Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION | |||||
GLOSSARY OF TERMS | |||||
PART I — FINANCIAL INFORMATION | |||||
ITEM 1 — FINANCIAL STATEMENTS AND NOTES | |||||
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||
ITEM 4 — CONTROLS AND PROCEDURES | |||||
PART II — OTHER INFORMATION | |||||
ITEM 1 — LEGAL PROCEEDINGS | |||||
ITEM 1A — RISK FACTORS | |||||
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES | |||||
ITEM 4 — MINE SAFETY DISCLOSURES | |||||
ITEM 5 — OTHER INFORMATION | |||||
ITEM 6 — EXHIBITS | |||||
SIGNATURES | |||||
2025 Senior Notes | $600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC, which were repaid in March 2021 | ||||
2026 Senior Notes | $350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC, which were repaid in October 2021 | ||||
2028 Senior Notes | $850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC | ||||
2031 Senior Notes | $925 million aggregate principal amount of 3.750% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC | ||||
2032 Senior Notes | $350 million aggregate principal amount of 3.750% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC | ||||
Adjusted EBITDA | A non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance | ||||
AOCL | Accumulated Other Comprehensive Loss | ||||
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | ||||
ASU | Accounting Standards Updates - updates to the ASC | ||||
ATM Programs | At-The-Market Equity Offering Programs | ||||
CAFD | A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2021 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, adjustments to reflect CAFD generated by unconsolidated investments that were not able to distribute project dividends prior to PG&E's emergence from bankruptcy on July 1, 2020 and subsequent release post-bankruptcy, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses | ||||
CEG | Clearway Energy Group LLC (formerly Zephyr Renewables LLC) | ||||
CEG Master Services Agreement | Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG | ||||
CEG ROFO Agreement | Right of First Offer Agreement, entered into as of August 31, 2018, by and between Clearway Energy Group LLC and Clearway Energy, Inc., and solely for purposes of Section 2.4, GIP III Zephyr Acquisition Partners, L.P., as amended by the First Amendment dated February 14, 2019, the Second Amendment dated August 1, 2019, the Third Amendment dated December 6, 2019, the Fourth Amendment dated November 2, 2020 and the Fifth Amendment dated August 2, 2021 | ||||
CARES Act | The Coronavirus Aid, Relief, and Economic Security Act | ||||
Clearway Energy LLC | The holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units of Clearway Energy LLC, and Clearway Energy, Inc., the holder of the Class A and Class C units | ||||
Clearway Energy Group LLC | The holder of all of Clearway Energy, Inc.'s Class B and Class D common stock, Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of Clearway Energy, Inc.’s Class A and/or Class C common stock | ||||
Clearway Energy Operating LLC | The holder of the project assets that are owned by Clearway Energy LLC | ||||
COD | Commercial Operation Date | ||||
Company | Clearway Energy, Inc. together with its consolidated subsidiaries | ||||
CVSR | California Valley Solar Ranch | ||||
CVSR Holdco | CVSR Holdco LLC, the indirect owner of CVSR | ||||
Distributed Solar | Solar power projects, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid |
Drop Down Assets | Collectively, assets under common control acquired by the Company from NRG from January 1, 2014 through the period ended August 31, 2018 and from CEG from August 31, 2018 through the period ended September 30, 2021 | ||||
Exchange Act | The Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | Accounting principles generally accepted in the U.S. | ||||
GenConn | GenConn Energy LLC | ||||
GIP | Global Infrastructure Partners | ||||
HLBV | Hypothetical Liquidation at Book Value | ||||
LIBOR | London Inter-Bank Offered Rate | ||||
MBTA | Migratory Bird Treaty Act | ||||
Mesquite Star | Mesquite Star Special LLC | ||||
MMBtu | Million British Thermal Units | ||||
Mt. Storm | NedPower Mount Storm LLC | ||||
MW | Megawatt | ||||
MWh | Saleable megawatt hours, net of internal/parasitic load megawatt-hours | ||||
MWt | Megawatts Thermal Equivalent | ||||
Net Exposure | Counterparty credit exposure to Clearway Energy, Inc. net of collateral | ||||
NOLs | Net Operating Losses | ||||
NPPD | Nebraska Public Power District | ||||
NRG | NRG Energy, Inc. | ||||
OCL | Other comprehensive loss | ||||
O&M | Operations and Maintenance | ||||
PG&E | Pacific Gas and Electric Company | ||||
PPA | Power Purchase Agreement | ||||
RENOM | Clearway Renewable Operation & Maintenance LLC | ||||
RPV Holdco | RPV Holdco 1 LLC | ||||
SCE | Southern California Edison | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Senior Notes | Collectively, the 2026 Senior Notes, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes | ||||
SPP | Solar Power Partners | ||||
SREC | Solar Renewable Energy Credit | ||||
Tax Act | Tax Cuts and Jobs Act of 2017 | ||||
Thermal Business | The Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units | ||||
U.S. | United States of America | ||||
Utah Solar Portfolio | Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers Capital, LLC, Granite Mountain Capital, LLC, and Iron Springs Capital, LLC, respectively | ||||
Utility Scale Solar | Solar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level | ||||
VaR | Value at Risk | ||||
VIE | Variable Interest Entity |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | |||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Transaction and integration costs | |||||||||||||||||||||||
Development costs | |||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (Loss) Before Income Taxes | ( | ||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||
Net Income (Loss) | ( | ||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests and redeemable interests | ( | ( | |||||||||||||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||||||||||||||||||||
Weighted average number of Class A common shares outstanding - basic and diluted | |||||||||||||||||||||||
Weighted average number of Class C common shares outstanding - basic and diluted | |||||||||||||||||||||||
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | $ | $ | $ | |||||||||||||||||||
Dividends Per Class A Common Share | $ | $ | $ | $ | |||||||||||||||||||
Dividends Per Class C Common Share | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income (Loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives, net of income tax benefit of $( | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive Income (Loss) | ( | ||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable interests | ( | ( | |||||||||||||||||||||
Comprehensive Income Attributable to Clearway Energy, Inc. | $ | $ | $ | $ |
(In millions, except shares) | September 30, 2021 | December 31, 2020 | |||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable — trade | |||||||||||
Inventory | |||||||||||
Derivative instruments | |||||||||||
Prepayments and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other Assets | |||||||||||
Equity investments in affiliates | |||||||||||
Intangible assets for power purchase agreements, net | |||||||||||
Other intangible assets, net | |||||||||||
Derivative instruments | |||||||||||
Deferred income taxes | |||||||||||
Right of use assets, net | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable — trade | |||||||||||
Accounts payable — affiliates | |||||||||||
Derivative instruments | |||||||||||
Accrued interest expense | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Other Liabilities | |||||||||||
Long-term debt | |||||||||||
Derivative instruments | |||||||||||
Long-term lease liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Total non-current liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock, $ | |||||||||||
Class A, Class B, Class C and Class D common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Noncontrolling interest | |||||||||||
Total Stockholders' Equity | |||||||||||
Total Liabilities and Stockholders' Equity | $ | $ |
Nine months ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net (Loss) Income | $ | ( | $ | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Equity in earnings of unconsolidated affiliates | ( | ( | |||||||||
Distributions from unconsolidated affiliates | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Amortization of financing costs and debt discounts | |||||||||||
Amortization of intangibles | |||||||||||
Loss on debt extinguishment | |||||||||||
Reduction in carrying amount of right-of-use assets | |||||||||||
Gain on sale of unconsolidated affiliate | ( | ||||||||||
Changes in deferred income taxes | ( | ||||||||||
Changes in derivative instruments | |||||||||||
Gain on disposal of asset components | ( | ||||||||||
Cash provided by (used in) changes in other working capital | |||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | |||||||||||
Changes in other working capital | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Acquisition of Drop Down Asset | ( | ( | |||||||||
Consolidation of DGPV Holdco 3 LLC | |||||||||||
Capital expenditures | ( | ( | |||||||||
Asset purchase from affiliate | ( | ||||||||||
Return of investment from unconsolidated affiliates | |||||||||||
Investments in unconsolidated affiliates | ( | ||||||||||
Cash receipts from notes receivable | |||||||||||
Proceeds from sale of assets | |||||||||||
Insurance proceeds | |||||||||||
Other | |||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net contributions from noncontrolling interests | |||||||||||
Buyout of Repowering Partnership II LLC noncontrolling interest | ( | ||||||||||
