Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | ||||||
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | |||||||||||
☐ |
2025 Senior Notes | $ | |||||||
2026 Senior Notes | $350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by | |||||||
$850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC | ||||||||
2031 Senior Notes | $925 million aggregate principal amount of 3.750% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC | |||||||
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 | |||||||
Adjusted Gross Margin | A non-GAAP measure, represents total operating revenues, excluding contract amortization and mark-to-market for economic hedges, less cost of fuels. See Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations – Management’s discussion of the results of operations for the quarters ended June 30, 2021 and 2020 for a discussion of this measure | |||||||
AOCL | Accumulated Other Comprehensive Loss | |||||||
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | |||||||
ASU | Accounting Standards Updates - updates to the ASC | |||||||
ATM | At-The-Market Equity Offering | |||||||
CAFD | A non-GAAP measure, Cash Available and adjusted for development expenses | |||||||
CEG Master Services Agreement | Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy, Inc., Clearway Energy Operating LLC, and CEG | |||||||
CEG ROFO Agreement | Right of First Offer Agreement, entered into as of August 31, 2018, by and between Clearway Energy Group LLC and Clearway Energy, Inc., and solely for purposes of Section 2.4, GIP III Zephyr Acquisition Partners, L.P., as amended by the First Amendment dated February 14, 2019, the Second Amendment dated August 1, 2019, the Third Amendment dated December 6, 2019, the Fourth Amendment dated November 2, 2020 and the Fifth Amendment dated August 2, 2021 | |||||||
CARES Act | The Coronavirus Aid, Relief, and Economic Security Act | |||||||
Clearway Energy LLC | The holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units of the Company, and Clearway Energy, Inc., the holder of the Class A and Class C units | |||||||
Clearway Energy Group LLC | The holder of all of Clearway Energy, Inc.'s Class B and Class D common shares stock,and Clearway Energy LLC'sthe Company’s Class B and Class D units and, from time to time, possibly shares of Clearway Energy, Inc.’s Class A and/or Class C common stock | |||||||
Clearway Energy Operating LLC | The holder of the project assets that are owned by Clearway Energy LLC | |||||||
COD | Commercial Operation Date | |||||||
Company | Clearway Energy LLC, together with its consolidated subsidiaries | |||||||
CVSR | California Valley Solar Ranch | |||||||
CVSR Holdco LLC, the indirect owner of CVSR | ||||||||
Distributed Solar | Solar power projects, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid | |||||||
Drop Down Assets | Collectively, assets under common control acquired by the Company from NRG from January 1, 2014 through the period ended August 31, 2018 and from CEG from August 31, 2018 through the period ended June | |||||||
EPA | United States Environmental Protection Agency | |||||||
Exchange Act | The Securities Exchange Act of 1934, as amended | |||||||
FASB | Financial Accounting Standards Board | |||||||
Accounting principles generally accepted in the U.S. | ||||||||
GenConn | GenConn Energy LLC | |||||||
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 | |||||||
Mesquite Star Special LLC | ||||||||
MMBtu | Million British Thermal Units | |||||||
Megawatt | ||||||||
MWh | Saleable megawatt hours, net of internal/parasitic load megawatt-hours | |||||||
MWt | Megawatts Thermal Equivalent | |||||||
Net Exposure | Counterparty credit exposure to | |||||||
NRG | NRG Energy, Inc. | |||||||
Power Purchase Agreement | ||||||||
RPV Holdco | ||||||||
RTO | Regional Transmission | |||||||
Southern California Edison | ||||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Senior Notes | Collectively, the | |||||||
SPP | Solar Power Partners | |||||||
Thermal Business | The Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units | |||||||
U.S. | United States of America | |||||||
Utah Solar Portfolio | Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers Capital, LLC, Granite Mountain Capital, LLC, and Iron Springs Capital, LLC, respectively |
Utility Scale Solar | Solar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level | |||||||
VaR | Value at Risk | |||||||
VIE | Variable Interest Entity | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | 380 | $ | 329 | $ | 617 | $ | 587 | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 107 | 87 | 217 | 180 | |||||||||||||||||||
Depreciation, amortization and accretion | 128 | 99 | 256 | 201 | |||||||||||||||||||
General and administrative | 9 | 11 | 19 | 20 | |||||||||||||||||||
Transaction and integration costs | 1 | 0 | 3 | 1 | |||||||||||||||||||
Development costs | 1 | 1 | 2 | 2 | |||||||||||||||||||
Total operating costs and expenses | 246 | 198 | 497 | 404 | |||||||||||||||||||
Operating Income | 134 | 131 | 120 | 183 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8 | 16 | 12 | 3 | |||||||||||||||||||
Gain on sale of unconsolidated affiliate | 0 | 49 | 0 | 49 | |||||||||||||||||||
Other income, net | 1 | 1 | 2 | 3 | |||||||||||||||||||
Loss on debt extinguishment | 0 | 0 | (42) | (3) | |||||||||||||||||||
Interest expense | (103) | (93) | (148) | (260) | |||||||||||||||||||
Total other expense, net | (94) | (27) | (176) | (208) | |||||||||||||||||||
Net Income (Loss) | 40 | 104 | (56) | (25) | |||||||||||||||||||
Less: Loss attributable to noncontrolling interests and redeemable interests | (35) | (27) | (102) | (66) | |||||||||||||||||||
Net Income Attributable to Clearway Energy LLC | $ | 75 | $ | 131 | $ | 46 | $ | 41 | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 (a) | 2017 | 2016 (a) | |||||||||||
Operating Revenues | |||||||||||||||
Total operating revenues | $ | 265 | $ | 272 | $ | 767 | $ | 789 | |||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 78 | 76 | 239 | 238 | |||||||||||
Depreciation and amortization | 88 | 75 | 241 | 224 | |||||||||||
General and administrative | 4 | 3 | 14 | 8 | |||||||||||
Acquisition-related transaction and integration costs | — | — | 2 | — | |||||||||||
Total operating costs and expenses | 170 | 154 | 496 | 470 | |||||||||||
Operating Income | 95 | 118 | 271 | 319 | |||||||||||
Other Income (Expense) | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 28 | 16 | 63 | 34 | |||||||||||
Other income, net | 1 | 1 | 3 | 3 | |||||||||||
Interest expense | (72 | ) | (68 | ) | (227 | ) | (204 | ) | |||||||
Total other expense, net | (43 | ) | (51 | ) | (161 | ) | (167 | ) | |||||||
Net Income | 52 | 67 | 110 | 152 | |||||||||||
Less: Net loss attributable to noncontrolling interests | (23 | ) | (38 | ) | (56 | ) | (67 | ) | |||||||
Net Income Attributable to NRG Yield LLC | $ | 75 | $ | 105 | $ | 166 | $ | 219 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 (a) | 2017 | 2016 (a) | |||||||||||
Net Income | $ | 52 | $ | 67 | $ | 110 | $ | 152 | |||||||
Other Comprehensive Gain (Loss) | |||||||||||||||
Unrealized gain (loss) on derivatives | 7 | 20 | 7 | (49 | ) | ||||||||||
Other comprehensive gain (loss) | 7 | 20 | 7 | (49 | ) | ||||||||||
Comprehensive Income | 59 | 87 | 117 | 103 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | (23 | ) | (30 | ) | (56 | ) | (67 | ) | |||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 82 | $ | 117 | $ | 173 | $ | 170 |
(In millions) | September 30, 2017 | December 31, 2016 (a) | |||||
ASSETS | (unaudited) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 178 | $ | 321 | |||
Restricted cash | 140 | 165 | |||||
Accounts receivable — trade | 126 | 92 | |||||
Accounts receivable — affiliate | 1 | 1 | |||||
Inventory | 38 | 39 | |||||
Derivative instruments | — | 2 | |||||
Notes receivable | 15 | 16 | |||||
Prepayments and other current assets | 22 | 20 | |||||
Total current assets | 520 | 656 | |||||
Property, plant and equipment, net | 5,247 | 5,460 | |||||
Other Assets | |||||||
Equity investments in affiliates | 1,183 | 1,152 | |||||
Intangible assets, net | 1,234 | 1,286 | |||||
Derivative instruments | — | 1 | |||||
Other non-current assets | 56 | 65 | |||||
Total other assets | 2,473 | 2,504 | |||||
Total Assets | $ | 8,240 | $ | 8,620 | |||
LIABILITIES AND MEMBERS' EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt — external | $ | 300 | $ | 291 | |||
Accounts payable — trade | 27 | 23 | |||||
Accounts payable — affiliate | 45 | 40 | |||||
Derivative instruments | 23 | 32 | |||||
Accrued expenses and other current liabilities | 94 | 85 | |||||
Total current liabilities | 489 | 471 | |||||
Other Liabilities | |||||||
Long-term debt — external | 4,914 | 5,098 | |||||
Long-term debt — affiliate | 618 | 618 | |||||
Accounts payable — affiliate | 3 | 9 | |||||
Derivative instruments | 43 | 44 | |||||
Other non-current liabilities | 87 | 76 | |||||
Total non-current liabilities | 5,665 | 5,845 | |||||
Total Liabilities | 6,154 | 6,316 | |||||
Commitments and Contingencies | |||||||
Members' Equity | |||||||
Contributed capital | 1,897 | 2,127 | |||||
Retained earnings | 86 | 36 | |||||
Accumulated other comprehensive loss | (78 | ) | (85 | ) | |||
Noncontrolling interest | 181 | 226 | |||||
Total Members' Equity | 2,086 | 2,304 | |||||
Total Liabilities and Members’ Equity | $ | 8,240 | $ | 8,620 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income (Loss) | $ | 40 | $ | 104 | $ | (56) | $ | (25) | |||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Unrealized gain (loss) on derivatives | 0 | 5 | 13 | (9) | |||||||||||||||||||
Other comprehensive income (loss) | 0 | 5 | 13 | (9) | |||||||||||||||||||
Comprehensive Income (Loss) | 40 | 109 | (43) | (34) | |||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests | (38) | (27) | (102) | (66) | |||||||||||||||||||
Comprehensive Income Attributable to Clearway Energy LLC | $ | 78 | $ | 136 | $ | 59 | $ | 32 |
Nine months ended September 30, | |||||||
2017 | 2016(a) | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 110 | $ | 152 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Equity in earnings of unconsolidated affiliates | (63 | ) | (34 | ) | |||
Distributions from unconsolidated affiliates | 52 | 43 | |||||
Depreciation and amortization | 241 | 224 | |||||
Amortization of financing costs | 7 | 6 | |||||
Amortization of intangibles and out-of-market contracts | 52 | 57 | |||||
Changes in derivative instruments | (2 | ) | (5 | ) | |||
Loss on disposal of asset components | 8 | 5 | |||||
Changes in prepaid and accrued liabilities for tolling agreements | 5 | 2 | |||||
Changes in other working capital | (35 | ) | (6 | ) | |||
Net Cash Provided by Operating Activities | 375 | 444 | |||||
Cash Flows from Investing Activities | |||||||
Payments for the Drop Down Assets | (176 | ) | (77 | ) | |||
Capital expenditures | (23 | ) | (16 | ) | |||
Cash receipts from notes receivable | 11 | 11 | |||||
Return of investment from unconsolidated affiliates | 32 | 16 | |||||
Investments in unconsolidated affiliates | (48 | ) | (69 | ) | |||
Net Cash Used in Investing Activities | (204 | ) | (135 | ) | |||
Cash Flows from Financing Activities | |||||||
Net contributions from noncontrolling interests | 13 | 7 | |||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | (49 | ) | (126 | ) | |||
Proceeds from the issuance of Class C units | 33 | — | |||||
Payments of distributions | (149 | ) | (127 | ) | |||
Payments of debt issuance costs | (4 | ) | (6 | ) | |||
Proceeds from the revolving credit facility | — | 60 | |||||
Payments for the revolving credit facility | — | (366 | ) | ||||
Proceeds from the issuance of long-term debt — external | 41 | 550 | |||||
Payments for long-term debt | (224 | ) | (204 | ) | |||
Net Cash Used in Financing Activities | (339 | ) | (212 | ) | |||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (168 | ) | 97 | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 486 | 241 | |||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 318 | $ | 338 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | (unaudited) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 138 | $ | 268 | |||||||
Restricted cash | 332 | 197 | |||||||||
Accounts receivable — trade | 203 | 143 | |||||||||
Accounts receivable — affiliates | 1 | 0 | |||||||||
Inventory | 43 | 42 | |||||||||
Prepayments and other current assets | 50 | 58 | |||||||||
Total current assets | 767 | 708 | |||||||||
Property, plant and equipment, net | 7,537 | 7,217 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 639 | 741 | |||||||||
Intangible assets for power purchase agreements, net | 2,188 | 1,231 | |||||||||
Other intangible assets, net | 136 | 139 | |||||||||
Derivative instruments | 4 | 1 | |||||||||
Right of use assets, net | 349 | 337 | |||||||||
Other non-current assets | 143 | 114 | |||||||||
Total other assets | 3,459 | 2,563 | |||||||||
Total Assets | $ | 11,763 | $ | 10,488 | |||||||
