributions paid | $ (28) | $ (38) | $ (28) | $ (38) | ||||||||||||||
Balance, end of period at Jun. 30, 2021 | 2,887 | $ 1,578 | $ (4) | $ (22) | $ 1,335 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net loss, including rounding adjustments | $ 39 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners III. Global Infrastructure Management, LLC is an independent fund manager that invests in infrastructure assets in energy and transport sectors, and Global Infrastructure Partners III is its third equity fund. The Company is sponsored by GIP through GIP's portfolio company, CEG. The Company is one of the largest renewable energy owners in the U.S. with over 4,700 net MW of installed wind and solar generation projects. The Company's over 8,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient generation facilities as well as a portfolio of district energy systems. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. Clearway Energy, Inc. consolidates the results of the Company through its controlling interest, with CEG's interest shown as non-controlling interest in the financial statements. The holders of Clearway Energy, Inc.'s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company's Class B and Class D units. Clearway Energy, Inc. owns 57.65% of the economic interests of the Company, with CEG owning 42.35% of the economic interests of the Company as of June 30, 2021. The following table represents the structure of the Company as of June 30, 2021: Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of June 30, 2021, and results of operations, comprehensive income (loss) and cash flows for the six months ended June 30, 2021 and 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. Cash and 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 $125 million and $149 million as of June 30, 2021 and December 31, 2020, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows: June 30, 2021 December 31, 2020 (In millions) Cash and cash equivalents $ 138 $ 268 Restricted cash 332 197 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 470 $ 465 Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of June 30, 2021, these restricted funds were comprised of $131 million designated to fund operating expenses, approximately $38 million designated for current debt service payments, and $130 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $33 million is held in distribution reserve accounts. In 2020, the members of the partnerships holding the Oahu Solar and Kawailoa Solar projects submitted applications to the state of Hawaii for refundable tax credits based on the cost of construction of the projects. In April 2021, the members of the partnerships contributed their respective portions of the tax credits in the amount of $49 million to the Oahu Solar and Kawailoa project companies, which is reflected in restricted cash on the Company's consolidated balance sheet with an offsetting adjustment to noncontrolling interests. In accordance with the projects' related agreements, the cash will be held in a restricted account and utilized to offset future invoiced amounts under the projects' PPAs. Accumulated Depreciation, Accumulated Amortization The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In millions) Property, Plant and Equipment Accumulated Depreciation $ 2,573 $ 2,323 Intangible Assets Accumulated Amortization 556 487 Distributions The following table lists distributions paid on the Company's Class A, B, C and D units during the six months ended June 30, 2021: Second Quarter 2021 First Quarter 2021 Distributions per Class A, B, C and D unit $ 0.329 $ 0.324 On July 23, 2021 the Company declared a distribution on its Class A, Class B, Class C and Class D units of $0.3345 per unit payable on September 15, 2021 to unit holders of record as of September 1, 2021. Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect, and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and six months ended June 30, 2021 and 2020, respectively: 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 revenue 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, 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 revenue 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 Three months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 1 $ 195 $ 22 $ 218 Capacity revenue (a) 112 — 12 124 Contract amortization (6) (16) — (22) Other revenue — 4 8 12 Mark-to-market for economic hedges — (3) — (3) Total operating revenue 107 180 42 329 Less: Mark-to-market for economic hedges — 3 — 3 Less: Lease revenue (113) (181) — (294) Less: Contract amortization 6 16 — 22 Total revenue from contracts with customers $ — $ 18 $ 42 $ 60 (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 $ 1 $ 181 $ — $ 182 Capacity revenue 112 — — 112 Total $ 113 $ 181 $ — $ 294 Six months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 3 $ 320 $ 50 $ 373 Capacity revenue (a) 219 — 26 245 Contract amortization (12) (31) (1) (44) Other revenue — 6 15 21 Mark-to-market for economic hedges — (8) — (8) Total operating revenue 210 287 90 587 Less: Mark-to-market for economic hedges — 8 — 8 Less: Lease revenue (222) (296) (1) (519) Less: Contract amortization 12 31 1 44 Total revenue from contracts with customers $ — $ 30 $ 90 $ 120 (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 $ 296 $ 1 $ 300 Capacity revenue 219 — — 219 Total $ 222 $ 296 $ 1 $ 519 Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In millions) Accounts receivable, net - Contracts with customers $ 66 $ 57 Accounts receivable, net - Leases 137 86 Total accounts receivable, net $ 203 $ 143 Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria is met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period. |
Acquisition and Dispositions
Acquisition and Dispositions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition and Dispositions | Acquisitions and Dispositions 2021 Acquisitions Rattlesnake Drop Down — On January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC indirectly consolidates the Rattlesnake wind project, a 160 MW wind facility with 144 MW of deliverable capacity in Adams County, Washington, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The project has a 20-year PPA with Avista Corporation, which began when the facility reached commercial operations in December 2020. The Rattlesnake operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Rattlesnake on a prospective basis. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the cash paid of $132 million and the historical cost of the Company's acquired interests of $14 million was recorded as an adjustment to contributed capital. The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021: (In millions) Rattlesnake Current Assets $ 8 Property, plant and equipment 200 Right-of-use asset 12 Total assets acquired 220 Debt (a) 176 Long-term lease liabilities 12 Other current and non-current liabilities 18 Total liabilities assumed 206 Net assets acquired $ 14 (a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor recorded in noncontrolling interest and $103 million contributed by CEG, both recorded as contributed capital. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees. Agua Caliente Acquisition — On February 3, 2021, the Company acquired Agua Caliente Borrower 1 LLC from NRG Energy, Inc. for $202 million. Agua Caliente Borrower 1 LLC indirectly owns a 35% equity interest in Agua Caliente, a 290 MW solar project located in Dateland, Arizona in which the Company previously owned a 16% equity interest. The project has a 25-year PPA with PG&E, with approximately 19 years remaining under the agreement. Following the close of the transaction, the Company owns a 51% equity interest in Agua Caliente and consolidates Agua Caliente. The Agua Caliente operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and the cash consideration of $202 million, net of restricted cash acquired of $91 million, represented a net cash outflow of $111 million, which was allocated to the fair value of the assets and liabilities acquired on the acquisition date. A third party investor holds the remaining 49% equity interest in Agua Caliente, which is reflected in noncontrolling interest and was valued at historical carrying amount increased for the incremental fair value determined at the acquisition date. The following is a summary of assets and liabilities acquired in connection with the acquisition as of February 3, 2021: (In millions) Agua Caliente Restricted cash $ 91 Property, plant and equipment 154 Intangible asset for power purchase agreement 1,022 Other currents assets 9 Total assets acquired 1,276 Accounts payable and other current liabilities 5 Debt 716 Total liabilities assumed 721 Noncontrolling interest 273 Equity method investment removed (80) Net assets acquired $ 202 Fair value measurement s The fair values of the property, plant and equipment, and intangible assets at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement. Significant inputs were as follows: Property, plant and equipment — The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic obsolescence. The income approach was applied by determining the enterprise value for each acquired entity and subtracting the fair value of the intangible assets and working capital to determine the implied value of the tangible fixed assets. This methodology was primarily relied upon as the forecasted cash flows incorporate the specific attributes of each asset including age, useful life, equipment condition, and technology. The income approach also allows for an accurate reflection of current and expected market dynamics such as supply and demand and the regulatory environment as of the acquisition date. Intangible assets — The fair value of the PPA acquired was determined utilizing a variation of the income approach where the incremental future cash flows resulting from the acquired PPA compared to the cash flows based on current market prices were discounted to present value at the weighted average cost of debt of the utility off-taker, as the PPA was determined to be a debt-like instrument for the off-taker. The values were corroborated with available market data. The PPA value will be amortized over a period of 19 years. Long-term debt — The fair value of the long-term debt was determined by discounting future cash flows at current interest rates for similar instruments with equivalent credit quality. Noncontrolling interest — The Company recorded the noncontrolling interest utilizing the cost accumulation model, as the acquisition was an asset acquisition, which maintained the carrying value for the pre-existing equity, with the value increased incrementally based on the value of the Company's newly acquired interest. Mt. Storm Wind Acquisition — On April 23, 2021, the Company acquired 100% of the equity interests in NedPower Mount Storm LLC, or Mt. Storm, from Castleton Commodities International for approximately $96 million before working capital and purchase price adjustments in the net amount of $4 million, representing a total cash outflow of $100 million. Mt. Storm is a 264 MW wind project located in Grant County, West Virginia. Mt. Storm has a 10 year energy hedge with an investment-grade counterparty. The acquisition was determined to be an asset acquisition and the purchase price was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows: (In millions) Mt. Storm Current Assets $ 3 Property, plant and equipment 108 Intangible asset 2 Total assets acquired 113 Accounts payable and other liabilities 4 Derivative instruments 9 Total liabilities assumed 13 Net assets acquired $ 100 Fair value measurement s The fair values of the property, plant and equipment, derivative instrument and intangible asset at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement. Property, plant and equipment — The estimated fair values of property, plant and equipment were determined primarily based on an income method using discounted cash flows. Intangible assets — The estimated fair value of the intangible asset was using a market approach based on quoted prices of renewable energy credits in the applicable market. Derivative instruments — The estimated fair value of the derivative instruments was determined based on the discounted cash flows associated with the acquired commodity contract. 2020 Dispositions Sale of RPV Holdco 1 LLC — On May 14, 2020, the Company sold its interests in RPV Holdco 1 LLC, or RPV Holdco, to Spruce Power for net proceeds of approximately $75 million. The Company previously accounted for its interest in RPV Holdco as an equity method investment. The sale of the investment resulted in a gain of approximately $49 million. Sale of Energy Center Dover LLC and Energy Center Smyrna LLC Assets — On March 3, 2020, the Company, through Clearway Thermal LLC, sold 100% of its interests in Energy Center Dover LLC and Energy Center Smyrna LLC to DB Energy Assets, LLC for cash proceeds of approximately $15 million. |