Net proceeds from the issuance of common stock | |||||||||||
Payments of dividends and distributions | ( | ( | |||||||||
Payments of debt issuance costs | ( | ( | |||||||||
Proceeds from the revolving credit facility | |||||||||||
Payments for the revolving credit facility | ( | ( | |||||||||
Proceeds from the issuance of long-term debt | |||||||||||
Payments for long-term debt | ( | ( | |||||||||
Other | |||||||||||
Net Cash Used in Financing Activities | ( | ( | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | |||||||||||
Cash, Cash Equivalents and Restricted Cash at beginning of period | |||||||||||
Cash, Cash Equivalents and Restricted Cash at end of period | $ | $ | |||||||||
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Agua Caliente acquisition | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Rattlesnake Drop Down | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends to common stockholders and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivatives, net of tax | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Rattlesnake Drop Down | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends to common stockholders and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net of contributions, cash | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends to common stockholders and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Unrealized loss on derivatives, net of tax | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of common stock under the ATM Program | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, non-cash | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends to common stockholders and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions from noncontrolling interests, net of contribution, cash | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Consolidation of DGPV Holdco 3 | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Buyout of Repowering Partnership II LLC noncontrolling interest | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of common stock under the ATM Program | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends to common stockholders and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to CEG, non-cash | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Distributions to tax equity interests, net of contributions, cash | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Consolidation of DGPV Holdco 3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Mesquite Star Drop Down | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of common stock under the ATM Program | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Property, Plant and Equipment Accumulated Depreciation | $ | $ | |||||||||
Intangible Assets Accumulated Amortization |
Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | |||||||||||||||
Dividends per Class A share | $ | $ | $ | ||||||||||||||
Dividends per Class C share |
Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | |||||||||||||||
Distributions per Class B Unit | $ | $ | $ | ||||||||||||||
Distributions per Class D Unit |
Three months ended September 30, 2021 | |||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue(a) | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue(a) | |||||||||||||||||||||||
Contract amortization | ( | ( | ( | ( | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Mark-to-market for economic hedges | ( | ( | |||||||||||||||||||||
Total operating revenue | |||||||||||||||||||||||
Less: Mark-to-market for economic hedges | |||||||||||||||||||||||
Less: Lease revenue | ( | ( | ( | ( | |||||||||||||||||||
Less: Contract amortization | |||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Nine months ended September 30, 2021 | |||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue(a) | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue(a) | |||||||||||||||||||||||
Contract amortization | ( | ( | ( | ( | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Mark-to-market for economic hedges | ( | ( | |||||||||||||||||||||
Total operating revenue | |||||||||||||||||||||||
Less: Mark-to-market for economic hedges | |||||||||||||||||||||||
Less: Lease revenue | ( | ( | ( | ( | |||||||||||||||||||
Less: Contract amortization | |||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three months ended September 30, 2020 | |||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue(a) | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue(a) | |||||||||||||||||||||||
Contract amortization | ( | ( | ( | ( | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Total operating revenue | |||||||||||||||||||||||
Less: Lease revenue | ( | ( | ( | ||||||||||||||||||||
Less: Contract amortization | |||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ |
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Nine months ended September 30, 2020 | |||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue(a) | $ | $ | $ | $ | |||||||||||||||||||
Capacity revenue(a) | |||||||||||||||||||||||
Contract amortization | ( | ( | ( | ( | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Mark-to-market for economic hedges | ( | ( | |||||||||||||||||||||
Total operating revenue | |||||||||||||||||||||||
Less: Mark-to-market for economic hedges | |||||||||||||||||||||||
Less: Lease revenue | ( | ( | ( | ( | |||||||||||||||||||
Less: Contract amortization | |||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ |
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Capacity revenue | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Accounts receivable, net - Contracts with customers | $ | $ | ||||||||||||
Accounts receivable, net - Leases | ||||||||||||||
Total accounts receivable, net | $ | $ |
(In millions) | Rattlesnake | |||||||
Current Assets | $ | |||||||
Property, plant and equipment | ||||||||
Right-of-use asset | ||||||||
Total assets acquired | ||||||||
Debt(a) | ||||||||
Long-term lease liabilities | ||||||||
Other current and non-current liabilities | ||||||||
Total liabilities assumed | ||||||||
Net assets acquired | $ |
(In millions) | Agua Caliente | |||||||
Restricted cash | $ | |||||||
Property, plant and equipment | ||||||||
Intangible asset for power purchase agreement | ||||||||
Other currents assets | ||||||||
Total assets acquired | ||||||||
Accounts payable and other current liabilities | ||||||||
Debt | ||||||||
Total liabilities assumed | ||||||||
Noncontrolling interest | ||||||||
Equity method investment removed | ( | |||||||
Net assets acquired | $ |
(In millions) | Mt. Storm | |||||||
Current Assets | $ | |||||||
Property, plant and equipment | ||||||||
Intangible asset | ||||||||
Total assets acquired | ||||||||
Accounts payable and other liabilities | ||||||||
Derivative instruments | ||||||||
Total liabilities assumed | ||||||||
Net assets acquired | $ |
(In millions) | Alta TE Holdco | Buckthorn Renewables, LLC | DGPV Funds(a) | Kawailoa Partnership | Langford TE Partnership LLC | Lighthouse Renewable Holdco LLC(b) | |||||||||||||||||||||||||||||
Other current and non-current assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Current and non-current liabilities | |||||||||||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||||||||||
Noncontrolling interest | |||||||||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | $ | $ | $ | $ | $ |
(In millions) | Oahu Solar Partnership | Pinnacle Repowering Partnership LLC | Rattlesnake TE Holdco LLC | Rosie TargetCo LLC | Wildorado TE Holdco | Other (a) | |||||||||||||||||||||||||||||
Other current and non-current assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Current and non-current liabilities | |||||||||||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||||||||||
Noncontrolling interest | |||||||||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | $ | ( | $ | $ | $ | $ |
Name | Economic Interest | Investment Balance | ||||||
(In millions) | ||||||||
Avenal | $ | |||||||
Desert Sunlight | ||||||||
Elkhorn Ridge | ||||||||
GenConn(a) | ||||||||
San Juan Mesa | ||||||||
Utah Solar Portfolio(b) | ||||||||
$ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt, including current portion (a) | $ | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Fair Value (a) | Fair Value (a) | ||||||||||||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Commodity contracts | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Other financial instruments (b) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Commodity contracts | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Beginning balance | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Total losses for the period included in earnings | ( | ( | ( | |||||||||||||||||||||||
Purchases | ( | |||||||||||||||||||||||||
Settlements | ||||||||||||||||||||||||||
Ending balance | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of September 30, 2021 | $ | ( | $ | ( |
September 30, 2021 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | $ | ( | Discounted Cash Flow | Forward Market Price (per MWh) | $ | $ | $ | |||||||||||||||
Other Financial Instruments | Discounted Cash Flow | Forecast annual generation levels of certain DG solar facilities |
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) |
Total Volume | |||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commodity | Units | (In millions) | |||||||||||||||
Natural Gas | MMBtu | ||||||||||||||||
Power | MWh | ( | ( | ||||||||||||||
Interest | Dollars | $ | $ | ||||||||||||||
Fair Value | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contracts long-term | |||||||||||||||||||||||
Total Derivatives Designated as Cash Flow Hedges | $ | $ | $ | $ | |||||||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contracts long-term | |||||||||||||||||||||||
Commodity contracts current | |||||||||||||||||||||||