LIABILITIES AND MEMBERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt — external | $ | 518 | $ | 384 | |||||||
Current portion of long-term debt — affiliate | 1 | 1 | |||||||||
Accounts payable — trade | 59 | 72 | |||||||||
Accounts payable — affiliates | 16 | 20 | |||||||||
Derivative instruments | 44 | 38 | |||||||||
Accrued interest expense | 55 | 44 | |||||||||
Accrued expenses and other current liabilities | 64 | 79 | |||||||||
Total current liabilities | 757 | 638 | |||||||||
Other Liabilities | |||||||||||
Long-term debt — external | 7,434 | 6,585 | |||||||||
Derivative instruments | 145 | 135 | |||||||||
Long-term lease liabilities | 361 | 345 | |||||||||
Other non-current liabilities | 179 | 173 | |||||||||
Total non-current liabilities | 8,119 | 7,238 | |||||||||
Total Liabilities | 8,876 | 7,876 | |||||||||
Commitments and Contingencies | 0 | 0 | |||||||||
Members' Equity | |||||||||||
Contributed capital | 1,578 | 1,723 | |||||||||
Accumulated deficit | (4) | (50) | |||||||||
Accumulated other comprehensive loss | (22) | (33) | |||||||||
Noncontrolling interest | 1,335 | 972 | |||||||||
Total Members' Equity | 2,887 | 2,612 | |||||||||
Total Liabilities and Members’ Equity | $ | 11,763 | $ | 10,488 |
Six months ended June 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Loss | $ | (56) | $ | (25) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Equity in earnings of unconsolidated affiliates | (12) | (3) | |||||||||
Distributions from unconsolidated affiliates | 16 | 10 | |||||||||
Depreciation, amortization and accretion | 256 | 201 | |||||||||
Amortization of financing costs and debt discounts | 7 | 7 | |||||||||
Amortization of intangibles | 70 | 45 | |||||||||
Loss on debt extinguishment | 42 | 3 | |||||||||
Reduction (increase) in carrying amount of right-of-use assets | 5 | (1) | |||||||||
Gain on sale of unconsolidated affiliate | 0 | (49) | |||||||||
Changes in derivative instruments | 15 | 100 | |||||||||
Cash used in changes in other working capital | |||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (76) | (77) | |||||||||
Changes in other working capital | (26) | (28) | |||||||||
Net Cash Provided by Operating Activities | 241 | 183 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Acquisitions, net of cash acquired | (211) | 0 | |||||||||
Acquisition of Drop Down Asset | (132) | 0 | |||||||||
Consolidation of DGPV Holdco 3 LLC | 0 | 17 | |||||||||
Capital expenditures | (93) | (83) | |||||||||
Asset purchase from affiliate | (21) | 0 | |||||||||
Cash receipts from notes receivable | 4 | 0 | |||||||||
Return of investment from unconsolidated affiliates | 20 | 23 | |||||||||
Investments in unconsolidated affiliates | 0 | (10) | |||||||||
Proceeds from sale of assets | 0 | 90 | |||||||||
Other | 13 | 3 | |||||||||
Net Cash (Used in) Provided by Investing Activities | (420) | 40 | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net contributions from noncontrolling interests | 162 | 154 | |||||||||
Contributions from CEG | 103 | 0 | |||||||||
Buyout of Repowering Partnership II LLC noncontrolling interest | 0 | (70) | |||||||||
Net proceeds from the issuance of Class C units | 0 | 38 | |||||||||
Payments of distributions | (132) | (84) | |||||||||
Proceeds from the revolving credit facility | 300 | 265 | |||||||||
Payments for the revolving credit facility | (233) | (265) | |||||||||
Proceeds from the issuance of long-term debt — external | 1,016 | 286 | |||||||||
Proceeds from the issuance of long-term debt — affiliate | 0 | 3 | |||||||||
Payments of debt issuance costs | (13) | (2) | |||||||||
Payments for long-term debt — external | (1,028) | (502) | |||||||||
Payments for long-term debt — affiliate | 0 | (45) | |||||||||
Other | 9 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 184 | (222) | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 5 | 1 | |||||||||
Cash, Cash Equivalents and Restricted Cash at beginning of period | 465 | 414 | |||||||||
Cash, Cash Equivalents and Restricted Cash at end of period | $ | 470 | $ | 415 | |||||||
(In millions) | Contributed Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Members' Equity | ||||||||||||||||||||||||
Balances at December 31, 2020 | $ | 1,723 | $ | (50) | $ | (33) | $ | 972 | $ | 2,612 | |||||||||||||||||||
Net loss | — | (29) | — | (68) | (97) | ||||||||||||||||||||||||
Unrealized gain on derivatives | — | — | 10 | 3 | 13 | ||||||||||||||||||||||||
(Distributions) contributions from CEG, non-cash | (2) | — | — | 29 | 27 | ||||||||||||||||||||||||
Contributions from CEG, cash | 103 | — | — | — | 103 | ||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | 126 | 126 | ||||||||||||||||||||||||
Agua Caliente acquisition | — | — | — | 273 | 273 | ||||||||||||||||||||||||
Rattlesnake Drop Down | (118) | — | — | — | (118) | ||||||||||||||||||||||||
Distributions paid to CEG on Class B and Class D units | (28) | — | — | — | (28) | ||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc. | (38) | — | — | — | (38) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 1,640 | $ | (79) | $ | (23) | $ | 1,335 | $ | 2,873 | |||||||||||||||||||
Net income (loss) | — | 75 | — | (36) | 39 | ||||||||||||||||||||||||
Unrealized gain (loss) on derivatives | — | — | 1 | (2) | (1) | ||||||||||||||||||||||||
Contributions from CEG, non-cash | 3 | — | — | — | 3 | ||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | 38 | 38 | ||||||||||||||||||||||||
Rattlesnake Drop Down | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Distributions paid to CEG on Class B and Class D units | (28) | — | — | — | (28) | ||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc. | (38) | — | — | — | (38) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 1,578 | $ | (4) | $ | (22) | $ | 1,335 | $ | 2,887 | |||||||||||||||||||
(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) | 0 | — | — | (24) | ||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc. | (18) | 0 | — | — | (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 | |||||||||||||||||||
Projects | Percentage Ownership | Net Capacity (MW)(a) | Offtake Counterparty | Expiration | ||||||
Conventional | ||||||||||
El Segundo | 100 | % | 550 | Southern California Edison | 2023 | |||||
GenConn Devon | 50 | % | 95 | Connecticut Light & Power | 2040 | |||||
GenConn Middletown | 50 | % | 95 | Connecticut Light & Power | 2041 | |||||
Marsh Landing | 100 | % | 720 | Pacific Gas and Electric | 2023 | |||||
Walnut Creek | 100 | % | 485 | Southern California Edison | 2023 | |||||
1,945 | ||||||||||
Utility Scale Solar | ||||||||||
Agua Caliente | 16 | % | 46 | Pacific Gas and Electric | 2039 | |||||
Alpine | 100 | % | 66 | Pacific Gas and Electric | 2033 | |||||
Avenal | 50 | % | 23 | Pacific Gas and Electric | 2031 | |||||
Avra Valley | 100 | % | 26 | Tucson Electric Power | 2032 | |||||
Blythe | 100 | % | 21 | Southern California Edison | 2029 | |||||
Borrego | 100 | % | 26 | San Diego Gas and Electric | 2038 | |||||
CVSR | 100 | % | 250 | Pacific Gas and Electric | 2038 | |||||
Desert Sunlight 250 | 25 | % | 63 | Southern California Edison | 2035 | |||||
Desert Sunlight 300 | 25 | % | 75 | Pacific Gas and Electric | 2040 | |||||
Kansas South | 100 | % | 20 | Pacific Gas and Electric | 2033 | |||||
Roadrunner | 100 | % | 20 | El Paso Electric | 2031 | |||||
TA High Desert | 100 | % | 20 | Southern California Edison | 2033 | |||||
Utah Solar Portfolio (b) (e) | 50 | % | 265 | PacifiCorp | 2036 | |||||
921 | ||||||||||
Distributed Solar | ||||||||||
Apple I LLC Projects | 100 | % | 9 | Various | 2032 | |||||
AZ DG Solar Projects | 100 | % | 5 | Various | 2025 - 2033 | |||||
14 | ||||||||||
Wind | ||||||||||
Alta I | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta II | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta III | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta IV | 100 | % | 102 | Southern California Edison | 2035 | |||||
Alta V | 100 | % | 168 | Southern California Edison | 2035 | |||||
Alta X (b) | 100 | % | 137 | Southern California Edison | 2038 | |||||
Alta XI (b) | 100 | % | 90 | Southern California Edison | 2038 | |||||
Buffalo Bear | 100 | % | 19 | Western Farmers Electric Co-operative | 2033 | |||||
Crosswinds (b) (f) | 99 | % | 21 | Corn Belt Power Cooperative | 2027 | |||||
Elbow Creek (b) (f) | 100 | % | 122 | NRG Power Marketing LLC | 2022 | |||||
Elkhorn Ridge (b) (f) | 66.7 | % | 54 | Nebraska Public Power District | 2029 | |||||
Forward (b) (f) | 100 | % | 29 | Constellation NewEnergy, Inc. | 2017 | |||||
Goat Wind (b) (f) | 100 | % | 150 | Dow Pipeline Company | 2025 | |||||
Hardin (b) (f) | 99 | % | 15 | Interstate Power and Light Company | 2027 | |||||
Laredo Ridge | 100 | % | 80 | Nebraska Public Power District | 2031 | |||||
Lookout (b) (f) | 100 | % | 38 | Southern Maryland Electric Cooperative | 2030 |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Offtake Counterparty | Expiration | ||||||
Odin (b) (f) | 99.9 | % | 20 | Missouri River Energy Services | 2028 | |||||
Pinnacle | 100 | % | 55 | Maryland Department of General Services and University System of Maryland | 2031 | |||||
San Juan Mesa (b) (f) | 75 | % | 90 | Southwestern Public Service Company | 2025 | |||||
Sleeping Bear (b) (f) | 100 | % | 95 | Public Service Company of Oklahoma | 2032 | |||||
South Trent | 100 | % | 101 | AEP Energy Partners | 2029 | |||||
Spanish Fork (b) (f) | 100 | % | 19 | PacifiCorp | 2028 | |||||
Spring Canyon II (b) | 90.1 | % | 29 | Platte River Power Authority | 2039 | |||||
Spring Canyon III (b) | 90.1 | % | 25 | Platte River Power Authority | 2039 | |||||
Taloga | 100 | % | 130 | Oklahoma Gas & Electric | 2031 | |||||
Wildorado (b) (f) | 100 | % | 161 | Southwestern Public Service Company | 2027 | |||||
2,200 | ||||||||||
Thermal | ||||||||||
NRG Dover Energy Center LLC | 100 | % | 103 | NRG Power Marketing LLC | 2018 | |||||
Thermal generation | 100 | % | 20 | Various | Various | |||||
123 | ||||||||||
Total net generation capacity(c) | 5,203 | |||||||||
Thermal equivalent MWt (d) | 100 | % | 1,319 | Various | Various |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Cash and cash equivalents | $ | 138 | $ | 268 | |||||||
Restricted cash | 332 | 197 | |||||||||
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 470 | $ | 465 |
September 30, 2017 | December 31, 2016 | ||||||
(In millions) | |||||||
Property, Plant and Equipment Accumulated Depreciation | $ | 1,189 | $ | 951 | |||
Intangible Assets Accumulated Amortization | 216 | 163 |
(In millions) | |||
Balance as of December 31, 2016 as reported | $ | 313 | |
Less: Adjustment for August 2017 Drop Down Assets | (87 | ) | |
Balance as of December 31, 2016 as recast | 226 | ||
Capital contributions from tax equity investors, net of distributions | 11 | ||
Comprehensive loss | (56 | ) | |
Balance as of September 30, 2017 | $ | 181 |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Property, Plant and Equipment Accumulated Depreciation | $ | 2,573 | $ | 2,323 | |||||||
Intangible Assets Accumulated Amortization | 556 | 487 |
Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | |||||||||
Distributions per Class A, B, C and D unit | $ | 0.28 | $ | 0.27 | $ | 0.26 |
Second Quarter 2021 | First Quarter 2021 | ||||||||||||||||||||||
Distributions per Class A, B, C and D unit | $ | 0.329 | $ | 0.324 |
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||||||||||
Energy revenue(a) | $ | 2 | $ | 261 | $ | 29 | $ | 292 | |||||||||||||||||||||||||||
Capacity revenue(a) | 113 | 0 | 15 | 128 | |||||||||||||||||||||||||||||||
Contract amortization | (6) | (30) | (1) | (37) | |||||||||||||||||||||||||||||||
Other revenue | 0 | 22 | 6 | 28 | |||||||||||||||||||||||||||||||
Mark-to-market for economic hedges | 0 | (31) | 0 | (31) | |||||||||||||||||||||||||||||||
Total operating revenue | 109 | 222 | 49 | 380 | |||||||||||||||||||||||||||||||
Less: Mark-to-market for economic hedges | 0 | 31 | 0 | 31 | |||||||||||||||||||||||||||||||
Less: Lease revenue | (115) | (228) | 0 | (343) | |||||||||||||||||||||||||||||||
Less: Contract amortization | 6 | 30 | 1 | 37 | |||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 0 | $ | 55 | $ | 50 | $ | 105 | |||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue | $ | 2 | $ | 228 | $ | 0 | $ | 230 | ||||||||||||||||||
Capacity revenue | 113 | 0 | 0 | 113 | ||||||||||||||||||||||
Total | $ | 115 | $ | 228 | $ | 0 | $ | 343 |
Six months ended June 30, 2021 | |||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Energy revenue(a) | $ | 3 | $ | 387 | $ | 58 | $ | 448 | |||||||||||||||
Capacity revenue(a) | 220 | 0 | 28 | 248 | |||||||||||||||||||
Contract amortization | (12) | (55) | (2) | (69) | |||||||||||||||||||
Other revenue | 0 | 31 | 14 | 45 | |||||||||||||||||||
Mark-to-market for economic hedges | 0 | (55) | 0 | (55) | |||||||||||||||||||
Total operating revenue | 211 | 308 | 98 | 617 | |||||||||||||||||||
Less: Mark-to-market for economic hedges | 0 | 55 | 0 | 55 | |||||||||||||||||||
Less: Lease revenue | (223) | (373) | (1) | (597) | |||||||||||||||||||
