falsedesktopCWEN2020-09-30000163775720000020{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Delaware\t\t\t32-0407370\n(State or other jurisdiction of incorporation or organization)\t\t\t(I.R.S. Employer Identification No.)\n300 Carnegie Center Suite 300\tPrinceton\tNew Jersey\t08540\n(Address of principal executive offices)\t\t\t(Zip Code)\n", "q10k_tbl_1": "Large accelerated filer\t☐\tAccelerated filer\t☐\nNon-accelerated filer\t☒\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_2": "CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION\t3\nGLOSSARY OF TERMS\t4\nPART I - FINANCIAL INFORMATION\t7\nITEM 1 - FINANCIAL STATEMENTS AND NOTES\t7\nITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\t53\nITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\t76\nITEM 4 - CONTROLS AND PROCEDURES\t77\nPART II - OTHER INFORMATION\t78\nITEM 1 - LEGAL PROCEEDINGS\t78\nITEM 1A - RISK FACTORS\t78\nITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS\t78\nITEM 3 - DEFAULTS UPON SENIOR SECURITIES\t78\nITEM 4 - MINE SAFETY DISCLOSURES\t78\nITEM 5 - OTHER INFORMATION\t78\nITEM 6 - EXHIBITS\t79\nSIGNATURES\t80\n", "q10k_tbl_3": "2019 Form 10-K\tClearway Energy LLC's Annual Report on Form 10-K for the year ended December 31 2019\n2020 Convertible Notes\t45 million aggregate principal amount of 3.25% convertible notes due 2020 issued by Clearway Energy Inc. which were repaid on June 1 2020\n2024 Senior Notes\t500 million aggregate principal amount of 5.375% unsecured senior notes due 2024 issued by Clearway Energy Operating LLC which were repaid on January 32020\n2025 Senior Notes\t600 million aggregate principal amount of 5.750% unsecured senior notes due 2025 issued by Clearway Energy Operating LLC\n2026 Senior Notes\t350 million aggregate principal amount of 5.00% unsecured senior notes due 2026 issued by Clearway Energy Operating LLC\n2028 Senior Notes\t850 million aggregate principal amount of 4.750% unsecured senior notes due 2028 issued by Clearway Energy Operating LLC\nAdjusted EBITDA\tA non-GAAP measure represents earnings before interest 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\nAOCI\tAccumulated Other Comprehensive Income\nASC\tThe FASB Accounting Standards Codification which the FASB established as the source of authoritative GAAP\nASU\tAccounting Standards Updates - updates to the ASC\nATM Program\tAt-The-Market Equity Offering Program\nBankruptcy Code\tTitle 11 of the U.S. Code\nBankruptcy Court\tU.S. Bankruptcy Court for the Northern District of California\nCAFD\tA non-GAAP measure Cash Available for Distribution is defined as of September 30 2020 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 Walnut Creek investment payments changes in prepaid and accrued capacity payments and adjusted for development expenses.\nCEG\tClearway Energy Group LLC (formerly Zephyr Renewables LLC)\nCEG Master Services Agreements\tMaster Services Agreements entered into as of August 31 2018 between the Company Clearway Energy LLC and Clearway Energy Operating LLC and CEG\nCEG ROFO Agreement\tRight 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 and the Fourth Amendment dated November 2 2020\nClearway Energy LLC\tThe holding company through which the projects are owned by Clearway Energy Group LLC the holder of Class B and Class D units of the Company and Clearway Energy Inc. the holder of the Class A and Class C units\nClearway Energy Group LLC\tThe holder of Clearway Energy Inc.'s Class B and Class D common shares and Clearway Energy LLC's Class B and Class D units\nClearway Energy Operating LLC\tThe holder of the project assets that are owned by Clearway Energy LLC\nCOD\tCommercial Operation Date\nCompany\tClearway Energy LLC together with its consolidated subsidiaries\nCVSR\tCalifornia Valley Solar Ranch\n", "q10k_tbl_4": "CVSR Holdco\tCVSR Holdco LLC the indirect owner of CVSR\nDGPV Holdco 1\tDGPV Holdco 1 LLC\nDGPV Holdco 2\tDGPV Holdco 2 LLC\nDGPV Holdco 3\tDGPV Holdco 3 LLC\nDistributed Solar\tSolar power projects typically less than 20 MW in size that primarily sell power produced to customers for usage on site or are interconnected to sell power into the local distribution grid\nDrop Down Assets\tCollectively 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 ending September 30 2020\nEconomic Gross Margin\tA non-GAAP measure energy and capacity revenue less cost of fuels\nECP\tEnergy Center Pittsburgh LLC a subsidiary of the Company\nEPA\tU.S. Environmental Protection Agency\nExchange Act\tThe Securities Exchange Act of 1934 as amended\nFASB\tFinancial Accounting Standards Board\nGAAP\tAccounting principles generally accepted in the U.S.\nGenConn\tGenConn Energy LLC\nGIP\tCollectively Global Infrastructure Partners III-C Intermediate AIV 3 L.P. Global Infrastructure Partners III-A/B AIV 3 L.P. Global Infrastructure Partners III-C Intermediate AIV 2 L.P. Global Infrastructure Partners III-C2 Intermediate AIV L.P. and GIP III Zephyr Friends & Family LLC\nHLBV\tHypothetical Liquidation at Book Value\nLIBOR\tLondon Inter-Bank Offered Rate\nMMBtu\tMillion British Thermal Units\nMW\tMegawatts\nMWh\tSaleable megawatt hours net of internal/parasitic load megawatt-hours\nMWt\tMegawatts Thermal Equivalent\nNet Exposure\tCounterparty credit exposure to Clearway Energy Inc. net of collateral\nNOLs\tNet Operating Losses\nNPPD\tNebraska Public Power District\nNRG\tNRG Energy Inc.\nOCL\tOther comprehensive loss\nO&M\tOperation and Maintenance\nPG&E\tPacific Gas and Electric Company\nPG&E Bankruptcy\tOn January 29 2019 PG&E Corporation and Pacific Gas and Electric Company filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court. On July 1 2020 PG&E emerged from bankruptcy\nPPA\tPower Purchase Agreement\nPTC\tProduction Tax Credit\nRENOM\tClearway Renewable Operation & Maintenance LLC\nRPV Holdco\tRPV Holdco 1 LLC\nRTO\tRegional Transmission Organization\nSEC\tU.S. Securities and Exchange Commission\nSenior Notes\tCollectively the 2025 Senior Notes the 2026 Senior Notes and the 2028 Senior Notes\nSPP\tSolar Power Partners\nSREC\tSolar Renewable Energy Credit\nTax Act\tTax Cuts and Jobs Act of 2017\nThermal Business\tThe 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\n", "q10k_tbl_5": "\tThree months ended September 30\t\tNine months ended September 30\t\n(In millions)\t2020\t2019\t2020\t2019\nOperating Revenues\t\t\t\t\nTotal operating revenues\t332\t296\t919\t797\nOperating Costs and Expenses\t\t\t\t\nCost of operations\t95\t84\t275\t245\nDepreciation amortization and accretion\t102\t114\t303\t289\nImpairment losses\t0\t0\t0\t19\nGeneral and administrative\t9\t7\t29\t19\nTransaction and integration costs\t1\t0\t2\t2\nDevelopment costs\t2\t1\t4\t4\nTotal operating costs and expenses\t209\t206\t613\t578\nOperating Income\t123\t90\t306\t219\nOther Income (Expense)\t\t\t\t\nEquity in earnings of unconsolidated affiliates\t19\t38\t22\t52\nGain on sale of unconsolidated affiliate\t0\t0\t49\t0\nOther income net\t(1)\t2\t2\t6\nLoss on debt extinguishment\t(6)\t0\t(9)\t(1)\nInterest expense\t(84)\t(105)\t(344)\t(336)\nTotal other expense net\t(72)\t(65)\t(280)\t(279)\nNet Income (Loss)\t51\t25\t26\t(60)\nLess: Loss attributable to noncontrolling interests and redeemable interests\t(20)\t(25)\t(86)\t(29)\nNet Income (Loss) Attributable to Clearway Energy LLC\t71\t50\t112\t(31)\n", "q10k_tbl_6": "\tThree months ended September 30\t\tNine months ended September 30\t\n(In millions)\t2020\t2019\t2020\t2019\nNet Income (Loss)\t51\t25\t26\t(60)\nOther Comprehensive Income (Loss)\t\t\t\t\nUnrealized gain (loss) on derivatives\t10\t(1)\t1\t2\nOther comprehensive income (loss)\t10\t(1)\t1\t2\nComprehensive Income (Loss)\t61\t24\t27\t(58)\nLess: Comprehensive loss attributable to noncontrolling interests and redeemable interests\t(20)\t(25)\t(86)\t(28)\nComprehensive Income (Loss) Attributable to Clearway Energy LLC\t81\t49\t113\t(30)\n", "q10k_tbl_7": "(In millions)\tSeptember 30 2020\tDecember 31 2019\nASSETS\t(unaudited)\t\nCurrent Assets\t\t\nCash and cash equivalents\t359\t152\nRestricted cash\t178\t262\nAccounts receivable - trade\t156\t116\nAccounts receivable - affiliate\t0\t2\nInventory\t42\t40\nPrepayments and other current assets\t38\t33\nTotal current assets\t773\t605\nProperty plant and equipment net\t6165\t6063\nOther Assets\t\t\nEquity investments in affiliates\t1001\t1183\nIntangible assets net\t1371\t1428\nRight of use assets net\t256\t223\nOther non-current assets\t75\t103\nTotal other assets\t2703\t2937\nTotal Assets\t9641\t9605\nLIABILITIES AND MEMBERS' EQUITY\t\t\nCurrent Liabilities\t\t\nCurrent portion of long-term debt - external\t361\t1780\nCurrent portion of long-term debt - affiliate\t2\t44\nAccounts payable - trade\t46\t73\nAccounts payable - affiliate\t24\t33\nDerivative instruments\t36\t16\nAccrued interest expense\t48\t41\nAccrued expenses and other current liabilities\t89\t71\nTotal current liabilities\t606\t2058\nOther Liabilities\t\t\nLong-term debt - external\t6357\t4956\nDerivative instruments\t150\t76\nLong-term lease liabilities\t260\t227\nOther non-current liabilities\t114\t115\nTotal non-current liabilities\t6881\t5374\nTotal Liabilities\t7487\t7432\nCommitments and Contingencies\t\t\nMembers' Equity\t\t\nContributed capital\t1747\t1882\nRetained earnings\t65\t5\nAccumulated other comprehensive loss\t(36)\t(37)\nNoncontrolling interest\t378\t323\nTotal Members' Equity\t2154\t2173\nTotal Liabilities and Members' Equity\t9641\t9605\n", "q10k_tbl_8": "\tNine months ended September 30\t\n(In millions)\t2020\t2019\nCash