Commodity contracts long-term | |||||||||||||||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | $ | $ | $ | |||||||||||||||||||
Total Derivatives | $ | $ | $ | $ |
As of September 30, 2021 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||
Commodity contracts | (In millions) | ||||||||||||||||
Derivative assets | $ | $ | $ | ||||||||||||||
Derivative liabilities | ( | ( | |||||||||||||||
Total commodity contracts | $ | ( | $ | $ | ( | ||||||||||||
Interest rate contracts | |||||||||||||||||
Derivative assets | $ | $ | ( | $ | |||||||||||||
Derivative liabilities | ( | ( | |||||||||||||||
Total interest rate contracts | $ | ( | $ | $ | ( | ||||||||||||
Total derivative instruments | $ | ( | $ | $ | ( |
As of December 31, 2020 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||
Commodity contracts | (In millions) | ||||||||||||||||
Derivative liabilities | $ | ( | $ | $ | ( | ||||||||||||
Total commodity contracts | $ | ( | $ | $ | ( | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Derivative assets | $ | $ | $ | ||||||||||||||
Derivative liabilities | ( | ( | |||||||||||||||
Total interest rate contracts | $ | ( | $ | $ | ( | ||||||||||||
Total derivative instruments | $ | ( | $ | $ | ( |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Accumulated OCL beginning balance | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | |||||||||||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | ( | ||||||||||||||||||||||
Accumulated OCL ending balance, net of income tax benefit of $ | ( | ( | ( | ( | |||||||||||||||||||
Accumulated OCL attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Accumulated OCL attributable to Clearway Energy, Inc. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $ | $ | ( | $ | ( |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Interest Rate Contracts (Interest expense) | $ | $ | $ | $ | ( | ||||||||||||||||||
Commodity Contracts (Mark-to-market for economic hedging activities) (a) | ( | ( | ( |
(In millions, except rates) | September 30, 2021 | December 31, 2020 | September 30, 2021 interest rate % (a) | Letters of Credit Outstanding at September 30, 2021 | |||||||||||||||||||
2025 Senior Notes | $ | $ | |||||||||||||||||||||
2026 Senior Notes | |||||||||||||||||||||||
2028 Senior Notes | |||||||||||||||||||||||
2031 Senior Notes | |||||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | L+ | ||||||||||||||||||||||
Project-level debt: | |||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | |||||||||||||||||||||||
Alta Wind Asset Management LLC, due 2031 | L+ | ||||||||||||||||||||||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | |||||||||||||||||||||||
Alta Wind Realty Investments LLC, due 2031 | |||||||||||||||||||||||
Borrego, due 2024 and 2038 | Various | ||||||||||||||||||||||
Buckthorn Solar, due 2025 | L+ | ||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2027 | L+ | ||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | |||||||||||||||||||||||
Carlsbad Holdco, due 2038 | |||||||||||||||||||||||
CVSR Holdco Notes, due 2037 | |||||||||||||||||||||||
CVSR, due 2037 | |||||||||||||||||||||||
DG-CS Master Borrower LLC, due 2040 | |||||||||||||||||||||||
Duquesne, due 2059 | |||||||||||||||||||||||
El Segundo Energy Center, due 2023 | L+ | ||||||||||||||||||||||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 | Various | ||||||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | L+ | ||||||||||||||||||||||
Laredo Ridge, due 2028 | L+ | ||||||||||||||||||||||
Marsh Landing, due 2023 | L+ | ||||||||||||||||||||||
NIMH Solar, due 2024 | L+ | ||||||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | L+ | ||||||||||||||||||||||
Pinnacle Repowering Partnership Holdco LLC, due 2021 | L+ | ||||||||||||||||||||||
Rosie Class B LLC, due 2027 | L+ | ||||||||||||||||||||||
Tapestry Wind LLC, due 2031 | L+ | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | |||||||||||||||||||||||
Walnut Creek, due 2023 | L+ | ||||||||||||||||||||||
WCEP Holdings, LLC, due 2023 | L+ | ||||||||||||||||||||||
Other | Various | ||||||||||||||||||||||
Subtotal project-level debt: | |||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Less current maturities | ( | ( | |||||||||||||||||||||
Less net debt issuance costs | ( | ( | |||||||||||||||||||||
Add premiums(c) | |||||||||||||||||||||||
Total long-term debt | $ | $ |
Three months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per share data) (a) | Common Class A | Common Class C | Common Class A | Common Class C | |||||||||||||||||||
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders | |||||||||||||||||||||||
Net income attributable to Clearway Energy, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding — basic and diluted | |||||||||||||||||||||||
Earnings per weighted average common share — basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per share data) (a) | Common Class A | Common Class C | Common Class A | Common Class C | |||||||||||||||||||
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders | |||||||||||||||||||||||
Net income attributable to Clearway Energy, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding — basic and diluted | |||||||||||||||||||||||
Earnings per weighted average common share — basic and diluted | $ | $ | $ | $ |
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||
Transaction and integration costs | |||||||||||||||||||||||||||||
Development costs | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Net Income (Loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ |
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||
Transaction and integration costs | |||||||||||||||||||||||||||||
Development costs | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||||||||
Loss on debt extinguishment | ( | ( | |||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Net Income (Loss) | $ | $ | $ | $ | ( | $ |
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | ( | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||
Transaction and integration costs | |||||||||||||||||||||||||||||
Development costs | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||||||||
Net Income (Loss) | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||
Transaction and integration costs | |||||||||||||||||||||||||||||
Development costs | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | |||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Net Income (Loss) | $ | $ | ( | $ | $ | ( | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Income (loss) before income tax | $ | $ | $ | ( | $ | ||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||
Effective income tax rate | % | % | % | % |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Counterparty | Expiration | ||||||||||||||||||||||
Conventional | ||||||||||||||||||||||||||
Carlsbad | 100 | % | 527 | San Diego Gas & Electric | 2038 | |||||||||||||||||||||
El Segundo | 100 | % | 550 | SCE | 2023 | |||||||||||||||||||||
GenConn Devon | 50 | % | 95 | Connecticut Light & Power | 2040 | |||||||||||||||||||||
GenConn Middletown | 50 | % | 95 | Connecticut Light & Power | 2041 | |||||||||||||||||||||
Marsh Landing | 100 | % | 720 | Various | 2023 - 2030 | |||||||||||||||||||||
Walnut Creek | 100 | % | 485 | SCE | 2023 - 2026 | |||||||||||||||||||||
Total Conventional | 2,472 | |||||||||||||||||||||||||
Utility Scale Solar | ||||||||||||||||||||||||||
Agua Caliente | 51 | % | 148 | PG&E | 2039 | |||||||||||||||||||||
Alpine | 100 | % | 66 | PG&E | 2033 | |||||||||||||||||||||
Avenal | 50 | % | 23 | PG&E | 2031 | |||||||||||||||||||||
Avra Valley | 100 | % | 27 | Tucson Electric Power | 2032 | |||||||||||||||||||||
Blythe | 100 | % | 21 | SCE | 2029 | |||||||||||||||||||||
Borrego | 100 | % | 26 | San Diego Gas and Electric | 2038 | |||||||||||||||||||||
Buckthorn Solar (b) | 100 | % | 154 | City of Georgetown, TX | 2043 | |||||||||||||||||||||
CVSR | 100 | % | 250 | PG&E | 2038 | |||||||||||||||||||||
Desert Sunlight 250 | 25 | % | 63 | SCE | 2034 | |||||||||||||||||||||
Desert Sunlight 300 | 25 | % | 75 | PG&E | 2039 | |||||||||||||||||||||
Kansas South | 100 | % | 20 | PG&E | 2033 | |||||||||||||||||||||
Kawailoa (b) | 48 | % | 24 | Hawaiian Electric Company | 2041 | |||||||||||||||||||||
Oahu Solar Projects (b) | 95 | % | 58 | Hawaiian Electric Company | 2041 | |||||||||||||||||||||
Roadrunner | 100 | % | 20 | El Paso Electric | 2031 | |||||||||||||||||||||
Rosamond Central (b) | 50 | % | 96 | Various | 2035 | |||||||||||||||||||||
TA High Desert | 100 | % | 20 | SCE | 2033 | |||||||||||||||||||||
Utah Solar Portfolio (b) | 50 | % | 265 | PacifiCorp | 2036 | |||||||||||||||||||||
Total Solar | 1,356 | |||||||||||||||||||||||||
Distributed Solar | ||||||||||||||||||||||||||
DGPV Fund Projects (b) | 100 | % | 286 | Various | 2030 - 2044 | |||||||||||||||||||||
Solar Power Partners (SPP) Projects | 100 | % | 25 | Various | 2026 - 2037 | |||||||||||||||||||||
Other DG Projects | 100 | % | 21 | Various | 2023 - 2039 | |||||||||||||||||||||
Total Distributed Solar | 332 | |||||||||||||||||||||||||
Wind | ||||||||||||||||||||||||||
Alta I | 100 | % | 150 | SCE | 2035 | |||||||||||||||||||||
Alta II | 100 | % | 150 | SCE | 2035 | |||||||||||||||||||||
Alta III | 100 | % | 150 | SCE | 2035 | |||||||||||||||||||||
Alta IV | 100 | % | 102 | SCE | 2035 | |||||||||||||||||||||
Alta V | 100 | % | 168 | SCE | 2035 |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Counterparty | Expiration | ||||||||||||||||||||||
Alta X (b) | 100 | % | 137 | SCE | 2038 | |||||||||||||||||||||
Alta XI (b) | 100 | % | 90 | SCE | 2038 | |||||||||||||||||||||
Buffalo Bear | 100 | % | 19 | Western Farmers Electric Co-operative | 2033 | |||||||||||||||||||||
Crosswinds | 99 | % | 21 | Corn Belt Power Cooperative | 2027 | |||||||||||||||||||||
Elbow Creek (b) | 100 | % | 122 | Various | 2029 | |||||||||||||||||||||