Less: Contract amortization | 12 | 55 | 2 | 69 | |||||||||||||||||||
Total revenue from contracts with customers | $ | 0 | $ | 45 | $ | 99 | $ | 144 | |||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue | $ | 3 | $ | 373 | $ | 1 | $ | 377 | ||||||||||||||||||
Capacity revenue | 220 | 0 | 0 | 220 | ||||||||||||||||||||||
Total | $ | 223 | $ | 373 | $ | 1 | $ | 597 |
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||||
Energy revenue(a) | $ | 1 | $ | 195 | $ | 22 | $ | 218 | |||||||||||||||||||||
Capacity revenue(a) | 112 | 0 | 12 | 124 | |||||||||||||||||||||||||
Contract amortization | (6) | (16) | 0 | (22) | |||||||||||||||||||||||||
Other revenue | 0 | 4 | 8 | 12 | |||||||||||||||||||||||||
Mark-to-market for economic hedges | 0 | (3) | 0 | (3) | |||||||||||||||||||||||||
Total operating revenue | 107 | 180 | 42 | 329 | |||||||||||||||||||||||||
Less: Mark-to-market for economic hedges | 0 | 3 | 0 | 3 | |||||||||||||||||||||||||
Less: Lease revenue | (113) | (181) | 0 | (294) | |||||||||||||||||||||||||
Less: Contract amortization | 6 | 16 | 0 | 22 | |||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 0 | $ | 18 | $ | 42 | $ | 60 |
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue | $ | 1 | $ | 181 | $ | 0 | $ | 182 | ||||||||||||||||||
Capacity revenue | 112 | 0 | 0 | 112 | ||||||||||||||||||||||
Total | $ | 113 | $ | 181 | $ | 0 | $ | 294 |
Six months ended June 30, 2020 | ||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue(a) | $ | 3 | $ | 320 | $ | 50 | $ | 373 | ||||||||||||||||||
Capacity revenue(a) | 219 | 0 | 26 | 245 | ||||||||||||||||||||||
Contract amortization | (12) | (31) | (1) | (44) | ||||||||||||||||||||||
Other revenue | 0 | 6 | 15 | 21 | ||||||||||||||||||||||
Mark-to-market for economic hedges | 0 | (8) | 0 | (8) | ||||||||||||||||||||||
Total operating revenue | 210 | 287 | 90 | 587 | ||||||||||||||||||||||
Less: Mark-to-market for economic hedges | 0 | 8 | 0 | 8 | ||||||||||||||||||||||
Less: Lease revenue | (222) | (296) | (1) | (519) | ||||||||||||||||||||||
Less: Contract amortization | 12 | 31 | 1 | 44 | ||||||||||||||||||||||
Total revenue from contracts with customers | $ | 0 | $ | 30 | $ | 90 | $ | 120 |
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue | $ | 3 | $ | 296 | $ | 1 | $ | 300 | ||||||||||||||||||
Capacity revenue | 219 | 0 | 0 | 219 | ||||||||||||||||||||||
Total | $ | 222 | $ | 296 | $ | 1 | $ | 519 |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Accounts receivable, net - Contracts with customers | $ | 66 | $ | 57 | |||||||
Accounts receivable, net - Leases | 137 | 86 | |||||||||
Total accounts receivable, net | $ | 203 | $ | 143 |
(In millions) | |||
Assets: | |||
Current assets | $ | 11 | |
Property, plant and equipment | 84 | ||
Non-current assets | 32 | ||
Total assets | 127 | ||
Liabilities: | |||
Debt (Current and non-current) (a) | 31 | ||
Other current and non-current liabilities | 3 | ||
Total liabilities assumed | 34 | ||
Net assets acquired | $ | 93 |
(In millions) | Rattlesnake | |||||||
Current Assets | $ | 8 | ||||||
Property, plant and equipment | 200 | |||||||
Right-of-use asset | 12 | |||||||
Total assets acquired | 220 | |||||||
Debt(a) | 176 | |||||||
Long-term lease liabilities | 12 | |||||||
Other current and non-current liabilities | 18 | |||||||
Total liabilities assumed | 206 | |||||||
Net assets acquired | $ | 14 |
For the three months ended | For the nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Total operating revenues | $ | 269 | $ | 275 | $ | 777 | $ | 798 | |||||||
Net income | 30 | 69 | 90 | 155 |
(In millions) | Agua Caliente | |||||||
Restricted cash | $ | 91 | ||||||
Property, plant and equipment | 154 | |||||||
Intangible asset for power purchase agreement | 1,022 | |||||||
Other currents assets | 9 | |||||||
Total assets acquired | 1,276 | |||||||
Accounts payable and other current liabilities | 5 | |||||||
Debt | 716 | |||||||
Total liabilities assumed | 721 | |||||||
Noncontrolling interest | 273 | |||||||
Equity method investment removed | (80) | |||||||
Net assets acquired | $ | 202 |
(In millions) | Mt. Storm | |||||||
Current Assets | $ | 3 | ||||||
Property, plant and equipment | 108 | |||||||
Intangible asset | 2 | |||||||
Total assets acquired | 113 | |||||||
Accounts payable and other liabilities | 4 | |||||||
Derivative instruments | 9 | |||||||
Total liabilities assumed | 13 | |||||||
Net assets acquired | $ | 100 |
(In millions) | |||
Assets: | |||
Cash | $ | 6 | |
Equity investment in projects | 456 | ||
Total assets acquired | 462 | ||
Liabilities: | |||
Debt (Current and non-current) (a) | 320 | ||
Other current and non-current liabilities | 3 | ||
Total liabilities assumed | 323 | ||
Net assets acquired | $ | 139 |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||
As Previously Reported | March 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | As Previously Reported | March 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 272 | $ | — | $ | — | $ | 272 | $ | 789 | $ | — | $ | — | $ | 789 | |||||||||||||||
Operating income | 118 | — | — | 118 | 319 | — | — | 319 | |||||||||||||||||||||||
Net income | 64 | 3 | — | 67 | 147 | 5 | — | 152 | |||||||||||||||||||||||
Net income attributable to Yield LLC | 100 | 3 | 2 | 105 | 209 | 5 | 5 | 219 |
(In millions) | Alta TE Holdco | Buckthorn Renewables, LLC | DGPV Funds(a) | Kawailoa Partnership | Langford TE Partnership LLC | Lighthouse Renewable Holdco LLC | ||||||||||||||||||||||||||||||||
Other current and non-current assets | $ | 59 | $ | 4 | $ | 96 | $ | 42 | $ | 15 | $ | 41 | ||||||||||||||||||||||||||
Property, plant and equipment | 344 | 206 | 611 | 138 | 135 | 437 | ||||||||||||||||||||||||||||||||
Intangible assets | 218 | 0 | 16 | 0 | 2 | 0 | ||||||||||||||||||||||||||||||||
Total assets | 621 | 210 | 723 | 180 | 152 | 478 | ||||||||||||||||||||||||||||||||
Current and non-current liabilities | 38 | 10 | 77 | 106 | 17 | 126 | ||||||||||||||||||||||||||||||||
Total liabilities | 38 | 10 | 77 | 106 | 17 | 126 | ||||||||||||||||||||||||||||||||
Noncontrolling interest | 26 | 51 | 4 | 51 | 74 | 313 | ||||||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | 557 | $ | 149 | $ | 642 | $ | 23 | $ | 61 | $ | 39 |
(In millions) | Oahu Solar Partnership | Pinnacle Repowering Partnership LLC | Rattlesnake TE Holdco LLC | Rosie TargetCo LLC | Wildorado TE Holdco | Other (a) | |||||||||||||||||||||||||||||
Other current and non-current assets | $ | 50 | $ | 12 | $ | 31 | $ | 27 | $ | 21 | $ | 16 | |||||||||||||||||||||||
Property, plant and equipment | 175 | 100 | 196 | 255 | 232 | 178 | |||||||||||||||||||||||||||||
Intangible assets | 0 | 19 | 0 | 0 | 0 | 1 | |||||||||||||||||||||||||||||
Total assets | 225 | 131 | 227 | 282 | 253 | 195 | |||||||||||||||||||||||||||||
Current and non-current liabilities | 117 | 102 | 21 | 101 | 18 | 44 | |||||||||||||||||||||||||||||
Total liabilities | 117 | 102 | 21 | 101 | 18 | 44 | |||||||||||||||||||||||||||||
Noncontrolling interest | 35 | 27 | 98 | 147 | 127 | 99 | |||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | 73 | $ | 2 | $ | 108 | $ | 34 | $ | 108 | $ | 52 |
(In millions) | NRG Wind TE Holdco | Alta Wind TE Holdco | Spring Canyon | ||||||||
Other current and non-current assets | $ | 175 | $ | 17 | $ | 4 | |||||
Property, plant and equipment | 417 | 443 | 96 | ||||||||
Intangible assets | 2 | 265 | — | ||||||||
Total assets | 594 | 725 | 100 | ||||||||
Current and non-current liabilities | 206 | 9 | 6 | ||||||||
Total liabilities | 206 | 9 | 6 | ||||||||
Noncontrolling interest | 22 | 96 | 63 | ||||||||
Net assets less noncontrolling interests | $ | 366 | $ | 620 | $ | 31 |
Name | Economic Interest | Investment Balance | ||||||
(In millions) | ||||||||
Avenal | 50% | $ | (3) | |||||
Desert Sunlight | 25% | 244 | ||||||
Elkhorn Ridge | 67% | 34 | ||||||
GenConn(a) | 50% | 88 | ||||||
San Juan Mesa | 75% | 29 | ||||||
Utah Solar Portfolio(b) | 50% | 247 | ||||||
$ | 639 |
(In millions) | Maximum exposure to loss | ||
Four Brothers Solar, LLC | $ | 221 | |
Granite Mountain Holdings, LLC | 81 | ||
Iron Springs Holdings, LLC | 56 | ||
GenConn Energy LLC | 102 | ||
NRG DGPV Holdco 1 LLC | 71 | ||
NRG RPV Holdco 1 LLC | 65 | ||
NRG DGPV Holdco 2 LLC | 54 | ||
NRG DGPV Holdco 3 LLC | 20 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Income Statement Data: | ||||||||||||||||
Utah Solar Portfolio | ||||||||||||||||
Operating revenues | $ | 23 | $ | — | $ | 60 | $ | — | ||||||||
Operating income | 9 | — | 17 | — | ||||||||||||
Net income | 9 | — | 17 | — | ||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
Balance Sheet Data: | (In millions) | |||||||||||||||
Utah Solar Portfolio | ||||||||||||||||
Current assets | $ | 25 | $ | 20 | ||||||||||||
Non-current assets | 1,091 | 1,105 | ||||||||||||||
Current liabilities | 9 | 14 | ||||||||||||||
Non-current liabilities | 21 | 38 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Assets: | |||||||||||||||
Notes receivable (a) | $ | 18 | $ | 18 | $ | 30 | $ | 30 | |||||||
Liabilities: | |||||||||||||||
Long-term debt — affiliate | 618 | 626 | 618 | 608 | |||||||||||
Long-term debt — external, including current portion (b) | $ | 5,268 | $ | 5,301 | $ | 5,451 | $ | 5,435 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Long-term debt, including current portion — affiliate | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||||||||||
Long-term debt, including current portion — external (a) | $ | 8,030 | $ | 8,006 | $ | 7,048 | $ | 7,020 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 884 | $ | 5,043 | $ | 833 | $ | 5,210 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt, including current portion | $ | 2,166 | $ | 5,841 | $ | 1,906 | $ | 5,115 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Fair Value (a) | Fair Value (a) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 4 | $ | 0 | $ | 1 | $ | 0 | |||||||||||||||||||||||||||||||||
Other financial instruments (b) | 0 | 24 | 0 | 29 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 4 | $ | 24 | $ | 1 | $ | 29 | |||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 0 | $ | 103 | $ | 0 | $ | 44 | |||||||||||||||||||||||||||||||||
Interest rate contracts | 86 | 0 | 129 | 0 | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 86 | $ | 103 | $ | 129 | $ | 44 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||
Fair Value (a) | Fair Value (a) | Fair Value (a) | |||||||||
(In millions) | Level 2 | Level 1 | Level 2 | ||||||||
Derivative assets: | |||||||||||
Commodity contracts | $ | — | $ | 1 | $ | 1 | |||||
Interest rate contracts | — | — | 1 | ||||||||
Total assets | — | 1 | 2 | ||||||||
Derivative liabilities: | |||||||||||
Commodity contracts | 2 | — | 1 | ||||||||
Interest rate contracts | 64 | — | 75 | ||||||||
Total liabilities | $ | 66 | $ | — | $ | 76 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Beginning balance | $ | (39) | $ | (14) | $ | (15) | $ | (9) | ||||||||||||||||||
Total losses for the period included in earnings | (33) | (3) | (57) | (8) | ||||||||||||||||||||||
Purchases | (9) | 0 | (9) | 0 | ||||||||||||||||||||||
Settlements | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
Ending balance | $ | (79) | $ | (17) | $ | (79) | $ | (17) | ||||||||||||||||||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of June 30, 2021 | $ | (33) | 0 | $ | (57) | 0 |
June 30, 2021 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Power Contracts | $ | 0 | $ | (103) | Discounted Cash Flow | Forward Market Price (per MWh) | 12.56 | 58.94 | 25.95 | ||||||||||||||
Other Financial Instruments | $ | 24 | $ | 0 | Discounted Cash Flow | Forecast annual generation levels of certain DG solar facilities | 80,872 MWh | 129,913 MWh | 124,783 MWh |
Significant Observable Input | Position | Change In Input | Impact on Fair Value Measurement | ||||||||
Forward Market Price Power | Buy | Increase/(Decrease) | Higher/(Lower) | ||||||||
Forward Market Price Power | Sell | Increase/(Decrease) | Lower/(Higher) | ||||||||
Forecast Generation Levels | Sell | Increase/(Decrease) | Higher/(Lower) |
Total Volume | |||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||
Commodity | Units | (In millions) | |||||||||||||||
Natural Gas | MMBtu | 1 | 1 | ||||||||||||||
Power | MWh | (13) | (8) | ||||||||||||||
Interest | Dollars | $ | 1,486 | $ | 1,600 | ||||||||||||
Total Volume | |||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Commodity | Units | (In millions) | |||||||
Natural Gas | MMBtu | 2 | 3 | ||||||
Interest | Dollars | $ | 1,983 | $ | 2,070 |
Fair Value | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | $ | 0 | $ | 0 | $ | 7 | $ | 8 | |||||||||||||||
Interest rate contracts long-term | 0 | 0 | 7 | 15 | |||||||||||||||||||
Total Derivatives Designated as Cash Flow Hedges | $ | 0 | $ | 0 | $ | 14 | $ | 23 | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | 0 | 0 | 23 | 25 | |||||||||||||||||||
Interest rate contracts long-term | 4 | 1 | 49 | 81 | |||||||||||||||||||
Commodity contracts current | 0 | 0 | 14 | 5 | |||||||||||||||||||