Flows from Operating Activities\t\t\nNet Income (Loss)\t26\t(60)\nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\t\t\nEquity in earnings of unconsolidated affiliates\t(22)\t(52)\nDistributions from unconsolidated affiliates\t51\t32\nDepreciation amortization and accretion\t303\t289\nAmortization of financing costs and debt discounts\t11\t2\nAmortization of intangibles and out-of-market contracts\t67\t52\nLoss on debt extinguishment\t9\t1\nRight-of-use asset amortization\t1\t5\nGain on sale of unconsolidated affiliate\t(49)\t0\nImpairment losses\t0\t19\nChanges in derivative instruments\t63\t101\nLoss on disposal of asset components\t(4)\t5\nCash used in changes in other working capital\t\t\nChanges in prepaid and accrued liabilities for tolling agreements\t15\t12\nChanges in other working capital\t(30)\t(33)\nNet Cash Provided by Operating Activities\t441\t373\nCash Flows from Investing Activities\t\t\nAcquisitions\t0\t(100)\nAcquisition of Drop Down Assets\t(79)\t(6)\nBuyout of Wind TE Holdco noncontrolling interest\t0\t(19)\nConsolidation of DGPV Holdco 3 LLC\t17\t0\nCapital expenditures\t(95)\t(200)\nReturn of investment from unconsolidated affiliates\t53\t37\nInvestments in unconsolidated affiliates\t(11)\t(14)\nProceeds from sale of assets\t90\t0\nInsurance proceeds\t5\t2\nNet Cash Used in Investing Activities\t(20)\t(300)\nCash Flows from Financing Activities\t\t\nNet contributions (distributions) from noncontrolling interests\t147\t(15)\nBuyout of Repowering Partnership II LLC noncontrolling interest\t(70)\t0\nNet proceeds from the issuance of Class C units\t58\t0\nPayments of distributions net of contributions\t(147)\t(116)\nPayments of debt issuance costs\t(10)\t(15)\nProceeds from the revolving credit facility\t265\t22\nPayments for the revolving credit facility\t(265)\t(22)\nProceeds from the issuance of long-term debt - external\t775\t586\nPayments for long-term debt - external\t(1009)\t(480)\nProceeds from long-term debt - affiliate\t3\t0\nPayments for long-term debt - affiliate\t(45)\t(222)\nNet Cash Used in Financing Activities\t(298)\t(262)\nNet Increase (Decrease) in Cash Cash Equivalents and Restricted Cash\t123\t(189)\nCash Cash Equivalents and Restricted Cash at beginning of period\t414\t583\nCash Cash Equivalents and Restricted Cash at end of period\t537\t394\n", "q10k_tbl_9": "(In millions)\tContributed Capital\tRetained Earnings (Accumulated Deficit)\tAccumulated Other Comprehensive Loss\tNoncontrolling Interest\tTotal Members' Equity\nBalances at December 31 2019\t1882\t5\t(37)\t323\t2173\nNet loss\t0\t(90)\t0\t(39)\t(129)\nUnrealized loss on derivatives\t0\t0\t(14)\t0\t(14)\nContributions from CEG cash\t0\t0\t0\t4\t4\nContributions from tax equity interests net of distributions cash\t0\t0\t0\t150\t150\nNet proceeds from the sales of units Clearway Energy Inc.\t10\t0\t0\t0\t10\nDistributions to tax equity investors non-cash\t0\t0\t0\t(1)\t(1)\nDistributions paid to CEG on Class B and Class D units\t(24)\t0\t0\t0\t(24)\nDistributions paid to Clearway Energy Inc.\t(18)\t0\t0\t0\t(18)\nBalances at March 31 2020\t1850\t(85)\t(51)\t437\t2151\nNet income (loss)\t0\t131\t0\t(27)\t104\nUnrealized gain on derivatives\t0\t0\t5\t0\t5\nContributions from CEG non-cash\t8\t0\t0\t0\t8\nContributions from CEG cash\t0\t0\t0\t2\t2\nDistributions to tax equity interests net of contributions cash\t0\t0\t0\t(3)\t(3)\nNet proceeds from the sales of units Clearway Energy Inc.\t28\t0\t0\t0\t28\nDistributions to tax equity investors non-cash\t0\t0\t0\t(2)\t(2)\nConsolidation of DGPV Holdco 3\t(51)\t0\t0\t8\t(43)\nBuyout of Repowering Partnership II LLC noncontrolling interest\t(60)\t0\t0\t(10)\t(70)\nDistributions paid to CEG on Class B and Class D units\t(24)\t0\t0\t0\t(24)\nDistributions paid to Clearway Energy Inc.\t(18)\t0\t0\t0\t(18)\nBalances at June 30 2020\t1733\t46\t(46)\t405\t2138\nNet income\t0\t71\t0\t(20)\t51\nUnrealized gain on derivatives\t0\t0\t10\t0\t10\nContributions to CEG non-cash\t0\t0\t0\t(1)\t(1)\nNet proceeds from the sales of units Clearway Energy Inc.\t20\t0\t0\t0\t20\nDistributions to tax equity investors non-cash\t0\t0\t0\t(6)\t(6)\nConsolidation of DGPV Holdco 3\t1\t0\t0\t0\t1\nMesquite Star Drop Down\t4\t0\t0\t0\t4\nDistributions paid to CEG on Class B and Class D units\t(11)\t(25)\t0\t0\t(36)\nDistributions paid to Clearway Energy Inc.\t0\t(27)\t0\t0\t(27)\nBalances at September 30 2020\t1747\t65\t(36)\t378\t2154\n", "q10k_tbl_10": "(In millions)\tContributed Capital\tRetained Earnings (Accumulated Deficit)\tAccumulated Other Comprehensive Loss\tNoncontrolling Interest\tTotal Members' Equity\nBalances at December 31 2018\t1940\t86\t(44)\t200\t2182\nNet loss\t0\t(48)\t0\t(6)\t(54)\nUnrealized (loss) gain on derivatives\t0\t0\t(3)\t1\t(2)\nBuyout of Wind TE Holdco noncontrolling interest.\t(9)\t0\t0\t(10)\t(19)\nContributions from tax equity interests net of distributions cash\t0\t0\t0\t19\t19\nContributions from CEG for Oahu Partnership non-cash\t10\t0\t0\t2\t12\nCumulative effect of change in the accounting principle\t0\t(3)\t0\t0\t(3)\nDistributions paid to CEG on Class B and Class D units\t0\t(17)\t0\t0\t(17)\nDistributions paid to Clearway Energy Inc.\t0\t(22)\t0\t0\t(22)\nBalances at March 31 2019\t1941\t(4)\t(47)\t206\t2096\nNet (loss) income\t0\t(33)\t0\t2\t(31)\nUnrealized gain on derivatives\t0\t0\t5\t0\t5\nDistributions to noncontrolling interests net of contributions cash\t(2)\t0\t0\t(28)\t(30)\nContributions from CEG for Kawailoa Repowering Partnerships non-cash\t(15)\t3\t0\t18\t6\nDistributions paid to CEG on Class B and Class D units\t(6)\t(11)\t0\t0\t(17)\nDistributions paid to Clearway Energy Inc. non-cash\t(13)\t0\t0\t0\t(13)\nDistributions paid to Clearway Energy Inc.\t(21)\t0\t0\t0\t(21)\nBalances at June 30 2019\t1884\t(45)\t(42)\t198\t1995\nNet income (loss)\t0\t50\t0\t(25)\t25\nUnrealized loss on derivatives\t0\t0\t(1)\t0\t(1)\nDistributions to noncontrolling interests net of contributions cash\t(3)\t0\t0\t(1)\t(4)\nContributions from CEG for Kawailoa Repowering Partnerships non-cash\t12\t0\t0\t(11)\t1\nDistributions paid to CEG on Class B and Class D units\t(17)\t0\t0\t0\t(17)\nDistributions paid to Clearway Energy Inc.\t(22)\t0\t0\t0\t(22)\nBalances at September 30 2019\t1854\t5\t(43)\t161\t1977\n", "q10k_tbl_11": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nCash and cash equivalents\t359\t152\nRestricted cash\t178\t262\nCash cash equivalents and restricted cash shown in the statement of cash flows\t537\t414\n", "q10k_tbl_12": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nProperty Plant and Equipment Accumulated Depreciation\t2135\t1880\nIntangible Assets Accumulated Amortization\t461\t394\n", "q10k_tbl_13": "\tThird Quarter 2020\tSecond Quarter 2020\tFirst Quarter 2020\nDistributions per Class A B C and D unit\t0.3125\t0.2100\t0.2100\n", "q10k_tbl_14": "\tThree months ended September 30 2020\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\t\t\t\t\t\t\t\t\t\tTotal\t\t\nEnergy revenue(a)\t3\t166\t27\t\t\t\t\t\t\t\t\t\t196\t\t\nCapacity revenue(a)\t119\t0\t24\t\t\t\t\t\t\t\t\t\t143\t\t\nContract amortization\t(6)\t(15)\t(1)\t\t\t\t\t\t\t\t\t\t(22)\t\t\nOther revenue\t0\t6\t9\t\t\t\t\t\t\t\t\t\t15\t\t\nTotal operating revenue\t116\t157\t59\t\t\t\t\t\t\t\t\t\t332\t\t\nLess: Lease revenue\t(122)\t(153)\t0\t\t\t\t\t\t\t\t\t\t(275)\t\t\nLess: Contract amortization\t6\t15\t1\t\t\t\t\t\t\t\t\t\t22\t\t\nTotal revenue from contracts with customers\t0\t19\t60\t\t\t\t\t\t\t\t\t\t79\t\t\n", "q10k_tbl_15": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t3\t153\t0\t156\nCapacity revenue\t119\t0\t0\t119\nTotal\t122\t153\t0\t275\n", "q10k_tbl_16": "\tNine months ended September 30 2020\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue(a)\t6\t486\t77\t569\nCapacity revenue(a)\t338\t0\t50\t388\nContract amortization\t(18)\t(46)\t(2)\t(66)\nOther revenue\t0\t12\t24\t36\nMark-to-market for economic hedges\t0\t(8)\t0\t(8)\nTotal operating revenue\t326\t444\t149\t919\nLess: Mark-to-market for economic hedges\t0\t8\t0\t8\nLess: Lease revenue\t(344)\t(449)\t(1)\t(794)\nLess: Contract amortization\t18\t46\t2\t66\nTotal revenue from contracts with customers\t0\t49\t150\t199\n", "q10k_tbl_17": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t6\t449\t1\t456\nCapacity revenue\t338\t0\t0\t338\nTotal\t344\t449\t1\t794\n", "q10k_tbl_18": "\tThree months ended September 30 2019\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\t\t\t\tTotal\t\t\nEnergy revenue(a)\t2\t167\t33\t\t\t\t202\t\t\nCapacity revenue(a)\t89\t0\t14\t\t\t\t103\t\t\nContract amortization\t(1)\t(16)\t(1)\t\t\t\t(18)\t\t\nMark-to-market for economic hedges\t0\t(2)\t0\t\t\t\t(2)\t\t\nOther revenue\t0\t2\t9\t\t\t\t11\t\t\nTotal operating revenue\t90\t151\t55\t\t\t\t296\t\t\nLess: Mark-to-market for economic hedges\t0\t2\t0\t\t\t\t2\t\t\nLess: Lease revenue\t(91)\t(160)\t(1)\t\t\t\t(252)\t\t\nLess: Contract amortization\t1\t16\t1\t\t\t\t18\t\t\nTotal revenue from contracts with customers\t0\t9\t55\t\t\t\t64\t\t\n", "q10k_tbl_19": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t2\t160\t1\t163\nCapacity revenue\t89\t0\t0\t89\nTotal\t91\t160\t1\t252\n", "q10k_tbl_20": "\tNine months ended September 30 2019\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\t\t\nEnergy revenue(a)\t4\t441\t91\t536\t\t\nCapacity revenue(a)\t253\t0\t41\t294\t\t\nContract amortization\t(4)\t(46)\t(2)\t(52)\t\t\nMark-to-market for economic hedges\t0\t(9)\t0\t(9)\t\t\nOther revenue\t0\t6\t22\t28\t\t\nTotal operating