Elkhorn Ridge | 66.7 | % | 54 | Nebraska Public Power District | 2029 | |||||||||||||||||||||
Forward | 100 | % | 29 | Constellation NewEnergy, Inc. | 2022 | |||||||||||||||||||||
Goat Wind | 100 | % | 150 | Dow Pipeline Company | 2025 | |||||||||||||||||||||
Hardin | 99 | % | 15 | Interstate Power and Light Company | 2027 | |||||||||||||||||||||
Langford (b) | 100 | % | 160 | Goldman Sachs | 2033 | |||||||||||||||||||||
Laredo Ridge | 100 | % | 80 | Nebraska Public Power District | 2031 | |||||||||||||||||||||
Lookout | 100 | % | 38 | Southern Maryland Electric Cooperative | 2030 | |||||||||||||||||||||
Mesquite Star (b) | 50 | % | 210 | Various | 2032 - 2035 | |||||||||||||||||||||
Mt. Storm | 100 | % | 264 | Citigroup | 2031 | |||||||||||||||||||||
Ocotillo | 100 | % | 59 | N/A | ||||||||||||||||||||||
Odin | 99.9 | % | 20 | Missouri River Energy Services | 2028 | |||||||||||||||||||||
Pinnacle(b) | 100 | % | 55 | Maryland Department of General Services and University System of Maryland | 2031 | |||||||||||||||||||||
Rattlesnake (b) (d) | 100 | % | 160 | Avista Corporation | 2040 | |||||||||||||||||||||
San Juan Mesa | 75 | % | 90 | Southwestern Public Service Company | 2025 | |||||||||||||||||||||
Sleeping Bear | 100 | % | 95 | Public Service Company of Oklahoma | 2032 | |||||||||||||||||||||
South Trent | 100 | % | 101 | AEP Energy Partners | 2029 | |||||||||||||||||||||
Spanish Fork | 100 | % | 19 | PacifiCorp | 2028 | |||||||||||||||||||||
Spring Canyon II (b) | 90.1 | % | 31 | Platte River Power Authority | 2039 | |||||||||||||||||||||
Spring Canyon III (b) | 90.1 | % | 26 | Platte River Power Authority | 2039 | |||||||||||||||||||||
Taloga | 100 | % | 130 | Oklahoma Gas & Electric | 2031 | |||||||||||||||||||||
Wildorado (b) | 100 | % | 161 | Southwestern Public Service Company | 2027 | |||||||||||||||||||||
Total Wind | 3,056 | |||||||||||||||||||||||||
Thermal generation | 100 | % | 39 | Various | Various | |||||||||||||||||||||
Total net generation capacity | 7,255 | |||||||||||||||||||||||||
Thermal equivalent MWt(c) | 97 | % | 1,398 | Various | Various |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||||||
Energy and capacity revenues | $ | 400 | $ | 339 | $ | 61 | $ | 1,096 | $ | 957 | $ | 139 | |||||||||||||||||||||||
Other revenues | 24 | 15 | 9 | 69 | 36 | 33 | |||||||||||||||||||||||||||||
Contract amortization | (38) | (22) | (16) | (107) | (66) | (41) | |||||||||||||||||||||||||||||
Mark-to-market economic hedging activities | (35) | — | (35) | (90) | (8) | (82) | |||||||||||||||||||||||||||||
Total operating revenues | 351 | 332 | 19 | 968 | 919 | 49 | |||||||||||||||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||
Cost of fuels | 20 | 28 | (8) | 55 | 58 | (3) | |||||||||||||||||||||||||||||
Operations and maintenance | 69 | 51 | 18 | 206 | 161 | 45 | |||||||||||||||||||||||||||||
Other costs of operations | 28 | 16 | 12 | 73 | 56 | 17 | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 131 | 102 | 29 | 387 | 303 | 84 | |||||||||||||||||||||||||||||
General and administrative | 10 | 9 | 1 | 30 | 30 | — | |||||||||||||||||||||||||||||
Transaction and integration costs | 1 | 1 | — | 4 | 2 | 2 | |||||||||||||||||||||||||||||
Development costs | 3 | 2 | 1 | 5 | 4 | 1 | |||||||||||||||||||||||||||||
Total operating costs and expenses | 262 | 209 | 53 | 760 | 614 | 146 | |||||||||||||||||||||||||||||
Operating Income | 89 | 123 | (34) | 208 | 305 | (97) | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 20 | 19 | 1 | 32 | 22 | 10 | |||||||||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | — | — | — | — | 49 | (49) | |||||||||||||||||||||||||||||
Other income, net | 1 | — | 1 | 3 | 2 | 1 | |||||||||||||||||||||||||||||
Loss on debt extinguishment | — | (6) | 6 | (42) | (9) | (33) | |||||||||||||||||||||||||||||
Derivative interest income (expense) | 6 | 39 | (33) | 42 | (53) | 95 | |||||||||||||||||||||||||||||
Other interest expense | (90) | (124) | 34 | (274) | (292) | 18 | |||||||||||||||||||||||||||||
Total other expense, net | (63) | (72) | 9 | (239) | (281) | 42 | |||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 26 | 51 | (25) | (31) | 24 | (55) | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 1 | 9 | (8) | (12) | 13 | (25) | |||||||||||||||||||||||||||||
Net Income (Loss) | 25 | 42 | (17) | (19) | 11 | (30) | |||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests and redeemable interests | 4 | 10 | (6) | (78) | (39) | (39) | |||||||||||||||||||||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | 21 | $ | 32 | $ | (11) | $ | 59 | $ | 50 | $ | 9 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
Business metrics: | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Renewables MWh generated/sold (in thousands) (a) | 2,740 | 1,815 | 8,640 | 5,746 | |||||||||||||||||||
Thermal MWt sold (in thousands) | 509 | 468 | 1,577 | 1,468 | |||||||||||||||||||
Thermal MWh sold (in thousands) | 17 | 15 | 43 | 53 | |||||||||||||||||||
Conventional MWh generated (in thousands) (a) (b) | 450 | 691 | 897 | 1,072 | |||||||||||||||||||
Conventional equivalent availability factor | 99.8 | % | 98.9 | % | 93.4 | % | 94.3 | % |
(In millions) | ||||||||
Renewables Segment | Increase primarily driven by the acquisitions of Agua Caliente, Mt. Storm, Mesquite Star, Rattlesnake, Langford and Rosamond Central and the consolidation of the DGPV investments | $ | 74 | |||||
Conventional Segment | Increase primarily driven by improved availability at the California natural gas portfolio | 1 | ||||||
Thermal Segment | Decrease primarily driven by revenue from a sales-type lease recognized in 2020, partially offset by higher volumes and higher gas prices passed through to customers | (5) | ||||||
Mark-to-market economic hedging activities | Increase in unrealized losses from changes in the fair value of power contracts, primarily driven by the acquisitions of Mt. Storm and Mesquite Star | (35) | ||||||
Contract amortization | Increase primarily driven by amortization of the intangible asset for power purchase agreement in connection with the acquisition of Agua Caliente | (16) | ||||||
$ | 19 |
(In millions) | ||||||||
CEG's economic interest in Clearway Energy LLC | $ | 16 | ||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | (12) | |||||||
$ | 4 |
(In millions) | ||||||||
CEG's economic interest in Clearway Energy LLC | $ | 30 | ||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | (19) | |||||||
Losses attributable to CEG's interest in the Kawailoa, Oahu and Repowering partnerships | (1) | |||||||
$ | 10 |
(In millions) | ||||||||
Renewables Segment | Increase due to the acquisitions of Agua Caliente, Mt. Storm, Mesquite Star, Rattlesnake, Langford and Rosamond Central, and the consolidation of the DGPV investments, as well as higher wind production at Alta, partially offset by $50 million of net settlements of obligations for wind facilities that were unable to produce the required output during extreme weather conditions in Texas in February 2021 | $ | 166 | |||||
Thermal Segment | Increase primarily driven by higher volumes and higher gas prices passed through to customers, partially offset by a sales-type lease recognized in the third quarter of 2020 | 4 | ||||||
Conventional Segment | Increase primarily due to higher start revenues at the Marsh Landing facility and improved availability at the California natural gas portfolio | 2 | ||||||
Mark-to-market economic hedging activities | Increase in unrealized losses from changes in the fair value of power contracts, primarily driven by the acquisitions of Mt. Storm and Mesquite Star | (82) | ||||||
Contract amortization | Increase primarily driven by amortization of the intangible asset for power purchase agreement in connection with the acquisition of Agua Caliente | (41) | ||||||
$ | 49 |
(In millions) | ||||||||
Change in fair value of interest rate swaps | $ | (128) | ||||||
Increase in interest expense due to increased principal balances of project level debt primarily due to acquisitions in the Renewables segment, partially offset by lower interest expense in the Conventional segment due to lower principal balances of project level debt | 12 | |||||||
Increase in Corporate interest expense due to additional issuance of the 2028 Senior Notes in May 2020, partially offset by lower interest expense related to revolver borrowings | 3 | |||||||
$ | (113) |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (114) | ||||||
CEG's economic interest in Clearway Energy LLC | 36 | |||||||
$ | (78) |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (50) | ||||||
Losses attributable to CEG's interest in the Kawailoa, Oahu and Repowering partnerships | (36) | |||||||
CEG's economic interest in Clearway Energy LLC | 47 | |||||||
$ | (39) |
(In millions) | September 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents: | ||||||||||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 37 | $ | 119 | ||||||||||
Subsidiaries | 152 | 149 | ||||||||||||
Restricted cash: | ||||||||||||||
Operating accounts | 121 | 73 | ||||||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 245 | 124 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 555 | $ | 465 | ||||||||||
Revolving credit facility availability | 343 | 429 | ||||||||||||
Total liquidity | $ | 898 | $ | 894 |
S&P | Moody's | ||||||||||
Clearway Energy, Inc. | BB | Ba2 | |||||||||
5.000% Senior Notes, due 2026 | BB | Ba2 | |||||||||
4.750% Senior Notes, due 2028 | BB | Ba2 | |||||||||
3.750% Senior Notes, due 2031 | BB | Ba2 |
Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | |||||||||||||||
Dividends per Class A share | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 | |||||||||||
Dividends per Class C share | 0.3345 | 0.3290 | 0.3240 |
Nine months ended September 30, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
(In millions) | |||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | 88 | |||||||||||||
