Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001567683 | |
Entity Registrant Name | Clearway Energy, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36002 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1777204 | |
Entity Address, Address Line One | 300 Carnegie Center, Suite 300 | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
City Area Code | 609 | |
Local Phone Number | 608-1525 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,738,750 | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class C Common Stock, par value $0.01 | |
Trading Symbol | CWEN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 73,336,990 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,738,750 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 | |
Trading Symbol | CWEN.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 34,599,645 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Operating Revenues | |||||
Total operating revenues | $ 296 | $ 292 | $ 797 | $ 824 | |
Operating Costs and Expenses | |||||
Cost of operations | 86 | 84 | 249 | 247 | |
Depreciation and amortization | 112 | 84 | 285 | 247 | |
Impairment losses | 0 | 0 | 19 | 0 | |
General and administrative | 7 | 6 | 20 | 17 | |
Transaction and integration costs | 0 | 17 | 2 | 19 | |
Development costs | 1 | 1 | 4 | 1 | |
Total operating costs and expenses | 206 | 192 | 579 | 531 | |
Operating Income | 90 | 100 | 218 | 293 | |
Other Income (Expense) | |||||
Equity in earnings of unconsolidated affiliates | 38 | 32 | 52 | 65 | |
Other income, net | 2 | 2 | 6 | 4 | |
Loss on debt extinguishment | 0 | 0 | (1) | 0 | |
Interest expense | (106) | (74) | (337) | (200) | |
Total other expense, net | (66) | (40) | (280) | (131) | |
Income (Loss) Before Income Taxes | 24 | 60 | (62) | 162 | |
Income tax (benefit) expense | (11) | 11 | (14) | 17 | |
Net Income (Loss) | 35 | 49 | (48) | 145 | |
Less: Pre-acquisition net income of Drop Down Assets | 0 | 0 | 0 | 4 | |
Net Income (Loss) Excluding Pre-acquisition Net Income of Drop Down Assets | 35 | 49 | (48) | 141 | |
Less: Income (Loss) attributable to noncontrolling interests | (4) | 28 | (43) | 25 | |
Net Income (Loss) Attributable to Clearway Energy, Inc. | 39 | 21 | (5) | 116 | |
Common Class A [Member] | |||||
Other Income (Expense) | |||||
Net Income (Loss) Attributable to Clearway Energy, Inc. | [1] | $ 12 | $ 7 | $ (2) | $ 40 |
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||
Weighted average number of Class A common shares outstanding - basic and diluted (in shares) | 35 | 35 | 35 | 35 | |
Weighted average number of Class C common shares outstanding - basic (in shares) | [1] | 35 | 35 | 35 | 35 |
Weighted average number of Class C common shares outstanding - diluted (in shares) | [1] | 35 | 35 | 35 | 35 |
Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 |
Earnings (Losses) per Weighted Average Class A Common Share - Diluted (in dollars per share) | [1] | 0.36 | 0.20 | (0.04) | 1.14 |
Dividends Per Class A Common Share (in dollars per share) | $ 0.20 | $ 0.32 | $ 0.60 | $ 0.927 | |
Common Class C [Member] | |||||
Other Income (Expense) | |||||
Net Income (Loss) Attributable to Clearway Energy, Inc. | [1] | $ 27 | $ 14 | $ (3) | $ 76 |
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||
Weighted average number of Class C common shares outstanding - basic (in shares) | [1] | 73 | 69 | 73 | 67 |
Weighted average number of Class C common shares outstanding - diluted (in shares) | [1] | 75 | 69 | 73 | 77 |
Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 |
Earnings (Losses) per Weighted Average Class A Common Share - Diluted (in dollars per share) | [1] | 0.36 | 0.20 | (0.04) | 1.10 |
Dividends Per Class A Common Share (in dollars per share) | 0.20 | 0.32 | 0.60 | 0.927 | |
Common Class A and C [Member] | |||||
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||
Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic (in dollars per share) | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 | |
[1] | Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income (Loss) | $ 35 | $ 49 | $ (48) | $ 145 |
Other Comprehensive (Loss) Gain | ||||
Unrealized (loss) gain on derivatives, net of income tax benefit of $0, $1, $0 and $4 | (1) | 6 | 2 | 30 |
Other comprehensive (loss) gain | (1) | 6 | 2 | 30 |
Comprehensive Income (Loss) | 34 | 55 | (46) | 175 |
Less: Pre-acquisition net income of Drop Down Assets | 0 | 0 | 0 | 4 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (4) | 31 | (42) | 41 |
Comprehensive Income (Loss) Attributable to Clearway Energy, Inc. | $ 38 | $ 24 | $ (4) | $ 130 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized gain on derivatives, income tax benefit | $ 0 | $ 1,000 | $ 0 | $ 4,000 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 148 | $ 407 |
Restricted cash | 249 | 176 |
Accounts receivable — trade | 141 | 104 |
Accounts receivable — affiliate | 3 | 0 |
Inventory | 43 | 40 |
Derivative instruments | 1 | 0 |
Prepayments and other current assets | 34 | 29 |
Total current assets | 619 | 756 |
Property, plant and equipment, net | 5,562 | 5,245 |
Other Assets | ||
Equity investments in affiliates | 1,181 | 1,172 |
Intangible assets, net | 1,103 | 1,156 |
Derivative instruments | 0 | 8 |
Deferred income taxes | 73 | 57 |
Right of use assets, net | 191 | 0 |
Other non-current assets | 109 | 106 |
Total other assets | 2,657 | 2,499 |
Total Assets | 8,838 | 8,500 |
Current Liabilities | ||
Current portion of long-term debt | 1,965 | 535 |
Accounts payable — trade | 54 | 45 |
Accounts payable — affiliate | 63 | 19 |
Derivative instruments | 15 | 4 |
Accrued interest expense | 49 | 44 |
Accrued expenses and other current liabilities | 100 | 57 |
Total current liabilities | 2,246 | 704 |
Other Liabilities | ||
Long-term debt | 4,143 | 5,447 |
Derivative instruments | 95 | 17 |
Long-term lease liabilities | 193 | 0 |
Other non-current liabilities | 115 | 108 |
Total non-current liabilities | 4,546 | 5,572 |
Total Liabilities | 6,792 | 6,276 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 |
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 193,413,843 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 73,336,698, Class D 42,738,750) at September 30, 2019 and 193,251,396 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 73,187,646, Class D 42,738,750) at December 31, 2018 | 1 | 1 |
Additional paid-in capital | 1,830 | 1,897 |
Accumulated deficit | (66) | (58) |
Accumulated other comprehensive loss | (17) | (18) |
Noncontrolling interest | 298 | 402 |
Total Stockholders' Equity | 2,046 | 2,224 |
Total Liabilities and Stockholders' Equity | $ 8,838 | $ 8,500 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock shares issued (in shares) | 193,402,886 | 193,251,396 |
Common stock, shares outstanding (in shares) | 193,402,886 | 193,251,396 |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 34,599,645 | 34,586,250 |
Common stock, shares outstanding (in shares) | 34,599,645 | 34,586,250 |
Common Class B [Member] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Common Class C [Member] | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued (in shares) | 73,325,741 | 73,187,646 |
Common stock, shares outstanding (in shares) | 73,325,741 | 73,187,646 |
Common Class D [Member] | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (48) | $ 145 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | (52) | (65) |
Distributions from unconsolidated affiliates | 32 | 58 |
Depreciation and amortization | 285 | 247 |
Right of use asset amortization | 5 | 0 |
Amortization of financing costs and debt discounts | 14 | 19 |
Amortization of intangibles and out-of-market contracts | 52 | 52 |
Adjustment for debt extinguishment | 1 | 0 |
Impairment losses | 19 | 0 |
Changes in deferred income taxes | (14) | 17 |
Changes in derivative instruments | 101 | (39) |
Loss (gain) on disposal of asset components | 5 | (2) |
Changes in prepaid and accrued liabilities for tolling agreements | 12 | 8 |
Changes in other working capital | (38) | (44) |
Net Cash Provided by Operating Activities | 374 | 396 |
Cash Flows from Investing Activities | ||
Acquisitions | (100) | (11) |
Partnership interests acquisition | (6) | 0 |
Acquisition of the Drop Down Assets | 0 | (126) |
Buyout of Wind TE Holdco non-controlling interest | (19) | 0 |
Capital expenditures | (200) | (62) |
Cash receipts from notes receivable | 0 | 10 |
Return of investment from unconsolidated affiliates | 37 | 22 |
Investments in unconsolidated affiliates | (14) | (16) |
Other | 2 | 8 |
Net Cash Used in Investing Activities | (300) | (175) |
Cash Flows from Financing Activities | ||
Net (distributions) contributions from noncontrolling interests | (15) | 93 |
Net proceeds from the issuance of common stock under the ATM | 0 | 151 |
Payments of dividends and distributions | (116) | (174) |
Payments of debt issuance costs | (15) | (5) |
Proceeds from the revolving credit facility | 22 | 35 |