Commodity contracts long-term | 0 | 0 | 89 | 39 | |||||||||||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | 4 | 1 | 175 | 150 | |||||||||||||||||||
Total Derivatives | $ | 4 | $ | 1 | $ | 189 | $ | 173 |
Fair Value | |||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||
December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||
(In millions) | |||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||
Interest rate contracts current | $ | — | $ | 7 | $ | 26 | |||||
Interest rate contracts long-term | 1 | 13 | 39 | ||||||||
Total Derivatives Designated as Cash Flow Hedges | 1 | 20 | 65 | ||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||
Interest rate contracts current | — | 15 | 5 | ||||||||
Interest rate contracts long-term | — | 29 | 5 | ||||||||
Commodity contracts current | 2 | 1 | 1 | ||||||||
Commodity contracts long-term | — | 1 | — | ||||||||
Total Derivatives Not Designated as Cash Flow Hedges | 2 | 46 | 11 | ||||||||
Total Derivatives | $ | 3 | $ | 66 | $ | 76 |
As of June 30, 2021 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||
Commodity contracts | (In millions) | ||||||||||||||||
Derivative liabilities | $ | (103) | $ | 0 | $ | (103) | |||||||||||
Total commodity contracts | (103) | 0 | (103) | ||||||||||||||
Interest rate contracts | |||||||||||||||||
Derivative assets | $ | 4 | $ | (4) | $ | 0 | |||||||||||
Derivative liabilities | (86) | 4 | (82) | ||||||||||||||
Total interest rate contracts | (82) | 0 | (82) | ||||||||||||||
Total derivative instruments | $ | (185) | $ | 0 | $ | (185) |
As of December 31, 2020 | As of December 31, 2020 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||||||||||||
Commodity contracts | Commodity contracts | (In millions) | ||||||||||||||||||||||||||
As of December 31, 2016 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | |||||||||||||||||||||||||
Commodity contracts: | (In millions) | |||||||||||||||||||||||||||
Derivative assets | $ | 2 | $ | — | $ | 2 | ||||||||||||||||||||||
Derivative liabilities | (1 | ) | — | (1 | ) | Derivative liabilities | $ | (44) | $ | 0 | $ | (44) | ||||||||||||||||
Total commodity contracts | 1 | — | 1 | Total commodity contracts | (44) | 0 | (44) | |||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | |||||||||||||||||||||||||||
Derivative assets | 1 | (1 | ) | — | Derivative assets | $ | 1 | $ | 0 | $ | 1 | |||||||||||||||||
Derivative liabilities | (75 | ) | 1 | (74 | ) | Derivative liabilities | (129) | 0 | (129) | |||||||||||||||||||
Total interest rate contracts | (74 | ) | — | (74 | ) | Total interest rate contracts | (128) | 0 | (128) | |||||||||||||||||||
Total derivative instruments | $ | (73 | ) | $ | — | $ | (73 | ) | Total derivative instruments | $ | (172) | $ | 0 | $ | (172) |
Three months ended September 30, | Nine months ended September 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||
Accumulated OCL beginning balance | $ | (86 | ) | $ | (168 | ) | $ | (86 | ) | $ | (99 | ) | Accumulated OCL beginning balance | $ | (22) | $ | (51) | $ | (35) | $ | (37) | |||||||||||||||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 5 | 6 | 13 | 13 | Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 3 | 1 | 6 | 4 | |||||||||||||||||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | 2 | 14 | (6 | ) | (62 | ) | Mark-to-market of cash flow hedge accounting contracts | (3) | 4 | 7 | (13) | |||||||||||||||||||||||||||
Accumulated OCL ending balance | (79 | ) | (148 | ) | (79 | ) | (148 | ) | Accumulated OCL ending balance | (22) | (46) | (22) | (46) | |||||||||||||||||||||||||
Accumulated OCL attributable to noncontrolling interests | (1 | ) | (2 | ) | (1 | ) | (2 | ) | Accumulated OCL attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Accumulated OCL attributable to NRG Yield LLC | $ | (78 | ) | $ | (146 | ) | $ | (78 | ) | $ | (146 | ) | ||||||||||||||||||||||||||
Accumulated OCL attributable to Clearway Energy LLC | Accumulated OCL attributable to Clearway Energy LLC | $ | (22) | $ | (46) | $ | (22) | $ | (46) | |||||||||||||||||||||||||||||
Losses expected to be realized from OCL during the next 12 months | $ | 17 | $ | 17 | Losses expected to be realized from OCL during the next 12 months | $ | (12) | 0 | $ | (12) | 0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Interest Rate Contracts (Interest expense) | $ | (11) | $ | (13) | $ | 36 | $ | (92) | |||||||||||||||
Commodity Contracts (Mark-to-market for economic hedging activities) (a) | (28) | (3) | (50) | (8) |
(In millions, except rates) | June 30, 2021 | December 31, 2020 | June 30, 2021 interest rate % (a) | Letters of Credit Outstanding at June 30, 2021 | |||||||||||||||||||
Intercompany Note with Clearway Energy, Inc. | $ | 1 | $ | 1 | 1.490 | ||||||||||||||||||
2025 Senior Notes | 0 | 600 | 5.750 | ||||||||||||||||||||
2026 Senior Notes | 350 | 350 | 5.000 | ||||||||||||||||||||
2028 Senior Notes | 850 | 850 | 4.750 | ||||||||||||||||||||
2031 Senior Notes | 925 | 0 | 3.750 | ||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | 67 | 0 | L+1.750 | 88 | |||||||||||||||||||
Project-level debt: | |||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | 712 | 0 | 2.395- 3.633 | 44 | |||||||||||||||||||
Alta Wind Asset Management LLC, due 2031 | 14 | 14 | L+2.625 | 26 | |||||||||||||||||||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | 772 | 800 | 5.696- 7.015 | 0 | |||||||||||||||||||
Alta Wind Realty Investments LLC, due 2031 | 25 | 25 | 7.000 | 0 | |||||||||||||||||||
Borrego, due 2024 and 2038 | 57 | 57 | Various | 4 | |||||||||||||||||||
Buckthorn Solar, due 2025 | 125 | 126 | L+1.750 | 23 | |||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2027 | 156 | 156 | L+1.625 | 82 | |||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | 407 | 407 | 4.120 | 0 | |||||||||||||||||||
Carlsbad Holdco, due 2038 | 210 | 210 | 4.210 | 10 | |||||||||||||||||||
CVSR Holdco Notes, due 2037 | 169 | 176 | 4.680 | 13 | |||||||||||||||||||
CVSR, due 2037 | 662 | 675 | 2.339 - 3.775 | 0 | |||||||||||||||||||
DG-CS Master Borrower LLC, due 2040 | 462 | 467 | 3.510 | 30 | |||||||||||||||||||
Duquesne, due 2059 | 95 | 95 | 4.620 | 0 | |||||||||||||||||||
El Segundo Energy Center, due 2023 | 213 | 250 | L+1.875 - L+2.500 | 138 | |||||||||||||||||||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 | 327 | 327 | Various | 0 | |||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | 80 | 81 | L+1.375 | 15 | |||||||||||||||||||
Laredo Ridge, due 2028 | 75 | 78 | L+2.125 | 9 | |||||||||||||||||||
Marsh Landing, due 2023 | 129 | 146 | L+2.375 | 99 | |||||||||||||||||||
NIMH Solar, due 2024 | 185 | 191 | L+2.00 | 16 | |||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | 88 | 89 | L+1.375 | 11 | |||||||||||||||||||
Pinnacle Repowering Partnership Holdco LLC, due 2021 | 90 | 0 | L+1.00 | 2 | |||||||||||||||||||
Rosie Class B LLC, due 2027 | 80 | 80 | L+1.75 | 21 | |||||||||||||||||||
Tapestry Wind LLC, due 2031 | 88 | 143 | L+1.375 | 11 | |||||||||||||||||||
Utah Solar Holdings, due 2036 | 284 | 290 | 3.590 | 16 | |||||||||||||||||||
Walnut Creek, due 2023 | 110 | 126 | L+1.75 | 103 | |||||||||||||||||||
WCEP Holdings, LLC, due 2023 | 32 | 35 | L+3.00 | 0 | |||||||||||||||||||
Other | 187 | 199 | Various | 38 | |||||||||||||||||||
Subtotal project-level debt: | 5,834 | 5,243 | |||||||||||||||||||||
Total debt | 8,027 | 7,044 | |||||||||||||||||||||
Less current maturities | (519) | (385) | |||||||||||||||||||||
Less net debt issuance costs | (78) | (79) | |||||||||||||||||||||
Add premiums(c) | 4 | 5 | |||||||||||||||||||||
Total long-term debt | $ | 7,434 | $ | 6,585 |
September 30, 2017 | December 31, 2016 | September 30, 2017, interest rate % (a) | Letters of Credit Outstanding at September 30, 2017 | ||||||||||
(In millions, except rates) | |||||||||||||
Long-term debt - affiliate, due 2019 | $ | 337 | $ | 337 | 3.580 | ||||||||
Long-term debt - affiliate, due 2020 | 281 | 281 | 3.325 | ||||||||||
2024 Senior Notes | 500 | 500 | 5.375 | ||||||||||
2026 Senior Notes | 350 | 350 | 5.000 | ||||||||||
Project-level debt: | |||||||||||||
Agua Caliente Borrower 2, due 2038 | 41 | — | 5.430 | 17 | |||||||||
Alpine, due 2022 | 138 | 145 | L+1.750 | 37 | |||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 940 | 965 | 5.696 - 7.015 | 103 | |||||||||
CVSR, due 2037 | 746 | 771 | 2.339 - 3.775 | — | |||||||||
CVSR Holdco Notes, due 2037 | 194 | 199 | 4.680 | 13 | |||||||||
El Segundo Energy Center, due 2023 | 400 | 443 | L+1.75 - L+2.375 | 102 | |||||||||
Energy Center Minneapolis, due 2017 and 2025 | 82 | 96 | 5.950 -7.250 | — | |||||||||
Energy Center Minneapolis Series D Notes, due 2031 | 125 | 125 | 3.550 | — | |||||||||
Laredo Ridge, due 2028 | 96 | 100 | L+1.875 | 10 | |||||||||
Marsh Landing, due 2017 and 2023 | 334 | 370 | L+1.750 - L+1.875 | 34 | |||||||||
Tapestry, due 2021 | 165 | 172 | L+1.625 | 20 | |||||||||
Utah Solar Portfolio, due 2022 | 284 | 287 | L+2.625 | 13 | |||||||||
Viento, due 2023 | 169 | 178 | L+3.00 | 27 | |||||||||
Walnut Creek, due 2023 | 279 | 310 | L+1.625 | 49 | |||||||||
Other | 425 | 440 | Various | 37 | |||||||||
Subtotal project-level debt: | 4,418 | 4,601 | |||||||||||
Total debt | 5,886 | 6,069 | |||||||||||
Less current maturities | (300 | ) | (291 | ) | |||||||||
Less net debt issuance costs | (54 | ) | (62 | ) | |||||||||
Total long-term debt | $ | 5,532 | $ | 5,716 |
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | 109 | $ | 222 | $ | 49 | $ | 0 | $ | 380 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 23 | 54 | 31 | (1) | 107 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 31 | 89 | 8 | 0 | 128 | ||||||||||||||||||||||||
General and administrative | 0 | 1 | 0 | 8 | 9 | ||||||||||||||||||||||||
Transaction and integration costs | 0 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||
Development costs | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||
Operating income (loss) | 55 | 78 | 9 | (8) | 134 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2 | 6 | 0 | 0 | 8 | ||||||||||||||||||||||||
Other income, net | (1) | 1 | 1 | 0 | 1 | ||||||||||||||||||||||||
Interest expense | (16) | (58) | (4) | (25) | (103) | ||||||||||||||||||||||||
Net Income (Loss) | $ | 40 | $ | 27 | $ | 6 | $ | (33) | $ | 40 | |||||||||||||||||||
Total Assets | $ | 2,500 | $ | 8,617 | $ | 621 | $ | 25 | $ | 11,763 |
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | 107 | $ | 180 | $ | 42 | $ | 0 | $ | 329 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 22 | 39 | 26 | 0 | 87 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 33 | 59 | 7 | 0 | 99 | ||||||||||||||||||||||||
General and administrative | 0 | 1 | 2 | 8 | 11 | ||||||||||||||||||||||||
Development costs | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||
Operating income (loss) | 52 | 81 | 6 | (8) | 131 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 1 | 15 | 0 | 0 | 16 | ||||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | 0 | 0 | 0 | 49 | 49 | ||||||||||||||||||||||||
Other income, net | 0 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||
Interest expense | (22) | (42) | (5) | (24) | (93) | ||||||||||||||||||||||||
Net Income | $ | 31 | $ | 54 | $ | 1 | $ | 18 | $ | 104 |
Three months ended September 30, 2017 | Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | (In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | |||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 88 | $ | 131 | $ | 46 | $ | — | $ | 265 | Operating revenues | $ | 211 | $ | 308 | $ | 98 | $ | 0 | $ | 617 | |||||||||||||||||||||||||||
Cost of operations | 16 | 33 | 29 | — | 78 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 27 | 56 | 5 | — | 88 | |||||||||||||||||||||||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 50 | 106 | 62 | (1) | 217 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | Depreciation, amortization and accretion | 65 | 176 | 15 | 0 | 256 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | — | — | — | 4 | 4 | General and administrative | 0 | 1 | 1 | 17 | 19 | |||||||||||||||||||||||||||||||||||||
Transaction and integration costs | Transaction and integration costs | 0 | 0 | 0 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Development costs | Development costs | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 45 | 42 | 12 | (4 | ) | 95 | Operating income (loss) | 96 | 25 | 18 | (19) | 120 | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 25 | — | — | 28 | Equity in earnings of unconsolidated affiliates | 4 | 8 | 0 | 0 | 12 | |||||||||||||||||||||||||||||||||||||
Other income, net | 1 | — | — | — | 1 | Other income, net | 0 | 1 | 1 | 0 | 2 | |||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | Loss on debt extinguishment | 0 | (1) | 0 | (41) | (42) | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | (13 | ) | (39 | ) | (2 | ) | (18 | ) | (72 | ) | Interest expense | (27) | (62) | (9) | (50) | (148) | ||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 36 | $ | 28 | $ | 10 | $ | (22 | ) | $ | 52 | Net Income (Loss) | $ | 73 | $ | (29) | $ | 10 | $ | (110) | $ | (56) | ||||||||||||||||||||||||||