Net cash used in investing activities | ( | ( | (410) | ||||||||||||||
Net cash used in financing activities | ( | ( | 292 |
Changes to net cash provided by operating activities were driven by: | (In millions) | ||||
Increase in operating income adjusted for non-cash items | $ | 137 | |||
Decrease in distributions from unconsolidated affiliates | (26) | ||||
Decrease in working capital primarily driven by the timing of accounts receivable collections and payments of accounts payable | (23) | ||||
$ | 88 | ||||
Changes to net cash used in investing activities were driven by: | (In millions) | ||||
Cash paid for the Agua Caliente and Mt. Storm acquisitions, net of cash acquired in 2021 | $ | (211) | |||
Proceeds received from the sale of RPV Holdco, Energy Center Dover LLC and Energy Center Smyrna LLC in 2020 | (90) | ||||
Changes in cash paid for Drop Down assets | (53) | ||||
Changes in capital expenditures | (29) | ||||
Cash paid to CEG in 2021 for equipment for the Pinnacle wind project repowering | (21) | ||||
Other | (6) | ||||
$ | (410) | ||||
Changes in net cash used in financing activities were driven by: | (In millions) | ||||
Increase in proceeds from issuance of long-term debt net of payments primarily due to issuance of the 2031 Senior Notes and the Pinnacle financing agreement in 2021 | $ | 146 | |||
Increase in net contributions from noncontrolling interest members in 2021 compared to 2020 | 104 | ||||
Increase in net proceeds under the revolving line of credit in 2021 | 77 | ||||
Buyout of Repowering Partnership II LLC noncontrolling interest in 2020 | 70 | ||||
Net proceeds from equity issuance in 2020 | (58) | ||||
Increase in dividends paid to common stockholders in 2021 | (52) | ||||
Other | 5 | ||||
$ | 292 | ||||
Derivative Activity (Losses) Gains | (In millions) | ||||
Fair value of contracts as of December 31, 2020 | $ | (172) | |||
Contracts realized or otherwise settled during the period | 26 | ||||
Contracts acquired during the period | (9) | ||||
Changes in fair value | (54) | ||||
Fair value of contracts as of September 30, 2021 | $ | (209) |
Fair value of contracts as of September 30, 2021 | |||||||||||||||||||||||||||||
Maturity | |||||||||||||||||||||||||||||
Fair Value Hierarchy (Losses) Gains | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Level 2 | $ | (26) | $ | (29) | $ | (10) | $ | (6) | $ | (71) | |||||||||||||||||||
Level 3 | (28) | (36) | (25) | (49) | (138) | ||||||||||||||||||||||||
Total | $ | (54) | $ | (65) | $ | (35) | $ | (55) | $ | (209) |
Number | Description | Method of Filing | ||||||||||||
4.1 | Incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on October 1, 2021. | |||||||||||||
4.2 | Incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on October 1, 2021. | |||||||||||||
4.3 | Incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on October 8, 2021. | |||||||||||||
4.4 | Incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on October 8, 2021. | |||||||||||||
4.5 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on October 8, 2021. | |||||||||||||
4.6 | Incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on October 8, 2021. | |||||||||||||
10.1 | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 23, 2021. | |||||||||||||
10.2 | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 23, 2021. | |||||||||||||
10.3 | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 26, 2021. | |||||||||||||
31.1 | Filed herewith. | |||||||||||||
31.2 | Filed herewith. | |||||||||||||
31.3 | Filed herewith. | |||||||||||||
32 | Furnished herewith. | |||||||||||||
101 INS | Inline XBRL Instance Document. | Filed herewith. | ||||||||||||
101 SCH | Inline XBRL Taxonomy Extension Schema. | Filed herewith. | ||||||||||||
101 CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. | ||||||||||||
101 DEF | Inline XBRL Taxonomy Extension Definition Linkbase. | Filed herewith. | ||||||||||||
101 LAB | Inline XBRL Taxonomy Extension Label Linkbase. | Filed herewith. | ||||||||||||
101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. | ||||||||||||
104 | Cover Page Interactive Data File (the cover page interactive data file does not appear in Exhibit 104 because its Inline XBRL tags are embedded within the Inline XBRL document). | Filed herewith. |
CLEARWAY ENERGY, INC. (Registrant) | ||||||||||||||
/s/ CHRISTOPHER S. SOTOS | ||||||||||||||
Christopher S. Sotos | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
/s/ CHAD PLOTKIN | ||||||||||||||
Chad Plotkin | ||||||||||||||
Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
/s/ SARAH RUBENSTEIN | ||||||||||||||
Sarah Rubenstein | ||||||||||||||
Date: November 4, 2021 | Vice President, Accounting & Controller (Principal Accounting Officer) | |||||||||||||
/s/ CHRISTOPHER S. SOTOS | |||||
Christopher S. Sotos Chief Executive Officer (Principal Executive Officer) |
/s/ CHAD PLOTKIN | |||||
Chad Plotkin Chief Financial Officer (Principal Financial Officer) |
/s/ SARAH RUBENSTEIN | |||||
Sarah Rubenstein Vice President, Accounting & Controller (Principal Accounting Officer) |
/s/ CHRISTOPHER S. SOTOS | ||||||||||||||
Christopher S. Sotos | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
/s/ CHAD PLOTKIN | ||||||||||||||
Chad Plotkin | ||||||||||||||
Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
/s/ SARAH RUBENSTEIN | ||||||||||||||
Sarah Rubenstein | ||||||||||||||
Vice President, Accounting & Controller (Principal Accounting Officer) |
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Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net (Loss) Income | $ 25 | $ 42 | $ (19) | $ 11 |
Other Comprehensive Income | ||||
Unrealized gain on derivatives, net of income tax benefit of $(2), $(1), $(3) and $0 | 3 | 8 | 14 | 0 |
Other comprehensive income | 3 | 8 | 14 | 0 |
Comprehensive Income (Loss) | 28 | 50 | (5) | 11 |
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable interests | 6 | 14 | (70) | (39) |
Comprehensive Income Attributable to Clearway Energy, Inc. | $ 22 | $ 36 | $ 65 | $ 50 |
Consolidated Statements of Comprehensive Loss - Unaudited(Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss on derivatives income tax expense (benefit) | $ (2) | $ (1) | $ (3) | $ 0 |
Nature of Business |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners, or GIP. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The Company is sponsored by GIP through GIP's portfolio company, 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. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as non-controlling interest in the financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company's Class A and/or Class C common stock. The Company owns 57.65% of the economic interests of Clearway Energy LLC, with CEG owning 42.35% of the economic interests of Clearway Energy LLC as of September 30, 2021. The following table represents the structure of the Company as of September 30, 2021: ![]() Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2021, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2021 and 2020.
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Summary of Significant Accounting Policies |
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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, Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $152 million and $149 million as of September 30, 2021 and December 31, 2020, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of September 30, 2021, these restricted funds were comprised of $121 million designated to fund operating expenses, approximately $68 million designated for current debt service payments and $133 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $44 million is held in distribution reserve accounts. In 2020, the members of the partnerships holding the Oahu Solar and Kawailoa Solar projects submitted applications to the state of Hawaii for refundable tax credits based on the cost of construction of the projects. In April 2021, the members of the partnerships contributed their respective portions of the tax credits in the amount of $49 million to the Oahu Solar and Kawailoa project companies, which is reflected in restricted cash on the Company's consolidated balance sheet with an offsetting adjustment to noncontrolling interests. In accordance with the projects' related agreements, the cash is held in a restricted account and utilized to offset invoiced amounts under the projects' PPAs. As of September 30, 2021, $13 million has been utilized to offset invoiced amounts under the projects' PPAs. Accumulated Depreciation and Accumulated Amortization The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of September 30, 2021 and December 31, 2020:
Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine months ended September 30, 2021:
Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. On November 3, 2021, the Company declared quarterly dividends on its Class A common stock and Class C common stock of $0.34 per share payable on December 15, 2021 to stockholders of record as of December 1, 2021. Noncontrolling Interests Clearway Energy LLC Distributions to CEG The following table lists distributions paid to CEG during the nine months ended September 30, 2021 on Clearway Energy LLC's Class B and D units:
On November 3, 2021, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.34 per unit payable on December 15, 2021 to unit holders of record as of December 1, 2021. Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect, and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and nine months ended September 30, 2021 and 2020, respectively:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020:
Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the guidance as of January 1, 2021, with no material impact to the financial statements.