Payments for the revolving credit facility | (22) | (90) |
Proceeds from the issuance of long-term debt | 586 | 227 |
Payments for long-term debt | (700) | (385) |
Net Cash Used in Financing Activities | (260) | (148) |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (186) | 73 |
Cash, Cash Equivalents and Restricted Cash at beginning of period | 583 | 316 |
Cash, Cash Equivalents and Restricted Cash at end of period | $ 397 | $ 389 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances at Dec. 31, 2017 | $ 0 | $ 1 | $ 1,843 | $ (69) | $ (28) | $ 412 | $ 2,159 |
Net loss | 0 | 0 | 0 | 16 | 0 | (20) | (4) |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | 8 | 9 | 17 |
Buyout of Wind TE Holdco non-controlling interest | 0 | 0 | 0 | 0 | 0 | (42) | (42) |
Capital contributions from tax equity investors, net of distributions, cash | 0 | 0 | 0 | 0 | 0 | 30 | 30 |
Common stock dividends and distributions | 0 | 0 | (29) | 0 | 0 | (26) | (55) |
Distributions from non-controlling interests, net of capital contributions, cash | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
Non-cash adjustment for change in tax basis of assets | 0 | 0 | 3 | 0 | 0 | 0 | 3 |
Pre-acquisition net income of Buckthorn Solar Drop Down Asset | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
Proceeds from the issuance of Class C common stock | 0 | 0 | 10 | 0 | 0 | 0 | 10 |
Balances at Mar. 31, 2018 | 0 | 1 | 1,827 | (53) | (20) | 371 | 2,126 |
Balances at Dec. 31, 2017 | 0 | 1 | 1,843 | (69) | (28) | 412 | 2,159 |
Net loss | 145 | ||||||
Pre-acquisition net income of Buckthorn Solar Drop Down Asset | (4) | ||||||
Balances at Sep. 30, 2018 | 0 | 1 | 1,935 | 13 | (14) | 440 | 2,375 |
Balances at Mar. 31, 2018 | 0 | 1 | 1,827 | (53) | (20) | 371 | 2,126 |
Net loss | 0 | 0 | 0 | 79 | 0 | 17 | 96 |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | 3 | 4 | 7 |
Buyout of Wind TE Holdco non-controlling interest | 0 | 0 | 0 | 0 | 0 | (13) | (13) |
Capital contributions from tax equity investors, net of distributions, cash | 0 | 0 | 0 | 0 | 0 | 79 | 79 |
Common stock dividends and distributions | 0 | 0 | (32) | 0 | 0 | (26) | (58) |
Distributions from non-controlling interests, net of capital contributions, cash | 0 | 0 | 0 | 0 | 0 | (15) | (15) |
Stock-based compensation | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
Non-cash adjustment for change in tax basis of assets | 0 | 0 | (2) | 0 | 0 | 2 | 0 |
Proceeds from the issuance of Class C common stock | 0 | 0 | 65 | 0 | 0 | 0 | 65 |
Balances at Jun. 30, 2018 | 0 | 1 | 1,859 | 26 | (17) | 419 | 2,288 |
Net loss | 0 | 0 | 0 | 21 | 0 | 28 | 49 |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | 3 | 3 | 6 |
Capital contributions from tax equity investors, net of distributions, cash | 0 | 0 | 0 | 0 | 0 | 17 | 17 |
Common stock dividends and distributions | 0 | 0 | 0 | (34) | 0 | (27) | (61) |
Stock-based compensation | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
Non-cash adjustment for change in tax basis of assets | 0 | 0 | (1) | 0 | 0 | 0 | (1) |
Pre-acquisition net income of Buckthorn Solar Drop Down Asset | 0 | ||||||
Proceeds from the issuance of Class C common stock | 0 | 0 | 76 | 0 | 0 | 0 | 76 |
Balances at Sep. 30, 2018 | 0 | 1 | 1,935 | 13 | (14) | 440 | 2,375 |
Balances at Dec. 31, 2018 | 0 | 1 | 1,897 | (58) | (18) | 402 | 2,224 |
Net loss | 0 | 0 | 0 | (20) | 0 | (27) | (47) |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | (1) | (1) | (2) |
Buyout of Wind TE Holdco non-controlling interest | 0 | 0 | (5) | 0 | 0 | (14) | (19) |
Capital contributions from tax equity investors, net of distributions, cash | 0 | 0 | 0 | 0 | 0 | 19 | 19 |
Contributions from CEG, non-cash | 0 | 0 | 0 | 0 | 0 | 12 | 12 |
Cumulative effect from change in accounting principle | 0 | 0 | 0 | (2) | 0 | (1) | (3) |
Common stock dividends and distributions | 0 | 0 | (22) | 0 | 0 | (17) | (39) |
Balances at Mar. 31, 2019 | 0 | 1 | 1,870 | (80) | (19) | 373 | 2,145 |
Balances at Dec. 31, 2018 | 0 | 1 | 1,897 | (58) | (18) | 402 | 2,224 |
Net loss | (48) | ||||||
Pre-acquisition net income of Buckthorn Solar Drop Down Asset | 0 | ||||||
Balances at Sep. 30, 2019 | 0 | 1 | 1,830 | (66) | (17) | 298 | 2,046 |
Balances at Mar. 31, 2019 | 0 | 1 | 1,870 | (80) | (19) | 373 | 2,145 |
Net loss | 0 | 0 | 0 | (24) | 0 | (12) | (36) |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | 3 | 2 | 5 |
Contributions from CEG, non-cash | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
Common stock dividends and distributions | 0 | 0 | (21) | 0 | 0 | (17) | (38) |
Distributions from non-controlling interests, net of capital contributions, cash | 0 | 0 | 0 | 0 | 0 | (30) | (30) |
Stock-based compensation | 0 | 0 | 1 | (1) | 0 | 0 | 0 |
Non-cash adjustment for change in tax basis of assets | 0 | 0 | 2 | 0 | 0 | 0 | 2 |
Balances at Jun. 30, 2019 | 0 | 1 | 1,852 | (105) | (16) | 322 | 2,054 |
Net loss | 0 | 0 | 0 | 39 | 0 | (4) | 35 |
Unrealized loss on derivatives, net of tax | 0 | 0 | 0 | 0 | (1) | 0 | (1) |
Contributions from CEG, non-cash | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
Common stock dividends and distributions | 0 | (22) | 0 | 0 | (17) | (39) | |
Distributions from non-controlling interests, net of capital contributions, cash | 0 | 0 | 0 | 0 | 0 | (4) | (4) |
Stock-based compensation | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
Non-cash adjustment for change in tax basis of assets | 0 | 0 | (1) | 0 | 0 | 0 | (1) |
Pre-acquisition net income of Buckthorn Solar Drop Down Asset | 0 | ||||||
Balances at Sep. 30, 2019 | $ 0 | $ 1 | $ 1,830 | $ (66) | $ (17) | $ 298 | $ 2,046 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Nature of Business Clearway Energy, Inc. together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners III. Global Infrastructure Management, LLC is an independent fund manager of funds that invests in infrastructure assets in the energy and transport sectors, and Global Infrastructure Partners III is its third The Company was previously owned by NRG Energy, Inc., or NRG. On August 31, 2018, 100% The Company’s environmentally-sound asset portfolio includes over 5,330 MW of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and, in some instances, electricity at a central plant. Certain district energy systems are subject to rate regulation by state public utility commissions (although they may The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. The Company currently owns 55.81% of the economic interests of Clearway Energy LLC, with CEG retaining 44.19% of the economic interests of Clearway Energy LLC. The following table represents the structure of the Company as of September 30, 2019 Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10 not 2018 10 not In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2019 nine September 30, 2019 2018 PG&E Bankruptcy On January 29, 2019, 11 6 three September 30, 2019 2023 2038 September 30, 2019 As of November 6, 2019 September 23, 2019, Debtors' First Amended Joint Chapter 11 not February 18, 2020. October 9, 2019, October 17, 2019, November 6, 2019 7 — Long-term Debt . Transition Services Agreement As a result of the GIP Transaction, the Company entered into a Transition Services Agreement with NRG, or the NRG TSA, pursuant to which NRG or certain of its affiliates began providing certain services to the Company following the consummation of the GIP Transaction on August 31, 2018, second 2019 second 2019, April 30, 2020 nine September 30, 2019, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents include highly liquid investments with an original maturity of three September 30, 2019 December 31, 2018 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. September 30, December 31, 2019 2018 (In millions) Cash and cash equivalents $ 148 $ 407 Restricted cash 249 176 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 397 $ 583 Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of September 30, 2019 1 — Nature of Business, may not September 30, 2019. Accumulated Depreciation, Accumulated Amortization The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (In millions) Property, Plant and Equipment Accumulated Depreciation $ 1,830 $ 1,590 Intangible Assets Accumulated Amortization 361 308 Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine September 30, 2019 Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Dividends per Class A share $ 0.20 $ 0.20 $ 0.20 Dividends per Class C share $ 0.20 $ 0.20 $ 0.20 Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. The Company will continue to evaluate its capital allocation approach during the pendency of the PG&E Bankruptcy, including the Company’s ability to receive unrestricted project distributions. On October 29, 2019, December 16, 2019, December 2, 2019. Noncontrolling Interests Clearway Energy LLC Distributions to CEG The following table lists distributions paid to CEG during the period ended September 30, 2019 Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Distributions per Class B Unit $ 0.20 $ 0.20 $ 0.20 Distributions per Class D Unit $ 0.20 $ 0.20 $ 0.20 On October 29, 2019, December 16, 2019 December 2, 2019. Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, 606, Revenue from Contracts with Customers, 606, not no not not Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not Power Purchase Agreements The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 Renewable Energy Credits Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its bank of emission allowances as part of intangible assets. From time to time, management may Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three nine September 30, 2019 Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 167 $ 3 $ 172 Capacity revenue (a) 89 - 44 133 Contract amortization (1 ) (16 ) (1 ) (18 ) Mark-to-market for economic hedging activities - (2 ) - (2 ) Other revenue - 2 9 11 Total operating revenue 90 151 55 296 Less: Mark-to-market for economic hedging activities - 2 - 2 Less: Lease revenue (91 ) (160 ) (1 ) (252 ) Less: Contract amortization 1 16 1 18 Total revenue from contracts with customers $ - $ 9 $ 55 $ 64 (a) 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 89 - - 89 $ 91 $ 160 $ 1 $ 252 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 4 $ 441 $ 6 $ 451 Capacity revenue (a) 253 - 126 379 Contract amortization (4 ) (46 ) (2 ) (52 ) Mark-to-market for economic hedging activities - (9 ) - (9 ) Other revenue - 6 22 28 Total operating revenue 253 392 152 797 Less: Mark-to-market for economic hedging activities - 9 - 9 Less: Lease revenue (257 ) (416 ) (2 ) (675 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 31 $ 152 $ 183 (a) 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 253 - - 253 $ 257 $ 416 $ 2 $ 675 The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three nine September 30, 2018 Three months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 164 $ - $ 166 Capacity revenue (a) 86 - 46 132 Contract amortization (1 ) (15 ) (1 ) (17 ) Other revenue - 3 8 11 Total operating revenue 87 152 53 292 Less: Lease revenue (88 ) (158 ) - (246 ) Less: Contract amortization 1 15 1 17 Total revenue from contracts with customers $ - $ 9 $ 54 $ 63 (a) 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 158 $ - $ 160 Capacity revenue 86 - - 86 $ 88 $ 158 $ - $ 246 Nine months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 5 $ 463 $ 2 $ 470 Capacity revenue (a) 250 - 127 377 Contract amortization (4 ) (46 ) (2 ) (52 ) Other revenue - 10 19 29 Total operating revenue 251 427 146 824 Less: Lease revenue (255 ) (438 ) (1 ) (694 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 35 $ 147 $ 182 (a) 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 5 $ 438 $ 1 $ 444 Capacity revenue 250 - - 250 $ 255 $ 438 $ 1 $ 694 Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of September 30, 2019 (In millions) September 30, 2019 Accounts receivable, net - Contracts with customers $ 31 Accounts receivable, net - Leases 110 Total accounts receivable, net (a) $ 141 (a) September 30, 2019 Income Taxes Prior to the GIP Transaction, Clearway Energy, Inc. was included in certain NRG consolidated unitary state tax return filings which was reflected in the Clearway Energy, Inc. state effective tax rate. Following the GIP Transaction, Clearway Energy, Inc. will file under a separate standalone methodology, resulting in a higher state effective tax rate due to a larger percentage of activity allocated to high-tax jurisdictions. |
Note 3 - Acquisitions and Dispo
Note 3 - Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 3 Acquisitions and Dispositions 2019 Duquesne University District Energy System Acquisition — May 1, 2019, 82 7 Long-term Debt 805, 2018 UPMC Thermal Project Asset Acquisition — June 19, 2018, December 31, 2018 January 2019 805 50, Business Combinations - Related Issues not no Central CA Fuel Cell 1, — April 18, 2018, 1, Buckthorn Solar Drop Down Asset — March 30, 2018, July 2018. May 2018. 805 50, Business Combinations - Related Issues 25 July 2018. Dispositions Sale of Energy Center Dover LLC and Energy Center Smyrna LLC Assets — September 5, 2019, September 30, 2019. Sale of HSD Solar Holdings, LLC assets — October 8, 2019, September 30, 2019. |
Note 4 - Investments Accounted
Note 4 - Investments Accounted for by the Equity Method and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 Investments Accounted for by the Equity Method and Variable Interest Entities Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, 810. third 5 — Investments Accounted for by the Equity Method and Variable Interest Entities , 2018 10 Repowering Partnership — August 30, 2018, two two December 2019 March 2020 three nine September 30, 2019. On June 14, 2019, 7 — Long-term Debt 2019 Kawailoa Partnership — August 31, 2018, third On May 7, 2019, 7 — Long-term Debt third — September 30, 2019 The Company's acquisition of the Class A membership interests in the Kawailoa Partnership was accounted for as a transfer of assets under common control and was recorded at historical cost in accordance with ASC 805 50, Business Combinations - Related Issues Oahu Partnership — August 31, 2018, September 19, 2019 On March 8, 2019, 7 — Long-term Debt — September 30, 2019 The Company's acquisition of the Class A membership interests in the Oahu Partnership was accounted for as a transfer of assets under common control and was recorded at historical cost in accordance with ASC 805 50, Business Combinations - Related Issues Wind TE Holdco Buyout — January 2, 2019, January 2, 2019. Buckthorn Renewables, LLC — 3 — Business Acquisitions and Dispositions March 30, 2018, Summarized financial information for the Company's consolidated VIEs consisted of the following as of September 30, 2019 (In millions) Oahu Solar Partnership Kawailoa Partnership Alta Wind TE Holdco Spring Canyon Buckthorn Renewables, LLC Repowering Partnership LLC Other current and non-current assets $ 38 $ 36 $ 56 $ 3 $ 11 $ 17 Property, plant and equipment 190 147 387 87 217 320 Intangible assets - - 240 - - 1 Total assets 228 183 683 90 228 338 Current and non-current liabilities 190 167 39 5 141 36 Total liabilities 190 167 39 5 141 36 Noncontrolling interest 2 16 53 35 62 (13 ) Net assets less noncontrolling interests $ 36 $ - $ 591 $ 50 $ 25 $ 315 Entities that are not The Company has interests in entities that are considered VIEs under ASC 810, not 5 — Investments Accounted for by the Equity Method and Variable Interest Entities , 2018 10 The Company's maximum exposure to loss as of September 30, 2019 (In millions) Maximum exposure to loss Four Brothers Solar, LLC $ 184 GenConn Energy LLC 94 DGPV Holdco 3 LLC 160 DGPV Holdco 1 LLC 84 Granite Mountain Holdings, LLC 66 DGPV Holdco 2 LLC 63 Iron Springs Holdings, LLC 47 RPV Holdco 1 LLC 17 DGPV Holdco 1 — nine September 30, 2019 1 September 30, 2019 DGPV Holdco 3 — nine September 30, 2019 3 September 30, 2019 September 30, 2019 The following tables present summarized financial information for DGPV Holdco 1 2 3 September 30, 2019: (In millions) Three months ended September 30, Nine months ended September 30, Income Statement Data: 2019 2018 2019 2018 Operating revenues $ 26 $ 22 $ 63 $ 55 Operating loss 14 10 26 20 Net (loss) income $ (1 ) $ 10 $ (16 ) $ 21 (In millions) September 30, 2019 December 31, 2018 Balance sheet Data: Current assets $ 148 $ 41 Property, plant and equipment, net 840 828 Non-current assets 51 7 Current liabilities 94 137 Non-current liabilities 415 314 Redeemable noncontrolling interest (1 ) - Noncontrolling interest 43 9 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5 Fair Value of Financial Instruments Fair Value Accounting under ASC 820 ASC 820 three • Level 1—quoted • Level 2—inputs 1 • Level 3—unobservable In accordance with ASC 820, For cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accounts payable — affiliates, accrued expenses and other liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 The estimated carrying amounts and fair values of the Company’s recorded financial instruments not As of September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion (a) $ 6,179 $ 6,173 $ 6,043 $ 5,943 (a) The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 3 September 30, 2019 December 31, 2018 As of September 30, 2019 As of December 31, 2018 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 1,551 $ 4,622 $ 1,620 $ 4,323 Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of September 30, 2019 As of December 31, 2018 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 3 Total Level 2 Derivative assets: Commodity contracts $ 1 $ - $ 1 $ - Interest rate contracts - - - 11 Total assets 1 - 1 11 Derivative liabilities: Commodity contracts - 9 9 - Interest rate contracts 101 - 101 21 Total liabilities $ 101 $ 9 $ 110 $ 21 (a) 1 September 30, 2019 no 1 3 December 31, 2018 The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the condensed consolidated financial statements using significant unobservable inputs: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (7 ) $ - $ - $ - Total losses for the period included in earnings (2 ) - (2 ) - Purchases ‑ ‑ (7 ) ‑ Ending balance $ (9 ) $ - $ (9 ) $ - Derivative Fair Value Measurements The Company's contracts are non-exchange-traded and valued using prices provided by external sources. For some of the Company’s energy contracts, management receives quotes from multiple sources. To the extent that multiple quotes are received, the prices reflect the average of the bid-ask mid-point prices obtained from all sources believed to provide the most liquid market for the commodity. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not not September 30, 2019 8% The Company’s significant position classified as Level 3 not The following tables quantify the significant unobservable inputs used in developing the fair value of the Company's Level 3 September 30, 2019 September 30, 2019 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ - $ 9 Discounted Cash Flow Forward Market Price (per MWh) 7 33 12 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2019 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) The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of September 30, 2019 Concentration of Credit Risk In addition to the credit risk discussion in Note 2 — Summary of Significant Accounting Policies 2018 10 Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not not On January 29, 2019, 11 6 three September 30, 2019 November 6, 2019, November 6, 2019, 1 — Nature of Business 7 — Long-term Debt. |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 6 Derivative Instruments and Hedging Activities This footnote should be read in conjunction with the complete description under Note 7 — Accounting for Derivative Instruments and Hedging Activities 2018 10 Interest Rate Swaps The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of September 30, 2019 2041, Energy-Related Commodities As of September 30, 2019 2029. September 30, 2019 not Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy of the Company's open derivative transactions broken out by type: Total Volume (In millions) September 30, 2019 December 31, 2018 Commodity Units Power MWh (2 ) — Natural Gas MMBtu 3 1 Interest Dollars $ 1,756 $ 1,862 Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets (a) Derivative Liabilities September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ - $ 2 $ 3 $ 1 Interest rate contracts long-term - 3 14 6 Total Derivatives Designated as Cash Flow Hedges - 5 17 7 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current - 1 12 3 Interest rate contracts long-term - 5 72 11 Commodity contracts current 1 - - - Commodity contracts long-term - - 9 - Total Derivatives Not Designated as Cash Flow Hedges 1 6 93 14 Total Derivatives $ 1 $ 11 $ 110 $ 21 (a) December 31, 2018 The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not September 30, 2019 December 31, 2018 no September 30, 2019 December 31, 2018 As of September 30, 2019 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 1 $ (1 ) $ - Derivative liabilities (9 ) 1 (8 ) Total commodity contracts $ (8 ) $ - $ (8 ) Interest rate contracts: Derivative assets - - - Derivative liabilities (101 ) - (101 ) Total interest rate contracts $ (101 ) $ - $ (101 ) Total derivative instruments $ (109 ) $ - $ (109 ) As of December 31, 2018 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Interest rate contracts: (In millions) Derivative assets $ 11 $ (1 ) $ 10 Derivative liabilities (21 ) 1 (20 ) Total interest rate contracts $ (10 ) $ - $ (10 ) Total derivative instruments $ (10 ) $ - $ (10 ) Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Accumulated OCL beginning balance $ (35 ) $ (36 ) $ (38 ) $ (60 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts (2 ) 5 15 11 Mark-to-market of cash flow hedge accounting contracts 1 1 (13 ) 19 Accumulated OCL ending balance, net of income tax benefit of $6 and $6, respectively (36 ) (30 ) (36 ) (30 ) Accumulated OCL attributable to noncontrolling interests $ (19 ) $ (16 ) $ (19 ) $ (16 ) Accumulated OCL attributable to Clearway Energy, Inc. $ (17 ) $ (14 ) $ (17 ) $ (14 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $3 $ (7 ) $ (7 ) Impact of Derivative Instruments on the Statements of Operations Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Interest Rate Contracts (Interest Expense) $ (28 ) $ 9 $ (82 ) $ 40 A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no In connection with the repowering activities at Elbow Creek, the Company entered into a new long-term power hedge in January 2019, September 30, 2019. See Note 5 — Fair Value of Financial Instruments |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 7 Long-term Debt This footnote should be read in conjunction with the complete description under Note 10 — Long-term Debt , 2018 10 September 30, 2019 December 31, 2018 September 30, 2019, interest rate % (a) Letters of Credit Outstanding at September 30, 2019 (In millions, except rates) 2019 Convertible Notes $ - $ 220 3.500 2020 Convertible Notes 45 45 3.250 2024 Senior Notes 500 500 5.375 2025 Senior Notes 600 600 5.750 2026 Senior Notes 350 350 5.000 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) - - L+1.75 52 Project-level debt: Agua Caliente Borrower 2, due 2038 (c)(d) 38 39 5.430 17 Alpine, due 2022 (c) 121 127 L+2.00 16 Alta Wind I - V lease financing arrangements, due 2034 and 2035 859 886 5.696 - 7.015 29 Buckthorn Solar, due 2025 130 132 L+1.750 26 CVSR, due 2037 (c) 696 720 2.339 - 3.775 — CVSR Holdco Notes, due 2037 (c) 182 188 4.680 13 Duquesne, due 2059 95 - 4.620 El Segundo Energy Center, due 2023 303 352 L+1.75 - L+2.375 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 328 328 various — Laredo Ridge, due 2028 86 89 L+2.125 10 Kansas South, due 2030 (c) 25 26 L+2.00 2 Kawailoa Solar Holdings LLC, due 2026 134 - L+1.375 5 Marsh Landing, due 2023 (c) 223 263 L+2.125 27 Oahu Solar Holdings LLC, due 2026 157 - L+1.375 11 Repowering Partnership Holdco LLC, due 2020 298 - L+0.85 29 South Trent Wind, due 2028 44 50 L+1.350 12 Tapestry, due 2031 159 151 L+1.375 19 Utah Solar Portfolio, due 2022 260 267 L+2.625 13 Viento, due 2023 42 146 L+2.00 14 Walnut Creek, due 2023 189 222 L+1.75 82 Other 315 343 various 24 Subtotal project-level debt: 4,684 4,329 Total debt 6,179 6,044 Less current maturities (1,965 ) (535 ) Less net debt issuance costs (71 ) (61 ) Less discounts (e) - (1 ) Total long-term debt $ 4,143 $ 5,447 (a) As of September 30, 2019 3 x%, 2023 2030 6 1 (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement (c) Entities affected by PG&E Bankruptcy, see further discussion below (d) The Company repaid the debt on October 21, 2019, (e) Discounts relate to the 2020 The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of September 30, 2019 not nine September 30, 2019 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility As of September 30, 2019 November 6, 2019. 2019 In January 2019, 2019 2019 February 1, 2019 Project - level Debt PG&E Bankruptcy As discussed in Note 1 — Nature of Business January 29, 2019, 11 2023 2038, September 30, 2019 November 6, 2019, Agua Caliente Borrower 2 On October 21, 2019, 2 Repowering Partnership Holdco LLC On June 14, 2019, 352 March 31, 2020. Duquesne University On May 1, 2019, May 1, 2059. Oahu Solar Holdings LLC Due to the Company consolidating the Oahu Partnership, as further described in Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities October 2026, Kawailoa Solar Holdings LLC Due to the Company consolidating the Kawailoa Partnership, as further described in Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities October 2026, South Trent Refinancing On June 14, 2019, 2020 2028 Tapestry Refinancing On April 29, 2019, 2021 2031 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of Clearway Energy, Inc.'s basic and diluted earnings per share is shown in the following tables: Three months ended September 30, 2019 2018 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to Clearway Energy, Inc. common stockholders Net income attributable to Clearway Energy, Inc. $ 12 $ 27 $ 7 $ 14 Weighted average number of common shares outstanding — basic 35 73 35 69 Earnings per weighted average common share — basic $ 0.36 $ 0.36 $ 0.20 $ 0.20 Diluted earnings per share attributable to Clearway Energy, Inc. common stockholders Net income attributable to Clearway Energy, Inc. $ 12 $ 27 $ 7 $ 14 Weighted average number of common shares outstanding — diluted 35 75 35 69 Earnings per weighted average common share — diluted $ 0.36 $ 0.36 $ 0.20 $ 0.20 Nine months ended September 30, 2019 2018 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to Clearway Energy, Inc. common stockholders Net (loss) income attributable to Clearway Energy, Inc. $ (2 ) $ (3 ) $ 40 $ 76 Weighted average number of common shares outstanding — basic and diluted 35 73 35 67 (Losses) Earnings per weighted average common share — basic $ (0.04 ) $ (0.04 ) $ 1.14 $ 1.14 Diluted earnings per share attributable to Clearway Energy, Inc. common stockholders Net (loss) income attributable to Clearway Energy, Inc. $ (2 ) $ (3 ) $ 40 $ 85 Weighted average number of common shares outstanding — diluted 35 73 35 77 (Losses) Earnings per weighted average common share — diluted $ (0.04 ) $ (0.04 ) $ 1.14 $ 1.10 (a) not The following table summarizes the Company's outstanding equity instruments that are anti-dilutive and were not Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions of shares) 2020 Convertible Notes - Common Class C - 10 2 - |