revenue\t253\t392\t152\t797\t\t\nLess: Mark-to-market for economic hedges\t0\t9\t0\t9\t\t\nLess: Lease revenue\t(257)\t(416)\t(2)\t(675)\t\t\nLess: Contract amortization\t4\t46\t2\t52\t\t\nTotal revenue from contracts with customers\t0\t31\t152\t183\t\t\n", "q10k_tbl_21": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t4\t416\t2\t422\nCapacity revenue\t253\t0\t0\t253\nTotal\t257\t416\t2\t675\n", "q10k_tbl_22": "(In millions)\tOahu Solar Partnership\tKawailoa Partnership\tElbow Creek TE Holdco\tWildorado TE Holdco\tDGPV Holdco 3\tAlta TE Holdco\tSpring Canyon\tBuckthorn Renewables LLC\tOther (a)\nOther current and non-current assets\t25\t24\t10\t16\t61\t58\t3\t3\t5\nProperty plant and equipment\t182\t142\t102\t244\t329\t363\t82\t209\t8\nIntangible assets\t0\t0\t1\t0\t1\t228\t0\t0\t0\nTotal assets\t207\t166\t113\t260\t391\t649\t85\t212\t13\nCurrent and non-current liabilities\t125\t116\t27\t12\t276\t44\t5\t7\t3\nTotal liabilities\t125\t116\t27\t12\t276\t44\t5\t7\t3\nNoncontrolling interest\t25\t35\t74\t107\t3\t38\t29\t62\t0\nNet assets less noncontrolling interests\t57\t15\t12\t141\t112\t567\t51\t143\t10\n", "q10k_tbl_23": "(In millions)\tMay 29 2020\nCurrent assets\t32\nProperty plant and equipment\t331\nIntangible assets\t1\nOther non-current assets\t37\nTotal assets\t401\nDebt\t206\nOther current and non-current liabilities\t84\nTotal liabilities\t290\nNoncontrolling interests and redeemable noncontrolling interests\t6\nNet assets less noncontrolling interests\t105\n", "q10k_tbl_24": "Name\tEconomic Interest\tInvestment Balance\n\t\t(In millions)\nUtah Solar Portfolio (a)\t50%\t268\nDesert Sunlight\t25%\t257\nAgua Caliente Solar\t16%\t89\nGenConn\t50%\t90\nDGPV Holdco 1 LLC (a)\t95%\t81\nDGPV Holdco 2 LLC (a)\t95%\t63\nSan Juan Mesa\t75%\t42\nElkhorn Ridge\t66.7%\t39\nAvenal\t50%\t(5)\nMesquite Star (a)\t50%\t77\n\t\t1001\n", "q10k_tbl_25": "\tThree months ended September 30\t\tNine months ended September 30\t\n(In millions)\t2020\t2019\t2020\t2019\nIncome Statement Data:\t\t\t\t\nDGPV Holdco 3 (a)\t\t\t\t\nOperating revenue\t0\t9\t14\t22\nOperating income\t0\t6\t6\t11\nNet income (loss)\t0\t16\t(12)\t24\n", "q10k_tbl_26": "(In millions)\tAs of September 30 2020\tAs of December 31 2019\nBalance Sheet Data:\t\t\nDGPV Holdco 3 (a)\t\t\nCurrent assets\t0\t39\nNon-current assets\t0\t371\nCurrent liabilities\t0\t61\nNon-current liabilities\t0\t216\nRedeemable noncontrolling interest\t0\t(1)\n", "q10k_tbl_27": "\tAs of September 30 2020\t\tAs of December 31 2019\t\n\tCarrying Amount\tFair Value\tCarrying Amount\tFair Value\n(In millions)\t\t\t\t\nLong-term debt including current portion (a)\t6799\t6875\t6813\t6913\n", "q10k_tbl_28": "\tAs of September 30 2020\t\tAs of December 31 2019\t\n\tLevel 2\tLevel 3\tLevel 2\tLevel 3\n\t(In millions)\t\t\t\nLong-term debt including current portion\t1874\t5001\t1735\t5221\n", "q10k_tbl_29": "\tAs of September 30 2020\t\tAs of December 31 2019\t\n\tFair Value (a)\t\tFair Value (a)\t\n(In millions)\tLevel 2\tLevel 3\t\tLevel 2\t\t\t\tLevel 3\t\t\t\t\t\t\t\t\nDerivative liabilities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCommodity contracts\t0\t17\t\t0\t\t\t\t9\t\t\t\t\t\t\t\t\nInterest rate contracts\t169\t0\t\t83\t\t\t\t0\t\t\t\t\t\t\t\t\nTotal liabilities\t169\t17\t\t83\t\t\t\t9\t\t\t\t\t\t\t\t\n", "q10k_tbl_30": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n(In millions)\tFair Value Measurement Using Significant Unobservable Inputs (Level 3)\t\tFair Value Measurement Using Significant Unobservable Inputs (Level 3)\t\nBeginning balance\t(17)\t(7)\t(9)\t0\nTotal losses for the period included in earnings\t0\t(2)\t(8)\t(2)\nPurchases\t0\t0\t0\t(7)\nEnding balance\t(17)\t(9)\t(17)\t(9)\nChange in unrealized losses included in earnings for derivatives held as of September 30 2020\t0\t\t8\t\n", "q10k_tbl_31": "\t\tTotal Volume\t\n\t\tSeptember 30 2020\tDecember 31 2019\nCommodity\tUnits\t(In millions)\t\nNatural Gas\tMMBtu\t1\t2\nPower\tMWh\t(2)\t(2)\nInterest\tDollars\t1769\t1788\n", "q10k_tbl_32": "\t\tFair Value\t\t\n\tDerivative Liabilities\t\t\n\t\t\tSeptember 30 2020\tDecember 31 2019\n\t\t(In millions)\t\t\nDerivatives Designated as Cash Flow Hedges:\t\t\t\t\nInterest rate contracts current\t\t\t7\t3\nInterest rate contracts long-term\t\t\t14\t11\nTotal Derivatives Designated as Cash Flow Hedges\t\t\t21\t14\nDerivatives Not Designated as Cash Flow Hedges:\t\t\t\t\nInterest rate contracts current\t\t\t29\t13\nInterest rate contracts long-term\t\t\t119\t56\nCommodity contracts long-term\t\t\t17\t9\nTotal Derivatives Not Designated as Cash Flow Hedges\t\t\t165\t78\nTotal Derivatives\t\t\t186\t92\n", "q10k_tbl_33": "As of September 30 2020\tGross Amounts of Recognized Assets/Liabilities\tDerivative Instruments\tNet Amount\nCommodity contracts:\t(In millions)\t\t\nDerivative liabilities\t(17)\t0\t(17)\nTotal commodity contracts\t(17)\t0\t(17)\nInterest rate contracts:\t\t\t\nDerivative liabilities\t(169)\t0\t(169)\nTotal interest rate contracts\t(169)\t0\t(169)\nTotal derivative instruments\t(186)\t0\t(186)\n", "q10k_tbl_34": "As of December 31 2019\tGross Amounts of Recognized Assets/Liabilities\tDerivative Instruments\tNet Amount\nCommodity contracts:\t(In millions)\t\t\nDerivative liabilities\t(9)\t(1)\t(10)\nTotal commodity contracts\t(9)\t(1)\t(10)\nInterest rate contracts:\t\t\t\nDerivative liabilities\t(83)\t1\t(82)\nTotal interest rate contracts\t(83)\t1\t(82)\nTotal derivative instruments\t(92)\t0\t(92)\n", "q10k_tbl_35": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nAccumulated OCL beginning balance\t(46)\t(42)\t(37)\t(45)\nReclassified from accumulated OCL to income due to realization of previously deferred amounts\t3\t4\t7\t21\nMark-to-market of cash flow hedge accounting contracts\t6\t(5)\t(7)\t(19)\nAccumulated OCL attributable to Clearway Energy LLC\t(37)\t(43)\t(37)\t(43)\nLosses expected to be realized from OCL during the next 12 months\t(13)\t\t(13)\t\n", "q10k_tbl_36": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nInterest Rate Contracts (Interest Expense)\t39\t(28)\t(53)\t(82)\nMark-to-market economic hedging activities (a)\t0\t0\t(8)\t0\n", "q10k_tbl_37": "(In millions except rates)\tSeptember 30 2020\tDecember 31 2019\tSeptember 30 2020 interest rate % (a)\tLetters of Credit Outstanding at September 30 2020\nLong-term debt - affiliate due 2020(b)\t0\t44\t3.325\t\nIntercompany Note with Clearway Energy Inc.\t2\t0\t1.490\t\n2024 Senior Notes(c)\t0\t88\t5.375\t\n2025 Senior Notes\t600\t600\t5.750\t\n2026 Senior Notes\t350\t350\t5.000\t\n2028 Senior Notes\t850\t600\t4.750\t\nClearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility due 2023 (d)\t0\t0\tL+2.00\t59\nProject-level debt:\t\t\t\t\nAlpine due 2022(e)\t0\t119\tL+2.00\t0\nAlta Wind I-V lease financing arrangements due 2034 and 2035\t816\t844\t5.696 - 7.015\t29\nBuckthorn Solar due 2025\t127\t129\tL+1.750\t26\nCarlsbad Holdco due 2038\t215\t216\t4.210\t9\nCarlsbad Energy Holdings LLC due 2027 and 2038\t568\t582\tvarious\t67\nChestnut Borrower LLC due 2024\t109\t0\tL+2.50\t8\nCS4 Borrower due 2026\t103\t0\tL+2.00\t4\nCVSR due 2037\t675\t696\t2.339 - 3.775\t0\nCVSR Holdco Notes due 2037\t176\t182\t4.680\t13\nDuquesne due 2059\t95\t95\t4.620\t0\nEl Segundo Energy Center due 2023\t250\t303\tL+1.875 - L+2.500\t138\nEnergy Center Minneapolis Series D E F G H Notes due 2025-2037\t327\t328\tvarious\t0\nLaredo Ridge due 2028\t80\t84\tL+2.125\t10\nKansas South due 2030\t23\t24\tL+2.25\t2\nKawailoa Solar Holdings LLC due 2026\t82\t82\tL+1.375\t13\nMarsh Landing due 2023\t164\t206\tL+2.125\t38\nNIMH Solar due 2024\t193\t0\tL+2.00\t11\nOahu Solar Holdings LLC due 2026\t90\t91\tL+1.375\t11\nRepowering Partnership Holdco LLC due 2020 (c)\t0\t228\tL+.85\t0\nSouth Trent due 2028\t39\t43\tL+1.350\t12\nTapestry due 2031\t147\t156\tL+1.375\t18\nUtah Solar Holdings due 2036\t296\t0\t3.59\t9\nUtah Solar Portfolio due 2022(e)\t0\t254\tL+1.625\t0\nViento due 2023\t35\t42\tL+2.00\t12\nWalnut Creek due 2023\t140\t175\tL+1.75\t80\nOther(f)\t242\t296\tvarious\t29\nSubtotal project-level debt:\t4992\t5175\t\t\nTotal debt\t6794\t6857\t\t\nLess current maturities\t(363)\t(1824)\t\t\nLess net debt issuance costs\t(79)\t(77)\t\t\nAdd premiums(g)\t5\t0\t\t\nTotal long-term debt\t6357\t4956\t\t\n", "q10k_tbl_38": "\tThree months ended September 30 2020\t\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tCorporate\tTotal\nOperating revenues\t116\t157\t59\t0\t332\nCost of operations\t21\t33\t41\t0\t95\nDepreciation amortization and accretion\t34\t61\t7\t0\t102\nGeneral and administrative\t0\t0\t1\t8\t9\nTransaction and integration costs\t0\t0\t0\t1\t1\nDevelopment costs\t0\t0\t2\t0\t2\nOperating income (loss)\t61\t63\t8\t(9)\t123\nEquity in earnings of unconsolidated affiliates\t3\t16\t0\t0\t19\nOther income (expense) net\t1\t0\t(1)\t(1)\t(1)\nLoss on debt extinguishment\t0\t(6)\t0\t0\t(6)\nInterest expense\t(17)\t(39)\t(6)\t(22)\t(84)\nNet Income (Loss)\t48\t34\t1\t(32)\t51\nTotal Assets\t2615\t6210\t627\t189\t9641\n", "q10k_tbl_39": "\tThree months ended September 30 2019\t\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tCorporate\tTotal\nOperating revenues\t90\t151\t55\t0\t296\nCost of operations\t13\t35\t36\t0\t84\nDepreciation amortization and accretion\t26\t81\t7\t0\t114\nGeneral and administrative\t0\t1\t1\t5\t7\nDevelopment costs\t0\t0\t1\t0\t1\nOperating income (loss)\t51\t34\t10\t(5)\t90\nEquity in earnings of unconsolidated affiliates\t3\t35\t0\t0\t38\nOther income net\t0\t2\t0\t0\t2\nInterest expense\t(13)\t(65)\t(5)\t(22)\t(105)\nNet