Investments Accounted for by th
Investments Accounted for by the Equity Method and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for by the Equity Method and Variable Interest Entities | Investments Accounted for by the Equity Method and Variable Interest Entities Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidation . These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax attributes associated with wind and solar facilities, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2020 Form 10 -K. Summarized financial information for the Company's consolidated VIEs consisted of the following as of June 30, 2021: (In millions) Alta TE Holdco Buckthorn Renewables, LLC DGPV Funds (a) Kawailoa Partnership Langford TE Partnership LLC Lighthouse Renewable Holdco LLC Other current and non-current assets $ 59 $ 4 $ 96 $ 42 $ 15 $ 41 Property, plant and equipment 344 206 611 138 135 437 Intangible assets 218 — 16 — 2 — Total assets 621 210 723 180 152 478 Current and non-current liabilities 38 10 77 106 17 126 Total liabilities 38 10 77 106 17 126 Noncontrolling interest 26 51 4 51 74 313 Net assets less noncontrolling interests $ 557 $ 149 $ 642 $ 23 $ 61 $ 39 (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. (In millions) Oahu Pinnacle Repowering Partnership LLC Rattlesnake TE Holdco LLC Rosie TargetCo LLC Wildorado Other (a) Other current and non-current assets $ 50 $ 12 $ 31 $ 27 $ 21 $ 16 Property, plant and equipment 175 100 196 255 232 178 Intangible assets — 19 — — — 1 Total assets 225 131 227 282 253 195 Current and non-current liabilities 117 102 21 101 18 44 Total liabilities 117 102 21 101 18 44 Noncontrolling interest 35 27 98 147 127 99 Net assets less noncontrolling interests $ 73 $ 2 $ 108 $ 34 $ 108 $ 52 (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, 2021. Rattlesnake TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions , on January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC owns Rattlesnake Class B LLC, which owns the Class B membership interests in Rattlesnake TE Holdco LLC, which is a VIE. Rattlesnake Class B LLC is the primary beneficiary and managing member and consolidates its interest in Rattlesnake TE Holdco LLC, which owns the Rattlesnake wind project. Subsequent to the acquisition, on January 12, 2021 the third party tax equity investor contributed $107 million into Rattlesnake TE Holdco LLC in exchange for the Class A membership interests. The proceeds from the tax equity contribution along with cash contributed by CEG were used to repay a portion of the $176 million of the outstanding principal under the Rattlesnake Class B LLC credit facility. The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest. Pinnacle Repowering Partnership LL C — On February 26, 2021, the Company entered into an amended agreement with CWSP Pinnacle Holding LLC, an indirect subsidiary of CEG, with respect to Pinnacle Repowering Partnership LLC in order to facilitate the repowering of the Pinnacle wind project, a 55 MW wind facility located in Mineral County, West Virginia. On March 10, 2021, the Company contributed its interest in the Pinnacle wind project to Pinnacle Repowering Partnership LLC concurrent with entering into a financing agreement as further described in Note 7, Long-term Debt . The Company owns 100% of the Class A membership interests in Pinnacle Repowering Partnership LLC, which is a VIE, and the Company consolidates its interest as the primary beneficiary and managing member. CWSP Pinnacle Holding LLC owns 100% of the Class B membership interests in Pinnacle Repowering Partnership LLC and is entitled to allocations of 15% of the cash distributions from the partnership. On March 10, 2021, CWSP Pinnacle Holding LLC contributed $27 million in equipment to the partnership, which was a transfer of assets under common control and recorded at historical cost in property, plant and equipment, with a corresponding non-cash contribution in Pinnacle Repowering Partnership LLC's noncontrolling interests. Additionally, on March 10, 2021, the Pinnacle wind project acquired equipment from CEG for $21 million in cash consideration. Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2020 Form 10-K . The Company's maximum exposure to loss as of June 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below: Name Economic Investment Balance (In millions) Avenal 50% $ (3) Desert Sunlight 25% 244 Elkhorn Ridge 67% 34 GenConn (a) 50% 88 San Juan Mesa 75% 29 Utah Solar Portfolio (b) 50% 247 $ 639 ( a ) GenConn is a variable interest entity. (b) Economic interest based on cash to be distributed. Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC are tax equity structures and VIEs. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement. For cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, current portion of accounts payable — affiliates, accrued expenses and other liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows: As of June 30, 2021 As of December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion — affiliate $ 1 $ 1 $ 1 $ 1 Long-term debt, including current portion — external (a) $ 8,030 $ 8,006 $ 7,048 $ 7,020 (a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 2,166 $ 5,841 $ 1,906 $ 5,115 Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2021 As of December 31, 2020 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 3 Level 2 Level 3 Derivative assets: Interest rate contracts $ 4 $ — $ 1 $ — Other financial instruments (b) — 24 — 29 Total assets $ 4 $ 24 $ 1 $ 29 Derivative liabilities: Commodity contracts $ — $ 103 $ — $ 44 Interest rate contracts 86 — 129 — Total liabilities $ 86 $ 103 $ 129 $ 44 (a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of June 30, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (39) $ (14) $ (15) $ (9) Total losses for the period included in earnings (33) (3) (57) (8) Purchases (9) — (9) — Settlements 2 — 2 — Ending balance $ (79) $ (17) $ (79) $ (17) Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2021 $ (33) $ (57) 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, 2021, contracts valued with prices provided by models and other valuation techniques make up 54% of derivative liabilities and 100% of other financial instruments. The Company’s significant positions classified as Level 3 include physical power contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. The following table quantifies the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2021: June 30, 2021 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ — $ (103) Discounted Cash Flow Forward Market Price (per MWh) 12.56 58.94 25.95 Other Financial Instruments $ 24 $ — Discounted Cash Flow Forecast annual generation levels of certain DG solar facilities 80,872 MWh 129,913 MWh 124,783 MWh The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2021: Significant Observable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) Forecast Generation Levels Sell Increase/(Decrease) Higher/(Lower) The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of June 30, 2021, the non-performance reserve was a $9 million gain recorded primarily to total operating revenues in the consolidated statement of operations. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. Concentration of Credit Risk In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies , to the consolidated financial statements included in the Company's 2020 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties' credit limits on as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E's credit rating is below investment grade. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities This footnote should be read in conjunction with the complete description under Item 15 — Note 7, Accounting for Derivative Instruments and Hedging Activities , to the consolidated financial statements included in the Company's 2020 Form 10-K. Interest Rate Swaps The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of June 30, 2021, the Company had interest rate derivative instruments on non-recourse debt extending through 2044, 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, 2021, the Company had energy-related derivative instruments extending through 2032. At June 30, 2021, these contracts were not designated as cash flow or fair value hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of June 30, 2021 and December 31, 2020: Total Volume June 30, 2021 December 31, 2020 Commodity Units (In millions) Natural Gas MMBtu 1 1 Power MWh (13) (8) Interest Dollars $ 1,486 $ 1,600 Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 7 $ 8 Interest rate contracts long-term — — 7 15 Total Derivatives Designated as Cash Flow Hedges $ — $ — $ 14 $ 23 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current — — 23 25 Interest rate contracts long-term 4 1 49 81 Commodity contracts current — — 14 5 Commodity contracts long-term — — 89 39 Total Derivatives Not Designated as Cash Flow Hedges 4 1 175 150 Total Derivatives $ 4 $ 1 $ 189 $ 173 The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. As of June 30, 2021 and December 31, 2020, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by counterparty master agreement level as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (103) $ — $ (103) Total commodity contracts (103) — (103) Interest rate contracts Derivative assets $ 4 $ (4) $ — Derivative liabilities (86) 4 (82) Total interest rate contracts (82) — (82) Total derivative instruments $ (185) $ — $ (185) As of December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (44) $ — $ (44) Total commodity contracts (44) — (44) Interest rate contracts: Derivative assets $ 1 $ — $ 1 Derivative liabilities (129) — (129) Total interest rate contracts (128) — (128) Total derivative instruments $ (172) $ — $ (172) Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives : Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Accumulated OCL beginning balance $ (22) $ (51) $ (35) $ (37) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 1 6 4 Mark-to-market of cash flow hedge accounting contracts (3) 4 7 (13) Accumulated OCL ending balance (22) (46) (22) (46) Accumulated OCL attributable to noncontrolling interests — — — — Accumulated OCL attributable to Clearway Energy LLC $ (22) $ (46) $ (22) $ (46) Losses expected to be realized from OCL during the next 12 months $ (12) $ (12) Amounts reclassified from accumulated OCL into income are recorded to interest expense. Impact of Derivative Instruments on the Statements of Income Gains and losses related to the Company's derivatives are recorded in the consolidated statement of operations as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Interest Rate Contracts (Interest expense) $ (11) $ (13) $ 36 $ (92) Commodity Contracts (Mark-to-market for economic hedging activities) (a) (28) (3) (50) (8) (a) Relates to long-term power hedges at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star Special LLC, or Mesquite Star, and NedPower Mount Storm LLC, or Mt. Storm. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel/electricity commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of operations for these contracts. See Note 5, Fair Value of Financial Instruments , for a discussion regarding concentration of credit risk. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company's 2020 Form 10-K. Long-term debt consisted of the following: (In millions, except rates) June 30, 2021 December 31, 2020 June 30, 2021 interest rate % (a) Letters of Credit Outstanding at June 30, 2021 Intercompany Note with Clearway Energy, Inc. $ 1 $ 1 1.490 2025 Senior Notes — 600 5.750 2026 Senior Notes 350 350 5.000 2028 Senior Notes 850 850 4.750 2031 Senior Notes 925 — 3.750 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) 67 — L+1.750 88 Project-level debt: Agua Caliente Solar LLC, due 2037 712 — 2.395- 3.633 44 Alta Wind Asset Management LLC, due 2031 14 14 L+2.625 26 Alta Wind I-V lease financing arrangements, due 2034 and 2035 772 800 5.696- 7.015 — Alta Wind Realty Investments LLC, due 2031 25 25 7.000 — Borrego, due 2024 and 2038 57 57 Various 4 Buckthorn Solar, due 2025 125 126 L+1.750 23 Carlsbad Energy Holdings LLC, due 2027 156 156 L+1.625 82 Carlsbad Energy Holdings LLC, due 2038 407 407 4.120 — Carlsbad Holdco, due 2038 210 210 4.210 10 CVSR Holdco Notes, due 2037 169 176 4.680 13 CVSR, due 2037 662 675 2.339 - 3.775 — DG-CS Master Borrower LLC, due 2040 462 467 3.510 30 Duquesne, due 2059 95 95 4.620 — El Segundo Energy Center, due 2023 213 250 L+1.875 - L+2.500 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 327 327 Various — Kawailoa Solar Portfolio LLC, due 2026 80 81 L+1.375 15 Laredo Ridge, due 2028 75 78 L+2.125 9 Marsh Landing, due 2023 129 146 L+2.375 99 NIMH Solar, due 2024 185 191 L+2.00 16 Oahu Solar Holdings LLC, due 2026 88 89 L+1.375 11 Pinnacle Repowering Partnership Holdco LLC, due 2021 90 — L+1.00 2 Rosie Class B LLC, due 2027 80 80 L+1.75 21 Tapestry Wind LLC, due 2031 88 143 L+1.375 11 Utah Solar Holdings, due 2036 284 290 3.590 16 Walnut Creek, due 2023 110 126 L+1.75 103 WCEP Holdings, LLC, due 2023 32 35 L+3.00 — Other 187 199 Various 38 Subtotal project-level debt: 5,834 5,243 Total debt 8,027 7,044 Less current maturities (519) (385) Less net debt issuance costs (78) (79) Add premiums (c) 4 5 Total long-term debt $ 7,434 $ 6,585 (a) As of June 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) 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, 2021, the Company was in compliance with all of the required covenants. The discussion below describes material changes to or additions of long-term debt for the six months ended June 30, 2021. Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility As of June 30, 2021, the Company had $67 million of borrowings under the revolving credit facility and $88 million in letters of credit outstanding. During the six months ended June 30, 2021, the Company borrowed $300 million under the revolving credit facility, and subsequently repaid $233 million, utilizing cash on hand and proceeds from the issuance of the 2031 Senior Notes as described below. During July 2021, the company repaid the outstanding $67 million balance under the revolving credit facility and as of July 31, 2021, the Company had no loans outstanding under the revolving credit facility and a total of $75 million in letters of credit outstanding. 2031 Senior Notes On March 9, 2021, Clearway Energy Operating LLC completed the sale of $925 million of senior unsecured notes due 2031, or the 2031 Senior Notes. The 2031 Senior Notes bear interest at 3.750% and mature on February 15, 2031. Interest on the 2031 Senior Notes is payable semi-annually on February 15 and August 15 of each year, and interest payments will commence on August 15, 2021. The 2031 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by the Company and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2031 Senior Notes were used to repurchase the 2025 Senior Notes, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes. 2025 Senior Notes Tender Offer and Redemption On March 9, 2021, the Company completed the repurchase of an aggregate principal amount of $411 million, or 68.6%, of the 2025 Senior Notes outstanding as part of the cash tender offer announced on March 2, 2021. Additionally, $6 million of the 2025 Senior Notes that were subject to guaranteed delivery procedures were subsequently repurchased on March 11, 2021. On March 17, 2021, the Company exercised its right to optionally redeem the remaining principal amount of $183 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2025 Senior Notes. The 2025 Senior Notes repurchased and redeemed in March 2021 were effectuated at a premium of approximately 106% for total consideration of $636 million and, as a result, the Company recorded a loss on extinguishment in the amount of $36 million. The Company recorded an additional $5 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2025 Senior Notes. Intercompany Note with Clearway Energy, Inc . On February 18, 2020, the Company entered into an intercompany demand promissory note with Clearway Energy, Inc. in the principal amount of $3 million. The unpaid principal amount bears interest at a rate equal to the short-term applicable federal rate, which is payable on the last day of each quarter, or at other times as agreed upon by the Company and Clearway Energy, Inc. The outstanding balance as of June 30, 2021 is $1 million. Project - level Debt Agua Caliente Solar LLC As part of the acquisition of Agua Caliente Borrower 1 LLC and the consolidation of Agua Caliente, as further described in Note 3, Acquisitions and Dispositions , the Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC on February 3, 2021. The debt consists of a credit agreement with the Federal Financing Bank and accrues interest at fixed rates between 2.395% and 3.633%, which matures in 2037. Pinnacle Repowering Partnership HoldCo LLC |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs and includes eliminating entries. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as net income (loss). Three months ended June 30, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) 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 — 8 9 Transaction and integration costs — — — 1 1 Development costs — — 1 — 1 Operating income (loss) 55 78 9 (8) 134 Equity in earnings of unconsolidated affiliates 2 6 — — 8 Other income, net (1) 1 1 — 1 Interest expense (16) (58) (4) (25) (103) Net Income (Loss) $ 40 $ 27 $ 6 $ (33) $ 40 Total Assets $ 2,500 $ 8,617 $ 621 $ 25 $ 11,763 (a) Includes eliminations Three months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 107 $ 180 $ 42 $ — $ 329 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 22 39 26 — 87 Depreciation, amortization and accretion 33 59 7 — 99 General and administrative — 1 2 8 11 Development costs — — 1 — 1 Operating income (loss) 52 81 6 (8) 131 Equity in earnings of unconsolidated affiliates 1 15 — — 16 Gain on sale of unconsolidated affiliate — — — 49 49 Other income, net — — — 1 1 Interest expense (22) (42) (5) (24) (93) Net Income $ 31 $ 54 $ 1 $ 18 $ 104 Six months ended June 30, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) 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 17 19 Transaction and integration costs — — — 3 3 Development costs — — 2 — 2 Operating income (loss) 96 25 18 (19) 120 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) Net Income (Loss) $ 73 $ (29) $ 10 $ (110) $ (56) (a) Includes eliminations Six months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 210 $ 287 $ 90 $ — $ 587 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 46 75 59 — 180 Depreciation, amortization and accretion 66 121 14 — 201 General and administrative — 1 3 16 20 Transaction and integration costs — — — 1 1 Development costs — — 2 — 2 Operating income (loss) 98 90 12 (17) 183 Equity in earnings of unconsolidated affiliates 3 — — — 3 Gain on sale of unconsolidated affiliate — — — 49 49 Other income, net — 1 1 1 3 Loss on debt extinguishment — — — (3) (3) Interest expense (52) (151) (10) (47) (260) Net Income (Loss) $ 49 $ (60) $ 3 $ (17) $ (25) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to administrative services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $14 million and $9 million for the three months ended June 30, 2021 and 2020, respectively. The Company incurred total expenses for these services of $27 million and $18 million for the six months ended June 30, 2021 and 2020, respectively. There was a balance of $10 million due to RENOM as of June 30, 2021 and December 31, 2020. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to administrative services agreements with Clearway Asset Services and Clearway Solar Asset Management, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $4 million and $2 million for the three months ended June 30, 2021 and 2020, respectively. The Company incurred expenses under these agreements of $7 million and $4 million for the six months ended June 30, 2021 and 2020, respectively. CEG Master Services Agreements The Company is a party to Master Services Agreements with CEG, or MSAs, pursuant to which CEG and certain of its affiliates or third party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. Amounts due to CEG or its subsidiaries related to these MSAs are recorded as accounts payable — affiliates on the Company's consolidated balance sheet. The Company incurred net expenses of $1 million and $0.6 million under these agreements for the three months ended June 30, 2021 and 2020, respectively. The Company incurred net expenses of $2 million and $1.2 million under these agreements for the six months ended June 30, 2021 and 2020, respectively. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies This note should be read in conjunction with the complete description under Item 15 — Note 14, Commitments and Contingencies , to the consolidated financial statements included in the Company's 2020 Form 10-K. Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Nebraska Public Power District Litigation On January 11, 2019, Nebraska Public Power District, or NPPD, sent written notice to certain of the Company’s subsidiaries which own the Laredo Ridge and Elkhorn Ridge wind projects alleging an event of default under each of the PPAs between NPPD and the projects. NPPD alleges that the Company moved forward with certain transactions without obtaining the consent of NPPD. NPPD threatened to terminate the applicable PPAs by February 11, 2019 if the alleged default was not cured. The Company filed a motion for a temporary restraining order and preliminary injunction in the U.S. District Court for the District of Nebraska relating to the Laredo Ridge project, and a similar motion in the District Court of Knox County, Nebraska for the Elkhorn Ridge project, to enjoin NPPD from taking any actions related to the PPAs. On February 19, 2019, the U.S. District Court in the Laredo Ridge matter approved a stipulation between the parties to provide for an injunction preventing NPPD from terminating the PPA pending disposition of the litigation. On February 26, 2019, the Knox County District Court approved a similar stipulation relating to the Elkhorn Ridge project. On April 13, 2020, the U.S. District Court granted the wind projects' motion for summary judgment and permanently enjoined NPPD from terminating the PPAs in reliance on the alleged events of default. The U.S. District Court decision was appealed by NPPD on May 11, 2020 and the case in the Knox County District Court remains pending, but has been stayed pending the outcome of the U.S. District Court case. Argument before the U.S. Court of Appeals for the Eight Circuit was held on March 18, 2021. The Company believes the allegations of NPPD are meritless and the Company is vigorously defending its rights under the PPAs. Buckthorn Solar Litigation On October 8, 2019, the City of Georgetown, Texas, or Georgetown, filed a petition in the District Court of Williamson County, Texas naming Buckthorn Westex, LLC, the Company’s subsidiary that owns the Buckthorn Westex solar project, as the defendant, alleging fraud by nondisclosure and breach of contract in connection with the project and the PPA, and seeking (i) rescission and/or cancellation of the PPA, (ii) declaratory judgment that the alleged breaches constitute an event of default under the PPA entitling Georgetown to terminate, and (iii) recovery of all damages, costs of court, and attorneys’ fees. On November 15, 2019, Buckthorn Westex filed an original answer and counterclaims (i) denying Georgetown’s claims, (ii) alleging Georgetown has breached its contracts with Buckthorn Westex by failing to pay amounts due, and (iii) seeking relief in the form of (x) declaratory judgment that Georgetown’s alleged failure to pay amounts due constitute breaches of and an event of default under the PPA and that Buckthorn did not commit any events of default under the PPA, (y) recovery of costs, expenses, interest, and attorneys’ fees, and (z) such other relief to which it is entitled at law or in equity. Buckthorn Westex believes the allegations of Georgetown are meritless, and Buckthorn Westex is vigorously defending its rights under the PPA. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect, and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria is met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period. |