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Acquisition and Dispositions |
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Acquisition and Dispositions | Acquisitions and Dispositions Acquisitions Rattlesnake Drop Down — On January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC indirectly consolidates the Rattlesnake wind project, a 160 MW wind facility with 144 MW of deliverable capacity in Adams County, Washington, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The project has a 20-year PPA with Avista Corporation, which began when the facility reached commercial operations in December 2020. The Rattlesnake operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Rattlesnake on a prospective basis. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the cash paid of $132 million and the historical cost of the Company's acquired interests of $14 million was recorded as an adjustment to CEG's noncontrolling interest balance. The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021:
(a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor and $103 million contributed by CEG, both recorded as contributions in noncontrolling interest. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees. Agua Caliente Acquisition — On February 3, 2021, the Company acquired Agua Caliente Borrower 1 LLC from NRG Energy, Inc. for $202 million. Agua Caliente Borrower 1 LLC indirectly owns a 35% equity interest in Agua Caliente, a 290 MW solar project located in Dateland, Arizona in which the Company previously owned a 16% equity interest. The project has a 25-year PPA with PG&E, with approximately 18 years remaining under the agreement. Following the close of the transaction, the Company owns a 51% equity interest in Agua Caliente and consolidates Agua Caliente. The Agua Caliente operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and the cash consideration of $202 million, net of restricted cash acquired of $91 million, represented a net cash outflow of $111 million, which was allocated to the fair value of the assets and liabilities acquired on the acquisition date. A third party investor holds the remaining 49% equity interest in Agua Caliente, which is reflected in noncontrolling interest and was valued at historical carrying amount increased for the incremental fair value determined at the acquisition date. The following is a summary of assets and liabilities acquired in connection with the acquisition as of February 3, 2021:
Fair value measurements The fair values of the property, plant and equipment, intangible assets and long-term debt at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement. Significant inputs were as follows: Property, plant and equipment — The estimated fair values were determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic obsolescence. The income approach was applied by determining the enterprise value for each acquired entity and subtracting the fair value of the intangible assets and working capital to determine the implied value of the tangible fixed assets. This methodology was primarily relied upon as the forecasted cash flows incorporate the specific attributes of each asset including age, useful life, equipment condition, and technology. The income approach also allows for an accurate reflection of current and expected market dynamics such as supply and demand and the regulatory environment as of the acquisition date. Intangible assets — The fair value of the PPA acquired was determined utilizing a variation of the income approach where the incremental future cash flows resulting from the acquired PPA compared to the cash flows based on current market prices were discounted to present value at the weighted average cost of debt of the utility off-taker, as the PPA was determined to be a debt-like instrument for the off-taker. The values were corroborated with available market data. The PPA value will be amortized over a period of 18 years. Long-term debt — The fair value of the long-term debt was determined by discounting future cash flows at current interest rates for similar instruments with equivalent credit quality. Noncontrolling interest — The Company recorded the noncontrolling interest utilizing the cost accumulation model, as the acquisition was an asset acquisition, which maintained the carrying value for the pre-existing equity, with the value increased incrementally based on the value of the Company's newly acquired interest. Mt. Storm Wind Acquisition — On April 23, 2021, the Company acquired 100% of the equity interests in NedPower Mount Storm LLC, or Mt. Storm, from Castleton Commodities International for approximately $96 million before working capital and purchase price adjustments in the net amount of $4 million, representing a total cash outflow of $100 million. Mt. Storm is a 264 MW wind project located in Grant County, West Virginia. Mt. Storm has a 10 year energy hedge with an investment-grade counterparty. The acquisition was determined to be an asset acquisition and the purchase price was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:
Fair value measurements The fair values of the property, plant and equipment, derivative instrument and intangible asset at the acquisition date were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820, Fair Value Measurement. Property, plant and equipment — The estimated fair values of property, plant and equipment were determined primarily based on an income method using discounted cash flows. Intangible assets — The estimated fair value of the intangible asset was determined using a market approach based on quoted prices of renewable energy credits in the applicable market. Derivative instruments — The estimated fair value of the derivative instruments was determined based on the discounted cash flows associated with the acquired commodity contract. Mesquite Star Drop Down — On September 1, 2020, the Company, through its indirect subsidiary Lighthouse Renewable Class A LLC, acquired the Class A membership interests in Lighthouse Renewable Holdco LLC (formerly Mesquite Star Pledgor LLC) from Clearway Renew LLC, a subsidiary of CEG, for $79 million in cash consideration. Lighthouse Renewable Holdco LLC indirectly owns 100% of the Class B membership interests in Mesquite Star Tax Equity Holdco LLC, a tax equity partnership that it consolidates as the primary beneficiary, and owns the Mesquite Star wind project, a 419 MW utility scale wind project located in Fisher County, Texas. A majority of the project’s output is backed by contracts with investment grade counterparties with a 12-year weighted average contract life. The Mesquite Star operations are reflected in the Company's Renewables segment and the acquisition was funded with cash on hand. The Company recorded its interest in Lighthouse Renewable Class A LLC as an equity method investment from September 1, 2020 to December 21, 2020. On December 21, 2020, CEG sold its Class B membership interest in Lighthouse Renewable Holdco LLC to a third-party investor which resulted in a reconsideration event for consolidation of the entity. Upon the reconsideration event, the Company determined it was the primary beneficiary of Lighthouse Renewable Holdco LLC and effective on December 21, 2020, the Company consolidates Lighthouse Renewable Holdco LLC. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the $79 million cash paid and the historical value of the Company's acquired interests of $83 million was recorded as an adjustment to noncontrolling interest. Dispositions Sale of Thermal Business — On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to an affiliate of KKR & Co. Inc. for total consideration of $1.9 billion, subject to customary closing adjustments. The closing of the transaction is subject to various customary closing conditions, approvals and consents and is expected to close in the first half of 2022. Effective with the signing of the agreement to sell the Thermal Business, the Company concluded that all entities that are included within the Thermal Business will be treated as held for sale on a prospective basis, resulting in the assets and liabilities being treated as separate held for sale line items on the Company’s consolidated balance sheet as of December 31, 2021. Sale of RPV Holdco 1 LLC — On May 14, 2020, the Company sold its interests in RPV Holdco 1 LLC, or RPV Holdco, to Spruce Power for net proceeds of approximately $75 million. The Company previously accounted for its interest in RPV Holdco as an equity method investment. The sale of the investment resulted in a gain of approximately $49 million. Sale of Energy Center Dover LLC and Energy Center Smyrna LLC Assets — On March 3, 2020, the Company, through Clearway Thermal LLC, sold 100% of its interests in Energy Center Dover LLC and Energy Center Smyrna LLC to DB Energy Assets, LLC for cash proceeds of approximately $15 million.
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Investments Accounted for by the Equity Method and Variable Interest Entities |
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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 September 30, 2021:
(a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC. (b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, which is also a consolidated VIE.
(a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects. The discussion below describes material changes to VIEs during the nine months ended September 30, 2021. Rattlesnake TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on January 12, 2021, the Company acquired CEG's equity interest and a third party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC owns Rattlesnake Class B LLC, which owns the Class B membership interests in Rattlesnake TE Holdco LLC, which is a VIE. Rattlesnake Class B LLC is the primary beneficiary and managing member and consolidates its interest in Rattlesnake TE Holdco LLC, which owns the Rattlesnake wind project. Subsequent to the acquisition, on January 12, 2021 the third party tax equity investor contributed $107 million into Rattlesnake TE Holdco LLC in exchange for the Class A membership interests. The proceeds from the tax equity contribution along with cash contributed by CEG were used to repay a portion of the $176 million of the outstanding principal under the Rattlesnake Class B LLC credit facility. The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest. Pinnacle Repowering Partnership LLC — On February 26, 2021, the Company entered into an amended agreement with CWSP Pinnacle Holding LLC, an indirect subsidiary of CEG, with respect to Pinnacle Repowering Partnership LLC in order to facilitate the repowering of the Pinnacle wind project, a 55 MW wind facility located in Mineral County, West Virginia. On March 10, 2021, the Company contributed its interest in the Pinnacle wind project to Pinnacle Repowering Partnership LLC concurrent with entering into a financing agreement as further described in Note 7, Long-term Debt. The Company owns 100% of the Class A membership interests in Pinnacle Repowering Partnership LLC, which is a VIE, and the Company consolidates its interest as the primary beneficiary and managing member. CWSP Pinnacle Holding LLC owns 100% of the Class B membership interests in Pinnacle Repowering Partnership LLC and is entitled to allocations of 15% of the cash distributions from the partnership. On March 10, 2021, CWSP Pinnacle Holding LLC contributed $27 million in equipment to the partnership, which was a transfer of assets under common control and recorded at historical cost in property, plant and equipment, with a corresponding non-cash contribution in Pinnacle Repowering Partnership LLC's noncontrolling interests. Additionally, on March 10, 2021, the Pinnacle wind project acquired equipment from CEG for $21 million in cash consideration. Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2020 Form 10-K. The Company's maximum exposure to loss as of September 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
(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.