Income (Loss)\t41\t6\t5\t(27)\t25\n", "q10k_tbl_40": "\tNine months ended September 30 2020\t\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tCorporate\tTotal\nOperating revenues\t326\t444\t149\t0\t919\nCost of operations\t67\t108\t100\t0\t275\nDepreciation amortization and accretion\t100\t182\t21\t0\t303\nGeneral and administrative\t0\t1\t4\t24\t29\nTransaction and integration costs\t0\t0\t0\t2\t2\nDevelopment costs\t0\t0\t4\t0\t4\nOperating income (loss)\t159\t153\t20\t(26)\t306\nEquity in earnings of unconsolidated affiliates\t6\t16\t0\t0\t22\nGain on sale of unconsolidated affiliate\t0\t0\t0\t49\t49\nOther income net\t1\t1\t0\t0\t2\nLoss on debt extinguishment\t0\t(6)\t0\t(3)\t(9)\nInterest expense\t(69)\t(190)\t(16)\t(69)\t(344)\nNet Income (Loss)\t97\t(26)\t4\t(49)\t26\n", "q10k_tbl_41": "\tNine months ended September 30 2019\t\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tCorporate\tTotal\nOperating revenues\t253\t392\t152\t0\t797\nCost of operations\t43\t103\t99\t0\t245\nDepreciation amortization and accretion\t76\t193\t20\t0\t289\nImpairment losses\t0\t0\t19\t0\t19\nGeneral and administrative\t0\t1\t2\t16\t19\nTransaction and integration costs\t0\t0\t0\t2\t2\nDevelopment costs\t0\t0\t4\t0\t4\nOperating income (loss)\t134\t95\t8\t(18)\t219\nEquity in earnings of unconsolidated affiliates\t7\t45\t0\t0\t52\nOther income net\t1\t4\t0\t1\t6\nLoss on debt extinguishment\t0\t(1)\t0\t0\t(1)\nInterest expense\t(45)\t(213)\t(13)\t(65)\t(336)\nNet Income (Loss)\t97\t(70)\t(5)\t(82)\t(60)\n", "q10k_tbl_42": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n\t(In millions)\t\t\t\t\t\nOperating Revenues\t\t\t\t\t\t\nTotal operating revenues\t0\t4\t328\t1\t(1)\t332\nOperating Costs and Expenses\t\t\t\t\t\t\nCost of operations\t0\t(1)\t96\t1\t(1)\t95\nDepreciation amortization and accretion\t0\t1\t101\t0\t0\t102\nGeneral and administrative\t0\t0\t1\t8\t0\t9\nTransaction and integration costs\t0\t0\t0\t1\t0\t1\nDevelopment costs\t0\t0\t2\t0\t0\t2\nTotal operating costs and expenses\t0\t0\t200\t10\t(1)\t209\nOperating Income (Loss)\t0\t4\t128\t(9)\t0\t123\nOther Income (Expense)\t\t\t\t\t\t\nEquity in earnings (loss) of consolidated affiliates\t71\t(21)\t0\t87\t(137)\t0\nEquity in earnings of unconsolidated affiliates\t0\t2\t2\t15\t0\t19\nOther income net\t0\t0\t2\t(3)\t0\t(1)\nLoss on debt extinguishment\t0\t0\t(6)\t0\t0\t(6)\nInterest expense\t0\t0\t(60)\t(24)\t0\t(84)\nTotal other income (expense) net\t71\t(19)\t(62)\t75\t(137)\t(72)\nNet Income (Loss)\t71\t(15)\t66\t66\t(137)\t51\nLess: Net loss attributable to noncontrolling interests\t0\t0\t(15)\t(5)\t0\t(20)\nNet Income (Loss) Attributable to Clearway Energy LLC\t71\t(15)\t81\t71\t(137)\t71\n", "q10k_tbl_43": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n\t(In millions)\t\t\t\t\t\nOperating Revenues\t\t\t\t\t\t\nTotal operating revenues\t0\t10\t909\t2\t(2)\t919\nOperating Costs and Expenses\t\t\t\t\t\t\nCost of operations\t0\t0\t276\t2\t(3)\t275\nDepreciation amortization and accretion\t0\t4\t299\t0\t0\t303\nGeneral and administrative\t0\t0\t3\t25\t1\t29\nTransaction and integration costs\t0\t0\t0\t2\t0\t2\nDevelopment costs\t0\t0\t2\t2\t0\t4\nTotal operating costs and expenses\t0\t4\t580\t31\t(2)\t613\nOperating Income (Loss)\t0\t6\t329\t(29)\t0\t306\nOther Income (Expense)\t\t\t\t\t\t\nEquity in earnings (loss) of consolidated affiliates\t112\t(15)\t0\t135\t(232)\t0\nEquity in (losses) earnings of unconsolidated affiliates\t0\t(1)\t4\t19\t0\t22\nGain on sale of unconsolidated affiliate\t0\t0\t0\t49\t0\t49\nOther income net\t0\t0\t2\t0\t0\t2\nLoss on debt extinguishment\t0\t0\t(6)\t(3)\t0\t(9)\nInterest expense\t0\t0\t(273)\t(71)\t0\t(344)\nTotal other income (expense) net\t112\t(16)\t(273)\t129\t(232)\t(280)\nNet Income (Loss)\t112\t(10)\t56\t100\t(232)\t26\nLess: Net loss attributable to noncontrolling interests\t0\t0\t(74)\t(12)\t0\t(86)\nNet Income (Loss) Attributable to Clearway Energy LLC\t112\t(10)\t130\t112\t(232)\t112\n", "q10k_tbl_44": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations(a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nNet Income (Loss)\t71\t(15)\t66\t66\t(137)\t51\nOther Comprehensive Income\t\t\t\t\t\t\nUnrealized income on derivatives\t9\t0\t10\t10\t(19)\t10\nOther comprehensive income (loss)\t9\t0\t10\t10\t(19)\t10\nComprehensive Income (Loss)\t80\t(15)\t76\t76\t(156)\t61\nLess: Comprehensive loss attributable to noncontrolling interests\t0\t0\t(15)\t(5)\t0\t(20)\nComprehensive Income (Loss) Attributable to Clearway Energy LLC\t80\t(15)\t91\t81\t(156)\t81\n", "q10k_tbl_45": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations(a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nNet Income (Loss)\t112\t(10)\t56\t100\t(232)\t26\nOther Comprehensive Loss\t\t\t\t\t\t\nUnrealized loss on derivatives\t1\t0\t(2)\t1\t1\t1\nOther comprehensive income (loss)\t1\t0\t(2)\t1\t1\t1\nComprehensive Income (Loss)\t113\t(10)\t54\t101\t(231)\t27\nLess: Comprehensive loss attributable to noncontrolling interests\t0\t0\t(74)\t(12)\t0\t(86)\nComprehensive Income (Loss) Attributable to Clearway Energy LLC\t113\t(10)\t128\t113\t(231)\t113\n", "q10k_tbl_46": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations(a)\tConsolidated\nASSETS\t(In millions)\t\t\t\t\t\nCurrent Assets\t\t\t\t\t\t\nCash and cash equivalents\t184\t0\t175\t0\t0\t359\nRestricted cash\t0\t0\t178\t0\t0\t178\nAccounts receivable - trade\t0\t3\t152\t1\t0\t156\nAccounts receivable - affiliate\t0\t4\t0\t14\t(18)\t0\nInventory\t0\t0\t42\t0\t0\t42\nPrepayments and other current assets\t0\t0\t37\t1\t0\t38\nTotal current assets\t184\t7\t584\t16\t(18)\t773\nProperty plant and equipment net\t0\t53\t6112\t0\t0\t6165\nOther Assets\t\t\t\t\t\t\nInvestment in consolidated subsidiaries\t1611\t668\t0\t3451\t(5730)\t0\nEquity investments in affiliates\t0\t143\t515\t343\t0\t1001\nIntangible assets net\t0\t10\t1361\t0\t0\t1371\nRight of use assets net\t0\t0\t254\t2\t0\t256\nOther non-current assets\t0\t0\t72\t3\t0\t75\nTotal other assets\t1611\t821\t2202\t3799\t(5730)\t2703\nTotal Assets\t1795\t881\t8898\t3815\t(5748)\t9641\n", "q10k_tbl_47": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations(a)\tConsolidated\nLIABILITIES AND MEMBERS' EQUITY\t(In millions)\t\t\t\t\t\nCurrent Liabilities\t\t\t\t\t\t\nCurrent portion of long-term debt - external\t0\t0\t361\t0\t0\t361\nCurrent portion of long-term debt - affiliate\t0\t0\t0\t2\t0\t2\nAccounts payable\t0\t0\t44\t2\t0\t46\nAccounts payable - affiliate\t19\t0\t17\t6\t(18)\t24\nDerivative instruments\t0\t0\t36\t0\t0\t36\nAccrued interest expense\t0\t0\t29\t19\t0\t48\nAccrued expenses and other current liabilities\t0\t0\t82\t7\t0\t89\nTotal current liabilities\t19\t0\t569\t36\t(18)\t606\nOther Liabilities\t\t\t\t\t\t\nLong-term debt - external\t0\t0\t4570\t1787\t0\t6357\nDerivative instruments\t0\t0\t150\t0\t0\t150\nLong-term lease liabilities\t0\t0\t259\t1\t0\t260\nOther non-current liabilities\t0\t1\t113\t0\t0\t114\nTotal non-current liabilities\t0\t1\t5092\t1788\t0\t6881\nTotal Liabilities\t19\t1\t5661\t1824\t(18)\t7487\nCommitments and Contingencies\t\t\t\t\t\t\nMembers' Equity\t\t\t\t\t\t\nContributed capital\t1747\t910\t2787\t2080\t(5777)\t1747\nRetained earnings (accumulated deficit)\t65\t(30)\t138\t(431)\t323\t65\nAccumulated other comprehensive loss\t(36)\t0\t(44)\t(36)\t80\t(36)\nNoncontrolling interest\t0\t0\t356\t378\t(356)\t378\nTotal Members' Equity\t1776\t880\t3237\t1991\t(5730)\t2154\nTotal Liabilities and Members' Equity\t1795\t881\t8898\t3815\t(5748)\t9641\n", "q10k_tbl_48": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tConsolidated\n\t(In millions)\t\t\t\t\nNet Cash Provided by (Used In) Operating Activities\t0\t(94)\t560\t(25)\t441\nCash Flows from Investing Activities\t\t\t\t\t\nIntercompany transactions between Clearway Energy LLC and subsidiaries\t82\t0\t0\t(82)\t0\nAcquisition of Drop Down Assets\t0\t0\t0\t(79)\t(79)\nConsolidation of DGPV Holdco 3\t0\t0\t17\t0\t17\nCapital expenditures\t0\t0\t(95)\t0\t(95)\nReturn of investment from unconsolidated affiliates\t0\t6\t36\t11\t53\nInvestments in unconsolidated affiliates\t0\t(11)\t0\t0\t(11)\nProceeds from sale of assets\t0\t0\t0\t90\t90\nInsurance proceeds\t0\t0\t5\t0\t5\nNet Cash Provided by (used in) Investing Activities\t82\t(5)\t(37)\t(60)\t(20)\nCash Flows from Financing Activities\t\t\t\t\t\nTransfer of funds under intercompany cash management arrangement\t164\t99\t(294)\t31\t0\nNet contributions from noncontrolling interests\t0\t0\t146\t1\t147\nBuyout of Repowering Partnership II noncontrolling interest\t0\t0\t0\t(70)\t(70)\nNet proceeds from the issuance of Class C units\t58\t0\t0\t0\t58\nPayments of dividends and distributions\t(147)\t0\t0\t0\t(147)\nPayments of debt issuance costs\t0\t0\t(8)\t(2)\t(10)\nProceeds from the revolving credit facility\t0\t0\t0\t265\t265\nPayments for the revolving credit facility\t0\t0\t0\t(265)\t(265)\nProceeds from the issuance of long-term debt - external\t0\t0\t520\t255\t775\nPayments for long-term debt - external\t0\t0\t(921)\t(88)\t(1009)\nProceeds from long-term debt - affiliate\t0\t0\t0\t3\t3\nPayments for long-term debt - affiliate\t0\t0\t0\t(45)\t(45)\nNet Cash Provided by (Used in) Financing Activities\t75\t99\t(557)\t85\t(298)\nNet Increase (Decrease) in Cash Cash Equivalents and Restricted Cash\t157\t0\t(34)\t0\t123\nCash Cash Equivalents and Restricted Cash at beginning of period\t27\t0\t387\t0\t414\nCash Cash Equivalents and Restricted Cash at end of period\t184\t0\t353\t0\t537\n", "q10k_tbl_49": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nOperating