Nature of Business (Tables)
Nature of Business (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Clearway Energy Organizational Structure | The following table represents the structure of the Company as of June 30, 2021: |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows: June 30, 2021 December 31, 2020 (In millions) Cash and cash equivalents $ 138 $ 268 Restricted cash 332 197 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 470 $ 465 |
Schedule of Restricted Cash | 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 statements of cash flows: June 30, 2021 December 31, 2020 (In millions) Cash and cash equivalents $ 138 $ 268 Restricted cash 332 197 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 470 $ 465 |
Schedule of Accumulated Depreciation and Amortization | The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In millions) Property, Plant and Equipment Accumulated Depreciation $ 2,573 $ 2,323 Intangible Assets Accumulated Amortization 556 487 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table lists distributions paid on the Company's Class A, B, C and D units during the six months ended June 30, 2021: Second Quarter 2021 First Quarter 2021 Distributions per Class A, B, C and D unit $ 0.329 $ 0.324 |
Disaggregation of Revenue | The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and six months ended June 30, 2021 and 2020, respectively: 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 revenue 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, 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 revenue 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 Three months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 1 $ 195 $ 22 $ 218 Capacity revenue (a) 112 — 12 124 Contract amortization (6) (16) — (22) Other revenue — 4 8 12 Mark-to-market for economic hedges — (3) — (3) Total operating revenue 107 180 42 329 Less: Mark-to-market for economic hedges — 3 — 3 Less: Lease revenue (113) (181) — (294) Less: Contract amortization 6 16 — 22 Total revenue from contracts with customers $ — $ 18 $ 42 $ 60 (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 $ 1 $ 181 $ — $ 182 Capacity revenue 112 — — 112 Total $ 113 $ 181 $ — $ 294 Six months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 3 $ 320 $ 50 $ 373 Capacity revenue (a) 219 — 26 245 Contract amortization (12) (31) (1) (44) Other revenue — 6 15 21 Mark-to-market for economic hedges — (8) — (8) Total operating revenue 210 287 90 587 Less: Mark-to-market for economic hedges — 8 — 8 Less: Lease revenue (222) (296) (1) (519) Less: Contract amortization 12 31 1 44 Total revenue from contracts with customers $ — $ 30 $ 90 $ 120 (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 $ 296 $ 1 $ 300 Capacity revenue 219 — — 219 Total $ 222 $ 296 $ 1 $ 519 |
Contract Asset and Liability | The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In millions) Accounts receivable, net - Contracts with customers $ 66 $ 57 Accounts receivable, net - Leases 137 86 Total accounts receivable, net $ 203 $ 143 |
Acquisition and Dispositions (T
Acquisition and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Asset Acquisition | The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021: (In millions) Rattlesnake Current Assets $ 8 Property, plant and equipment 200 Right-of-use asset 12 Total assets acquired 220 Debt (a) 176 Long-term lease liabilities 12 Other current and non-current liabilities 18 Total liabilities assumed 206 Net assets acquired $ 14 (a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor recorded in noncontrolling interest and $103 million contributed by CEG, both recorded as contributed capital. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees. The following is a summary of assets and liabilities acquired in connection with the acquisition as of February 3, 2021: (In millions) Agua Caliente Restricted cash $ 91 Property, plant and equipment 154 Intangible asset for power purchase agreement 1,022 Other currents assets 9 Total assets acquired 1,276 Accounts payable and other current liabilities 5 Debt 716 Total liabilities assumed 721 Noncontrolling interest 273 Equity method investment removed (80) Net assets acquired $ 202 (In millions) Mt. Storm Current Assets $ 3 Property, plant and equipment 108 Intangible asset 2 Total assets acquired 113 Accounts payable and other liabilities 4 Derivative instruments 9 Total liabilities assumed 13 Net assets acquired $ 100 |
Investments Accounted for by _2
Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | Summarized financial information for the Company's consolidated VIEs consisted of the following as of June 30, 2021: (In millions) Alta TE Holdco Buckthorn Renewables, LLC DGPV Funds (a) Kawailoa Partnership Langford TE Partnership LLC Lighthouse Renewable Holdco LLC Other current and non-current assets $ 59 $ 4 $ 96 $ 42 $ 15 $ 41 Property, plant and equipment 344 206 611 138 135 437 Intangible assets 218 — 16 — 2 — Total assets 621 210 723 180 152 478 Current and non-current liabilities 38 10 77 106 17 126 Total liabilities 38 10 77 106 17 126 Noncontrolling interest 26 51 4 51 74 313 Net assets less noncontrolling interests $ 557 $ 149 $ 642 $ 23 $ 61 $ 39 (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. (In millions) Oahu Pinnacle Repowering Partnership LLC Rattlesnake TE Holdco LLC Rosie TargetCo LLC Wildorado Other (a) Other current and non-current assets $ 50 $ 12 $ 31 $ 27 $ 21 $ 16 Property, plant and equipment 175 100 196 255 232 178 Intangible assets — 19 — — — 1 Total assets 225 131 227 282 253 195 Current and non-current liabilities 117 102 21 101 18 44 Total liabilities 117 102 21 101 18 44 Noncontrolling interest 35 27 98 147 127 99 Net assets less noncontrolling interests $ 73 $ 2 $ 108 $ 34 $ 108 $ 52 (a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects. |
Equity Method Investments | The Company's maximum exposure to loss as of June 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below: Name Economic Investment Balance (In millions) Avenal 50% $ (3) Desert Sunlight 25% 244 Elkhorn Ridge 67% 34 GenConn (a) 50% 88 San Juan Mesa 75% 29 Utah Solar Portfolio (b) 50% 247 $ 639 ( a ) GenConn is a variable interest entity. (b) Economic interest based on cash to be distributed. Four Brothers Solar, LLC, Granite Mountain Holdings, LLC and Iron Springs Holdings, LLC are tax equity structures and VIEs. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Carrying Values and Fair Value | The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows: As of June 30, 2021 As of December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion — affiliate $ 1 $ 1 $ 1 $ 1 Long-term debt, including current portion — external (a) $ 8,030 $ 8,006 $ 7,048 $ 7,020 (a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. |
Fair Value Option, Disclosures | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 2,166 $ 5,841 $ 1,906 $ 5,115 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | As of June 30, 2021 As of December 31, 2020 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 3 Level 2 Level 3 Derivative assets: Interest rate contracts $ 4 $ — $ 1 $ — Other financial instruments (b) — 24 — 29 Total assets $ 4 $ 24 $ 1 $ 29 Derivative liabilities: Commodity contracts $ — $ 103 $ — $ 44 Interest rate contracts 86 — 129 — Total liabilities $ 86 $ 103 $ 129 $ 44 (a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of June 30, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (39) $ (14) $ (15) $ (9) Total losses for the period included in earnings (33) (3) (57) (8) Purchases (9) — (9) — Settlements 2 — 2 — Ending balance $ (79) $ (17) $ (79) $ (17) Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2021 $ (33) $ (57) |
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, 2021: June 30, 2021 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ — $ (103) Discounted Cash Flow Forward Market Price (per MWh) 12.56 58.94 25.95 Other Financial Instruments $ 24 $ — Discounted Cash Flow Forecast annual generation levels of certain DG solar facilities 80,872 MWh 129,913 MWh 124,783 MWh The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of June 30, 2021: Significant Observable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) Forecast Generation Levels Sell Increase/(Decrease) Higher/(Lower) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of June 30, 2021 and December 31, 2020: Total Volume June 30, 2021 December 31, 2020 Commodity Units (In millions) Natural Gas MMBtu 1 1 Power MWh (13) (8) Interest Dollars $ 1,486 $ 1,600 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 7 $ 8 Interest rate contracts long-term — — 7 15 Total Derivatives Designated as Cash Flow Hedges $ — $ — $ 14 $ 23 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current — — 23 25 Interest rate contracts long-term 4 1 49 81 Commodity contracts current — — 14 5 Commodity contracts long-term — — 89 39 Total Derivatives Not Designated as Cash Flow Hedges 4 1 175 150 Total Derivatives $ 4 $ 1 $ 189 $ 173 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by counterparty master agreement level as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (103) $ — $ (103) Total commodity contracts (103) — (103) Interest rate contracts Derivative assets $ 4 $ (4) $ — Derivative liabilities (86) 4 (82) Total interest rate contracts (82) — (82) Total derivative instruments $ (185) $ — $ (185) As of December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (44) $ — $ (44) Total commodity contracts (44) — (44) Interest rate contracts: Derivative assets $ 1 $ — $ 1 Derivative liabilities (129) — (129) Total interest rate contracts (128) — (128) Total derivative instruments $ (172) $ — $ (172) |
Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives : Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Accumulated OCL beginning balance $ (22) $ (51) $ (35) $ (37) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 1 6 4 Mark-to-market of cash flow hedge accounting contracts (3) 4 7 (13) Accumulated OCL ending balance (22) (46) (22) (46) Accumulated OCL attributable to noncontrolling interests — — — — Accumulated OCL attributable to Clearway Energy LLC $ (22) $ (46) $ (22) $ (46) Losses expected to be realized from OCL during the next 12 months $ (12) $ (12) |
