v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
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:
 September 30, 2024December 31, 2023
 (In millions)
Cash and cash equivalents$292 $535 
Restricted cash382 516 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$674 $1,051 
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:
 September 30, 2024December 31, 2023
 (In millions)
Cash and cash equivalents$292 $535 
Restricted cash382 516 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$674 $1,051 
Schedule of Supplemental Cash Flow Information
The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:
Nine months ended September 30,
20242023
(In millions)
Cash paid to acquire Drop Down Assets $(673)$(34)
Cash acquired from the acquisition of Drop Down Assets2 134 
Acquisition of Drop Down Assets, net of cash acquired$(671)$100 
Schedule of Accumulated Amortization and Depreciation
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:
September 30, 2024December 31, 2023
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,938 $3,485 
Intangible Assets Accumulated Amortization1,147 1,009 
Schedule of Dividends Declared
The following table lists the dividends paid on the Company's Class A and Class C common stock during the nine months ended September 30, 2024:
Third Quarter 2024
Second Quarter 2024
First Quarter 2024
Dividends per Class A share$0.4171 $0.4102 $0.4033 
Dividends per Class C share0.4171 0.4102 0.4033 
Schedule of 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, 2024 on Clearway Energy LLC’s Class B and D units:
Third Quarter 2024Second Quarter 2024First Quarter 2024
Distributions per Class B Unit $0.4171 $0.4102 $0.4033 
Distributions per Class D Unit0.4171 0.4102 0.4033 
Schedule of Disaggregation of Revenue
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended September 30, 2024
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$35 $315 $350 
Capacity revenue (a)
65 22 87 
Other revenues3 20 23 
Contract amortization(5)(41)(46)
Mark-to-market for economic hedges4 68 72 
Total operating revenues102 384 486 
Less: Contract amortization5 41 46 
Less: Mark-to-market for economic hedges(4)(68)(72)
Less: Lease revenue(27)(247)(274)
Total revenue from contracts with customers
$76 $110 $186 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $234 $235 
Capacity revenue26 13 39 
Total
$27 $247 $274 
Three months ended September 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$57 $280 $337 
Capacity revenue (a)
74 5 79 
Other revenues3 17 20 
Contract amortization(5)(42)(47)
Mark-to-market for economic hedges3 (21)(18)
Total operating revenues132 239 371 
Less: Contract amortization5 42 47 
Less: Mark-to-market for economic hedges(3)21 18 
Less: Lease revenue(41)(233)(274)
Total revenue from contracts with customers
$93 $69 $162 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $228 $230 
Capacity revenue39 5 44 
Total
$41 $233 $274 

Nine months ended September 30, 2024
(In millions)Conventional GenerationRenewablesTotal
Energy revenue (a)
$67 $870 $937 
Capacity revenue (a)
195 44 239 
Other revenues6 63 69 
Contract amortization(14)(124)(138)
Mark-to-market for economic hedges12 (4)8 
Total operating revenue
266 849 1,115 
Less: Contract amortization14 124 138 
Less: Mark-to-market for economic hedges(12)4 (8)
Less: Lease revenue(84)(691)(775)
Total revenue from contracts with customers
$184 $286 $470 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $661 $663 
Capacity revenue82 30 112 
Total
$84 $691 $775 
Nine months ended September 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$61 $753 $814 
Capacity revenue (a)
270 15 285 
Other revenues (a)
24 56 80 
Contract amortization(16)(125)(141)
Mark-to-market for economic hedges3 24 27 
Total operating revenue
342 723 1,065 
Less: Contract amortization16 125 141 
Less: Mark-to-market for economic hedges(3)(24)(27)
Less: Lease revenue(246)(626)(872)
Total revenue from contracts with customers
$109 $198 $307 
(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$4 $613 $617 
Capacity revenue221 13 234 
Other revenues (b)
21 — 21 
Total
$246 $626 $872 
(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.
Schedule of Contract with Customer, Asset and Liability
The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:
September 30, 2024December 31, 2023
(In millions)
Accounts receivable, net - Contracts with customers$79 $66 
Accounts receivable, net - Leases120 105 
Total accounts receivable, net$199 $171