Revenues\t\t\t\t\t\t\nTotal operating revenues\t0\t3\t293\t0\t0\t296\nOperating Costs and Expenses\t\t\t\t\t\t\nCost of operations\t0\t0\t84\t0\t0\t84\nDepreciation amortization and accretion\t0\t2\t112\t0\t0\t114\nGeneral and administrative\t0\t0\t1\t6\t0\t7\nDevelopment costs\t0\t0\t0\t1\t0\t1\nTotal operating costs and expenses\t0\t2\t197\t7\t0\t206\nOperating Income (Loss)\t0\t1\t96\t(7)\t0\t90\nOther Income (Expense)\t\t\t\t\t\t\nEquity in income of consolidated affiliates\t49\t6\t0\t42\t(97)\t0\nEquity in earnings of unconsolidated affiliates\t0\t17\t9\t12\t0\t38\nOther income net\t0\t0\t2\t0\t0\t2\nInterest expense\t0\t0\t(83)\t(22)\t0\t(105)\nTotal other income (expense) net\t49\t23\t(72)\t32\t(97)\t(65)\nNet Income\t49\t24\t24\t25\t(97)\t25\nLess: Net loss attributable to noncontrolling interests\t0\t0\t(21)\t(25)\t21\t(25)\nNet Income Attributable to Clearway Energy LLC\t49\t24\t45\t50\t(118)\t50\n", "q10k_tbl_50": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nOperating Revenues\t\t\t\t\t\t\nTotal operating revenues\t0\t8\t789\t1\t(1)\t797\nOperating Costs and Expenses\t\t\t\t\t\t\nCost of operations\t0\t1\t244\t1\t(1)\t245\nDepreciation amortization and accretion\t0\t5\t284\t0\t0\t289\nImpairment losses\t0\t0\t19\t0\t0\t19\nGeneral and administrative\t0\t0\t1\t18\t0\t19\nTransaction and integration costs\t0\t0\t0\t2\t0\t2\nDevelopment costs\t0\t0\t0\t4\t0\t4\nTotal operating costs and expenses\t0\t6\t548\t25\t(1)\t578\nOperating Income (Loss)\t0\t2\t241\t(24)\t0\t219\nOther Income (Expense)\t\t\t\t\t\t\nEquity in (losses) income of consolidated affiliates\t(32)\t5\t0\t11\t16\t0\nEquity in earnings of unconsolidated affiliates\t0\t27\t7\t18\t0\t52\nOther income net\t1\t0\t5\t0\t0\t6\nLoss on debt extinguishment\t0\t0\t(1)\t0\t0\t(1)\nInterest expense\t0\t0\t(271)\t(65)\t0\t(336)\nTotal other (expense) income net\t(31)\t32\t(260)\t(36)\t16\t(279)\nNet (Loss) Income\t(31)\t34\t(19)\t(60)\t16\t(60)\nLess: Net loss attributable to noncontrolling interests\t0\t0\t(18)\t(29)\t18\t(29)\nNet (Loss) Income Attributable to Clearway Energy LLC\t(31)\t34\t(1)\t(31)\t(2)\t(31)\n", "q10k_tbl_51": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nNet Income\t49\t24\t24\t25\t(97)\t25\nOther Comprehensive Loss\t\t\t\t\t\t\nUnrealized loss on derivatives\t0\t0\t(1)\t(2)\t2\t(1)\nOther comprehensive loss\t0\t0\t(1)\t(2)\t2\t(1)\nComprehensive Income (Loss)\t49\t24\t23\t23\t(95)\t24\nLess: Comprehensive loss attributable to noncontrolling interests\t0\t0\t(21)\t(25)\t21\t(25)\nComprehensive Income Attributable to Clearway Energy LLC\t49\t24\t44\t48\t(116)\t49\n", "q10k_tbl_52": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\n(In millions)\t\t\t\t\t\t\nNet (Loss) Income\t(31)\t34\t(19)\t(60)\t16\t(60)\nOther Comprehensive Income\t\t\t\t\t\t\nUnrealized gain on derivatives\t2\t0\t4\t2\t(6)\t2\nOther comprehensive income\t2\t0\t4\t2\t(6)\t2\nComprehensive (Loss) Income\t(29)\t34\t(15)\t(58)\t10\t(58)\nLess: Comprehensive loss attributable to noncontrolling interests\t0\t0\t(18)\t(28)\t18\t(28)\nComprehensive (Loss) Income Attributable to Clearway Energy LLC\t(29)\t34\t3\t(30)\t(8)\t(30)\n", "q10k_tbl_53": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\nASSETS\t(In millions)\t\t\t\t\t\nCurrent Assets\t\t\t\t\t\t\nCash and cash equivalents\t27\t0\t125\t0\t0\t152\nRestricted cash\t0\t0\t262\t0\t0\t262\nAccounts receivable - trade\t0\t2\t114\t0\t0\t116\nAccounts receivable - affiliate\t0\t1\t0\t1\t0\t2\nInventory\t0\t0\t40\t0\t0\t40\nPrepayments and other current assets\t0\t1\t31\t1\t0\t33\nTotal current assets\t27\t4\t572\t2\t0\t605\nNet property plant and equipment\t0\t63\t6000\t0\t0\t6063\nOther Assets\t\t\t\t\t\t\nInvestment in consolidated subsidiaries\t1824\t402\t0\t3492\t(5718)\t0\nEquity investments in affiliates\t0\t342\t479\t362\t0\t1183\nIntangible assets net\t0\t10\t1418\t0\t0\t1428\nRight-of-use assets net\t0\t0\t222\t1\t0\t223\nOther non-current assets\t0\t0\t100\t3\t0\t103\nTotal other assets\t1824\t754\t2219\t3858\t(5718)\t2937\nTotal Assets\t1851\t821\t8791\t3860\t(5718)\t9605\n", "q10k_tbl_54": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tEliminations (a)\tConsolidated\nLIABILITIES AND MEMBERS' EQUITY\t(In millions)\t\t\t\t\t\nCurrent Liabilities\t\t\t\t\t\t\nCurrent portion of long-term debt - external\t0\t0\t1692\t88\t0\t1780\nCurrent portion of long-term debt - affiliate\t0\t0\t0\t44\t0\t44\nAccounts payable - trade\t0\t0\t64\t9\t0\t73\nAccounts payable - affiliate\t1\t6\t20\t6\t0\t33\nDerivative instruments\t0\t0\t16\t0\t0\t16\nAccrued interest expense\t0\t0\t24\t17\t0\t41\nAccrued expenses and other current liabilities\t0\t0\t65\t6\t0\t71\nTotal current liabilities\t1\t6\t1881\t170\t0\t2058\nOther Liabilities\t\t\t\t\t\t\nLong-term debt - external\t0\t0\t3424\t1532\t0\t4956\nDerivative instruments\t0\t0\t76\t0\t0\t76\nLong-term lease liabilities\t0\t0\t226\t1\t0\t227\nOther non-current liabilities\t0\t2\t105\t8\t0\t115\nTotal non-current liabilities\t0\t2\t3831\t1541\t0\t5374\nTotal Liabilities\t1\t8\t5712\t1711\t0\t7432\nCommitments and Contingencies\t\t\t\t\t\t\nMembers' Equity\t\t\t\t\t\t\nContributed capital\t1882\t794\t2808\t2257\t(5859)\t1882\nRetained earnings (Accumulated deficit)\t5\t19\t23\t(396)\t354\t5\nAccumulated other comprehensive loss\t(37)\t0\t(42)\t(37)\t79\t(37)\nNoncontrolling Interest\t0\t0\t290\t325\t(292)\t323\nTotal Members' Equity\t1850\t813\t3079\t2149\t(5718)\t2173\nTotal Liabilities and Members' Equity\t1851\t821\t8791\t3860\t(5718)\t9605\n", "q10k_tbl_55": "\tClearway Energy LLC\tOther Guarantor Subsidiaries\tNon-Guarantor Subsidiaries\tClearway Energy Operating LLC (Note Issuer)\tConsolidated\n\t(In millions)\t\t\t\nNet Cash Provided by Operating Activities\t59\t7\t258\t49\t373\nCash Flows from Investing Activities\t\t\t\t\t\nIntercompany transactions between Clearway Energy LLC and subsidiaries\t(210)\t0\t0\t210\t0\nAcquisition\t0\t0\t0\t(100)\t(100)\nAcquisition of Drop Down Asset\t0\t0\t0\t(6)\t(6)\nBuyout of Wind TE Holdco noncontrolling interest\t0\t0\t0\t(19)\t(19)\nCapital expenditures\t0\t0\t(200)\t0\t(200)\nReturn of investment from unconsolidated affiliates\t0\t7\t26\t4\t37\nNet investments in unconsolidated affiliates\t0\t(14)\t0\t0\t(14)\nInsurance proceeds\t0\t0\t2\t0\t2\nNet Cash (Used in) Provided by Investing Activities\t(210)\t(7)\t(172)\t89\t(300)\nCash Flows from Financing Activities\t\t\t\t\t\nTransfer of funds under intercompany cash management arrangement\t5\t0\t(6)\t1\t0\nNet contributions (distributions) from noncontrolling interests\t0\t0\t28\t(43)\t(15)\n(Payments of) proceeds from distributions\t(116)\t0\t(121)\t121\t(116)\nPayment of debt issuance costs\t0\t0\t(13)\t(2)\t(15)\nProceeds from the revolving credit facility\t0\t0\t0\t22\t22\nPayments for the revolving credit facility\t0\t0\t0\t(22)\t(22)\nProceeds from the issuance of long-term debt-external\t0\t0\t586\t0\t586\nPayments for long-term debt - external\t0\t0\t(480)\t0\t(480)\nPayments for long-term debt - affiliate\t(7)\t0\t0\t(215)\t(222)\nNet Cash (Used in) Provided by Financing Activities\t(118)\t0\t(6)\t(138)\t(262)\nNet Decrease in Cash Cash Equivalents and Restricted Cash\t(269)\t0\t80\t0\t(189)\nCash Cash Equivalents and Restricted Cash at beginning of period\t298\t0\t285\t0\t583\nCash Cash Equivalents and Restricted Cash at end of period\t29\t0\t365\t0\t394\n", "q10k_tbl_56": "\tThree months ended September 30 2020\tThree months ended September 30 2019\tNine months ended September 30 2020\tNine months ended September 30 2019\n\t(In millions)\t\t\t\nOperating lease cost - Fixed\t5\t2\t14\t6\nOperating lease cost - Variable\t2\t3\t7\t10\nTotal lease cost\t7\t5\t21\t16\n", "q10k_tbl_57": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions except term and rate)\t\nROU Assets - operating leases net\t256\t223\nShort-term lease liability - operating leases (a)\t7\t7\nLong-term lease liability - operating leases\t260\t227\nTotal lease liability\t267\t234\nWeighted average remaining lease term\t24\t25\nWeighted average discount rate\t4.3%\t4.4%\n\tNine months ended September 30 2020\tNine months ended September 30 2019\nCash paid for operating leases\t13\t7\n", "q10k_tbl_58": "(In millions)\t\nRemainder of 2020\t5\n2021\t18\n2022\t18\n2023\t18\n2024\t18\nThereafter\t332\nTotal lease payments\t409\nLess imputed interest\t(142)\nTotal lease liability - operating leases\t267\n", "q10k_tbl_59": "\tThree months ended September 30 2020\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t3\t153\t0\t156\nCapacity revenue\t119\t0\t0\t119\nOperating revenue\t122\t153\t0\t275\n", "q10k_tbl_60": "\tNine months ended September 30 2020\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t6\t449\t1\t456\nCapacity revenue\t338\t0\t0\t338\nOperating revenue\t344\t449\t1\t794\n", "q10k_tbl_61": "\tThree months ended September 30 2019\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t2\t160\t1\t163\nCapacity revenue\t89\t0\t0\t89\nOperating revenue\t91\t160\t1\t252\n", "q10k_tbl_62": "\tNine months ended September 30 2019\t\t\t\n(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nEnergy revenue\t4\t416\t2\t422\nCapacity revenue\t253\t0\t0\t253\nOperating revenue\t257\t416\t2\t675\n", "q10k_tbl_63": "(In millions)\t\nRemainder of 2020\t117\n2021\t444\n2022\t450\n2023\t259\n2024\t106\nThereafter\t1605\nTotal lease payments\t2981\n", "q10k_tbl_64": "(In millions)\tSeptember 30 2020\tDecember 31 2019\nProperty plant and equipment\t6975\t6942\nAccumulated depreciation\t(1854)\t(1649)\nNet property plant and equipment\t5121\t5293\n", "q10k_tbl_65": "Projects\tPercentage Ownership\tNet Capacity (MW)(a)\tOfftake Counterparty\tExpiration\nConventional\t\t\t\t\nCarlsbad\t100%\t527\tSan Diego Gas & Electric\t2038\nEl Segundo\t100%\t550\tSouthern California Edison\t2023\nGenConn Devon\t50%\t95\tConnecticut Light & Power\t2040\nGenConn Middletown\t50%\t95\tConnecticut Light & Power\t2041\nMarsh Landing\t100%\t720\tPacific Gas and Electric\t2023\nWalnut Creek\t100%\t485\tSouthern California Edison\t2023\n\t\t2472\t\t\nUtility Scale Solar\t\t\t\t\nAgua Caliente\t16%\t46\tPacific Gas and Electric\t2039\nAlpine\t100%\t66\tPacific Gas and Electric\t2033\nAvenal\t50%\t23\tPacific Gas and Electric\t2031\nAvra Valley\t100%\t26\tTucson Electric Power\t2032\nBlythe\t100%\t21\tSouthern California Edison\t2029\nBorrego\t100%\t26\tSan Diego Gas and Electric\t2038\nBuckthorn Solar (b)\t100%\t154\tCity of Georgetown TX\t2043\nCVSR\t100%\t250\tPacific Gas and Electric\t2038\nDesert Sunlight 250\t25%\t63\tSouthern California Edison\t2034\nDesert Sunlight 300\t25%\t75\tPacific Gas and Electric\t2039\nKansas South\t100%\t20\tPacific Gas and Electric\t2033\nKawailoa (b).