Derivative gains and losses | Gains and losses related to the Company's derivatives are recorded in the consolidated statement of operations as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In millions) Interest Rate Contracts (Interest expense) $ (11) $ (13) $ 36 $ (92) Commodity Contracts (Mark-to-market for economic hedging activities) (a) (28) (3) (50) (8) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company's 2020 Form 10-K. Long-term debt consisted of the following: (In millions, except rates) June 30, 2021 December 31, 2020 June 30, 2021 interest rate % (a) Letters of Credit Outstanding at June 30, 2021 Intercompany Note with Clearway Energy, Inc. $ 1 $ 1 1.490 2025 Senior Notes — 600 5.750 2026 Senior Notes 350 350 5.000 2028 Senior Notes 850 850 4.750 2031 Senior Notes 925 — 3.750 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) 67 — L+1.750 88 Project-level debt: Agua Caliente Solar LLC, due 2037 712 — 2.395- 3.633 44 Alta Wind Asset Management LLC, due 2031 14 14 L+2.625 26 Alta Wind I-V lease financing arrangements, due 2034 and 2035 772 800 5.696- 7.015 — Alta Wind Realty Investments LLC, due 2031 25 25 7.000 — Borrego, due 2024 and 2038 57 57 Various 4 Buckthorn Solar, due 2025 125 126 L+1.750 23 Carlsbad Energy Holdings LLC, due 2027 156 156 L+1.625 82 Carlsbad Energy Holdings LLC, due 2038 407 407 4.120 — Carlsbad Holdco, due 2038 210 210 4.210 10 CVSR Holdco Notes, due 2037 169 176 4.680 13 CVSR, due 2037 662 675 2.339 - 3.775 — DG-CS Master Borrower LLC, due 2040 462 467 3.510 30 Duquesne, due 2059 95 95 4.620 — El Segundo Energy Center, due 2023 213 250 L+1.875 - L+2.500 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 327 327 Various — Kawailoa Solar Portfolio LLC, due 2026 80 81 L+1.375 15 Laredo Ridge, due 2028 75 78 L+2.125 9 Marsh Landing, due 2023 129 146 L+2.375 99 NIMH Solar, due 2024 185 191 L+2.00 16 Oahu Solar Holdings LLC, due 2026 88 89 L+1.375 11 Pinnacle Repowering Partnership Holdco LLC, due 2021 90 — L+1.00 2 Rosie Class B LLC, due 2027 80 80 L+1.75 21 Tapestry Wind LLC, due 2031 88 143 L+1.375 11 Utah Solar Holdings, due 2036 284 290 3.590 16 Walnut Creek, due 2023 110 126 L+1.75 103 WCEP Holdings, LLC, due 2023 32 35 L+3.00 — Other 187 199 Various 38 Subtotal project-level debt: 5,834 5,243 Total debt 8,027 7,044 Less current maturities (519) (385) Less net debt issuance costs (78) (79) Add premiums (c) 4 5 Total long-term debt $ 7,434 $ 6,585 (a) As of June 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) Premiums relate to the 2028 Senior Notes. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three months ended June 30, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) 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 — 8 9 Transaction and integration costs — — — 1 1 Development costs — — 1 — 1 Operating income (loss) 55 78 9 (8) 134 Equity in earnings of unconsolidated affiliates 2 6 — — 8 Other income, net (1) 1 1 — 1 Interest expense (16) (58) (4) (25) (103) Net Income (Loss) $ 40 $ 27 $ 6 $ (33) $ 40 Total Assets $ 2,500 $ 8,617 $ 621 $ 25 $ 11,763 (a) Includes eliminations Three months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 107 $ 180 $ 42 $ — $ 329 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 22 39 26 — 87 Depreciation, amortization and accretion 33 59 7 — 99 General and administrative — 1 2 8 11 Development costs — — 1 — 1 Operating income (loss) 52 81 6 (8) 131 Equity in earnings of unconsolidated affiliates 1 15 — — 16 Gain on sale of unconsolidated affiliate — — — 49 49 Other income, net — — — 1 1 Interest expense (22) (42) (5) (24) (93) Net Income $ 31 $ 54 $ 1 $ 18 $ 104 Six months ended June 30, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) 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 17 19 Transaction and integration costs — — — 3 3 Development costs — — 2 — 2 Operating income (loss) 96 25 18 (19) 120 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) Net Income (Loss) $ 73 $ (29) $ 10 $ (110) $ (56) (a) Includes eliminations Six months ended June 30, 2020 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 210 $ 287 $ 90 $ — $ 587 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 46 75 59 — 180 Depreciation, amortization and accretion 66 121 14 — 201 General and administrative — 1 3 16 20 Transaction and integration costs — — — 1 1 Development costs — — 2 — 2 Operating income (loss) 98 90 12 (17) 183 Equity in earnings of unconsolidated affiliates 3 — — — 3 Gain on sale of unconsolidated affiliate — — — 49 49 Other income, net — 1 1 1 3 Loss on debt extinguishment — — — (3) (3) Interest expense (52) (151) (10) (47) (260) Net Income (Loss) $ 49 $ (60) $ 3 $ (17) $ (25) |
Nature of Business (Details)
Nature of Business (Details) | 6 Months Ended |
Jun. 30, 2021MW | |
Nature of Business [Line Items] | |
Power generation capacity, megawatts (over) | 8,000 |
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind | |
Nature of Business [Line Items] | |
Power generation capacity, megawatts (over) | 4,700 |
Generational Facilities and District Energy Systems | |
Nature of Business [Line Items] | |
Power generation capacity, megawatts (over) | 2,500 |
Clearway Energy LLC | Clearway Energy, Inc. | |
Nature of Business [Line Items] | |
Ownership interest (as a percentage) | 57.65% |
CEG | Clearway Energy LLC | |
Nature of Business [Line Items] | |
Ownership interest (as a percentage) | 42.35% |
CEG | Clearway Energy, Inc. | |
Nature of Business [Line Items] | |
Voting Interest (as a percentage) | 54.93% |
Public Shareholders | Clearway Energy, Inc. | |
Nature of Business [Line Items] | |
Voting Interest (as a percentage) | 45.07% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents, held at project subsidiaries | $ 125 | $ 149 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | 138 | 268 | ||
Restricted cash | 332 | 197 | ||
Cash, cash equivalents and restricted cash shown in the statement of cash flows | 470 | $ 465 | $ 415 | $ 414 |
State of Hawaii | Prepayments and other current assets | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Refundable tax credit receivable | 49 | |||
Long Term Debt Current | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Restricted cash | 38 | |||
Debt Service Obligations | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Restricted cash | 130 | |||
Cash Distribution | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Restricted cash | 33 | |||
Operating Funds | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Restricted cash | $ 131 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Accumulated Depreciation, Accumulated Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Property, Plant and Equipment Accumulated Depreciation | $ 2,573 | $ 2,323 |
Intangible Assets Accumulated Amortization | $ 556 | $ 487 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Distributions Paid (Details) - $ / shares | Jul. 23, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Common Class A | |||
Class of Stock [Line Items] | |||
Distributions per Class A, B, C and D unit (in dollars per share) | $ 0.329 | $ 0.324 | |
Common Class A | Subsequent Event | |||
Class of Stock [Line Items] | |||
Distribution per Class A, B, C and D unit, delcared (in dollars per share) | $ 0.3345 | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Distributions per Class A, B, C and D unit (in dollars per share) | 0.329 | 0.324 | |
Common Class B | Subsequent Event | |||
Class of Stock [Line Items] | |||
Distribution per Class A, B, C and D unit, delcared (in dollars per share) | 0.3345 | ||
Common Class C | |||
Class of Stock [Line Items] | |||
Distributions per Class A, B, C and D unit (in dollars per share) | 0.329 | 0.324 | |
Common Class C | Subsequent Event | |||
Class of Stock [Line Items] | |||
Distribution per Class A, B, C and D unit, delcared (in dollars per share) | 0.3345 | ||
Common Class D | |||
Class of Stock [Line Items] | |||
Distributions per Class A, B, C and D unit (in dollars per share) | $ 0.329 | $ 0.324 | |
Common Class D | Subsequent Event | |||
Class of Stock [Line Items] | |||
Distribution per Class A, B, C and D unit, delcared (in dollars per share) | $ 0.3345 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Disaggregated Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | $ 380 | $ 329 | $ 617 | $ 587 |
Total operating revenues | 380 | 329 | 617 | 587 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 380 | 329 | 617 | 587 |
Contract amortization | (37) | (22) | (69) | (44) |
Mark-to-market for economic hedges | (31) | (3) | (55) | (8) |
Total operating revenues | 380 | 329 | 617 | 587 |
Less: Mark-to-market for economic hedges | 31 | 3 | 55 | 8 |
Lease income | (343) | (294) | (597) | (519) |
Less: Contract amortization | 37 | 22 | 69 | 44 |
Total revenue from contracts with customers | 105 | 60 | 144 | 120 |
Operating Segments | Conventional Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 109 | 107 | 211 | 210 |
Contract amortization | (6) | (6) | (12) | (12) |
Mark-to-market for economic hedges | 0 | 0 | 0 | 0 |
Total operating revenues | 109 | 107 | 211 | 210 |
Less: Mark-to-market for economic hedges | 0 | 0 | 0 | 0 |
Lease income | (115) | (113) | (223) | (222) |
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 | 222 | 180 | 308 | 287 |
Contract amortization | (30) | (16) | (55) | (31) |
Mark-to-market for economic hedges | (31) | (3) | (55) | (8) |
Total operating revenues | 222 | 180 | 308 | 287 |
Less: Mark-to-market for economic hedges | 31 | 3 | 55 | 8 |
Lease income | (228) | (181) | (373) | (296) |
Less: Contract amortization | 30 | 16 | 55 | 31 |
Total revenue from contracts with customers | 55 | 18 | 45 | 30 |
Operating Segments | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 49 | 42 | 98 | 90 |
Contract amortization | (1) | 0 | (2) | (1) |
Mark-to-market for economic hedges | 0 | 0 | 0 | 0 |
Total operating revenues | 49 | 42 | 98 | 90 |
Less: Mark-to-market for economic hedges | 0 | 0 | 0 | 0 |
Lease income | 0 | 0 | (1) | (1) |
Less: Contract amortization | 1 | 0 | 2 | 1 |
Total revenue from contracts with customers | 50 | 42 | 99 | 90 |
Operating Segments | Energy Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 292 | 218 | 448 | 373 |
Total operating revenues | 292 | 218 | 448 | 373 |
Lease income | (230) | (182) | (377) | (300) |
Operating Segments | Energy Revenue | Conventional Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 2 | 1 | 3 | 3 |
Total operating revenues | 2 | 1 | 3 | 3 |
Lease income | (2) | (1) | (3) | (3) |
Operating Segments | Energy Revenue | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 261 | 195 | 387 | 320 |
Total operating revenues | 261 | 195 | 387 | 320 |
Lease income | (228) | (181) | (373) | (296) |
Operating Segments | Energy Revenue | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 29 | 22 | 58 | 50 |
Total operating revenues | 29 | 22 | 58 | 50 |
Lease income | 0 | 0 | (1) | (1) |
Operating Segments | Capacity Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 128 | 124 | 248 | 245 |
Total operating revenues | 128 | 124 | 248 | 245 |
Lease income | (113) | (112) | (220) | (219) |
Operating Segments | Capacity Revenue | Conventional Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 113 | 112 | 220 | 219 |
Total operating revenues | 113 | 112 | 220 | 219 |
Lease income | (113) | (112) | (220) | (219) |
Operating Segments | Capacity Revenue | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Lease income | 0 | 0 | 0 | 0 |
Operating Segments | Capacity Revenue | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 15 | 12 | 28 | 26 |
Total operating revenues | 15 | 12 | 28 | 26 |
Lease income | 0 | 0 | 0 | 0 |
Operating Segments | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 28 | 12 | 45 | 21 |
Total operating revenues | 28 | 12 | 45 | 21 |
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 | 22 | 4 | 31 | 6 |
Total operating revenues | 22 | 4 | 31 | 6 |
Operating Segments | Other revenue | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 6 | 8 | 14 | 15 |
Total operating revenues | $ 6 | $ 8 | $ 14 | $ 15 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Total accounts receivable, net | $ 203 | $ 143 |
Accounts receivable, net - Contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Total accounts receivable, net | 66 | 57 |
Accounts receivable, net - Leases | ||
Disaggregation of Revenue [Line Items] | ||
Total accounts receivable, net | $ 137 | $ 86 |
Acquisition and Dispositions -
Acquisition and Dispositions - Narrative (Details) $ in Millions | Apr. 23, 2021USD ($)MW | Feb. 03, 2021USD ($)MW | Jan. 12, 2021USD ($)MW | May 14, 2020USD ($) | Mar. 03, 2020USD ($) | Jun. 30, 2021USD ($)MW | Jun. 30, 2020USD ($) | Feb. 02, 2021 |