Total Assets | $ | 1,920 | $ | 5,821 | $ | 420 | $ | 79 | $ | 8,240 |
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | 210 | $ | 287 | $ | 90 | $ | 0 | $ | 587 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 46 | 75 | 59 | 0 | 180 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 66 | 121 | 14 | 0 | 201 | ||||||||||||||||||||||||
General and administrative | 0 | 1 | 3 | 16 | 20 | ||||||||||||||||||||||||
Transaction and integration costs | 0 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||
Development costs | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||||
Operating income (loss) | 98 | 90 | 12 | (17) | 183 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 0 | 0 | 0 | 3 | ||||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | 0 | 0 | 0 | 49 | 49 | ||||||||||||||||||||||||
Other income, net | 0 | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Interest expense | (52) | (151) | (10) | (47) | (260) | ||||||||||||||||||||||||
Net Income (Loss) | $ | 49 | $ | (60) | $ | 3 | $ | (17) | $ | (25) |
Three months ended September 30, 2016 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 82 | $ | 142 | $ | 48 | $ | — | $ | 272 | |||||||||
Cost of operations | 14 | 31 | 31 | — | 76 | ||||||||||||||
Depreciation and amortization | 20 | 50 | 5 | — | 75 | ||||||||||||||
General and administrative | — | — | — | 3 | 3 | ||||||||||||||
Operating income (loss) | 48 | 61 | 12 | (3 | ) | 118 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | 13 | — | — | 16 | ||||||||||||||
Other income, net | 1 | — | — | — | 1 | ||||||||||||||
Interest expense | (13 | ) | (37 | ) | (2 | ) | (16 | ) | (68 | ) | |||||||||
Net Income (Loss) | $ | 39 | $ | 37 | $ | 10 | $ | (19 | ) | $ | 67 |
Nine months ended September 30, 2017 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 246 | $ | 391 | $ | 130 | $ | — | $ | 767 | |||||||||
Cost of operations | 53 | 100 | 86 | — | 239 | ||||||||||||||
Depreciation and amortization | 77 | 149 | 15 | — | 241 | ||||||||||||||
General and administrative | — | — | — | 14 | 14 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | 2 | ||||||||||||||
Operating income (loss) | 116 | 142 | 29 | (16 | ) | 271 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 9 | 54 | — | — | 63 | ||||||||||||||
Other income, net | 1 | 1 | — | 1 | 3 | ||||||||||||||
Interest expense | (39 | ) | (128 | ) | (7 | ) | (53 | ) | (227 | ) | |||||||||
Net Income (Loss) | $ | 87 | $ | 69 | $ | 22 | $ | (68 | ) | $ | 110 | ||||||||
Total Assets | $ | 1,920 | $ | 5,821 | $ | 420 | $ | 79 | $ | 8,240 |
Nine months ended September 30, 2016 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 246 | $ | 412 | $ | 131 | $ | — | $ | 789 | |||||||||
Cost of operations | 53 | 98 | 87 | — | 238 | ||||||||||||||
Depreciation and amortization | 60 | 149 | 15 | — | 224 | ||||||||||||||
General and administrative | — | — | — | 8 | 8 | ||||||||||||||
Operating income (loss) | 133 | 165 | 29 | (8 | ) | 319 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 10 | 24 | — | — | 34 | ||||||||||||||
Other income, net | 1 | 2 | — | — | 3 | ||||||||||||||
Interest expense | (36 | ) | (115 | ) | (5 | ) | (48 | ) | (204 | ) | |||||||||
Net Income (Loss) | $ | 108 | $ | 76 | $ | 24 | $ | (56 | ) | $ | 152 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
O&M costs | $ | 10 | $ | 9 | $ | 29 | $ | 28 |
NRG Yield LLC | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 6 | $ | 259 | $ | — | $ | — | $ | 265 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 3 | 75 | — | — | 78 | |||||||||||||||||
Depreciation and amortization | — | 1 | 87 | — | — | 88 | |||||||||||||||||
General and administrative | — | — | — | 4 | — | 4 | |||||||||||||||||
Total operating costs and expenses | — | 4 | 162 | 4 | — | 170 | |||||||||||||||||
Operating Income (Loss) | — | 2 | 97 | (4 | ) | — | 95 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings (losses) of consolidated affiliates | 75 | (4 | ) | — | 59 | (130 | ) | — | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 7 | 6 | 15 | — | 28 | |||||||||||||||||
Other income, net | — | — | 1 | — | — | 1 | |||||||||||||||||
Interest expense | — | — | (54 | ) | (18 | ) | — | (72 | ) | ||||||||||||||
Total other income (expense), net | 75 | 3 | (47 | ) | 56 | (130 | ) | (43 | ) | ||||||||||||||
Net Income | 75 | 5 | 50 | 52 | (130 | ) | 52 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1 | ) | (23 | ) | 1 | (23 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 75 | $ | 5 | $ | 51 | $ | 75 | $ | (131 | ) | $ | 75 |
NRG Yield LLC | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 16 | $ | 751 | $ | 1 | $ | (1 | ) | $ | 767 | ||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 10 | 229 | 1 | (1 | ) | 239 | ||||||||||||||||
Depreciation and amortization | — | 3 | 238 | — | — | 241 | |||||||||||||||||
General and administrative | — | — | — | 14 | — | 14 | |||||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | — | 2 | |||||||||||||||||
Total operating costs and expenses | — | 13 | 467 | 17 | (1 | ) | 496 | ||||||||||||||||
Operating Income (Loss) | — | 3 | 284 | (16 | ) | — | 271 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of consolidated affiliates | 165 | 6 | — | 153 | (324 | ) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 9 | 28 | 26 | — | 63 | |||||||||||||||||
Other income, net | 1 | — | 2 | — | — | 3 | |||||||||||||||||
Interest expense | — | — | (173 | ) | (54 | ) | — | (227 | ) | ||||||||||||||
Total other income (expense), net | 166 | 15 | (143 | ) | 125 | (324 | ) | (161 | ) | ||||||||||||||
Net Income | 166 | 18 | 141 | 109 | (324 | ) | 110 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (3 | ) | (56 | ) | 3 | (56 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 166 | $ | 18 | $ | 144 | $ | 165 | $ | (327 | ) | $ | 166 |
NRG Yield LLC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 75 | $ | 5 | $ | 50 | $ | 52 | $ | (130 | ) | $ | 52 | ||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives | 7 | — | 7 | 7 | (14 | ) | 7 | ||||||||||||||||
Other comprehensive income | 7 | — | 7 | 7 | (14 | ) | 7 | ||||||||||||||||
Comprehensive Income | 82 | 5 | 57 | 59 | (144 | ) | 59 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | (23 | ) | 1 | (23 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 82 | $ | 5 | $ | 58 | $ | 82 | $ | (145 | ) | $ | 82 |
NRG Yield LLC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 166 | $ | 18 | $ | 141 | $ | 109 | $ | (324 | ) | $ | 110 | ||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized loss on derivatives | 7 | — | 7 | 7 | (14 | ) | 7 | ||||||||||||||||
Other comprehensive loss | 7 | — | 7 | 7 | (14 | ) | 7 | ||||||||||||||||
Comprehensive Income | 173 | 18 | 148 | 116 | (338 | ) | 117 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (3 | ) | (56 | ) | 3 | (56 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 173 | $ | 18 | $ | 151 | $ | 172 | $ | (341 | ) | $ | 173 |
NRG Yield LLC | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 76 | $ | — | $ | 102 | $ | — | $ | — | $ | 178 | ||||||||||||
Restricted cash | — | — | 140 | — | — | 140 | ||||||||||||||||||
Accounts receivable — trade | — | 3 | 123 | — | — | 126 | ||||||||||||||||||
Accounts receivable — affiliate | 1 | — | — | — | — | 1 | ||||||||||||||||||
Inventory | — | 1 | 37 | — | — | 38 | ||||||||||||||||||
Notes receivable | — | — | 15 | — | — | 15 | ||||||||||||||||||
Prepayments and other current assets | — | — | 22 | — | — | 22 | ||||||||||||||||||
Total current assets | 77 | 4 | 439 | — | — | 520 | ||||||||||||||||||
Net property, plant and equipment | — | 59 | 5,188 | — | — | 5,247 | ||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,828 | 482 | — | 3,134 | (5,444 | ) | — | |||||||||||||||||
Equity investments in affiliates | — | 210 | 598 | 375 | — | 1,183 | ||||||||||||||||||
Intangible assets, net | — | 55 | 1,179 | — | — | 1,234 | ||||||||||||||||||
Other non-current assets | — | — | 56 | — | — | 56 | ||||||||||||||||||
Total other assets | 1,828 | 747 | 1,833 | 3,509 | (5,444 | ) | 2,473 | |||||||||||||||||
Total Assets | $ | 1,905 | $ | 810 | $ | 7,460 | $ | 3,509 | $ | (5,444 | ) | $ | 8,240 |
NRG Yield LLC | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(a) | Consolidated | |||||||||||||||||||
LIABILITIES AND MEMBERS' EQUITY | (In millions) | |||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Current portion of long-term debt — external | $ | — | $ | — | $ | 300 | $ | — | $ | — | $ | 300 | ||||||||||||
Accounts payable | — | 2 | 25 | — | — | 27 | ||||||||||||||||||
Accounts payable — affiliate | — | 5 | 19 | 21 | — | 45 | ||||||||||||||||||
Derivative instruments | — | — | 23 | — | — | 23 | ||||||||||||||||||
Accrued expenses and other current liabilities | — | 1 | 80 | 13 | — | 94 | ||||||||||||||||||
Total current liabilities | — | 8 | 447 | 34 | — | 489 | ||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-term debt — external | — | — | 4,074 | 840 | — | 4,914 | ||||||||||||||||||
Long-term debt — affiliate | — | — | — | 618 | — | 618 | ||||||||||||||||||
Accounts payable — affiliate | — | — | 3 | — | — | 3 | ||||||||||||||||||
Derivative instruments | — | — | 43 | — | — | 43 | ||||||||||||||||||
Other non-current liabilities | — | — | 79 | 8 | — | 87 | ||||||||||||||||||
Total non-current liabilities | — | — | 4,199 | 1,466 | — | 5,665 | ||||||||||||||||||
Total Liabilities | — | 8 | 4,646 | 1,500 | — | 6,154 | ||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Members' Equity | ||||||||||||||||||||||||
Contributed capital | 1,897 | 853 | 2,734 | 2,077 | (5,664 | ) | 1,897 | |||||||||||||||||
Retained earnings (accumulated deficit) | 86 | (49 | ) | 100 | (171 | ) | 120 | 86 | ||||||||||||||||
Accumulated other comprehensive loss | (78 | ) | (2 | ) | (80 | ) | (78 | ) | 160 | (78 | ) | |||||||||||||
Noncontrolling interest | — | — | 60 | 181 | (60 | ) | 181 | |||||||||||||||||
Total Members' Equity | 1,905 | 802 | 2,814 | 2,009 | (5,444 | ) | 2,086 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 1,905 | $ | 810 | $ | 7,460 | $ | 3,509 | $ | (5,444 | ) | $ | 8,240 |
NRG Yield LLC | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 38 | $ | 414 | $ | (77 | ) | $ | 375 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany transactions between Yield LLC and subsidiaries | (13 | ) | — | — | 13 | — | ||||||||||||||
Payments for the Drop Down Assets | — | — | — | (176 | ) | (176 | ) | |||||||||||||
Capital expenditures | — | (3 | ) | (20 | ) | — | (23 | ) | ||||||||||||
Cash receipts from notes receivable | — | — | 11 | — | 11 | |||||||||||||||
Return of investment from unconsolidated affiliates | — | 7 | 9 | 16 | 32 | |||||||||||||||
Net investments in unconsolidated affiliates | — | (41 | ) | (7 | ) | — | (48 | ) | ||||||||||||
Net Cash Used in Investing Activities | (13 | ) | (37 | ) | (7 | ) | (147 | ) | (204 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Transfer of funds under intercompany cash management arrangement | (6 | ) | (1 | ) | — | 7 | — | |||||||||||||
Net contributions from noncontrolling interests | — | — | — | 13 | 13 | |||||||||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | — | (42 | ) | (7 | ) | (49 | ) | ||||||||||||
(Payments of) proceeds from distributions | (149 | ) | — | (211 | ) | 211 | (149 | ) | ||||||||||||
Payment of debt issuance costs | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Proceeds from Issuance of Class C units | 33 | — | — | — | 33 | |||||||||||||||
Proceeds from the issuance of long-term debt — external | — | — | 41 | — | 41 | |||||||||||||||
Payments for long-term debt | — | — | (224 | ) | — | (224 | ) | |||||||||||||
Net Cash (Used in) Provided by Financing Activities | (122 | ) | (1 | ) | (440 | ) | 224 | (339 | ) | |||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (135 | ) | — | (33 | ) | — | (168 | ) | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 211 | — | 275 | — | 486 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 76 | $ | — | $ | 242 | $ | — | $ | 318 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (a) | NRG Yield Operating LLC (Note Issuer) (a) | Eliminations (b) | Consolidated (a) | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 7 | $ | 265 | $ | — | $ | — | $ | 272 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 3 | 73 | — | — | 76 | |||||||||||||||||
Depreciation and amortization | — | 2 | 73 | — | — | 75 | |||||||||||||||||
General and administrative | — | — | — | 3 | — | 3 | |||||||||||||||||
Total operating costs and expenses | — | 5 | 146 | 3 | — | 154 | |||||||||||||||||
Operating Income (Loss) | — | 2 | 119 | (3 | ) | — | 118 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of consolidated affiliates | 105 | 4 | — | 73 | (182 | ) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | (1 | ) | 3 | 14 | — | 16 | ||||||||||||||||
Other income, net | — | — | 1 | — | — | 1 | |||||||||||||||||
Interest expense | — | — | (51 | ) | (17 | ) | — | (68 | ) | ||||||||||||||