\t48%\t24\tHawaiian Electric Company\t2041\nOahu Solar Projects (b)\t95%\t58\tHawaiian Electric Company\t2041\nRoadrunner\t100%\t20\tEl Paso Electric\t2031\nTA High Desert\t100%\t20\tSouthern California Edison\t2033\nUtah Solar Portfolio (b) (e)\t50%\t265\tPacifiCorp\t2036\n\t\t1157\t\t\nDistributed Solar\t\t\t\t\nApple I LLC Projects\t100%\t3\tVarious\t2032\nAZ DG Solar Projects\t100%\t5\tVarious\t2025 - 2033\nClearway Chestnut Projects(b)\t99%\t59\tVarious\t2032 - 2034\nRenew Solar CS4 Projects(b)\t99%\t54\tVarious\t2029 - 2044\nSPP Projects\t100%\t25\tVarious\t2026 - 2037\nOther DG Projects\t100%\t13\tVarious\t2023 - 2039\n\t\t159\t\t\n", "q10k_tbl_66": "Projects\tPercentage Ownership\tNet Capacity (MW)(a)\tOfftake Counterparty\tExpiration\nWind\t\t\t\t\nAlta I\t100%\t150\tSouthern California Edison\t2035\nAlta II\t100%\t150\tSouthern California Edison\t2035\nAlta III\t100%\t150\tSouthern California Edison\t2035\nAlta IV\t100%\t102\tSouthern California Edison\t2035\nAlta V\t100%\t168\tSouthern California Edison\t2035\nAlta X (b)\t100%\t137\tSouthern California Edison\t2038\nAlta XI (b)\t100%\t90\tSouthern California Edison\t2038\nBuffalo Bear\t100%\t19\tWestern Farmers Electric Co-operative\t2033\nCrosswinds\t99%\t21\tCorn Belt Power Cooperative\t2027\nElbow Creek (b)\t100%\t122\tVarious\t2029\nElkhorn Ridge\t66.7%\t54\tNebraska Public Power District\t2029\nForward\t100%\t29\tConstellation NewEnergy Inc.\t2022\nGoat Wind\t100%\t150\tDow Pipeline Company\t2025\nHardin\t99%\t15\tInterstate Power and Light Company\t2027\nLaredo Ridge\t100%\t80\tNebraska Public Power District\t2031\nLookout\t100%\t38\tSouthern Maryland Electric Cooperative\t2030\nMesquite Star (b)\t50%\t210\tVarious\t2032 - 2035\nOdin\t99.9%\t20\tMissouri River Energy Services\t2028\nPinnacle\t100%\t55\tMaryland Department of General Services and University System of Maryland\t2031\nSan Juan Mesa\t75%\t90\tSouthwestern Public Service Company\t2025\nSleeping Bear\t100%\t95\tPublic Service Company of Oklahoma\t2032\nSouth Trent\t100%\t101\tAEP Energy Partners\t2029\nSpanish Fork\t100%\t19\tPacifiCorp\t2028\nSpring Canyon II (b)\t90.1%\t31\tPlatte River Power Authority\t2039\nSpring Canyon III (b)\t90.1%\t26\tPlatte River Power Authority\t2039\nTaloga\t100%\t130\tOklahoma Gas & Electric\t2031\nWildorado (b)\t100%\t161\tSouthwestern Public Service Company\t2027\n\t\t2413\t\t\nThermal generation\t100%\t39\tVarious\tVarious\nTotal net generation capacity (c)\t\t6240\t\t\nThermal equivalent MWt(d)\t97.1%\t1456\tVarious\tVarious\n", "q10k_tbl_67": "\tThree months ended September 30\t\t\tNine months ended September 30\t\t\n(In millions)\t2020\t2019\tChange\t2020\t2019\tChange\nOperating Revenues\t\t\t\t\t\t\nEnergy and capacity revenues\t339\t305\t34\t957\t830\t127\nOther revenues\t15\t11\t4\t36\t28\t8\nContract amortization\t(22)\t(18)\t(4)\t(66)\t(52)\t(14)\nMark-to-market economic hedging activities\t0\t(2)\t2\t(8)\t(9)\t1\nTotal operating revenues\t332\t296\t36\t919\t797\t122\nOperating Costs and Expenses\t\t\t\t\t\t\nCost of fuels\t28\t20\t8\t58\t54\t4\nOperations and maintenance\t51\t50\t1\t161\t140\t21\nOther costs of operations\t16\t14\t2\t56\t51\t5\nDepreciation amortization and accretion\t102\t114\t(12)\t303\t289\t14\nImpairment losses\t0\t0\t0\t0\t19\t(19)\nGeneral and administrative\t9\t7\t2\t29\t19\t10\nTransaction and integration costs\t1\t0\t1\t2\t2\t0\nDevelopment costs\t2\t1\t1\t4\t4\t0\nTotal operating costs and expenses\t209\t206\t3\t613\t578\t35\nOperating Income\t123\t90\t33\t306\t219\t87\nOther Income (Expense)\t\t\t\t\t\t\nEquity in earnings of unconsolidated affiliates\t19\t38\t(19)\t22\t52\t(30)\nGain on sale of unconsolidated affiliate\t0\t0\t0\t49\t0\t49\nOther income net\t(1)\t2\t(3)\t2\t6\t(4)\nLoss on debt extinguishment\t(6)\t0\t(6)\t(9)\t(1)\t(8)\nInterest expense\t(84)\t(105)\t21\t(344)\t(336)\t(8)\nTotal other expense net\t(72)\t(65)\t(7)\t(280)\t(279)\t(1)\nNet Income (Loss)\t51\t25\t26\t26\t(60)\t86\nLess: Loss attributable to noncontrolling interests and redeemable interests\t(20)\t(25)\t5\t(86)\t(29)\t(57)\nNet Income (Loss) Attributable to Clearway Energy LLC\t71\t50\t21\t112\t(31)\t143\n", "q10k_tbl_68": "\tThree months ended September 30\t\tNine months ended September 30\t\nBusiness metrics:\t2020\t2019\t2020\t2019\nRenewables MWh generated/sold (in thousands) (a)\t1815\t1786\t5746\t5183\nThermal MWt sold (in thousands)\t468\t526\t1468\t1638\nThermal MWh sold (in thousands)\t15\t79\t53\t138\nConventional MWh generated (in thousands) (a) (b)\t691\t501\t1072\t826\nConventional equivalent availability factor\t98.9%\t99.4%\t94.3%\t93.8%\n", "q10k_tbl_69": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nThree months ended September 30 2020\t\t\t\t\nEnergy and capacity revenues\t122\t166\t51\t339\nOther revenues\t0\t6\t9\t15\nCost of fuels\t(1)\t0\t(27)\t(28)\nContract amortization\t(6)\t(15)\t(1)\t(22)\nGross margin\t115\t157\t32\t304\nContract amortization\t6\t15\t1\t22\nEconomic gross margin\t121\t172\t33\t326\nThree months ended September 30 2019\t\t\t\t\nEnergy and capacity revenues\t91\t167\t47\t305\nOther revenues\t0\t2\t9\t11\nCost of fuels\t0\t0\t(20)\t(20)\nContract amortization\t(1)\t(16)\t(1)\t(18)\nMark-to-market for economic hedging activities\t0\t(2)\t0\t(2)\nGross margin\t90\t151\t35\t276\nContract amortization\t1\t16\t1\t18\nMark-to-market for economic hedging activities\t0\t2\t0\t2\nEconomic gross margin\t91\t169\t36\t296\n", "q10k_tbl_70": "Segment\t\t(In millions)\nConventional\tIncrease is due primarily to the acquisition of Carlsbad Energy in December 2019\t25\nRenewables\tIncrease of $12 million from the consolidation of the Chestnut and CS4 Funds in May 2020 an increase of $7 million due to the Oahu and Kawailoa facilities achieving COD in late 2019 and an increase of $5 million related to the completion of the repowering of Elbow Creek and Wildorado offset by a decrease of $16 million related to lower wind energy production primarily at Alta as well as a decrease of $2 million due to lower generation at CVSR\t6\nThermal\tDecrease of $2 million due to reduced customer demand in certain locations due to COVID-19 and a decrease of $1 million due to the sale of Dover in March 2 2020\t(3)\n\t\t28\n", "q10k_tbl_71": "(In millions)\tConventional Generation\tRenewables\tThermal\tTotal\nNine months ended September 30 2020\t\t\t\t\nEnergy and capacity revenue\t344\t486\t127\t957\nOther revenue\t0\t12\t24\t36\nCost of fuels\t(3)\t0\t(55)\t(58)\nContract amortization\t(18)\t(46)\t(2)\t(66)\nMark-to-market for economic hedges\t0\t(8)\t0\t(8)\nGross margin\t323\t444\t94\t861\nContract amortization\t18\t46\t2\t66\nMark-to-market for economic hedges\t0\t8\t0\t8\nEconomic gross margin\t341\t498\t96\t935\nNine months ended September 30 2019\t\t\t\t\nEnergy and capacity revenue\t257\t441\t132\t830\nOther revenue\t0\t6\t22\t28\nCost of fuels\t0\t0\t(54)\t(54)\nContract amortization\t(4)\t(46)\t(2)\t(52)\nMark-to-market for economic hedging activities\t0\t(9)\t0\t(9)\nGross margin\t253\t392\t98\t743\nContract amortization\t4\t46\t2\t52\nMark-to-market for economic hedging activities\t0\t9\t0\t9\nEconomic gross margin\t257\t447\t100\t804\n", "q10k_tbl_72": "Segment\t\t(In millions)\nConventional\tIncrease is due primarily to the acquisition of Carlsbad Energy in December 2019\t70\nRenewables\tIncreases of $19 million due to the Oahu and Kawailoa facilities achieving COD in late 2019 $16 million from the consolidation of the Chestnut and CS4 Funds in May 2020 $9 million due to the prior year outage at CVSR and $8 million related to the completion of the repowering of Elbow Creek and Wildorado\t52\nThermal\tDecreases of $4 million related to the sale of Dover on March 2 2020 and $2 million due to reduced customer demand in certain locations related to COVID-19 offset by an increase of $2 million related to the acquisition of the Duquesne University Energy System on May 1 2019\t(4)\n\t\t118\n", "q10k_tbl_73": "(In millions)\tSeptember 30 2020\tDecember 31 2019\nCash and cash equivalents:\t\t\nClearway Energy LLC excluding subsidiaries\t183\t27\nSubsidiaries\t176\t125\nRestricted cash:\t\t\nOperating accounts\t74\t129\nReserves including debt service distributions performance obligations and other reserves\t104\t133\nTotal cash cash equivalents and restricted cash\t537\t414\nRevolving credit facility availability\t436\t425\nTotal liquidity\t973\t839\n", "q10k_tbl_74": "\tS&P\tMoody's\nClearway Energy Inc.