Schedule of Asset Acquisition [Line Items] | ||||||||
Payments for asset acquisition | $ 211 | $ 0 | ||||||
Power generation capacity, megawatts | MW | 8,000 | |||||||
Energy Center Dover | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Proceeds from sale of interests | $ 15 | |||||||
Sale of assets percentage ownership interest sold | 100.00% | |||||||
RPV Holdco 1 LLC | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Proceeds from sale of interests | $ 75 | |||||||
Gain on sale of investment | $ 49 | |||||||
Rattlesnake TE Holdco LLC | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Payments for asset acquisition | $ 132 | |||||||
Power purchase agreement period | 20 years | |||||||
Net assets acquired | $ 14 | |||||||
Agua Caliente | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Payments for asset acquisition | $ 202 | |||||||
Power generation capacity, megawatts | MW | 290 | |||||||
Power purchase agreement period | 25 years | |||||||
Net assets acquired | $ 202 | |||||||
Asset acquisition, percentage equity interests acquired | 35.00% | |||||||
Power purchase agreement period (in years) | 19 years | |||||||
Asset acquisition, restricted cash acquired | $ 91 | |||||||
Payments for asset acquisition, net cash outflow | $ 111 | |||||||
Mt. Storm | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Power purchase agreement period | 10 years | |||||||
Net assets acquired | $ 100 | |||||||
Asset acquisition, percentage equity interests acquired | 100.00% | |||||||
Asset acquisition consideration | $ 96 | |||||||
Working capital and purchase price adjustments | 4 | |||||||
Payments to acquire productive assets | $ 100 | |||||||
Wind Power Generation | Rattlesnake TE Holdco LLC | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Power generation capacity, megawatts | MW | 160 | |||||||
Deliverable power generation capacity, megawatts | MW | 144 | |||||||
Wind Power Generation | Mt. Storm | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Power generation capacity, megawatts | MW | 264 | |||||||
Clearway Energy, Inc. | Agua Caliente | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Noncontrolling interest, ownership percentage by parent | 16.00% | |||||||
Agua Caliente | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Ownership interest | 51.00% | |||||||
Third Party Investor | Agua Caliente | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Ownership percentage by third party investor | 49.00% |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Summary of Assets and Liabilities Transferred (Details) - USD ($) $ in Millions | Apr. 23, 2021 | Feb. 03, 2021 | Jan. 12, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule of Asset Acquisition [Line Items] | |||||
Net contributions from noncontrolling interests | $ 162 | $ 154 | |||
Payments to fund project reserve accounts | $ 29 | ||||
Payments for associated fees | 5 | ||||
Tax Equity Investors | |||||
Schedule of Asset Acquisition [Line Items] | |||||
Net contributions from noncontrolling interests | 107 | ||||
CEG | |||||
Schedule of Asset Acquisition [Line Items] | |||||
Net contributions from noncontrolling interests | 103 | ||||
Rattlesnake TE Holdco LLC | |||||
Schedule of Asset Acquisition [Line Items] | |||||
Current Assets | 8 | ||||
Property, plant and equipment | 200 | ||||
Right-of-use asset | 12 | ||||
Total assets acquired | 220 | ||||
Debt | 176 | ||||
Long-term lease liabilities | 12 | ||||
Other current and non-current liabilities | 18 | ||||
Total liabilities assumed | 206 | ||||
Net assets acquired | 14 | ||||
Net contributions from noncontrolling interests | 210 | ||||
Repayment of debt at asset acquisition | $ 176 | ||||
Agua Caliente | |||||
Schedule of Asset Acquisition [Line Items] | |||||
Restricted cash | $ 91 | ||||
Property, plant and equipment | 154 | ||||
Intangible asset for power purchase agreement | 1,022 | ||||
Other currents assets | 9 | ||||
Total assets acquired | 1,276 | ||||
Accounts payable and other current liabilities | 5 | ||||
Debt | 716 | ||||
Total liabilities assumed | 721 | ||||
Noncontrolling interest | 273 | ||||
Equity method investment removed | (80) | ||||
Net assets acquired | $ 202 | ||||
Mt. Storm | |||||
Schedule of Asset Acquisition [Line Items] | |||||
Current Assets | $ 3 | ||||
Property, plant and equipment | 108 | ||||
Intangible asset for power purchase agreement | 2 | ||||
Total assets acquired | 113 | ||||
Accounts payable and other current liabilities | 4 | ||||
Derivative instruments | 9 | ||||
Total liabilities assumed | 13 | ||||
Net assets acquired | $ 100 |
Investments Accounted for by _3
Investments Accounted for by the Equity Method and Variable Interest Entities - Consolidated Entities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | $ 3,459 | $ 2,563 |
Property, plant and equipment, net | 7,537 | 7,217 |
Finite-Lived Intangible Assets, Net | 2,188 | 1,231 |
Total Assets | 11,763 | 10,488 |
Total liabilities | 8,876 | $ 7,876 |
Alta TE Holdco | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 59 | |
Property, plant and equipment, net | 344 | |
Finite-Lived Intangible Assets, Net | 218 | |
Total Assets | 621 | |
Total liabilities | 38 | |
Noncontrolling interest | 26 | |
Net assets less noncontrolling interests | 557 | |
Buckthorn Renewables, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 4 | |
Property, plant and equipment, net | 206 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 210 | |
Total liabilities | 10 | |
Noncontrolling interest | 51 | |
Net assets less noncontrolling interests | 149 | |
DGPV Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 96 | |
Property, plant and equipment, net | 611 | |
Finite-Lived Intangible Assets, Net | 16 | |
Total Assets | 723 | |
Total liabilities | 77 | |
Noncontrolling interest | 4 | |
Net assets less noncontrolling interests | 642 | |
Kawailoa Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 42 | |
Property, plant and equipment, net | 138 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 180 | |
Total liabilities | 106 | |
Noncontrolling interest | 51 | |
Net assets less noncontrolling interests | 23 | |
Langford TE Partnership LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 15 | |
Property, plant and equipment, net | 135 | |
Finite-Lived Intangible Assets, Net | 2 | |
Total Assets | 152 | |
Total liabilities | 17 | |
Noncontrolling interest | 74 | |
Net assets less noncontrolling interests | 61 | |
Lighthouse Renewable Holdco LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 41 | |
Property, plant and equipment, net | 437 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 478 | |
Total liabilities | 126 | |
Noncontrolling interest | 313 | |
Net assets less noncontrolling interests | 39 | |
Oahu Solar Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 50 | |
Property, plant and equipment, net | 175 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 225 | |
Total liabilities | 117 | |
Noncontrolling interest | 35 | |
Net assets less noncontrolling interests | 73 | |
Pinnacle Repowering Partnership LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 12 | |
Property, plant and equipment, net | 100 | |
Finite-Lived Intangible Assets, Net | 19 | |
Total Assets | 131 | |
Total liabilities | 102 | |
Noncontrolling interest | 27 | |
Net assets less noncontrolling interests | 2 | |
Rattlesnake TE Holdco LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 31 | |
Property, plant and equipment, net | 196 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 227 | |
Total liabilities | 21 | |
Noncontrolling interest | 98 | |
Net assets less noncontrolling interests | 108 | |
Rosie TargetCo LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 27 | |
Property, plant and equipment, net | 255 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 282 | |
Total liabilities | 101 | |
Noncontrolling interest | 147 | |
Net assets less noncontrolling interests | 34 | |
Wildorado TE Holdco | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 21 | |
Property, plant and equipment, net | 232 | |
Finite-Lived Intangible Assets, Net | 0 | |
Total Assets | 253 | |
Total liabilities | 18 | |
Noncontrolling interest | 127 | |
Net assets less noncontrolling interests | 108 | |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 16 | |
Property, plant and equipment, net | 178 | |
Finite-Lived Intangible Assets, Net | 1 | |
Total Assets | 195 | |
Total liabilities | 44 | |
Noncontrolling interest | 99 | |
Net assets less noncontrolling interests | $ 52 |
Investments Accounted for by _4
Investments Accounted for by the Equity Method and Variable Interest Entities - Acquisitions (Details) $ in Millions | Mar. 10, 2021USD ($) | Jan. 12, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Feb. 26, 2021MW |
Schedule of Equity Method Investments [Line Items] | ||||||
(Distributions) contributions from CEG, non-cash | $ 8 | |||||
CEG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
(Distributions) contributions from CEG, non-cash | $ 3 | $ 27 | ||||
CEG | Noncontrolling Interest | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
(Distributions) contributions from CEG, non-cash | $ 29 | |||||
Rattlesnake Class B LLC Credit Facility | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Repayments of debt | $ 176 | |||||
Rattlesnake TE Holdco LLC | Capital Unit, Class A | Third Party Investor | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Acquired membership interests | $ 107 | |||||
Pinnacle Repowering Partnership LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Deliverable power generation capacity, megawatts | MW | 55 | |||||
Pinnacle Repowering Partnership LLC | CEG | Noncontrolling Interest | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Allocations of taxable income after (as a percentage) | 15.00% | |||||
(Distributions) contributions from CEG, non-cash | $ 27 | |||||
Payments to acquire productive assets | $ 21 | |||||
Pinnacle Repowering Partnership LLC | Capital Unit, Class A | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Economic Interest | 100.00% | |||||
Pinnacle Repowering Partnership LLC | Capital Unit, Class B | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Economic Interest | 100.00% |
Investments Accounted for by _5
Investments Accounted for by the Equity Method and Variable Interest Entities - Unconsolidated Entities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investments in affiliates | $ 639 | $ 741 |
Avenal | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 50.00% | |
Equity investments in affiliates | $ (3) | |
Desert Sunlight | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 25.00% | |
Equity investments in affiliates | $ 244 | |
Elkhorn Ridge | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 67.00% | |
Equity investments in affiliates | $ 34 | |
GenConn | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 50.00% | |
Equity investments in affiliates | $ 88 | |
San Juan Mesa | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 75.00% | |
Equity investments in affiliates | $ 29 | |
Utah Solar Portfolio | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 50.00% | |
Equity investments in affiliates | $ 247 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 8,030 | $ 7,048 |
Carrying Amount | Affiliated Entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 1 | 1 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 8,006 | 7,020 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 2,166 | 1,906 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 5,841 | 5,115 |
Fair Value | Affiliated Entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 1 | $ 1 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | $ 4 | $ 4 | $ 1 | ||||
Derivative liability, fair value, gross liability | 189 | 189 | 173 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2021 | (1) | $ 13 | $ 5 | $ (14) | |||
Fair Value, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 4 | 4 | 1 | ||||
Derivative liability, fair value, gross liability | 86 | 86 | 129 | ||||
Fair Value, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 24 | 24 | 29 | ||||