Note 9 - Segment Reporting
Note 9 - Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss). Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 90 $ 151 $ 55 $ - $ 296 Cost of operations 14 36 36 - 86 Depreciation and amortization 25 80 7 - 112 General and administrative - 1 1 5 7 Development costs - - 1 - 1 Operating Income (Loss) 51 34 10 (5 ) 90 Equity in earnings of unconsolidated affiliates 3 35 - - 38 Other income, net - 2 - - 2 Interest expense (13 ) (65 ) (5 ) (23 ) (106 ) Income (Loss) Before Income Taxes 41 6 5 (28 ) 24 Income tax benefit - - - (11 ) (11 ) Net Income (Loss) $ 41 $ 6 $ 5 $ (17 ) $ 35 Total Assets $ 1,766 $ 6,330 $ 632 $ 110 $ 8,838 Three months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 87 $ 152 $ 53 $ - $ 292 Cost of operations 12 39 33 - 84 Depreciation and amortization 26 52 6 - 84 General and administrative - - - 6 6 Acquisition-related transaction and integration costs - - - 17 17 Development costs - - - 1 1 Operating Income (Loss) 49 61 14 (24 ) 100 Equity in earnings of unconsolidated affiliates 3 29 - - 32 Other income, net - 1 - 1 2 Interest expense (13 ) (36 ) (4 ) (21 ) (74 ) Income (Loss) Before Income taxes 39 55 10 (44 ) 60 Income tax expense - - - 11 11 Net Income (Loss) $ 39 $ 55 $ 10 $ (55 ) $ 49 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 253 $ 392 $ 152 $ - $ 797 Cost of operations 44 106 99 - 249 Depreciation and amortization 75 190 20 - 285 Impairment losses - - 19 - 19 General and administrative - 1 2 17 20 Acquisition-related transaction and integration costs - - - 2 2 Development costs - - 4 - 4 Operating Income (Loss) 134 95 8 (19 ) 218 Equity in earnings of unconsolidated affiliates 7 45 - - 52 Other income, net 1 4 - 1 6 Loss on debt extinguishment - (1 ) - - (1 ) Interest expense (45 ) (213 ) (13 ) (66 ) (337 ) Income (Loss) Before Income Taxes 97 (70 ) (5 ) (84 ) (62 ) Income tax benefit - - - (14 ) (14 ) Net Income (Loss) $ 97 $ (70 ) $ (5 ) $ (70 ) $ (48 ) Nine months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 251 $ 427 $ 146 $ - $ 824 Cost of operations 44 106 97 - 247 Depreciation and amortization 76 154 17 - 247 General and administrative - - - 17 17 Acquisition-related transaction and integration costs - - - 19 19 Development costs - - - 1 1 Operating Income (Loss) 131 167 32 (37 ) 293 Equity in earnings of unconsolidated affiliates 8 57 - - 65 Other income, net 1 2 - 1 4 Interest expense (33 ) (95 ) (8 ) (64 ) (200 ) Income (Loss) Before Income Taxes 107 131 24 (100 ) 162 Income tax expense - - - 17 17 Net Income (Loss) $ 107 $ 131 $ 24 $ (117 ) $ 145 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended September 30, Nine months ended September 30, (In millions, except percentages) 2019 2018 2019 2018 Income (Loss) Before Income Taxes $ 24 $ 60 $ (62 ) $ 162 Income tax (benefit) expense (11 ) 11 (14 ) 17 Effective income tax rate (46 )% 18.3 % 22.6 % 10.5 % For the three nine September 30, 2019 2018 21% For tax purposes, Clearway Energy LLC is treated as a partnership, therefore, the Company and CEG each record their respective share of taxable income or loss. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 11 Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, certain subsidiaries of CEG provide services to the Company's project entities. Amounts due to CEG subsidiaries are recorded as accounts payable - affiliate and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable - affiliate in the Company's balance sheet. The disclosures below summarize the Company's material related party transactions with CEG and its subsidiaries that are included in the Company's operating revenues and operating costs. As discussed in Note 1 — Nature of Business, August 31, 2018, 100% September 30, 2019 September 30, 2018 Related Party Transactions with CEG entities Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC (formerly NRG Renew Operation & Maintenance LLC) and other CEG subsidiaries Various wholly-owned subsidiaries of the Company in the Renewables segment are party to services agreements with Clearway Renewable Operation & Maintenance LLC (formerly NRG Renew Operation & Maintenance LLC), or RENOM, a wholly-owned subsidiary of CEG, as well as other CEG subsidiaries, which provides operation and maintenance, or O&M, and administrative services to these subsidiaries. The Company incurred total expenses for these services of $8 million and $22 million for each of the three nine September 30, 2019 three nine September 30, 2018 September 30, 2019 December 31, 2018 CEG Master Services Agreements Following the consummation of the GIP Transaction, Clearway Energy, Inc. along with Clearway Energy LLC and Clearway Energy Operating LLC entered into Master Services Agreements with CEG, pursuant to which CEG and certain of its affiliates or third Amounts due to CEG or its subsidiaries are recorded as accounts payable - affiliate and amounts due to the Company from CEG and subsidiaries are recorded as accounts receivable - affiliate on the Company's consolidated balance sheet. Related Party Transactions with NRG prior to the GIP Transaction The following transactions relate to the period prior to sale of NRG's interest in CEG to GIP on August 31, 2018 August 31, 2018. Power Purchase Agreements (PPAs) between the Company and NRG Power Marketing Elbow Creek and Dover were parties to PPAs with NRG Power Marketing, a wholly-owned subsidiary of NRG, and generated revenue under the PPAs, which were recorded to operating revenue in the Company's consolidated statements of operations. For the two eight August 31, 2018, December 31, 2018 Energy Marketing Services Agreement by and between Thermal entities and NRG Power Marketing Energy Center Dover LLC, Energy Center Minneapolis, Energy Center Phoenix LLC, and Energy Center Paxton LLC, or Thermal entities, which are subsidiaries of the Company, are parties to Energy Marketing Services Agreements with NRG Power Marketing. Under the agreements, NRG Power Marketing procures fuel and fuel transportation for the operation of the Thermal entities. For the two eight August 31, 2018, O&M Services Agreements by and between the Company's subsidiaries and NRG Certain of the Company's subsidiaries are party to O&M Service Agreements with NRG, pursuant to which NRG subsidiaries provide necessary and appropriate services to operate and maintain the subsidiaries' plant operations. NRG was reimbursed for the provided services, as well as for all reasonable and related expenses and expenditures, and payments to third two eight August 31, 2018, O&M Services Agreements by and between GenConn and NRG GenConn incurs fees under two two eight August 31, 2018, Project Administrative Services Agreement by and between ESEC and NRG West Coast LLC During 2018 two eight August 31, 2018. Administrative Services Agreement by and between Marsh Landing and NRG West Coast LLC Marsh Landing is a party to an administrative services agreement with NRG West Coast LLC, a wholly owned subsidiary of NRG. The Company reimbursed costs under the agreement of $2 million and $11 million for the two eight August 31, 2018, Management Services Agreement by and between the Company and NRG Prior to the GIP Transaction, NRG provided the Company with various operational, management, and administrative services, which include human resources, accounting, tax, legal, information systems, treasury, and risk management, as set forth in the Management Services Agreement. Costs incurred under this agreement for the two eight August 31, 2018 On August 31, 2018, July 22, 2013 August 31, 2018, 1 — Nature of Business |
Note 12 - Contingencies
Note 12 - Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 — Contingencies This note should be read in conjunction with the complete description under Note 16 — Commitments and Contingencies 2018 10 Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not Nebraska Public Power District Litigation On January 11, 2019, February 11, 2019 not February 19, 2019, February 26, 2019, third September 23, 2019, October 7, 2019. Buckthorn Solar Litigation On October 8, 2019, |
Note 13 - Leases