Total other income (expense), net | 105 | 3 | (47 | ) | 70 | (182 | ) | (51 | ) | ||||||||||||||
Net Income | 105 | 5 | 72 | 67 | (182 | ) | 67 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1 | ) | (38 | ) | 1 | (38 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 105 | $ | 5 | $ | 73 | $ | 105 | $ | (183 | ) | $ | 105 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (a) | NRG Yield Operating LLC (Note Issuer) (a) | Eliminations (b) | Consolidated (a) | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 17 | $ | 772 | $ | — | $ | — | $ | 789 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 10 | 228 | — | — | 238 | |||||||||||||||||
Depreciation and amortization | — | 4 | 220 | — | — | 224 | |||||||||||||||||
General and administrative | — | — | — | 8 | — | 8 | |||||||||||||||||
Total operating costs and expenses | — | 14 | 448 | 8 | — | 470 | |||||||||||||||||
Operating Income (Loss) | — | 3 | 324 | (8 | ) | — | 319 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in income of consolidated affiliates | 219 | 21 | — | 184 | (424 | ) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 7 | 3 | 24 | — | 34 | |||||||||||||||||
Other income, net | — | — | 3 | — | — | 3 | |||||||||||||||||
Interest expense | — | — | (156 | ) | (48 | ) | — | (204 | ) | ||||||||||||||
Total other income (expense), net | 219 | 28 | (150 | ) | 160 | (424 | ) | (167 | ) | ||||||||||||||
Net Income | 219 | 31 | 174 | 152 | (424 | ) | 152 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1 | ) | (67 | ) | 1 | (67 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 219 | $ | 31 | $ | 175 | $ | 219 | $ | (425 | ) | $ | 219 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (a) | NRG Yield Operating LLC (Note Issuer) (a) | Eliminations (b) | Consolidated (a) | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 105 | $ | 5 | $ | 72 | $ | 67 | $ | (182 | ) | $ | 67 | ||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives | 11 | — | 19 | 20 | (30 | ) | 20 | ||||||||||||||||
Other comprehensive income | 11 | — | 19 | 20 | (30 | ) | 20 | ||||||||||||||||
Comprehensive Income | 116 | 5 | 91 | 87 | (212 | ) | 87 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | (30 | ) | 1 | (30 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 116 | $ | 5 | $ | 92 | $ | 117 | $ | (213 | ) | $ | 117 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (a) | NRG Yield Operating LLC (Note Issuer) (a) | Eliminations (b) | Consolidated (a) | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 219 | $ | 31 | $ | 174 | $ | 152 | $ | (424 | ) | $ | 152 | ||||||||||
Other Comprehensive Loss | |||||||||||||||||||||||
Unrealized loss on derivatives | (49 | ) | — | (45 | ) | (49 | ) | 94 | (49 | ) | |||||||||||||
Other comprehensive loss | (49 | ) | — | (45 | ) | (49 | ) | 94 | (49 | ) | |||||||||||||
Comprehensive Income | 170 | 31 | 129 | 103 | (330 | ) | 103 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | (67 | ) | 1 | (67 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 170 | $ | 31 | $ | 130 | $ | 170 | $ | (331 | ) | $ | 170 |
NRG Yield LLC(a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries(a) | NRG Yield Operating LLC (Note Issuer)(a) | Eliminations (b) | Consolidated(a) | |||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 211 | $ | — | $ | 110 | $ | — | $ | — | $ | 321 | ||||||||||||
Restricted cash | — | — | 165 | — | — | 165 | ||||||||||||||||||
Accounts receivable — trade | — | 2 | 90 | — | — | 92 | ||||||||||||||||||
Accounts receivable — affiliate | — | — | 1 | — | — | 1 | ||||||||||||||||||
Inventory | — | 2 | 37 | — | — | 39 | ||||||||||||||||||
Derivative instruments | — | — | 2 | — | — | 2 | ||||||||||||||||||
Notes receivable | — | — | 16 | — | — | 16 | ||||||||||||||||||
Prepayments and other current assets | — | — | 19 | 1 | — | 20 | ||||||||||||||||||
Total current assets | 211 | 4 | 440 | 1 | — | 656 | ||||||||||||||||||
Net property, plant and equipment | — | 59 | 5,401 | — | — | 5,460 | ||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,867 | 527 | — | 3,212 | (5,606 | ) | — | |||||||||||||||||
Equity investments in affiliates | — | 171 | 600 | 381 | — | 1,152 | ||||||||||||||||||
Intangible assets, net | — | 56 | 1,230 | — | — | 1,286 | ||||||||||||||||||
Derivative instruments | — | — | 1 | — | — | 1 | ||||||||||||||||||
Other non-current assets | — | — | 64 | 1 | — | 65 | ||||||||||||||||||
Total other assets | 1,867 | 754 | 1,895 | 3,594 | (5,606 | ) | 2,504 | |||||||||||||||||
Total Assets | $ | 2,078 | $ | 817 | $ | 7,736 | $ | 3,595 | $ | (5,606 | ) | $ | 8,620 |
NRG Yield LLC(a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries(a) | NRG Yield Operating LLC (Note Issuer)(a) | Eliminations (b) | Consolidated(a) | |||||||||||||||||||
LIABILITIES AND MEMBERS' EQUITY | (In millions) | |||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Current portion of long-term debt — external | $ | — | $ | — | $ | 291 | $ | — | $ | — | $ | 291 | ||||||||||||
Accounts payable | — | 2 | 18 | 3 | — | 23 | ||||||||||||||||||
Accounts payable — affiliate | — | 7 | 15 | 18 | — | 40 | ||||||||||||||||||
Derivative instruments | — | — | 32 | — | — | 32 | ||||||||||||||||||
Accrued expenses and other current liabilities | — | 1 | 60 | 24 | — | 85 | ||||||||||||||||||
Total current liabilities | — | 10 | 416 | 45 | — | 471 | ||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-term debt — external | — | — | 4,259 | 839 | — | 5,098 | ||||||||||||||||||
Long-term debt — affiliate | — | — | — | 618 | — | 618 | ||||||||||||||||||
Accounts payable — affiliate | — | — | 9 | — | — | 9 | ||||||||||||||||||
Derivative instruments | — | — | 44 | — | — | 44 | ||||||||||||||||||
Other non-current liabilities | — | — | 76 | — | — | 76 | ||||||||||||||||||
Total non-current liabilities | — | — | 4,388 | 1,457 | — | 5,845 | ||||||||||||||||||
Total Liabilities | — | 10 | 4,804 | 1,502 | — | 6,316 | ||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Members' Equity | ||||||||||||||||||||||||
Contributed capital | 2,127 | 874 | 2,920 | 2,103 | (5,897 | ) | 2,127 | |||||||||||||||||
Retained earnings (Accumulated deficit) | 36 | (65 | ) | 35 | (151 | ) | 181 | 36 | ||||||||||||||||
Accumulated other comprehensive loss | (85 | ) | (2 | ) | (87 | ) | (85 | ) | 174 | (85 | ) | |||||||||||||
Noncontrolling Interest | — | — | 64 | 226 | (64 | ) | 226 | |||||||||||||||||
Total Members' Equity | 2,078 | 807 | 2,932 | 2,093 | (5,606 | ) | 2,304 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 2,078 | $ | 817 | $ | 7,736 | $ | 3,595 | $ | (5,606 | ) | $ | 8,620 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (a) | NRG Yield Operating LLC (Note Issuer) | Consolidated (a) | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | 45 | $ | 365 | $ | 34 | $ | 444 | ||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Intercompany transactions from Yield LLC to subsidiaries | 145 | — | — | (145 | ) | — | ||||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | — | — | — | (77 | ) | (77 | ) | |||||||||||||
Capital expenditures | — | — | (16 | ) | — | (16 | ) | |||||||||||||
Cash receipts from notes receivable | — | — | 11 | — | 11 | |||||||||||||||
Return of investment from unconsolidated affiliates | — | 3 | — | 13 | 16 | |||||||||||||||
Net investments in unconsolidated affiliates | — | (48 | ) | — | (21 | ) | (69 | ) | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | 145 | (45 | ) | (5 | ) | (230 | ) | (135 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Transfer of funds under intercompany cash management arrangement | 54 | — | — | (54 | ) | — | ||||||||||||||
Net contributions from noncontrolling interests | — | — | — | 7 | 7 | |||||||||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | — | (126 | ) | — | (126 | ) | |||||||||||||
(Payments of) proceeds from distributions | (127 | ) | — | (204 | ) | 204 | (127 | ) | ||||||||||||
Payment of debt issuance costs | — | — | (1 | ) | (5 | ) | (6 | ) | ||||||||||||
Proceeds from the revolving credit facility | — | — | — | 60 | 60 | |||||||||||||||
Payments for the revolving credit facility | — | — | — | (366 | ) | (366 | ) | |||||||||||||
Proceeds from the issuance of long-term debt - external | — | — | 200 | 350 | 550 | |||||||||||||||
Payments for long-term debt | — | — | (204 | ) | — | (204 | ) | |||||||||||||
Net Cash (Used in) Provided by Financing Activities | (73 | ) | — | (335 | ) | 196 | (212 | ) | ||||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | 72 | — | 25 | — | 97 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 15 | — | 226 | — | 241 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 87 | $ | — | $ | 251 | $ | — | $ | 338 |
Projects | Percentage Ownership | Net Capacity (MW)(a) | Counterparty | Expiration | ||||||||||||||||||||||
Conventional | ||||||||||||||||||||||||||
Carlsbad | 100% | 527 | San Diego Gas & Electric | 2038 | ||||||||||||||||||||||
El Segundo | 100% | 550 | SCE | 2023 | ||||||||||||||||||||||
GenConn Devon | 50% | 95 | Connecticut Light & Power | 2040 | ||||||||||||||||||||||
GenConn Middletown | 50% | 95 | Connecticut Light & Power | 2041 | ||||||||||||||||||||||
Marsh Landing | 100% | 720 | PG&E | 2023 | ||||||||||||||||||||||
Walnut Creek | 100% | 485 | SCE | 2023 | ||||||||||||||||||||||
Total Conventional | 2,472 | |||||||||||||||||||||||||
Utility Scale Solar | ||||||||||||||||||||||||||
Agua Caliente | 51% | 148 | PG&E | 2039 | ||||||||||||||||||||||
Alpine | 100% | 66 | PG&E | 2033 | ||||||||||||||||||||||
Avenal | 50% | 23 | PG&E | 2031 | ||||||||||||||||||||||
Avra Valley | 100% | 27 | Tucson Electric Power | 2032 | ||||||||||||||||||||||
Blythe | 100% | 21 | SCE | 2029 | ||||||||||||||||||||||
Borrego | 100% | 26 | San Diego Gas and Electric | 2038 | ||||||||||||||||||||||
Buckthorn Solar (b) | 100% | 154 | City of Georgetown, TX | 2043 | ||||||||||||||||||||||
CVSR | 100% | 250 | PG&E | 2038 | ||||||||||||||||||||||
Desert Sunlight 250 | 25% | 63 | SCE | 2034 | ||||||||||||||||||||||
Desert Sunlight 300 | 25% | 75 | PG&E | 2039 | ||||||||||||||||||||||
Kansas South | 100% | 20 | PG&E | 2033 | ||||||||||||||||||||||
Kawailoa (b) . | 48% | 24 | Hawaiian Electric Company | 2041 | ||||||||||||||||||||||
Oahu Solar Projects (b) | 95% | 58 | Hawaiian Electric Company | 2041 | ||||||||||||||||||||||
Roadrunner | 100% | 20 | El Paso Electric | 2031 | ||||||||||||||||||||||
Rosamond Central (b) | 50% | 96 | Various | 2035 | ||||||||||||||||||||||
TA High Desert | 100% | 20 | SCE | 2033 | ||||||||||||||||||||||
Utah Solar Portfolio (b) | 50% | 265 | PacifiCorp | 2036 | ||||||||||||||||||||||
Total Solar | 1,356 | |||||||||||||||||||||||||
Distributed Solar | ||||||||||||||||||||||||||
DGPV Fund Projects (b) | 100% | 286 | Various | 2030 - 2044 | ||||||||||||||||||||||
Solar Power Partners (SPP) Projects | 100% | 25 | Various | 2026 -2037 | ||||||||||||||||||||||
Other DG Projects | 100% | 21 | Various | 2023 -2039 | ||||||||||||||||||||||
Total Distributed Solar | 332 | |||||||||||||||||||||||||
Projects | Percentage Ownership | Net Capacity (MW)(a) | Counterparty | Expiration | ||||||||||||||||||||||
Wind | ||||||||||||||||||||||||||
Alta I | 100% | 150 | SCE | 2035 | ||||||||||||||||||||||
Alta II | 100% | 150 | SCE | 2035 | ||||||||||||||||||||||
Alta III | 100% | 150 | SCE | 2035 | ||||||||||||||||||||||
Alta IV | 100% | 102 | SCE | 2035 | ||||||||||||||||||||||
Alta V | 100% | 168 | SCE | 2035 | ||||||||||||||||||||||
Alta X (b) | 100% | 137 | SCE | 2038 | ||||||||||||||||||||||
Alta XI (b) | 100% | 90 | SCE | 2038 | ||||||||||||||||||||||
Buffalo Bear | 100% | 19 | Western Farmers Electric Co-operative | 2033 | ||||||||||||||||||||||
Crosswinds | 99% | 21 | Corn Belt Power Cooperative | 2027 | ||||||||||||||||||||||
Elbow Creek (b) | 100% | 122 | Various | 2029 | ||||||||||||||||||||||
Elkhorn Ridge | 66.7% | 54 | Nebraska Public Power District | 2029 | ||||||||||||||||||||||
Forward | 100% | 29 | Constellation NewEnergy, Inc. | 2022 | ||||||||||||||||||||||
Goat Wind | 100% | 150 | Dow Pipeline Company | 2025 | ||||||||||||||||||||||
Hardin | 99% | 15 | Interstate Power and Light Company | 2027 | ||||||||||||||||||||||
Langford (b) | 100% | 160 | Goldman Sachs | 2033 | ||||||||||||||||||||||
Laredo Ridge | 100% | 80 | Nebraska Public Power District | 2031 | ||||||||||||||||||||||
Lookout | 100% | 38 | Southern Maryland Electric Cooperative | 2030 | ||||||||||||||||||||||
Mesquite Star (b) | 50% | 210 | Various | 2032 - 2035 | ||||||||||||||||||||||
Mt. Storm | 100% | 264 | Citigroup | 2031 | ||||||||||||||||||||||
Ocotillo | 100% | 59 | N/A | |||||||||||||||||||||||
Odin | 99.9% | 20 | Missouri River Energy Services | 2028 | ||||||||||||||||||||||
Pinnacle (b) | 100% | 55 | Maryland Department of General Services and University System of Maryland | 2031 | ||||||||||||||||||||||
Rattlesnake (b) (d) | 100% | 160 | Avista Corporation | 2040 | ||||||||||||||||||||||
San Juan Mesa | 75% | 90 | Southwestern Public Service Company | 2025 | ||||||||||||||||||||||
Sleeping Bear | 100% | 95 | Public Service Company of Oklahoma | 2032 | ||||||||||||||||||||||