\tBB\tBa2\n5.750% Senior Notes due 2025\tBB\tBa2\n5.000% Senior Notes due 2026\tBB\tBa2\n4.750% Senior Notes due 2028\tBB\tBa2\n", "q10k_tbl_75": "\tThird Quarter 2020\tSecond Quarter 2020\tFirst Quarter 2020\nDistributions per Class A B C and D unit\t0.3125\t0.2100\t0.2100\n", "q10k_tbl_76": "\tNine months ended September 30\t\t\n\t2020\t2019\tChange\n\t(In millions)\t\t\nNet cash provided by operating activities\t441\t373\t68\nNet cash used in investing activities\t(20)\t(300)\t280\nNet cash used in financing activities\t(298)\t(262)\t(36)\n", "q10k_tbl_77": "Changes to net cash used in investing activities were driven by:\t(In millions)\nDecrease in capital expenditures primarily driven by 2019 growth capital expenditures in the Renewables segment related to repowering of Elbow Creek and Wildorado\t105\nAcquisition of Duquesne University District Energy System on May 1 2019\t100\nProceeds received from sale of RPV Holdco Energy Center Dover LLC and Energy Center Smyrna LLC in 2020\t90\nPayment to buy out an existing tax equity partner of Wind TE Holdco on January 2 2019\t19\nIncrease in cash due to consolidation of DGPV Holdco LLC in May 2020\t17\nIncrease in net distributions from unconsolidated affiliates in 2020\t16\nIncrease in cash paid for Drop Down Assets due to investment in Mesquite Star in 2020 partially offset by acquisition of Oahu and Kawailoa partnership interests in 2019\t(73)\nOther\t6\n\t280\n", "q10k_tbl_78": "Changes in net cash used in financing activities were driven by:\t(In millions)\nIncrease in debt repayments in 2020 primarily driven by repayments of Renewable project level debt in 2020 partially offset by a reduction in Corporate level debt repayments in 2020 compared to 2019\t(529)\nPayment to buy out CEG's noncontrolling interest in Repowering Partnership II LLC on May 11 2020\t(70)\nIncrease in dividends paid to unit holders in 2020\t(31)\nIncrease in debt proceeds in 2020 primarily driven by issuance of 2028 Senior Notes\t189\nDecrease in net repayments of affiliate long-term debt in 2020 compared to 2019 primarily due to repayments in the first quarter 2019 to repay an intercompany demand note\t180\nIncrease in net contributions received from noncontrolling interests in 2020 compared to 2019 primarily from tax equity contributions in Wildorado TE Holdco\t162\nNet proceeds received from equity issuance in 2020\t58\nOther\t5\n\t(36)\n", "q10k_tbl_79": "Derivative Activity (Losses) Gains\t(In millions)\nFair value of contracts as of December 31 2019\t(92)\nContracts realized or otherwise settled during the period\t51\nContracts acquired during the period\t(29)\nContracts removed during the period\t33\nChanges in fair value\t(149)\nFair value of contracts as of September 30 2020\t(186)\n", "q10k_tbl_80": "\tFair value of contracts as of September 30 2020\t\t\t\t\n\tMaturity\t\t\t\t\nFair Value Hierarchy (Losses) Gains\t1 Year or Less\tGreater Than 1 Year to 3 Years\tGreater Than 3 Years to 5 Years\tGreater Than 5 Years\tTotal Fair Value\n\t(In millions)\t\t\t\t\nLevel 2\t(36)\t(57)\t(31)\t(45)\t(169)\nLevel 3\t0\t(3)\t(6)\t(8)\t(17)\nTotal\t(36)\t(60)\t(37)\t(53)\t(186)\n", "q10k_tbl_81": "Number\tDescription\tMethod of Filing\n4.1\tEleventh Supplemental Indenture dated as of July 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company (as successor in interest to Law Debenture Trust Company of New York).\tIncorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on July 21 2020.\n4.2\tSeventh Supplemental Indenture dated as of July 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company\tIncorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on July 21 2020.\n4.3\tThird Supplemental Indenture dated as of July 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company.\tIncorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on July 21 2020.\n4.4\tTwelfth Supplemental Indenture dated as of August 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company (as successor in interest to Law Debenture Trust Company of New York).\tIncorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 20 2020.\n4.5\tEighth Supplemental Indenture dated as of August 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company.\tIncorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 20 2020.\n4.6\tFourth Supplemental Indenture dated as of August 17 2020 among Clearway Energy Operating LLC the guarantors named therein and Delaware Trust Company.\tIncorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on August 20 2020.\n10.1\tFourth Amendment to Right of First Offer Agreement dated as of November 2 2020 by and between Clearway Energy Group LLC and Clearway Energy Inc.\tFiled herewith.\n31.1\tRule 13a-14(a)/15d-14(a) certification of Christopher S. Sotos.\tFiled herewith.\n31.2\tRule 13a-14(a)/15d-14(a) certification of Chad Plotkin.\tFiled herewith.\n31.3\tRule 13a-14(a)/15d-14(a) certification of Sarah Rubenstein.\tFiled herewith.\n32\tSection 1350 Certification.\tFurnished herewith.\n101 INS\tInline XBRL Instance Document.\tFiled herewith.\n101 SCH\tInline XBRL Taxonomy Extension Schema.\tFiled herewith.\n101 CAL\tInline XBRL Taxonomy Extension Calculation Linkbase.\tFiled herewith.\n101 DEF\tInline XBRL Taxonomy Extension Definition Linkbase.\tFiled herewith.\n101 LAB\tInline XBRL Taxonomy Extension Label Linkbase.\tFiled herewith.\n101 PRE\tInline XBRL Taxonomy Extension Presentation Linkbase.\tFiled herewith.\n104\tCover 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).\tFiled herewith.\n"}{"bs": "q10k_tbl_7", "is": "q10k_tbl_5", "cf": "q10k_tbl_8"}None
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020
☐
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 333-203369
Clearway Energy LLC
(Exact name of registrant as specified in its charter)
Delaware
32-0407370
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
300 Carnegie Center, Suite 300
Princeton
New Jersey
08540
(Address of principal executive offices)
(Zip Code)
(609) 608-1525
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesxNoo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesxNoo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐Nox
As of October 31, 2020, there were 34,599,645 Class A units outstanding, 42,738,750 Class B units outstanding, 81,558,845 Class C units outstanding, and 42,738,750 Class D units outstanding. There is no public market for the registrant's outstanding units.
TABLE OF CONTENTS
Index
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part II of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 and under Item 1A — Risk Factors in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as well as the following:
•The Company's ability to maintain and grow its quarterly distributions;
•Potential risks related to the Company's relationships with GIP and CEG, including the Company's ability to acquire assets from GIP or CEG;
•Potential risks related to COVID-19 or any other pandemic;
•The Company's ability to successfully identify, evaluate and consummate acquisitions from third parties;
•The Company's ability to raise additional capital due to its indebtedness, corporate structure, market conditions or otherwise;
•Changes in law, including judicial decisions;
•Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
•The Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
•The willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements;
•The Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices as current offtake agreements expire;
•Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
•Operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of certain subsidiaries and project-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes;
•Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company's insurers to provide coverage;
•The Company's ability to engage in successful mergers and acquisitions activity; and
•The Company's ability to borrow additional funds and access capital markets, as well as the Company's substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.
3
GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2019 Form 10-K
Clearway Energy LLC's Annual Report on Form 10-K for the year ended December 31, 2019
2020 Convertible Notes
$45 million aggregate principal amount of 3.25% convertible notes due 2020, issued by Clearway Energy, Inc., which were repaid on June 1, 2020
2024 Senior Notes
$500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by Clearway Energy Operating LLC, which were repaid on January 3,2020
2025 Senior Notes
$600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC
2026 Senior Notes
$350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC
2028 Senior Notes
$850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
Adjusted EBITDA
A non-GAAP measure, represents earnings before interest, 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
AOCI
Accumulated Other Comprehensive Income
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 Program
At-The-Market Equity Offering Program
Bankruptcy Code
Title 11 of the U.S. Code
Bankruptcy Court
U.S. Bankruptcy Court for the Northern District of California
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2020 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, Walnut Creek investment payments, changes in prepaid and accrued capacity payments, and adjusted for development expenses.