Note 13 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 13 — Leases Adoption of Topic 842 The Company adopted ASU No. 2019 01, 842 842, January 1, 2019 not 842 12 The adoption of the standard resulted in the recording of operating lease liabilities of $174 million and related ROU assets of $168 million. There was no Accounting for Leases The Company evaluates each arrangement at inception to determine if it contains a lease. All of the Company’s leases are operating leases as of September 30, 2019 Lessee The Company records its operating lease liabilities at the present value at lease commencement date of the lease payments over the lease term. Lease payments include fixed payment amounts, as well as variable rate payments based on an index initially measured at lease commencement date. Variable payments, including payments based on future performance and based on index changes, are recorded as the expense is incurred. The Company determines the relevant lease term by evaluating whether renewal and termination options are reasonably to certain to be exercised. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, based on information available at the lease commencement date. The Company’s leases consist of land leases for numerous operating asset locations, real estate leases and equipment leases. The terms and conditions for these leases vary by the type of underlying asset. Lease expense for the three nine September 30, 2019 (In millions) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 2 $ 6 Variable lease cost 3 10 Total lease cost $ 5 $ 16 Operating lease information as of September 30, 2019 (In millions, except term and rate) ROU Assets - operating leases, net $ 191 Short-term lease liability - operating leases (a) 6 Long-term lease liability - operating leases 193 Total lease liability $ 199 Cash paid for operating leases $ 7 Weighted average remaining lease term 24 Weighted average discount rate 4.4 % (a) September 30, 2019 Maturities of operating lease liabilities as of September 30, 2019 (In millions) Remainder of 2019 $ 4 2020 14 2021 14 2022 14 2023 13 Thereafter 267 Total lease payments 326 Less imputed interest (127 ) Total lease liability - operating leases $ 199 Future minimum lease commitments under operating leases as of December 31, 2018 (In millions) 2019 $ 13 2020 13 2021 13 2022 13 2023 12 Thereafter 207 Total lease payments $ 271 Oahu Solar Lease Agreements The Oahu Solar projects are party to various land lease agreements with a wholly owned subsidiary of CEG. The projects are leasing the land for a period of 35 five September 30, 2019. Lessor The majority of the Company’s revenue is obtained through PPAs or other contractual agreements that are accounted for as leases. These leases are comprised of both fixed payments and variable payments contingent upon volumes or performance metrics. The terms of the leases are further described in Item 2 Introduction, Environmental, Regulatory 10 may 2 — Summary of Significant Accounting Policies Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 89 - - 89 Operating revenue $ 91 $ 160 $ 1 $ 252 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 253 - - 253 Operating revenue $ 257 $ 416 $ 2 $ 675 Minimum future rent payments under the operating leases for the remaining periods as of September 30, 2019 (In millions) Remainder of 2019 $ 91 2020 337 2021 341 2022 346 2023 154 Total lease payments $ 1,269 Property, plant and equipment, net related to the Company’s operating leases were as follows as of September 30, 2019 (In millions) Property, plant and equipment $ 6,230 Accumulated depreciation (1,600 ) Net property, plant and equipment $ 4,629 |
Note 14 - Asset Impairments
Note 14 - Asset Impairments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | Note 14 The Company recorded an impairment loss of $19 million related to a facility in the Thermal segment during the second 2019. 3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents include highly liquid investments with an original maturity of three September 30, 2019 December 31, 2018 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. September 30, December 31, 2019 2018 (In millions) Cash and cash equivalents $ 148 $ 407 Restricted cash 249 176 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 397 $ 583 Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of September 30, 2019 1 — Nature of Business, may not September 30, 2019. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Accumulated Depreciation, Accumulated Amortization The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (In millions) Property, Plant and Equipment Accumulated Depreciation $ 1,830 $ 1,590 Intangible Assets Accumulated Amortization 361 308 |
Dividends [Policy Text Block] | Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine September 30, 2019 Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Dividends per Class A share $ 0.20 $ 0.20 $ 0.20 Dividends per Class C share $ 0.20 $ 0.20 $ 0.20 Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. The Company will continue to evaluate its capital allocation approach during the pendency of the PG&E Bankruptcy, including the Company’s ability to receive unrestricted project distributions. On October 29, 2019, December 16, 2019, December 2, 2019. |
Consolidation, Policy [Policy Text Block] | Noncontrolling Interests Clearway Energy LLC Distributions to CEG The following table lists distributions paid to CEG during the period ended September 30, 2019 Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Distributions per Class B Unit $ 0.20 $ 0.20 $ 0.20 Distributions per Class D Unit $ 0.20 $ 0.20 $ 0.20 On October 29, 2019, December 16, 2019 December 2, 2019. |
Revenue [Policy Text Block] | Revenue Recognition Revenue from Contracts with Customers On January 1, 2018, 606, Revenue from Contracts with Customers, 606, not no not not Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not Power Purchase Agreements The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 Renewable Energy Credits Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Sale of Emission Allowances The Company records its bank of emission allowances as part of intangible assets. From time to time, management may Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three nine September 30, 2019 Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 167 $ 3 $ 172 Capacity revenue (a) 89 - 44 133 Contract amortization (1 ) (16 ) (1 ) (18 ) Mark-to-market for economic hedging activities - (2 ) - (2 ) Other revenue - 2 9 11 Total operating revenue 90 151 55 296 Less: Mark-to-market for economic hedging activities - 2 - 2 Less: Lease revenue (91 ) (160 ) (1 ) (252 ) Less: Contract amortization 1 16 1 18 Total revenue from contracts with customers $ - $ 9 $ 55 $ 64 (a) 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 89 - - 89 $ 91 $ 160 $ 1 $ 252 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 4 $ 441 $ 6 $ 451 Capacity revenue (a) 253 - 126 379 Contract amortization (4 ) (46 ) (2 ) (52 ) Mark-to-market for economic hedging activities - (9 ) - (9 ) Other revenue - 6 22 28 Total operating revenue 253 392 152 797 Less: Mark-to-market for economic hedging activities - 9 - 9 Less: Lease revenue (257 ) (416 ) (2 ) (675 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 31 $ 152 $ 183 (a) 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 253 - - 253 $ 257 $ 416 $ 2 $ 675 The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three nine September 30, 2018 Three months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 164 $ - $ 166 Capacity revenue (a) 86 - 46 132 Contract amortization (1 ) (15 ) (1 ) (17 ) Other revenue - 3 8 11 Total operating revenue 87 152 53 292 Less: Lease revenue (88 ) (158 ) - (246 ) Less: Contract amortization 1 15 1 17 Total revenue from contracts with customers $ - $ 9 $ 54 $ 63 (a) 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 158 $ - $ 160 Capacity revenue 86 - - 86 $ 88 $ 158 $ - $ 246 Nine months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 5 $ 463 $ 2 $ 470 Capacity revenue (a) 250 - 127 377 Contract amortization (4 ) (46 ) (2 ) (52 ) Other revenue - 10 19 29 Total operating revenue 251 427 146 824 Less: Lease revenue (255 ) (438 ) (1 ) (694 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 35 $ 147 $ 182 (a) 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 5 $ 438 $ 1 $ 444 Capacity revenue 250 - - 250 $ 255 $ 438 $ 1 $ 694 Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions related to the sale of electric capacity and energy in future periods for which the fair value has been determined to be significantly less (more) than market are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the contract assets and liabilities included on the Company’s balance sheet as of September 30, 2019 (In millions) September 30, 2019 Accounts receivable, net - Contracts with customers $ 31 Accounts receivable, net - Leases 110 Total accounts receivable, net (a) $ 141 (a) September 30, 2019 |