Derivative liability, fair value, gross liability | 103 | 103 | 44 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||||
Beginning balance | (39) | (15) | (14) | (9) | (15) | $ (9) | |
Total losses for the period included in earnings | (33) | (3) | (57) | (8) | |||
Purchases | (9) | 0 | (9) | 0 | |||
Settlements | 2 | 0 | 2 | 0 | |||
Ending balance | (79) | $ (39) | (17) | $ (14) | (79) | (17) | |
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2021 | (33) | (57) | |||||
Commodity contracts | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liability, fair value, gross liability | 103 | 103 | 44 | ||||
Commodity contracts | Fair Value, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liability, fair value, gross liability | 0 | 0 | 0 | ||||
Commodity contracts | Fair Value, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liability, fair value, gross liability | 103 | 103 | 44 | ||||
Interest rate contracts | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 4 | 4 | 1 | ||||
Derivative liability, fair value, gross liability | 86 | 86 | 129 | ||||
Interest rate contracts | Fair Value, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 4 | 4 | 1 | ||||
Derivative liability, fair value, gross liability | 86 | 86 | 129 | ||||
Interest rate contracts | Fair Value, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 0 | 0 | 0 | ||||
Derivative liability, fair value, gross liability | 0 | 0 | 0 | ||||
Other Financial Instruments | Fair Value, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | 0 | 0 | 0 | ||||
Other Financial Instruments | Fair Value, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative asset, fair value, gross asset | $ 24 | $ 24 | $ 29 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Percent of derivative liabilities using level 3 fair value inputs | 54.00% |
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 | $ 9 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Fair Value, Recurring - Level 3 $ in Millions | Jun. 30, 2021USD ($)$ / MWh |
Power Contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset | $ | $ 0 |
Derivative liability | $ | $ (103) |
Power Contracts | Low | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 12.56 |
Power Contracts | High | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 58.94 |
Power Contracts | Weighted Average | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 25.95 |
Other Financial Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset | $ | $ 24 |
Derivative liability | $ | $ 0 |
Other Financial Instruments | Low | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 80,872 |
Other Financial Instruments | High | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 129,913 |
Other Financial Instruments | Weighted Average | Measurement Input, Commodity Forward Price | Valuation Technique, Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability measurement input | 124,783 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Volumetric Underlying Derivative Transactions (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)MWhMMBTU | Dec. 31, 2020USD ($)MMBTUMWh | |
Natural Gas | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 1 | 1 |
Power | Short | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 13 | 8 |
Interest | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | $ | $ 1,486 | $ 1,600 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - FV of Derivative Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | $ 4 | $ 1 |
Derivative Liabilities | 189 | 173 |
Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 14 | 23 |
Designated as Hedging Instrument | Interest rate contracts current | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 7 | 8 |
Designated as Hedging Instrument | Interest rate contracts long-term | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 7 | 15 |
Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 4 | 1 |
Derivative Liabilities | 175 | 150 |
Not Designated as Hedging Instrument | Interest rate contracts current | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 23 | 25 |
Not Designated as Hedging Instrument | Interest rate contracts long-term | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 4 | 1 |
Derivative Liabilities | 49 | 81 |
Not Designated as Hedging Instrument | Commodity contracts current | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 14 | 5 |
Not Designated as Hedging Instrument | Commodity contracts long-term | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | $ 89 | $ 39 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Summary of Offsetting of Derivatives by Counterparty Master Agreement Level (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Gross Amounts of Recognized Assets/Liabilities | $ (189) | $ (173) |
Derivative Assets | 4 | 1 |
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities | (185) | (172) |
Total derivative instruments, Derivative Instruments | 0 | 0 |
Total derivative instruments, Net Amount | (185) | (172) |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Gross Amounts of Recognized Assets/Liabilities | (103) | (44) |
Derivative liability, Derivative Instruments | 0 | 0 |
Derivative liability, Net Amount | (103) | (44) |
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities | (103) | (44) |
Total derivative instruments, Derivative Instruments | 0 | 0 |
Total derivative instruments, Net Amount | (103) | (44) |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Gross Amounts of Recognized Assets/Liabilities | (86) | (129) |
Derivative liability, Derivative Instruments | 4 | 0 |
Derivative liability, Net Amount | (82) | (129) |
Derivative Assets | 4 | 1 |
Derivative assets, Derivative Instruments | (4) | 0 |
Derivative asset, Net Amount | 0 | 1 |
Total derivative instruments, Gross Amounts Recognized Assets/Liabilities | (82) | (128) |
Total derivative instruments, Derivative Instruments | 0 | 0 |
Total derivative instruments, Net Amount | $ (82) | $ (128) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Mark-to-market of cash flow hedge accounting contracts | $ 0 | $ 5 | $ 13 | $ (9) | |
Accumulated other comprehensive loss | (22) | (22) | $ (33) | ||
Losses expected to be realized from OCL during the next 12 months | (12) | (12) | |||
AOCI Including Portion Attributable to Noncontrolling Interest | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated OCL beginning balance | (22) | (51) | (35) | (37) | |
Accumulated OCL ending balance | (22) | (46) | (22) | (46) | |
Accumulated Other Comprehensive Loss | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss | (22) | (46) | (22) | (46) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 3 | 1 | 6 | 4 | |
Mark-to-market of cash flow hedge accounting contracts | (3) | 4 | 7 | (13) | |
Noncontrolling Interest | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Impact on Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest Rate Contracts (Interest expense) | $ (1) | $ 13 | $ 5 | $ (14) | ||
Interest rate contracts | Interest Expense | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Interest Rate Contracts (Interest expense) | (11) | (13) | $ 36 | $ (92) | ||
Power Contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Mark-to-market economic hedging activities | $ (28) | $ (3) | $ (50) | $ (8) |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 09, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 8,027 | $ 7,044 | |
Less current maturities | (519) | (385) | |
Less net debt issuance costs | (78) | (79) | |
Add premiums | 4 | 5 | |
Long-term debt — external | 7,434 | 6,585 | |
Intercompany Note with Clearway Energy, Inc. | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1 | 1 | |
Debt instrument, interest rate, stated percentage | 1.49% | ||
2025 Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | 600 | |
Debt instrument, interest rate, stated percentage | 5.75% | ||
2026 Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 350 | 350 | |
Debt instrument, interest rate, stated percentage | 5.00% | ||
2028 Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 850 | 850 | |
Debt instrument, interest rate, stated percentage | 4.75% | ||
2031 Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 925 | 0 | |
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% | |
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 67 | 0 | |
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 88 | ||
Subtotal project-level debt: | |||
Debt Instrument [Line Items] | |||
Long-term debt | 5,834 | 5,243 | |
Agua Caliente Solar LLC, due 2037 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 712 | 0 | |
Agua Caliente Solar LLC, due 2037 | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 239.50% | ||
Agua Caliente Solar LLC, due 2037 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 363.30% | ||
Agua Caliente Solar LLC, due 2037 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 44 | ||
Alta Wind Asset Management LLC, due 2031 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 14 | 14 | |
Alta Wind Asset Management LLC, due 2031 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 2.625% | ||
Alta Wind Asset Management LLC, due 2031 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 26 | ||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 772 | 800 | |
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5.696% | ||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 7.015% | ||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
Alta Wind Realty Investments LLC, due 2031 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 25 | 25 | |
Debt instrument, interest rate, stated percentage | 700.00% | ||
Alta Wind Realty Investments LLC, due 2031 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
Borrego, due 2024 and 2038 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 57 | 57 | |
Borrego, due 2024 and 2038 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | 4 | ||
Buckthorn Solar, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 125 | 126 | |
Buckthorn Solar, due 2025 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Buckthorn Solar, due 2025 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 23 | ||
Carlsbad Energy Holdings LLC, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 156 | 156 | |
Carlsbad Energy Holdings LLC, due 2027 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.625% | ||
Carlsbad Energy Holdings LLC, due 2027 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 82 | ||
Carlsbad Energy Holdings LLC, due 2038 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 407 | 407 | |
Debt instrument, interest rate, stated percentage | 4.12% | ||
Carlsbad Energy Holdings LLC, due 2038 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
Carlsbad Holdco, due 2038 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 210 | 210 | |
Debt instrument, interest rate, stated percentage | 4.21% | ||
Carlsbad Holdco, due 2038 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 10 | ||
CVSR Holdco Notes, due 2037 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 169 | 176 | |
Debt instrument, interest rate, stated percentage | 4.68% | ||
CVSR Holdco Notes, due 2037 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 13 | ||
CVSR, due 2037 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 662 | 675 | |
CVSR, due 2037 | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 2.339% | ||
CVSR, due 2037 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 3.775% | ||
CVSR, due 2037 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
DG-CS Master Borrower LLC, due 2040 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 462 | 467 | |
Debt instrument, interest rate, stated percentage | 3.51% | ||
DG-CS Master Borrower LLC, due 2040 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 30 | ||
Duquesne, due 2059 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 95 | 95 | |
Debt instrument, interest rate, stated percentage | 4.62% | ||
Duquesne, due 2059 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
El Segundo Energy Center, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 213 | 250 | |