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Fair Value of Financial Instruments |
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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:
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2021 and December 31, 2020:
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:
(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of September 30, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs:
Derivative and Financial Instruments Fair Value Measurements The Company's contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its energy contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of September 30, 2021, contracts valued with prices provided by models and other valuation techniques make up 64% of derivative liabilities and 100% of other financial instruments. The Company’s significant positions classified as Level 3 include physical power contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. The following table quantifies the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2021:
The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2021:
The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of September 30, 2021, the non-performance reserve was a $10 million gain recorded primarily to total operating revenues in the consolidated statement of operations. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. Concentration of Credit Risk In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's 2020 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties' credit limits on as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E's credit rating is below investment grade.
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Derivative Instruments and Hedging Activities |
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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 September 30, 2021, the Company had interest rate derivative instruments on non-recourse debt extending through 2031, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate. Energy-Related Commodities As of September 30, 2021, the Company had energy-related derivative instruments extending through 2032. At September 30, 2021, these contracts were not designated as cash flow or fair value hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of September 30, 2021 and December 31, 2020:
Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:
The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. As of September 30, 2021 and December 31, 2020, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by counterparty master agreement level as of September 30, 2021 and December 31, 2020:
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, net of tax:
Amounts reclassified from accumulated OCL into income are recorded to interest expense. Impact of Derivative Instruments on the Consolidated Statements of Operations Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:
(a) Relates to long-term power contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star Special LLC, or Mesquite Star, and Mt. Storm. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel/electricity commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of operations for these contracts. See Note 5, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk.
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Long-term Debt |
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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:
(a) As of September 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (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 September 30, 2021, the Company was in compliance with all of the required covenants. The discussion below describes material changes to or additions of long-term debt for the nine months ended September 30, 2021. Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility As of September 30, 2021, the Company had $77 million of borrowings under the revolving credit facility and $75 million in letters of credit outstanding. During the nine months ended September 30, 2021, the Company borrowed $377 million under the revolving credit facility, and subsequently repaid $300 million, utilizing cash on hand and proceeds from the issuance of the 2031 Senior Notes as described below. During October 2021, the Company repaid $32 million of its outstanding loans under the revolving credit facility and as of October 31, 2021, the Company had $45 million of loans outstanding and a total of $75 million in letters of credit outstanding. 2032 Senior Notes On October 1, 2021, Clearway Energy Operating LLC completed the sale of $350 million of senior unsecured notes due 2032, or the 2032 Senior Notes. The 2032 Senior Notes bear interest at 3.750% and mature on January 15, 2032. Interest on the 2032 Senior Notes is payable semi-annually on January 15 and July 15 of each year, and interest payments will commence on January 15, 2022. The 2032 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2032 Senior Notes were used, together with existing corporate liquidity, to repurchase the 2026 Senior Notes, as described below. 2026 Senior Notes Tender Offer and Redemption On October 1, 2021, the Company completed the repurchase of an aggregate principal amount of $123 million, or 35.3%, of the 2026 Senior Notes outstanding as part of the cash tender offer announced on September 24, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $227 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2026 Senior Notes. The 2026 Senior Notes repurchased and redeemed in October 2021 were effectuated at a premium of approximately 103% for total consideration of $359 million. 2031 Senior Notes On March 9, 2021, Clearway Energy Operating LLC completed the sale of $925 million of senior unsecured notes due 2031, or the 2031 Senior Notes. The 2031 Senior Notes bear interest at 3.750% and mature on February 15, 2031. Interest on the 2031 Senior Notes is payable semi-annually on February 15 and August 15 of each year, and interest payments commenced on August 15, 2021. The 2031 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2031 Senior Notes were used to repurchase the 2025 Senior Notes, as described below, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes. 2025 Senior Notes Tender Offer and Redemption On March 9, 2021, the Company completed the repurchase of an aggregate principal amount of $411 million, or 68.6%, of the 2025 Senior Notes outstanding as part of the cash tender offer announced on March 2, 2021. Additionally, $6 million of the 2025 Senior Notes that were subject to guaranteed delivery procedures were subsequently repurchased on March 11, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $183 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2025 Senior Notes. The 2025 Senior Notes repurchased and redeemed in March 2021 were effectuated at a premium of approximately 106% for total consideration of $636 million and, as a result, the Company recorded a loss on extinguishment in the amount of $36 million. The Company recorded an additional $5 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2025 Senior Notes. Project - level Debt Agua Caliente Solar LLC As part of the acquisition of Agua Caliente Borrower 1 LLC and the consolidation of Agua Caliente, as further described in Note 3, Acquisitions and Dispositions, the Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC on February 3, 2021. The debt consists of a credit agreement with the Federal Financing Bank and accrues interest at fixed rates between 2.395% and 3.633%, which matures in 2037. Pinnacle Repowering Partnership HoldCo LLC On March 10, 2021, the Company entered into a financing agreement for non-recourse debt for a total commitment of $126 million related to the repowering of the Pinnacle wind project. The debt consists of a construction loan at an interest rate of LIBOR plus 1.00%. The Company's initial borrowings of $79 million were utilized to repay $53 million of the outstanding balance under the Tapestry Wind LLC financing agreement, which related to the Pinnacle wind project, to pay vendor invoices and fees and to acquire certain equipment from Clearway Renew LLC to be utilized in the repowering project. The Company will continue to draw on the construction loan to fund the repowering activities of the Pinnacle wind project up to the total commitment amount.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of Clearway Energy, Inc.'s basic and diluted earnings per share is shown in the following tables:
(a) Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars.
(a) Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. The Company had 2 million Common Class C shares related to the outstanding 2020 Convertible Notes that were anti-dilutive and were not included in the computation of the Company's diluted earnings per share for the nine months ended September 30, 2020. The 2020 Convertible Notes were repaid on June 1, 2020.
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Segment Reporting |
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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).
(a) Includes eliminations
(a) Includes eliminations
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following:
For the three and nine months ended September 30, 2021 and 2020 the overall effective tax rate was different than the statutory rate of 21% primarily due to taxable earnings and losses allocated to partners' interest in Clearway Energy LLC, which includes the effects of applying the HLBV method of accounting for book purposes for certain partnerships. For tax purposes, Clearway Energy LLC is treated as a partnership; therefore, the Company and CEG each record their respective share of taxable income or loss. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act, or the CARES Act, was signed into law, which includes modifications to the business interest expense disallowance and net operating loss provisions. While the Company utilized previously disallowed interest expense during 2020 as a result of the modifications, the CARES Act did not have a material impact on the consolidated financial statements. The Company will continue to assess the effects of the CARES Act and ongoing government guidance related to COVID-19 that may be issued.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, certain subsidiaries of CEG provide services to the Company and its project entities. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company's consolidated balance sheets. The disclosures below summarize the Company's material related party transactions with CEG and its subsidiaries that are included in the Company's operating costs. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to administrative services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $13 million and $9 million for the three months ended September 30, 2021 and 2020, respectively. The Company incurred total expenses for these services of $40 million and $27 million for the nine months ended September 30, 2021 and 2020, respectively. There was a balance of $11 million and $10 million due to RENOM as of September 30, 2021 and December 31, 2020, respectively. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to administrative services agreements with Clearway Asset Services LLC and Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $3 million for each of the three months ended September 30, 2021 and 2020. The Company incurred expenses under these agreements of $10 million and $7 million for the nine months ended September 30, 2021 and 2020, respectively. CEG Master Services Agreements The Company is a party to Master Services Agreements with CEG, or MSAs, pursuant to which CEG and certain of its affiliates or third party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. The Company incurred net expenses of $1 million and $0.6 million under these agreements for the three months ended September 30, 2021 and 2020, respectively. The Company incurred net expenses of $3 million and $2 million under these agreements for the nine months ended September 30, 2021 and 2020, respectively.