Income Tax, Policy [Policy Text Block] | Income Taxes Prior to the GIP Transaction, Clearway Energy, Inc. was included in certain NRG consolidated unitary state tax return filings which was reflected in the Clearway Energy, Inc. state effective tax rate. Following the GIP Transaction, Clearway Energy, Inc. will file under a separate standalone methodology, resulting in a higher state effective tax rate due to a larger percentage of activity allocated to high-tax jurisdictions. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2019 2018 (In millions) Cash and cash equivalents $ 148 $ 407 Restricted cash 249 176 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 397 $ 583 |
Property, Plant and Equipment [Table Text Block] | September 30, 2019 December 31, 2018 (In millions) Property, Plant and Equipment Accumulated Depreciation $ 1,830 $ 1,590 Intangible Assets Accumulated Amortization 361 308 |
Dividends Declared [Table Text Block] | Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Dividends per Class A share $ 0.20 $ 0.20 $ 0.20 Dividends per Class C share $ 0.20 $ 0.20 $ 0.20 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution [Table Text Block] | Third Quarter 2019 Second Quarter 2019 First Quarter 2019 Distributions per Class B Unit $ 0.20 $ 0.20 $ 0.20 Distributions per Class D Unit $ 0.20 $ 0.20 $ 0.20 |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 167 $ 3 $ 172 Capacity revenue (a) 89 - 44 133 Contract amortization (1 ) (16 ) (1 ) (18 ) Mark-to-market for economic hedging activities - (2 ) - (2 ) Other revenue - 2 9 11 Total operating revenue 90 151 55 296 Less: Mark-to-market for economic hedging activities - 2 - 2 Less: Lease revenue (91 ) (160 ) (1 ) (252 ) Less: Contract amortization 1 16 1 18 Total revenue from contracts with customers $ - $ 9 $ 55 $ 64 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 89 - - 89 $ 91 $ 160 $ 1 $ 252 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 4 $ 441 $ 6 $ 451 Capacity revenue (a) 253 - 126 379 Contract amortization (4 ) (46 ) (2 ) (52 ) Mark-to-market for economic hedging activities - (9 ) - (9 ) Other revenue - 6 22 28 Total operating revenue 253 392 152 797 Less: Mark-to-market for economic hedging activities - 9 - 9 Less: Lease revenue (257 ) (416 ) (2 ) (675 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 31 $ 152 $ 183 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 253 - - 253 $ 257 $ 416 $ 2 $ 675 Three months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 2 $ 164 $ - $ 166 Capacity revenue (a) 86 - 46 132 Contract amortization (1 ) (15 ) (1 ) (17 ) Other revenue - 3 8 11 Total operating revenue 87 152 53 292 Less: Lease revenue (88 ) (158 ) - (246 ) Less: Contract amortization 1 15 1 17 Total revenue from contracts with customers $ - $ 9 $ 54 $ 63 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 158 $ - $ 160 Capacity revenue 86 - - 86 $ 88 $ 158 $ - $ 246 Nine months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 5 $ 463 $ 2 $ 470 Capacity revenue (a) 250 - 127 377 Contract amortization (4 ) (46 ) (2 ) (52 ) Other revenue - 10 19 29 Total operating revenue 251 427 146 824 Less: Lease revenue (255 ) (438 ) (1 ) (694 ) Less: Contract amortization 4 46 2 52 Total revenue from contracts with customers $ - $ 35 $ 147 $ 182 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 5 $ 438 $ 1 $ 444 Capacity revenue 250 - - 250 $ 255 $ 438 $ 1 $ 694 |
Contract with Customer, Asset and Liability [Table Text Block] | (In millions) September 30, 2019 Accounts receivable, net - Contracts with customers $ 31 Accounts receivable, net - Leases 110 Total accounts receivable, net (a) $ 141 |
Note 4 - Investments Accounte_2
Note 4 - Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Equity Method Investment, Summarized Financial Information [Table Text Block] | (In millions) Three months ended September 30, Nine months ended September 30, Income Statement Data: 2019 2018 2019 2018 Operating revenues $ 26 $ 22 $ 63 $ 55 Operating loss 14 10 26 20 Net (loss) income $ (1 ) $ 10 $ (16 ) $ 21 (In millions) September 30, 2019 December 31, 2018 Balance sheet Data: Current assets $ 148 $ 41 Property, plant and equipment, net 840 828 Non-current assets 51 7 Current liabilities 94 137 Non-current liabilities 415 314 Redeemable noncontrolling interest (1 ) - Noncontrolling interest 43 9 |
Unconsolidated Entities [Member] | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In millions) Oahu Solar Partnership Kawailoa Partnership Alta Wind TE Holdco Spring Canyon Buckthorn Renewables, LLC Repowering Partnership LLC Other current and non-current assets $ 38 $ 36 $ 56 $ 3 $ 11 $ 17 Property, plant and equipment 190 147 387 87 217 320 Intangible assets - - 240 - - 1 Total assets 228 183 683 90 228 338 Current and non-current liabilities 190 167 39 5 141 36 Total liabilities 190 167 39 5 141 36 Noncontrolling interest 2 16 53 35 62 (13 ) Net assets less noncontrolling interests $ 36 $ - $ 591 $ 50 $ 25 $ 315 |
Unconsolidated Entities [Member] | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In millions) Maximum exposure to loss Four Brothers Solar, LLC $ 184 GenConn Energy LLC 94 DGPV Holdco 3 LLC 160 DGPV Holdco 1 LLC 84 Granite Mountain Holdings, LLC 66 DGPV Holdco 2 LLC 63 Iron Springs Holdings, LLC 47 RPV Holdco 1 LLC 17 |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion (a) $ 6,179 $ 6,173 $ 6,043 $ 5,943 |
Fair Value Option, Disclosures [Table Text Block] | As of September 30, 2019 As of December 31, 2018 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 1,551 $ 4,622 $ 1,620 $ 4,323 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2019 As of December 31, 2018 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 3 Total Level 2 Derivative assets: Commodity contracts $ 1 $ - $ 1 $ - Interest rate contracts - - - 11 Total assets 1 - 1 11 Derivative liabilities: Commodity contracts - 9 9 - Interest rate contracts 101 - 101 21 Total liabilities $ 101 $ 9 $ 110 $ 21 Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (7 ) $ - $ - $ - Total losses for the period included in earnings (2 ) - (2 ) - Purchases ‑ ‑ (7 ) ‑ Ending balance $ (9 ) $ - $ (9 ) $ - |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2019 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ - $ 9 Discounted Cash Flow Forward Market Price (per MWh) 7 33 12 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) |
Note 6 - Derivative Instrumen_2
Note 6 - Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Total Volume (In millions) September 30, 2019 December 31, 2018 Commodity Units Power MWh (2 ) — Natural Gas MMBtu 3 1 Interest Dollars $ 1,756 $ 1,862 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Fair Value Derivative Assets (a) Derivative Liabilities September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ - $ 2 $ 3 $ 1 Interest rate contracts long-term - 3 14 6 Total Derivatives Designated as Cash Flow Hedges - 5 17 7 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current - 1 12 3 Interest rate contracts long-term - 5 72 11 Commodity contracts current 1 - - - Commodity contracts long-term - - 9 - Total Derivatives Not Designated as Cash Flow Hedges 1 6 93 14 Total Derivatives $ 1 $ 11 $ 110 $ 21 |
Offsetting Liabilities [Table Text Block] | As of September 30, 2019 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 1 $ (1 ) $ - Derivative liabilities (9 ) 1 (8 ) Total commodity contracts $ (8 ) $ - $ (8 ) Interest rate contracts: Derivative assets - - - Derivative liabilities (101 ) - (101 ) Total interest rate contracts $ (101 ) $ - $ (101 ) Total derivative instruments $ (109 ) $ - $ (109 ) As of December 31, 2018 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Interest rate contracts: (In millions) Derivative assets $ 11 $ (1 ) $ 10 Derivative liabilities (21 ) 1 (20 ) Total interest rate contracts $ (10 ) $ - $ (10 ) Total derivative instruments $ (10 ) $ - $ (10 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Accumulated OCL beginning balance $ (35 ) $ (36 ) $ (38 ) $ (60 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts (2 ) 5 15 11 Mark-to-market of cash flow hedge accounting contracts 1 1 (13 ) 19 Accumulated OCL ending balance, net of income tax benefit of $6 and $6, respectively (36 ) (30 ) (36 ) (30 ) Accumulated OCL attributable to noncontrolling interests $ (19 ) $ (16 ) $ (19 ) $ (16 ) Accumulated OCL attributable to Clearway Energy, Inc. $ (17 ) $ (14 ) $ (17 ) $ (14 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $3 $ (7 ) $ (7 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions) Interest Rate Contracts (Interest Expense) $ (28 ) $ 9 $ (82 ) $ 40 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2019 December 31, 2018 September 30, 2019, interest rate % (a) Letters of Credit Outstanding at September 30, 2019 (In millions, except rates) 2019 Convertible Notes $ - $ 220 3.500 2020 Convertible Notes 45 45 3.250 