El Segundo Energy Center, due 2023 | Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.875% | ||
El Segundo Energy Center, due 2023 | Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.50% | ||
El Segundo Energy Center, due 2023 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 138 | ||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 327 | 327 | |
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | 0 | ||
Kawailoa Solar Portfolio LLC, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 80 | 81 | |
Kawailoa Solar Portfolio LLC, due 2026 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.375% | ||
Kawailoa Solar Portfolio LLC, due 2026 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 15 | ||
Laredo Ridge, due 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 75 | 78 | |
Laredo Ridge, due 2028 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.125% | ||
Laredo Ridge, due 2028 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 9 | ||
Marsh Landing, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 129 | 146 | |
Marsh Landing, due 2023 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.375% | ||
Marsh Landing, due 2023 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 99 | ||
NIMH Solar, due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 185 | 191 | |
NIMH Solar, due 2024 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.00% | ||
NIMH Solar, due 2024 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 16 | ||
Oahu Solar Holdings LLC, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 88 | 89 | |
Oahu Solar Holdings LLC, due 2026 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.375% | ||
Oahu Solar Holdings LLC, due 2026 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 11 | ||
Pinnacle Repowering Partnership Holdco LLC, due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 90 | 0 | |
Pinnacle Repowering Partnership Holdco LLC, due 2021 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.01% | ||
Pinnacle Repowering Partnership Holdco LLC, due 2021 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 2 | ||
Rosie Class B LLC, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 80 | 80 | |
Rosie Class B LLC, due 2027 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Rosie Class B LLC, due 2027 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 21 | ||
Tapestry Wind LLC, due 2031 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 88 | 143 | |
Tapestry Wind LLC, due 2031 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.375% | ||
Tapestry Wind LLC, due 2031 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 11 | ||
Utah Solar Holdings, due 2036 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 284 | 290 | |
Debt instrument, interest rate, stated percentage | 3.59% | ||
Utah Solar Holdings, due 2036 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 16 | ||
Walnut Creek, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 110 | 126 | |
Walnut Creek, due 2023 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Walnut Creek, due 2023 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 103 | ||
WCEP Holdings, LLC, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 32 | 35 | |
WCEP Holdings, LLC, due 2023 | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.00% | ||
WCEP Holdings, LLC, due 2023 | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | 187 | $ 199 | |
Other | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 38 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) | Mar. 10, 2021 | Jul. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 17, 2021 | Mar. 11, 2021 | Mar. 09, 2021 | Feb. 03, 2021 | Dec. 31, 2020 | Feb. 18, 2020 |
Debt Instrument [Line Items] | |||||||||||||
Proceeds from the revolving credit facility | $ 300,000,000 | $ 265,000,000 | |||||||||||
Payments for the revolving credit facility | 233,000,000 | 265,000,000 | |||||||||||
Loss on debt extinguishment | $ 0 | $ 0 | 42,000,000 | $ 3,000,000 | |||||||||
Debt instrument, carrying amount | 8,027,000,000 | 8,027,000,000 | $ 7,044,000,000 | ||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, fair value of amount outstanding | 67,000,000 | 67,000,000 | |||||||||||
Proceeds from the revolving credit facility | 300,000,000 | ||||||||||||
Payments for the revolving credit facility | 233,000,000 | ||||||||||||
Debt instrument, carrying amount | 67,000,000 | $ 67,000,000 | 0 | ||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, fair value of amount outstanding | $ 0 | ||||||||||||
Repayments of debt | 67,000,000 | ||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 716,000,000 | ||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 2.395% | ||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 3.633% | ||||||||||||
Project level debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, carrying amount | $ 5,834,000,000 | $ 5,834,000,000 | 5,243,000,000 | ||||||||||
Utah Solar Holdings, due 2036 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 3.59% | 3.59% | |||||||||||
Debt instrument, carrying amount | $ 284,000,000 | $ 284,000,000 | 290,000,000 | ||||||||||
2031 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowings | $ 925,000,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% | 3.75% | ||||||||||
Debt instrument, carrying amount | $ 925,000,000 | $ 925,000,000 | 0 | ||||||||||
2025 Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||||||||||
Debt instrument, repurchased face amount | $ 411,000,000 | ||||||||||||
Repurchased amount, percent of face value | 68.60% | ||||||||||||
Repurchased face amount, subject to guaranteed delivery procedures | $ 6,000,000 | ||||||||||||
Exercised optionally redeemable remaining principal amount, not validly tendered and purchased in tender offer | $ 183,000,000 | ||||||||||||
Debt instrument, redemption price, percentage | 106.00% | ||||||||||||
Repurchase amount, total consideration | $ 636,000,000 | $ 636,000,000 | |||||||||||
Loss on debt extinguishment | $ (36,000,000) | ||||||||||||
Additional loss on extinguishment to write off deferred financing fees | $ 5,000,000 | ||||||||||||
Debt instrument, carrying amount | 0 | 0 | 600,000,000 | ||||||||||
Tapestry Wind LLC, due 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ 53,000,000 | ||||||||||||
Debt instrument, carrying amount | $ 88,000,000 | $ 88,000,000 | 143,000,000 | ||||||||||
Tapestry Wind LLC, due 2031 | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1.375% | ||||||||||||
Intercompany Note with Clearway Energy, Inc. | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, stated percentage | 1.49% | 1.49% | |||||||||||
Debt instrument, face amount | $ 3,000,000 | ||||||||||||
Debt instrument, carrying amount | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||||
Letter of Credit | Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | 88,000,000 | 88,000,000 | |||||||||||
Letter of Credit | Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | $ 75,000,000 | ||||||||||||
Letter of Credit | Utah Solar Holdings, due 2036 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | 16,000,000 | 16,000,000 | |||||||||||
Letter of Credit | Tapestry Wind LLC, due 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | $ 11,000,000 | $ 11,000,000 | |||||||||||
Construction loans | Pinnacle Repowering Partnership LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | 126,000,000 | ||||||||||||
Debt instrument, carrying amount | $ 79,000,000 | ||||||||||||
Construction loans | Pinnacle Repowering Partnership LLC | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1.00% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting | |||||||
Operating revenues | $ 380 | $ 329 | $ 617 | $ 587 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 107 | 87 | 217 | 180 | |||
Depreciation, amortization and accretion | 128 | 99 | 256 | 201 | |||
General and administrative | 9 | 11 | 19 | 20 | |||
Transaction and integration costs | 1 | 3 | 1 | ||||
Development costs | 1 | 1 | 2 | 2 | |||
Operating Income | 134 | 131 | 120 | 183 | |||
Equity in earnings of unconsolidated affiliates | 8 | 16 | 12 | 3 | |||
Gain on sale of unconsolidated affiliate | 0 | 49 | 0 | 49 | |||
Other income, net | 1 | 1 | 2 | 3 | |||
Loss on debt extinguishment | 0 | 0 | (42) | (3) | |||
Interest expense | (103) | (93) | (148) | (260) | |||
Net Income (Loss) | 40 | $ (97) | 104 | $ (129) | (56) | (25) | |
Total Assets | 11,763 | 11,763 | $ 10,488 | ||||
Operating Segments | |||||||
Segment Reporting | |||||||
Operating revenues | 380 | 329 | 617 | 587 | |||
Operating Segments | Conventional Generation | |||||||
Segment Reporting | |||||||
Operating revenues | 109 | 107 | 211 | 210 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 23 | 22 | 50 | 46 | |||
Depreciation, amortization and accretion | 31 | 33 | 65 | 66 | |||
General and administrative | 0 | 0 | 0 | 0 | |||
Transaction and integration costs | 0 | 0 | 0 | ||||
Development costs | 0 | 0 | 0 | 0 | |||
Operating Income | 55 | 52 | 96 | 98 | |||
Equity in earnings of unconsolidated affiliates | 2 | 1 | 4 | 3 | |||
Gain on sale of unconsolidated affiliate | 0 | 0 | |||||
Other income, net | (1) | 0 | 0 | 0 | |||
Loss on debt extinguishment | 0 | 0 | |||||
Interest expense | (16) | (22) | (27) | (52) | |||
Net Income (Loss) | 40 | 31 | 73 | 49 | |||
Total Assets | 2,500 | 2,500 | |||||
Operating Segments | Renewables | |||||||
Segment Reporting | |||||||
Operating revenues | 222 | 180 | 308 | 287 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 54 | 39 | 106 | 75 | |||
Depreciation, amortization and accretion | 89 | 59 | 176 | 121 | |||
General and administrative | 1 | 1 | 1 | 1 | |||
Transaction and integration costs | 0 | 0 | 0 | ||||
Development costs | 0 | 0 | 0 | 0 | |||
Operating Income | 78 | 81 | 25 | 90 | |||
Equity in earnings of unconsolidated affiliates | 6 | 15 | 8 | 0 | |||
Gain on sale of unconsolidated affiliate | 0 | 0 | |||||
Other income, net | 1 | 0 | 1 | 1 | |||
Loss on debt extinguishment | (1) | 0 | |||||
Interest expense | (58) | (42) | (62) | (151) | |||
Net Income (Loss) | 27 | 54 | (29) | (60) | |||
Total Assets | 8,617 | 8,617 | |||||
Operating Segments | Thermal | |||||||
Segment Reporting | |||||||
Operating revenues | 49 | 42 | 98 | 90 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 31 | 26 | 62 | 59 | |||
Depreciation, amortization and accretion | 8 | 7 | 15 | 14 | |||
General and administrative | 0 | 2 | 1 | 3 | |||
Transaction and integration costs | 0 | 0 | 0 | ||||
Development costs | 1 | 1 | 2 | 2 | |||
Operating Income | 9 | 6 | 18 | 12 | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Gain on sale of unconsolidated affiliate | 0 | 0 | |||||
Other income, net | 1 | 0 | 1 | 1 | |||
Loss on debt extinguishment | 0 | 0 | |||||
Interest expense | (4) | (5) | (9) | (10) | |||
Net Income (Loss) | 6 | 1 | 10 | 3 | |||
Total Assets | 621 | 621 | |||||
Corporate | |||||||
Segment Reporting | |||||||
Operating revenues | 0 | 0 | 0 | 0 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | (1) | 0 | (1) | 0 | |||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | |||
General and administrative | 8 | 8 | 17 | 16 | |||
Transaction and integration costs | 1 | 3 | 1 | ||||
Development costs | 0 | 0 | 0 | 0 | |||
Operating Income | (8) | (8) | (19) | (17) | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Gain on sale of unconsolidated affiliate | 49 | 49 | |||||
Other income, net | 0 | 1 | 0 | 1 | |||
Loss on debt extinguishment | (41) | (3) | |||||
Interest expense | (25) | (24) | (50) | (47) | |||
Net Income (Loss) | (33) | $ 18 | (110) | $ (17) | |||
Total Assets | $ 25 | $ 25 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction | ||||||
General and administrative | $ 9 | $ 11 | $ 19 | $ 20 | ||
RENOM | ||||||
Related Party Transaction | ||||||
Expenses from transactions with related party | 14 | 9 | 27 | 18 | ||
Due to affiliate | 10 | 10 | $ 10 | |||
CEG | ||||||
Related Party Transaction | ||||||
Expenses from transactions with related party | 2 | $ 4 | 7 | 4 | ||
General and administrative | $ 1 | $ 0.6 | $ 2 | $ 1.2 |