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Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies This note should be read in conjunction with the complete description under Item 15 — Note 16, Commitments and Contingencies, to the consolidated financial statements included in the Company's 2020 Form 10-K. The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Nebraska Public Power District Litigation On January 11, 2019, Nebraska Public Power District, or NPPD, sent written notice to certain of the Company’s subsidiaries which own the Laredo Ridge and Elkhorn Ridge wind projects alleging an event of default under each of the PPAs between NPPD and the projects. NPPD alleges that the Company moved forward with certain transactions without obtaining the consent of NPPD. NPPD threatened to terminate the applicable PPAs by February 11, 2019 if the alleged default was not cured. The Company filed a motion for a temporary restraining order and preliminary injunction in the U.S. District Court for the District of Nebraska relating to the Laredo Ridge project, and a similar motion in the District Court of Knox County, Nebraska for the Elkhorn Ridge project, to enjoin NPPD from taking any actions related to the PPAs. On February 19, 2019, the U.S. District Court in the Laredo Ridge matter approved a stipulation between the parties to provide for an injunction preventing NPPD from terminating the PPA pending disposition of the litigation. On February 26, 2019, the Knox County District Court approved a similar stipulation relating to the Elkhorn Ridge project. On April 13, 2020, the U.S. District Court granted the wind projects' motion for summary judgment and permanently enjoined NPPD from terminating the PPAs in reliance on the alleged events of default. The U.S. District Court decision was appealed by NPPD on May 11, 2020. On August 24, 2021, the U.S. Court of Appeals for the Eight Circuit affirmed the U.S. District Court decision granting summary judgment. On October 18, 2021, the Appeals Court denied a petition by NPPD for rehearing and a request that the case be heard by the full Appeals Court. On November 2, 2021, the Knox County District Court issued an order dismissing the case with respect to the Elkhorn Ridge project. The Company believes the allegations of NPPD are meritless and the Company is vigorously defending its rights under the PPAs. Buckthorn Solar Litigation On October 8, 2019, the City of Georgetown, Texas, or Georgetown, filed a petition in the District Court of Williamson County, Texas naming Buckthorn Westex, LLC, the Company’s subsidiary that owns the Buckthorn Westex solar project, as the defendant, alleging fraud by nondisclosure and breach of contract in connection with the project and the PPA, and seeking (i) rescission and/or cancellation of the PPA, (ii) declaratory judgment that the alleged breaches constitute an event of default under the PPA entitling Georgetown to terminate, and (iii) recovery of all damages, costs of court, and attorneys’ fees. On November 15, 2019, Buckthorn Westex filed an original answer and counterclaims (i) denying Georgetown’s claims, (ii) alleging Georgetown has breached its contracts with Buckthorn Westex by failing to pay amounts due, and (iii) seeking relief in the form of (x) declaratory judgment that Georgetown’s alleged failure to pay amounts due constitute breaches of and an event of default under the PPA and that Buckthorn did not commit any events of default under the PPA, (y) recovery of costs, expenses, interest, and attorneys’ fees, and (z) such other relief to which it is entitled at law or in equity. Buckthorn Westex believes the allegations of Georgetown are meritless, and Buckthorn Westex is vigorously defending its rights under the PPA.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2020 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2021, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2021 and 2020.
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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.
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Revenue Recognition and Contract Amortization | Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. 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.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.
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Recently Adopted Accounting Policies | Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company intends to apply the amendments to all its eligible contract modifications where applicable during the reference rate reform period. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the guidance as of January 1, 2021, with no material impact to the financial statements.
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Nature of Business (Tables) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Structure | The following table represents the structure of the Company as of September 30, 2021: ![]() |
Summary of Significant Accounting Policies (Tables) |
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Sep. 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 consolidated statements of cash flows:
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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 consolidated statements of cash flows:
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Schedule of Accumulated Amortization and Depreciation | The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of September 30, 2021 and December 31, 2020:
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Dividends Declared | The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine months ended September 30, 2021:
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Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table lists distributions paid to CEG during the nine months ended September 30, 2021 on Clearway Energy LLC's Class B and D units:
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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 nine months ended September 30, 2021 and 2020, respectively:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
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Contract with Customer, Asset and Liability | The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020:
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Acquisition and Dispositions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Asset Acquisition | The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021:
(a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor and $103 million contributed by CEG, both recorded as contributions in noncontrolling interest. 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:
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Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | Summarized financial information for the Company's consolidated VIEs consisted of the following as of September 30, 2021:
(a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC. (b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, which is also a consolidated VIE.
(a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects.
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Schedule of Maximum Loss Exposure in Equity Method Investments | The Company's maximum exposure to loss as of September 30, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
(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.
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Carrying Values and Fair Values | The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows:
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets.
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Fair Value Option, Disclosures | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of September 30, 2021 and December 31, 2020:
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Schedule of Fair Value, Assets and Liabilities | The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
(a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of September 30, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs:
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Fair Value Measurement Inputs and Valuation Techniques | The following table quantifies the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of September 30, 2021:
The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2021:
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of September 30, 2021 and December 31, 2020:
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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:
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Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by counterparty master agreement level as of September 30, 2021 and December 31, 2020:
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Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:
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Derivative gains and losses | Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:
(a) Relates to long-term power contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star Special LLC, or Mesquite Star, and Mt. Storm.
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Long-term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | Long-term debt consisted of the following:
(a) As of September 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) Premiums relate to the 2028 Senior Notes.
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic | The reconciliation of Clearway Energy, Inc.'s basic and diluted earnings per share is shown in the following tables:
(a) Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars.
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Schedule of Earnings Per Share, Diluted | The reconciliation of Clearway Energy, Inc.'s basic and diluted earnings per share is shown in the following tables:
(a) Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars.
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
(a) Includes eliminations
(a) Includes eliminations
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the U.S. federal statutory rate to the Company's effective rate | The income tax provision consisted of the following:
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Summary of Significant Accounting Policies - Accumulated Depreciation, Accumulated Amortization (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounting Policies [Abstract] | ||
Property, Plant and Equipment Accumulated Depreciation | $ 2,700 | $ 2,323 |
Intangible Assets Accumulated Amortization | $ 593 | $ 487 |
Summary of Significant Accounting Policies - Dividends Paid (Details) - $ / shares |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Nov. 03, 2021 |
Oct. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Common Class A | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, dividends, per share, cash paid (in dollars per share) | $ 0.3345 | $ 0.3290 | $ 0.3240 | $ 0.3125 | $ 0.9875 | $ 0.7325 | ||
Common Class A | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.34 | |||||||
Common Class C | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, dividends, per share, cash paid (in dollars per share) | $ 0.3345 | $ 0.3290 | $ 0.3240 | $ 0.3125 | $ 0.9875 | $ 0.7325 | ||
Common Class C | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.34 |
Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Nov. 03, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
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Common Class D | Subsequent Event | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Distribution made to limited liability (LLC) member, distributions declared, per unit (in dollars per share) | $ 0.34 | |||
Clearway Energy LLC | Common Class B | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share) | $ 0.3345 | $ 0.3290 | $ 0.3240 | |
Clearway Energy LLC | Common Class D | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Distribution made to limited liability company (LLC) member, distributions paid, per unit (in dollars per share) | $ 0.3345 | $ 0.3290 | $ 0.3240 |
Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable, net | $ 203 | $ 143 |
Accounts receivable, net - Contracts with customers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable, net | 60 | 57 |
Accounts receivable, net - Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable, net | $ 143 | $ 86 |
Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 7,918 | $ 7,048 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 8,227 | 7,020 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 2,172 | 1,905 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 6,055 | $ 5,115 |
Fair Value of Financial Instruments - Narrative (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Percent of derivative liabilities using level 3 fair value inputs | 64.00% |
Percent of other financial instruments using Level 3 fair value inputs | 100.00% |
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value | $ 10 |
Derivative Instruments and Hedging Activities - Volumetric Underlying Derivative Transactions (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021
USD ($)
MMBTU
MWh
|
Dec. 31, 2020
USD ($)
MMBTU
MWh
|
|
Natural Gas | Long | ||
Derivatives, Fair Value [Line Items] | ||
Derivative nonmonetary notional amount (energy measure) | MMBTU | 2 | 1 |
Power | Short | ||
Derivatives, Fair Value [Line Items] | ||
Derivative nonmonetary notional amount (energy measure) | MWh | 12 | 8 |
Interest | Long | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ | $ 1,389 | $ 1,600 |
Derivative Instruments and Hedging Activities - Impact to Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest Rate Contracts (Interest expense) | $ 3 | $ 0 | $ 11 | $ 8 | $ 4 | $ (12) | ||
Interest rate contracts | Interest Expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest Rate Contracts (Interest expense) | 6 | 39 | $ 42 | $ (53) | ||||
Power Contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Commodity Contracts (Mark-to-market economic hedging activities) | $ (36) | $ 0 | $ (86) | $ (8) |
Earnings Per Share - Antidilutive Equity Instruments Not Included in Calculation of Earnings Per Share (Details) shares in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
shares
| |
Common Class C | 2020 Convertible Notes | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Outstanding antidilutive equity instruments (in shares) | 2 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income (loss) before income tax | $ 26 | $ 51 | $ (31) | $ 24 |
Income tax expense (benefit) | $ 1 | $ 9 | $ (12) | $ 13 |
Effective income tax rate | 3.80% | 17.60% | 38.70% | 54.20% |
Related Party Transactions (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
subsidiary
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
subsidiary
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Related Party Transaction | |||||
General and administrative expense | $ 10.0 | $ 9.0 | $ 30.0 | $ 30.0 | |
RENOM | |||||
Related Party Transaction | |||||
Expenses from transactions with related party | 13.0 | 9.0 | 40.0 | 27.0 | |
Due to affiliate | 11.0 | 11.0 | $ 10.0 | ||
CEG | |||||
Related Party Transaction | |||||
Expenses from transactions with related party | $ 3.0 | $ 10.0 | 7.0 | ||
Number of wholly owned subsidiaries | subsidiary | 2 | 2 | |||
General and administrative expense | $ 1.0 | $ 0.6 | $ 3.0 | $ 2.0 |
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