South Trent | 100% | 101 | AEP Energy Partners | 2029 | ||||||||||||||||||||||
Spanish Fork | 100% | 19 | PacifiCorp | 2028 | ||||||||||||||||||||||
Spring Canyon II (b) | 90.1% | 31 | Platte River Power Authority | 2039 | ||||||||||||||||||||||
Spring Canyon III (b) | 90.1% | 26 | Platte River Power Authority | 2039 | ||||||||||||||||||||||
Taloga | 100% | 130 | Oklahoma Gas & Electric | 2031 | ||||||||||||||||||||||
Wildorado (b) | 100% | 161 | Southwestern Public Service Company | 2027 | ||||||||||||||||||||||
Total Wind | 3,056 | |||||||||||||||||||||||||
Thermal generation | 100% | 39 | Various | Various | ||||||||||||||||||||||
Total net generation capacity | 7,255 | |||||||||||||||||||||||||
Thermal equivalent MWt(c) | 97% | 1,400 | Various | Various | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||||||||||||||
Energy and capacity revenues | $ | 420 | $ | 342 | $ | 78 | $ | 696 | $ | 618 | $ | 78 | |||||||||||||||||||||||
Other revenues | 28 | 12 | 16 | 45 | 21 | 24 | |||||||||||||||||||||||||||||
Contract amortization | (37) | (22) | (15) | (69) | (44) | (25) | |||||||||||||||||||||||||||||
Mark-to-market economic hedging activities | (31) | (3) | (28) | (55) | (8) | (47) | |||||||||||||||||||||||||||||
Total operating revenues | 380 | 329 | 51 | 617 | 587 | 30 | |||||||||||||||||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||||||||||||||
Cost of fuels | 16 | 13 | 3 | 35 | 30 | 5 | |||||||||||||||||||||||||||||
Operations and maintenance | 69 | 54 | 15 | 137 | 110 | 27 | |||||||||||||||||||||||||||||
Other costs of operations | 22 | 20 | 2 | 45 | 40 | 5 | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 128 | 99 | 29 | 256 | 201 | 55 | |||||||||||||||||||||||||||||
General and administrative | 9 | 11 | (2) | 19 | 20 | (1) | |||||||||||||||||||||||||||||
Transaction and integration costs | 1 | — | 1 | 3 | 1 | 2 | |||||||||||||||||||||||||||||
Development costs | 1 | 1 | — | 2 | 2 | — | |||||||||||||||||||||||||||||
Total operating costs and expenses | 246 | 198 | 48 | 497 | 404 | 93 | |||||||||||||||||||||||||||||
Operating Income | 134 | 131 | 3 | 120 | 183 | (63) | |||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8 | 16 | (8) | 12 | 3 | 9 | |||||||||||||||||||||||||||||
Gain on sale of unconsolidated affiliate | — | 49 | (49) | — | 49 | (49) | |||||||||||||||||||||||||||||
Other income, net | 1 | 1 | — | 2 | 3 | (1) | |||||||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | (42) | (3) | (39) | |||||||||||||||||||||||||||||
Derivative (expense) interest income | (11) | (13) | 2 | 36 | (92) | 128 | |||||||||||||||||||||||||||||
Other interest expense | (92) | (80) | (12) | (184) | (168) | (16) | |||||||||||||||||||||||||||||
Total other expense, net | (94) | (27) | (67) | (176) | (208) | 32 | |||||||||||||||||||||||||||||
Net Income (Loss) | 40 | 104 | (64) | (56) | (25) | (31) | |||||||||||||||||||||||||||||
Less: Loss attributable to noncontrolling interests and redeemable interests | (35) | (27) | (8) | (102) | (66) | (36) | |||||||||||||||||||||||||||||
Net Income Attributable to Clearway Energy LLC | $ | 75 | $ | 131 | $ | (56) | $ | 46 | $ | 41 | $ | 5 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Energy and capacity revenues | $ | 283 | $ | 289 | $ | (6 | ) | $ | 819 | $ | 840 | $ | (21 | ) | |||||||||
Contract amortization | (18 | ) | (17 | ) | (1 | ) | (52 | ) | (51 | ) | (1 | ) | |||||||||||
Total operating revenues | 265 | 272 | (7 | ) | 767 | 789 | (22 | ) | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of fuels | 15 | 18 | (3 | ) | 45 | 48 | (3 | ) | |||||||||||||||
Emissions credit amortization | — | — | — | — | 6 | (6 | ) | ||||||||||||||||
Operations and maintenance | 46 | 41 | 5 | 143 | 134 | 9 | |||||||||||||||||
Other costs of operations | 17 | 17 | — | 51 | 50 | 1 | |||||||||||||||||
Depreciation and amortization | 88 | 75 | 13 | 241 | 224 | 17 | |||||||||||||||||
General and administrative | 4 | 3 | 1 | 14 | 8 | 6 | |||||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | — | 2 | |||||||||||||||||
Total operating costs and expenses | 170 | 154 | 16 | 496 | 470 | 26 | |||||||||||||||||
Operating Income | 95 | 118 | (23 | ) | 271 | 319 | (48 | ) | |||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 28 | 16 | 12 | 63 | 34 | 29 | |||||||||||||||||
Other income, net | 1 | 1 | — | 3 | 3 | — | |||||||||||||||||
Interest expense | (72 | ) | (68 | ) | (4 | ) | (227 | ) | (204 | ) | (23 | ) | |||||||||||
Total other expense, net | (43 | ) | (51 | ) | 8 | (161 | ) | (167 | ) | 6 | |||||||||||||
Net Income | 52 | 67 | (15 | ) | 110 | 152 | (42 | ) | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | (23 | ) | (38 | ) | 15 | (56 | ) | (67 | ) | 11 | |||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 75 | $ | 105 | $ | (30 | ) | $ | 166 | $ | 219 | $ | (53 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||
Business metrics: | 2017 | 2016 | 2017 | 2016 | |||||||
Renewables MWh generated/sold (in thousands) (a) | 1,544 | 1,744 | 5,295 | 5,563 | |||||||
Conventional MWh generated (in thousands) (a)(b) | 717 | 628 | 1,172 | 1,265 | |||||||
Thermal MWt sold (in thousands) | 463 | 496 | 1,450 | 1,497 | |||||||
Thermal MWh sold (in thousands) (c) | 9 | 12 | 27 | 61 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
Business metrics: | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Renewables MWh generated/sold (in thousands) (a) | 3,370 | 2,259 | 5,900 | 3,934 | |||||||||||||||||||
Thermal MWt sold (in thousands) | 457 | 395 | 1,068 | 1,000 | |||||||||||||||||||
Thermal MWh sold (in thousands) | 13 | 11 | 26 | 38 | |||||||||||||||||||
Conventional MWh generated (in thousands) (a) (b) | 282 | 204 | 447 | 381 | |||||||||||||||||||
Conventional equivalent availability factor | 97.2 | % | 95.1 | % | 90.2 | % | 92.0 | % |
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||
Total operating revenues | $ | 109 | $ | 222 | $ | 49 | $ | 380 | |||||||||||||||
Less: | |||||||||||||||||||||||
Cost of fuels | (1) | — | (15) | (16) | |||||||||||||||||||
Contract amortization | 6 | 30 | 1 | 37 | |||||||||||||||||||
Mark-to-market economic hedging activities | — | 31 | — | 31 | |||||||||||||||||||
Adjusted Gross Margin | $ | 114 | $ | 283 | $ | 35 | $ | 432 | |||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||
Total operating revenues | $ | 107 | $ | 180 | $ | 42 | $ | 329 | |||||||||||||||
Less: | |||||||||||||||||||||||
Cost of fuels | (1) | — | (12) | (13) | |||||||||||||||||||
Contract amortization | 6 | 16 | — | 22 | |||||||||||||||||||
Mark-to-market for economic hedging activities | — | 3 | — | 3 | |||||||||||||||||||
Adjusted Gross Margin | $ | 112 | $ | 199 | $ | 30 | $ | 341 |
Conventional Generation | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Three months ended September 30, 2017 | |||||||||||||||
Energy and capacity revenues | $ | 89 | $ | 147 | $ | 47 | $ | 283 | |||||||
Cost of fuels | — | — | (15 | ) | (15 | ) | |||||||||
Contract amortization | (1 | ) | (16 | ) | (1 | ) | (18 | ) | |||||||
Gross margin | 88 | 131 | 31 | 250 | |||||||||||
Contract amortization | 1 | 16 | 1 | 18 | |||||||||||
Economic gross margin | $ | 89 | $ | 147 | $ | 32 | $ | 268 | |||||||
Three months ended September 30, 2016 | |||||||||||||||
Energy and capacity revenues | $ | 83 | $ | 158 | $ | 48 | $ | 289 | |||||||
Cost of fuels | — | (1 | ) | (17 | ) | (18 | ) | ||||||||
Contract amortization | (1 | ) | (16 | ) | — | (17 | ) | ||||||||
Gross margin | 82 | 141 | 31 | 254 | |||||||||||
Contract amortization | 1 | 16 | — | 17 | |||||||||||
Economic gross margin | $ | 83 | $ | 157 | $ | 31 | $ | 271 |
(In millions) | |||
Decrease in the Renewables segment due to a 12% decrease in volume generated by wind projects, primarily at NRG Wind TE Holdco, Alta Wind and Tapestry, as well as a 6% decrease in solar generation, primarily at CVSR in connection with lower insolation | $ | (10 | ) |
Increase in the Conventional segment due to fewer outages at Walnut Creek in 2017, as well as increased start revenues at El Segundo and Marsh Landing | 6 | ||
Decrease in gross margin | $ | (4 | ) |
Segment | (In millions) | ||||||||||
Renewables | Increase due to higher wind production at Alta as well as the acquisitions of Agua Caliente, Mesquite Star, Rattlesnake Flat and Rosamond Central and consolidation of the DGPV investments | $ | 42 | ||||||||
Thermal | Increase primarily driven by higher volumes and higher gas prices passed through to customers | 7 | |||||||||
Conventional | Increase primarily due to an increase in start revenue at Marsh Landing and improved availability at the California natural gas portfolio | 2 | |||||||||
$ | 51 |
(In millions) | ||||||||
Increase in interest expense due to increased principal balances of project level debt primarily due to acquisitions in the Renewables segment, partially offset by lower interest expense in the Conventional segment due to lower principal balances of debt outstanding | $ | 11 | ||||||
Increase in Corporate interest expense due to additional issuance of the 2028 Senior Notes in May 2020, partially offset by lower interest expense related to revolver borrowings | 1 | |||||||
Change in fair value of interest rate swaps | (2) | |||||||
$ | 10 |
(In millions) | |||
Issuance of the new long-term debt, primarily including 2026 Senior Notes in August 2016, Energy Center Minneapolis Series D Notes due 2031 issued in October 2016, and Agua Caliente Borrower 2 due 2038 issued in February 2017 | $ | 6 | |
Utah Solar Portfolio debt assumed in connection with the acquisition of the March 2017 Drop Down Assets | 4 | ||
Lower principal balances on certain project level debt in 2017, as well as higher revolver borrowings in 2016 | (4 | ) | |
Amortization of de-designated interest rate swaps, partially offset by the change in fair value of interest rate swaps | (2 | ) | |
Increase in interest expense | $ | 4 |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (36) | ||||||
Net income attributable to third party investors in Lighthouse Renewable Holdco LLC, Agua Caliente, Lighthouse Renewable Holdco LLC and Kawailoa Renewables, LLC partnerships | 1 | |||||||
$ | (35) |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (31) | ||||||
Income attributable to CEG's interest in the Kawailoa, Oahu and Repowering partnerships | 2 | |||||||
Income attributable to third party investor in Kawailoa Renewables, LLC | 2 | |||||||
$ | (27) |
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||
Total operating revenues | $ | 211 | $ | 308 | $ | 98 | $ | 617 | |||||||||||||||
Less: | |||||||||||||||||||||||
Cost of fuels | (3) | — | (32) | (35) | |||||||||||||||||||
Contract amortization | 12 | 55 | 2 | 69 | |||||||||||||||||||
Mark-to-market for economic hedges | — | 55 | — | 55 | |||||||||||||||||||
Adjusted Gross Margin | $ | 220 | $ | 418 | $ | 68 | $ | 706 | |||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||
Total operating revenues | $ | 210 | $ | 287 | $ | 90 | $ | 587 | |||||||||||||||
Less: | |||||||||||||||||||||||
Cost of fuels | (2) | — | (28) | (30) | |||||||||||||||||||
Contract amortization | 12 | 31 | 1 | 44 | |||||||||||||||||||
Mark-to-market for economic hedging activities | — | 8 | — | 8 | |||||||||||||||||||
Adjusted Gross Margin | $ | 220 | $ | 326 | $ | 63 | $ | 609 |
Conventional Generation | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Nine months ended September 30, 2017 | |||||||||||||||
Energy and capacity revenues | $ | 250 | $ | 437 | $ | 132 | $ | 819 | |||||||
Cost of fuels | — | — | (45 | ) | (45 | ) | |||||||||
Contract amortization | (4 | ) | (46 | ) | (2 | ) | (52 | ) | |||||||
Gross margin | 246 | 391 | 85 | 722 | |||||||||||
Contract amortization | 4 | 46 | 2 | 52 | |||||||||||
Economic gross margin | $ | 250 | $ | 437 | $ | 87 | $ | 774 | |||||||
Nine months ended September 30, 2016 | |||||||||||||||
Energy and capacity revenues | $ | 250 | $ | 458 | $ | 132 | $ | 840 | |||||||
Cost of fuels | (1 | ) | (1 | ) | (46 | ) | (48 | ) | |||||||
Contract amortization | (4 | ) | (46 | ) | (1 | ) | (51 | ) | |||||||
Emissions credit amortization | (6 | ) | — | — | (6 | ) | |||||||||
Gross margin | 239 | 411 | 85 | 735 | |||||||||||
Contract amortization | 4 | 46 | 1 | 51 | |||||||||||
Emissions credit amortization | 6 | — | — | 6 | |||||||||||
Economic gross margin | $ | 249 | $ | 457 | $ | 86 | $ | 792 |
(In millions) | |||
Decrease in the Renewables segment due to a 4% decrease in volume generated by wind projects, primarily in connection with lower wind resource at the Alta Wind, and NRG Wind TE Holdco projects, as well as a 5% decrease in solar generation, primarily at CVSR in connection with lower insolation | $ | (20 | ) |
Increase in the Conventional segment, primarily due to Emissions credit amortization of NOx allowances at Walnut Creek and El Segundo in compliance with amendments to the Regional Clean Air Incentives Market program in 2016 | 7 | ||
Decrease in gross margin | $ | (13 | ) |
Segment | (In millions) | |||||||