CEG
Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreements
Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC and 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 and the Fourth Amendment dated November 2, 2020
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 the Company, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLC
The holder of Clearway Energy, Inc.'s Class B and Class D common shares and Clearway Energy LLC's Class B and Class D units
Clearway Energy Operating LLC
The holder of the project assets that are owned by Clearway Energy LLC
COD
Commercial Operation Date
Company
Clearway Energy LLC, together with its consolidated subsidiaries
CVSR
California Valley Solar Ranch
4
CVSR Holdco
CVSR Holdco LLC, the indirect owner of CVSR
DGPV Holdco 1
DGPV Holdco 1 LLC
DGPV Holdco 2
DGPV Holdco 2 LLC
DGPV Holdco 3
DGPV Holdco 3 LLC
Distributed Solar
Solar power projects, typically less than 20 MW in size, 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 ending September 30, 2020
Economic Gross Margin
A non-GAAP measure, energy and capacity revenue less cost of fuels
ECP
Energy Center Pittsburgh LLC, a subsidiary of the Company
EPA
U.S. Environmental Protection Agency
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
Collectively, Global Infrastructure Partners III-C Intermediate AIV 3, L.P., Global Infrastructure Partners III-A/B AIV 3, L.P., Global Infrastructure Partners III-C Intermediate AIV 2, L.P., Global Infrastructure Partners III-C2 Intermediate AIV, L.P. and GIP III Zephyr Friends & Family, LLC
HLBV
Hypothetical Liquidation at Book Value
LIBOR
London Inter-Bank Offered Rate
MMBtu
Million British Thermal Units
MW
Megawatts
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
Operation and Maintenance
PG&E
Pacific Gas and Electric Company
PG&E Bankruptcy
On January 29, 2019, PG&E Corporation and Pacific Gas and Electric Company filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court. On July 1, 2020, PG&E emerged from bankruptcy
PPA
Power Purchase Agreement
PTC
Production Tax Credit
RENOM
Clearway Renewable Operation & Maintenance LLC
RPV Holdco
RPV Holdco 1 LLC
RTO
Regional Transmission Organization
SEC
U.S. Securities and Exchange Commission
Senior Notes
Collectively, the 2025 Senior Notes, the 2026 Senior Notes and the 2028 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
5
UPMC Thermal Project
The University of Pittsburgh Medical Center Thermal Project, a 73 MWt district energy system that allows ECP to provide steam, chilled water and 7.5 MW of emergency backup power service to UPMC
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
Wind TE Holdco
Wind TE Holdco LLC, an 814 net MW portfolio of twelve wind projects
6
PART I - FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
(In millions)
2020
2019
2020
2019
Operating Revenues
Total operating revenues
$
332
$
296
$
919
$
797
Operating Costs and Expenses
Cost of operations
95
84
275
245
Depreciation, amortization and accretion
102
114
303
289
Impairment losses
—
—
—
19
General and administrative
9
7
29
19
Transaction and integration costs
1
—
2
2
Development costs
2
1
4
4
Total operating costs and expenses
209
206
613
578
Operating Income
123
90
306
219
Other Income (Expense)
Equity in earnings of unconsolidated affiliates
19
38
22
52
Gain on sale of unconsolidated affiliate
—
—
49
—
Other income, net
(1)
2
2
6
Loss on debt extinguishment
(6)
—
(9)
(1)
Interest expense
(84)
(105)
(344)
(336)
Total other expense, net
(72)
(65)
(280)
(279)
Net Income (Loss)
51
25
26
(60)
Less: Loss attributable to noncontrolling interests and redeemable interests
(20)
(25)
(86)
(29)
Net Income (Loss) Attributable to Clearway Energy, LLC
$
71
$
50
$
112
$
(31)
See accompanying notes to consolidated financial statements.
7
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
(In millions)
2020
2019
2020
2019
Net Income (Loss)
$
51
$
25
$
26
$
(60)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivatives
10
(1)
1
2
Other comprehensive income (loss)
10
(1)
1
2
Comprehensive Income (Loss)
61
24
27
(58)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests
(20)
(25)
(86)
(28)
Comprehensive Income (Loss) Attributable to Clearway Energy LLC
$
81
$
49
$
113
$
(30)
See accompanying notes to consolidated financial statements.
8
CLEARWAY ENERGY LLC
CONSOLIDATED BALANCE SHEETS
(In millions)
September 30, 2020
December 31, 2019
ASSETS
(unaudited)
Current Assets
Cash and cash equivalents
$
359
$
152
Restricted cash
178
262
Accounts receivable — trade
156
116
Accounts receivable — affiliate
—
2
Inventory
42
40
Prepayments and other current assets
38
33
Total current assets
773
605
Property, plant and equipment, net
6,165
6,063
Other Assets
Equity investments in affiliates
1,001
1,183
Intangible assets, net
1,371
1,428
Right of use assets, net
256
223
Other non-current assets
75
103
Total other assets
2,703
2,937
Total Assets
$
9,641
$
9,605
LIABILITIES AND MEMBERS' EQUITY
Current Liabilities
Current portion of long-term debt — external
$
361
$
1,780
Current portion of long-term debt — affiliate
2
44
Accounts payable — trade
46
73
Accounts payable — affiliate
24
33
Derivative instruments
36
16
Accrued interest expense
48
41
Accrued expenses and other current liabilities
89
71
Total current liabilities
606
2,058
Other Liabilities
Long-term debt — external
6,357
4,956
Derivative instruments
150
76
Long-term lease liabilities
260
227
Other non-current liabilities
114
115
Total non-current liabilities
6,881
5,374
Total Liabilities
7,487
7,432
Commitments and Contingencies
Members' Equity
Contributed capital
1,747
1,882
Retained earnings
65
5
Accumulated other comprehensive loss
(36)
(37)
Noncontrolling interest
378
323
Total Members' Equity
2,154
2,173
Total Liabilities and Members’ Equity
$
9,641
$
9,605
See accompanying notes to consolidated financial statements.
9
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)
2020
2019
Cash Flows from Operating Activities
Net Income (Loss)
$
26
$
(60)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates
(22)
(52)
Distributions from unconsolidated affiliates
51
32
Depreciation, amortization and accretion
303
289
Amortization of financing costs and debt discounts
11
2
Amortization of intangibles and out-of-market contracts
67
52
Loss on debt extinguishment
9
1
Right-of-use asset amortization
1
5
Gain on sale of unconsolidated affiliate
(49)
—
Impairment losses
—
19
Changes in derivative instruments
63
101
Loss on disposal of asset components
(4)
5
Cash used in changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements
15
12
Changes in other working capital
(30)
(33)
Net Cash Provided by Operating Activities
441
373
Cash Flows from Investing Activities
Acquisitions
—
(100)
Acquisition of Drop Down Assets
(79)
(6)
Buyout of Wind TE Holdco noncontrolling interest
—
(19)
Consolidation of DGPV Holdco 3 LLC
17
—
Capital expenditures
(95)
(200)
Return of investment from unconsolidated affiliates
53
37
Investments in unconsolidated affiliates
(11)
(14)
Proceeds from sale of assets
90
—
Insurance proceeds
5
2
Net Cash Used in Investing Activities
(20)
(300)
Cash Flows from Financing Activities
Net contributions (distributions) from noncontrolling interests
147
(15)
Buyout of Repowering Partnership II LLC noncontrolling interest
(70)
—
Net proceeds from the issuance of Class C units
58
—
Payments of distributions, net of contributions
(147)
(116)
Payments of debt issuance costs
(10)
(15)
Proceeds from the revolving credit facility
265
22
Payments for the revolving credit facility
(265)
(22)
Proceeds from the issuance of long-term debt — external
775
586
Payments for long-term debt — external
(1,009)
(480)
Proceeds from long-term debt — affiliate
3
—
Payments for long-term debt — affiliate
(45)
(222)
Net Cash Used in Financing Activities
(298)
(262)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
123
(189)
Cash, Cash Equivalents and Restricted Cash at beginning of period
414
583
Cash, Cash Equivalents and Restricted Cash at end of period
$
537
$
394
See accompanying notes to consolidated financial statements.
10
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY
For the Nine Months Ended September 30, 2020
(Unaudited)
(In millions)
Contributed Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Total Members' Equity
Balances at December 31, 2019
$
1,882
$
5
$
(37)
$
323
$
2,173
Net loss
—
(90)
—
(39)
(129)
Unrealized loss on derivatives
—
—
(14)
—
(14)
Contributions from CEG, cash
—
—
—
4
4
Contributions from tax equity interests, net of distributions, cash
—
—
—
150
150
Net proceeds from the sales of units, Clearway Energy, Inc.
10
—
—
—
10
Distributions to tax equity investors, non-cash
—
—
—
(1)
(1)
Distributions paid to CEG on Class B and Class D units
(24)
—
—
—
(24)
Distributions paid to Clearway Energy, Inc.
(18)
—
—
—
(18)
Balances at March 31, 2020
$
1,850
$
(85)
$
(51)
$
437
$
2,151
Net income (loss)
—
131
—
(27)
104
Unrealized gain on derivatives
—
—
5
—
5
Contributions from CEG, non-cash
8
—
—
—
8
Contributions from CEG, cash
—
—
—
2
2
Distributions to tax equity interests, net of contributions, cash
—
—
—
(3)
(3)
Net proceeds from the sales of units, Clearway Energy, Inc.
28
—
—
—
28
Distributions to tax equity investors, non-cash
—
—
—
(2)
(2)
Consolidation of DGPV Holdco 3
(51)
—
—
8
(43)
Buyout of Repowering Partnership II LLC noncontrolling interest
(60)
—
—
(10)
(70)
Distributions paid to CEG on Class B and Class D units
(24)
—
—
—
(24)
Distributions paid to Clearway Energy, Inc.
(18)
—
—
—
(18)
Balances at June 30, 2020
$
1,733
$
46
$
(46)
$
405
$
2,138
Net income
—
71
—
(20)
51
Unrealized gain on derivatives
—
—
10
—
10
Contributions to CEG, non-cash
—
—
—
(1)
(1)
Net proceeds from the sales of units, Clearway Energy, Inc.
20
—
—
—
20
Distributions to tax equity investors, non-cash
—
—
—
(6)
(6)
Consolidation of DGPV Holdco 3
1
—
—
—
1
Mesquite Star Drop Down
4
—
—
—
4
Distributions paid to CEG on Class B and Class D units
(11)
(25)
—
—
(36)
Distributions paid to Clearway Energy, Inc.
—
(27)
—
—
(27)
Balances at September 30, 2020
1,747
65
(36)
378
2,154
11
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY
For the Nine Months Ended September 30, 2019
(Unaudited)
(In millions)
Contributed Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Total Members' Equity
Balances at December 31, 2018
$
1,940
$
86
$
(44)
$
200
$
2,182
Net loss
—
(48)
—
(6)
(54)
Unrealized (loss) gain on derivatives
—
—
(3)
1
(2)
Buyout of Wind TE Holdco noncontrolling interest.
(9)
—
—
(10)
(19)
Contributions from tax equity interests, net of distributions, cash
—
—
—
19
19
Contributions from CEG for Oahu Partnership, non-cash
10
—
—
2
12
Cumulative effect of change in the accounting principle
—
(3)
—
—
(3)
Distributions paid to CEG on Class B and Class D units
—
(17)
—
—
(17)
Distributions paid to Clearway Energy, Inc.
—
(22)
—
—
(22)
Balances at March 31, 2019
$
1,941
$
(4)
$
(47)
$
206
$
2,096
Net (loss) income
—
(33)
—
2
(31)
Unrealized gain on derivatives
—
—
5
—
5
Distributions to noncontrolling interests, net of contributions, cash
(2)
—
—
(28)
(30)
Contributions from CEG for Kawailoa, Repowering Partnerships, non-cash
(15)
3
—
18
6
Distributions paid to CEG on Class B and Class D units