Renewables | Increase due to higher wind production at Alta as well as the acquisitions of Agua Caliente, Mesquite Star, Rattlesnake Flat and Rosamond Central, and the consolidation of the DGPV investments, offset in part by $50 million of net settlements of obligations for wind facilities that were unable to produce the required output during extreme weather conditions in Texas in February 2021 | $ | 22 | |||||
Thermal | Increase primarily driven by higher volumes and higher gas prices passed through to customers | 8 | ||||||
Conventional | Increase primarily due to an increase in start revenue at Marsh Landing and improved availability at the California natural gas portfolio | 1 | ||||||
$ | 30 |
(In millions) | |||
Increase in depreciation expense due to an update in estimated useful lives for certain components of fixed assets in the first half of 2017 in the Conventional and Renewables segments | $ | 23 | |
Decrease in depreciation expense at NRG Wind TE Holdco, primarily due to the effect of assets impairment at Elbow Creek, Goat and Forward that took place in December 2016, as further described in Note 9 - Asset Impairments to the Company's 2016 Form 10-K. | (6 | ) | |
Increase in depreciation and amortization expense | $ | 17 |
(In millions) | ||||||||
Change in fair value of interest rate swaps due to an increase in forward rates in 2021 as compared to a decrease in rates during March 2020 at the onset of the COVID-19 pandemic | $ | (128) | ||||||
Increase in interest expense due to increased principal balances of project level debt primarily due to acquisitions in the Renewables segment, partially offset by lower interest expense in the Conventional segment due to lower principal balances of debt outstanding | 14 | |||||||
Increase in Corporate interest expense due to additional issuance of the 2028 Senior Notes in May 2020, partially offset by lower interest expense related to revolver borrowings | 2 | |||||||
$ | (112) | |||||||
(In millions) | |||
Issuance of the new long-term debt in the second half of 2016, including primarily 2026 Senior Notes, CVSR Holdco Notes due 2037, and Energy Center Minneapolis Series D Notes due 2031 | $ | 20 | |
Utah Solar Portfolio debt assumed in connection with the acquisition of the March 2017 Drop Down Assets | 12 | ||
Amortization of de-designated interest rate swaps, as well as the change in fair value of interest rate swaps | 2 | ||
Higher revolver borrowings in 2016 combined with the lower principal balances on project level debt in 2017 | (11 | ) | |
Increase in interest expense | $ | 23 |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (77) | ||||||
Losses attributable to third party investor in Lighthouse Renewable Holdco LLC | (39) | |||||||
Income attributable to third party investor in Agua Caliente | 8 | |||||||
Income attributable to third party investor in Rosie TargetCo LLC | 4 | |||||||
Income attributable to third party investor in Kawailoa Renewables, LLC | 2 | |||||||
$ | (102) |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of the HLBV method | $ | (75) | ||||||
Income attributable to CEG's interest in the Kawailoa, Oahu and Repowering partnerships | 9 | |||||||
$ | (66) |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents: | ||||||||||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 13 | $ | 119 | ||||||||||
Subsidiaries | 125 | 149 | ||||||||||||
Restricted cash: | ||||||||||||||
Operating accounts | 131 | 73 | ||||||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 201 | 124 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 470 | $ | 465 | ||||||||||
Revolving credit facility availability | 340 | 429 | ||||||||||||
Total liquidity | $ | 810 | $ | 894 |
Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | |||||||||
Distributions per Class A, B, C and D unit | $ | 0.28 | $ | 0.27 | $ | 0.26 |
Second Quarter 2021 | First Quarter 2021 | ||||||||||||||||||||||
Distributions per Class A, B, C and D unit | $ | 0.329 | $ | 0.324 | |||||||||||||||||||
Balance Sheet data: | June 30, 2021 | ||||||||||||||||
(in millions) | Clearway Energy Operating LLC (2026 Senior Notes Issuer) | Other Guarantor Subsidiaries | Total | ||||||||||||||
Current assets | $ | 12 | $ | 4 | $ | 16 | |||||||||||
Property, plant and equipment, net | 4 | 50 | 54 | ||||||||||||||
Non-current assets | 332 | 10 | 342 | ||||||||||||||
Current liabilities | 38 | 1 | 39 | ||||||||||||||
Non-current liabilities | $ | 2,176 | $ | 2 | $ | 2,178 |
Balance Sheet data: | December 31, 2020 | ||||||||||||||||
(in millions) | Clearway Energy Operating LLC (2026 Senior Notes Issuer) | Other Guarantor Subsidiaries | Total | ||||||||||||||
Current assets | $ | 14 | $ | 5 | $ | 19 | |||||||||||
Property, plant and equipment, net | 3 | 52 | 55 | ||||||||||||||
Non-current assets | 336 | 10 | 346 | ||||||||||||||
Current liabilities | 35 | 1 | 36 | ||||||||||||||
Non-current liabilities | $ | 1,789 | $ | 19 | $ | 1,808 |
Income Statement data: | Six months ended June 30, 2021 | ||||||||||||||||
(in millions) | Clearway Energy Operating LLC (2026 Senior Notes Issuer) | Other Guarantor Subsidiaries | Total | ||||||||||||||
Operating revenues | $ | 2 | $ | 6 | $ | 8 | |||||||||||
Gross profit | — | 5 | 5 | ||||||||||||||
Net (loss) income | (94) | 2 | (92) | ||||||||||||||
Net (loss) income attributable to controlling interest | $ | (86) | $ | 2 | $ | (84) |
Income Statement data: | Six months ended June 30, 2020 | ||||||||||||||||
(in millions) | Clearway Energy Operating LLC (2026 Senior Notes Issuer) | Other Guarantor Subsidiaries | Total | ||||||||||||||
Operating revenues | $ | 2 | $ | 6 | $ | 8 | |||||||||||
Gross profit | — | 5 | 5 | ||||||||||||||
Net loss | (94) | 2 | (92) | ||||||||||||||
Net loss attributable to controlling interest | $ | (86) | $ | 2 | $ | (84) |
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
(In millions) | |||||||||||||||||
Net cash provided by operating activities | $ | 241 | $ | 183 | $ | 58 | |||||||||||
Net cash (used in) provided by investing activities | (420) | 40 | (460) | ||||||||||||||
Net cash provided by (used in) financing activities | $ | 184 | $ | (222) | $ | 406 |
Nine months ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
(In millions) | |||||||||||
Net cash provided by operating activities | $ | 375 | $ | 444 | $ | (69 | ) | ||||
Net cash used in investing activities | (204 | ) | (135 | ) | (69 | ) | |||||
Net cash used in financing activities | (339 | ) | (212 | ) | (127 | ) |
Changes to net cash provided by operating activities were driven by: | (In millions) | ||||
Increase in operating income adjusted for non-cash items | $ | 50 | |||
Increase in dividend distributions received from unconsolidated affiliates | 6 | ||||
Increase in working capital driven primarily by the timing of accounts receivable collections and payments of accounts payable | 2 | ||||
$ | 58 | ||||
Changes to net cash provided by operating activities were driven by: | (In millions) | ||
Decrease in operating income adjusted for non-cash items | $ | (52 | ) |
Decrease in working capital driven primarily by timing of cash receipts from customers in the first nine months of 2017 compared to the same period in 2016 | (26 | ) | |
Higher distributions from unconsolidated affiliates primarily due to the acquisition of the Utah Solar Portfolio, which was acquired by the Company in March 2017 and by NRG in November 2016 | 9 | ||
$ | (69 | ) |
Changes to net cash (used in) provided by investing activities were driven by: | (In millions) | ||||
Cash paid for the Rattlesnake Drop Down acquisition in 2021 | $ | (132) | |||
Cash paid for the Agua Caliente and Mt. Storm acquisitions, net of cash acquired in 2021 | (211) | ||||
Proceeds received from the sale of RPV Holdco, Energy Center Dover LLC and Energy Center Smyrna LLC in 2020 | (90) | ||||
Cash paid to CEG in 2021 for equipment for the Pinnacle wind project repowering | (21) | ||||
Changes in capital expenditures | (10) | ||||
Other | 4 | ||||
$ | (460) | ||||
Changes to net cash used in investing activities were driven by: | (In millions) | ||
Payments for the August 2017 Drop Down Assets and March 2017 Drop Down Assets compared to the payments made for the CVSR Drop Down in 2016 | $ | (99 | ) |
Decrease in investments in unconsolidated affiliates in 2017 primarily due to the timing of funding of the projects | 37 | ||
Higher capital expenditures in 2017 compared to the same period in 2016 due primarily to maintenance expenditures at Walnut Creek as a result of the forced outages | (7 | ) | |
$ | (69 | ) |
Changes in net cash provided by (used in) financing activities were driven by: | (In millions) | ||||
Increase in proceeds from issuance of long-term debt net of payments primarily due to issuance of the 2031 Senior Notes and the Pinnacle financing agreement in 2021 | $ | 249 | |||
Increase in net contributions from CEG and noncontrolling interest members | 110 | ||||
Buyout of Repowering Partnership II LLC noncontrolling interest in 2020 | 70 | ||||
Increase in dividends paid to unit holders in 2021 | (48) | ||||
Net proceeds from equity issuance in 2020 | (38) | ||||
Increase in net proceeds under the revolving line of credit in 2021 | 67 | ||||
Other | (4) | ||||
$ | 406 |
Changes in net cash used in financing activities were driven by: | (In millions) | ||
Proceeds from the issuance of Class C units | $ | 33 | |
Net borrowings under the revolving credit facility in 2016 | 306 | ||
Higher borrowings in 2016, primarily related to the proceeds from the issuance of 2026 Senior Notes and CVSR Holdco Notes due 2037 combined with higher repayments of long-term debt and increased financing fees in 2017 | (527 | ) | |
Increase in net contributions from noncontrolling interests due to higher production-based payments in 2017 compared to 2016 | 6 | ||
Increase in distributions paid to unit holders | (22 | ) | |
Lower payments of distributions to NRG for the Drop Down Assets relating to the pre-acquisition period in 2017 compared to 2016 | 77 | ||
$ | (127 | ) |
Derivative Activity (Losses) Gains | (In millions) | ||||
Fair value of contracts as of December 31, 2020 | $ | (172) | |||
Contracts realized or otherwise settled during the period | 17 | ||||
Contracts acquired during the period | (9) | ||||
Changes in fair value | (21) | ||||
Fair value of contracts as of June 30, 2021 | $ | (185) |
Derivative Activity (Losses)/Gains | (In millions) | ||
Fair value of contracts as of December 31, 2016 | $ | (73 | ) |
Contracts realized or otherwise settled during the period | 21 | ||
Changes in fair value | (14 | ) | |
Fair value of contracts as of September 30, 2017 | $ | (66 | ) |
Fair value of contracts as of June 30, 2021 | |||||||||||||||||||||||||||||
Maturity | |||||||||||||||||||||||||||||
Fair Value Hierarchy (Losses) Gains | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Level 2 | $ | (30) | $ | (33) | $ | (10) | $ | (9) | $ | (82) | |||||||||||||||||||
Level 3 | (14) | (25) | (21) | (43) | (103) | ||||||||||||||||||||||||
Total | $ | (44) | $ | (58) | $ | (31) | $ | (52) | $ | (185) | |||||||||||||||||||
Fair value of contracts as of September 30, 2017 | |||||||||||||||||||
Maturity | |||||||||||||||||||
Fair Value Hierarchy Losses | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||
(In millions) | |||||||||||||||||||
Level 2 | $ | 23 | $ | 25 | $ | 12 | $ | 6 | $ | 66 |
Number | Description | Method of Filing | ||||||||||||
Incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on May 19 2021. | ||||||||||||||
4.2 | Incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 19, 2021. | |||||||||||||
4.3 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on May 19, 2021. | |||||||||||||
10.1 | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 4, 2021. | |||||||||||||
10.2 | Filed herewith. | |||||||||||||
22 | Filed herewith. | |||||||||||||
31.1 | Filed herewith. | |||||||||||||
31.2 | Filed herewith. | |||||||||||||
31.3 | Filed herewith. | |||||||||||||
32 | Furnished herewith. | |||||||||||||
101 INS | Inline XBRL Instance Document. | Filed herewith. | ||||||||||||
101 SCH | Inline XBRL Taxonomy Extension Schema. | Filed herewith. | ||||||||||||
101 CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. | ||||||||||||
101 DEF | Inline XBRL Taxonomy Extension Definition Linkbase. | Filed herewith. | ||||||||||||
101 LAB | Inline XBRL Taxonomy Extension Label Linkbase. | Filed herewith. | ||||||||||||
101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. | ||||||||||||
104 | Cover Page Interactive Data File (the cover page interactive data file does not appear in Exhibit 104 because its Inline XBRL tags are embedded within the Inline XBRL document). | Filed herewith. |
(Registrant) | ||||||||||||||
/s/ CHRISTOPHER S. SOTOS | ||||||||||||||
Christopher S. Sotos | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
/s/ CHAD PLOTKIN | ||||||||||||||
Chad Plotkin | ||||||||||||||
Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
/s/ | ||||||||||||||
Date: | (Principal Accounting Officer) | |||||||||||||