2024 Senior Notes 500 500 5.375 2025 Senior Notes 600 600 5.750 2026 Senior Notes 350 350 5.000 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) - - L+1.75 52 Project-level debt: Agua Caliente Borrower 2, due 2038 (c)(d) 38 39 5.430 17 Alpine, due 2022 (c) 121 127 L+2.00 16 Alta Wind I - V lease financing arrangements, due 2034 and 2035 859 886 5.696 - 7.015 29 Buckthorn Solar, due 2025 130 132 L+1.750 26 CVSR, due 2037 (c) 696 720 2.339 - 3.775 — CVSR Holdco Notes, due 2037 (c) 182 188 4.680 13 Duquesne, due 2059 95 - 4.620 El Segundo Energy Center, due 2023 303 352 L+1.75 - L+2.375 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 328 328 various — Laredo Ridge, due 2028 86 89 L+2.125 10 Kansas South, due 2030 (c) 25 26 L+2.00 2 Kawailoa Solar Holdings LLC, due 2026 134 - L+1.375 5 Marsh Landing, due 2023 (c) 223 263 L+2.125 27 Oahu Solar Holdings LLC, due 2026 157 - L+1.375 11 Repowering Partnership Holdco LLC, due 2020 298 - L+0.85 29 South Trent Wind, due 2028 44 50 L+1.350 12 Tapestry, due 2031 159 151 L+1.375 19 Utah Solar Portfolio, due 2022 260 267 L+2.625 13 Viento, due 2023 42 146 L+2.00 14 Walnut Creek, due 2023 189 222 L+1.75 82 Other 315 343 various 24 Subtotal project-level debt: 4,684 4,329 Total debt 6,179 6,044 Less current maturities (1,965 ) (535 ) Less net debt issuance costs (71 ) (61 ) Less discounts (e) - (1 ) Total long-term debt $ 4,143 $ 5,447 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2019 2018 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to Clearway Energy, Inc. common stockholders Net income attributable to Clearway Energy, Inc. $ 12 $ 27 $ 7 $ 14 Weighted average number of common shares outstanding — basic 35 73 35 69 Earnings per weighted average common share — basic $ 0.36 $ 0.36 $ 0.20 $ 0.20 Diluted earnings per share attributable to Clearway Energy, Inc. common stockholders Net income attributable to Clearway Energy, Inc. $ 12 $ 27 $ 7 $ 14 Weighted average number of common shares outstanding — diluted 35 75 35 69 Earnings per weighted average common share — diluted $ 0.36 $ 0.36 $ 0.20 $ 0.20 Nine months ended September 30, 2019 2018 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to Clearway Energy, Inc. common stockholders Net (loss) income attributable to Clearway Energy, Inc. $ (2 ) $ (3 ) $ 40 $ 76 Weighted average number of common shares outstanding — basic and diluted 35 73 35 67 (Losses) Earnings per weighted average common share — basic $ (0.04 ) $ (0.04 ) $ 1.14 $ 1.14 Diluted earnings per share attributable to Clearway Energy, Inc. common stockholders Net (loss) income attributable to Clearway Energy, Inc. $ (2 ) $ (3 ) $ 40 $ 85 Weighted average number of common shares outstanding — diluted 35 73 35 77 (Losses) Earnings per weighted average common share — diluted $ (0.04 ) $ (0.04 ) $ 1.14 $ 1.10 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In millions of shares) 2020 Convertible Notes - Common Class C - 10 2 - |
Note 9 - Segment Reporting (Tab
Note 9 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 90 $ 151 $ 55 $ - $ 296 Cost of operations 14 36 36 - 86 Depreciation and amortization 25 80 7 - 112 General and administrative - 1 1 5 7 Development costs - - 1 - 1 Operating Income (Loss) 51 34 10 (5 ) 90 Equity in earnings of unconsolidated affiliates 3 35 - - 38 Other income, net - 2 - - 2 Interest expense (13 ) (65 ) (5 ) (23 ) (106 ) Income (Loss) Before Income Taxes 41 6 5 (28 ) 24 Income tax benefit - - - (11 ) (11 ) Net Income (Loss) $ 41 $ 6 $ 5 $ (17 ) $ 35 Total Assets $ 1,766 $ 6,330 $ 632 $ 110 $ 8,838 Three months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 87 $ 152 $ 53 $ - $ 292 Cost of operations 12 39 33 - 84 Depreciation and amortization 26 52 6 - 84 General and administrative - - - 6 6 Acquisition-related transaction and integration costs - - - 17 17 Development costs - - - 1 1 Operating Income (Loss) 49 61 14 (24 ) 100 Equity in earnings of unconsolidated affiliates 3 29 - - 32 Other income, net - 1 - 1 2 Interest expense (13 ) (36 ) (4 ) (21 ) (74 ) Income (Loss) Before Income taxes 39 55 10 (44 ) 60 Income tax expense - - - 11 11 Net Income (Loss) $ 39 $ 55 $ 10 $ (55 ) $ 49 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 253 $ 392 $ 152 $ - $ 797 Cost of operations 44 106 99 - 249 Depreciation and amortization 75 190 20 - 285 Impairment losses - - 19 - 19 General and administrative - 1 2 17 20 Acquisition-related transaction and integration costs - - - 2 2 Development costs - - 4 - 4 Operating Income (Loss) 134 95 8 (19 ) 218 Equity in earnings of unconsolidated affiliates 7 45 - - 52 Other income, net 1 4 - 1 6 Loss on debt extinguishment - (1 ) - - (1 ) Interest expense (45 ) (213 ) (13 ) (66 ) (337 ) Income (Loss) Before Income Taxes 97 (70 ) (5 ) (84 ) (62 ) Income tax benefit - - - (14 ) (14 ) Net Income (Loss) $ 97 $ (70 ) $ (5 ) $ (70 ) $ (48 ) Nine months ended September 30, 2018 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating Revenues $ 251 $ 427 $ 146 $ - $ 824 Cost of operations 44 106 97 - 247 Depreciation and amortization 76 154 17 - 247 General and administrative - - - 17 17 Acquisition-related transaction and integration costs - - - 19 19 Development costs - - - 1 1 Operating Income (Loss) 131 167 32 (37 ) 293 Equity in earnings of unconsolidated affiliates 8 57 - - 65 Other income, net 1 2 - 1 4 Interest expense (33 ) (95 ) (8 ) (64 ) (200 ) Income (Loss) Before Income Taxes 107 131 24 (100 ) 162 Income tax expense - - - 17 17 Net Income (Loss) $ 107 $ 131 $ 24 $ (117 ) $ 145 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three months ended September 30, Nine months ended September 30, (In millions, except percentages) 2019 2018 2019 2018 Income (Loss) Before Income Taxes $ 24 $ 60 $ (62 ) $ 162 Income tax (benefit) expense (11 ) 11 (14 ) 17 Effective income tax rate (46 )% 18.3 % 22.6 % 10.5 % |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (In millions) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 2 $ 6 Variable lease cost 3 10 Total lease cost $ 5 $ 16 (In millions, except term and rate) ROU Assets - operating leases, net $ 191 Short-term lease liability - operating leases (a) 6 Long-term lease liability - operating leases 193 Total lease liability $ 199 Cash paid for operating leases $ 7 Weighted average remaining lease term 24 Weighted average discount rate 4.4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In millions) Remainder of 2019 $ 4 2020 14 2021 14 2022 14 2023 13 Thereafter 267 Total lease payments 326 Less imputed interest (127 ) Total lease liability - operating leases $ 199 |
Lessee, Operating Lease, Disclosure [Table Text Block] | (In millions) 2019 $ 13 2020 13 2021 13 2022 13 2023 12 Thereafter 207 Total lease payments $ 271 |
Operating Lease, Lease Income [Table Text Block] | Three months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 89 - - 89 Operating revenue $ 91 $ 160 $ 1 $ 252 Nine months ended September 30, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 253 - - 253 Operating revenue $ 257 $ 416 $ 2 $ 675 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | (In millions) Remainder of 2019 $ 91 2020 337 2021 341 2022 346 2023 154 Total lease payments $ 1,269 |
Property, Plant and Equipment Related to Operating Leases [Table Text Block] | (In millions) Property, plant and equipment $ 6,230 Accumulated depreciation (1,600 ) Net property, plant and equipment $ 4,629 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Jan. 29, 2019 | Dec. 31, 2018USD ($) | |
Power Generation Capacity, MegaWatts | 5,330 | ||
Restricted Cash, Total | $ 249 | $ 176 | |
Property, Plant and Equipment, Net, Ending Balance | 5,562 | 5,245 | |
Equity Method Investments | 1,181 | $ 1,172 | |
Short-term Debt, Total | 1,300 | ||
Pacific Gas and Electric Company [Member] | |||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 480 | ||
Restricted Cash, Total | 147 | ||
Property, Plant and Equipment, Net, Ending Balance | 1,400 | ||
Equity Method Investments | 370 | ||
Due to Affiliate, Noncurrent | 1,300 | ||
Marsh Landing [Member] | |||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 720 | ||
NRG Energy, Inc. [Member] | Transaction and Integration Costs [Member] | |||
Services Agreement, Expense | $ 1.5 | ||
Clearway Energy, LLC [Member] | Clearway Energy, Inc [Member] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 55.81% | ||
Clearway Energy, LLC [Member] | Clearway Energy Group LLC [Member] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 44.19% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Oct. 29, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 148 | $ 407 | |
Accounts Receivable Reclassified to Noncurrent Assets | 5 | ||
Common Class A and C [Member] | Subsequent Event [Member] | |||
Dividends Payable, Date Declared | Oct. 29, 2019 | ||
Dividends Payable, Amount Per Share | $ 0.20 | ||
Dividends Payable, Date to be Paid | Dec. 16, 2019 | ||
Dividends Payable, Date of Record | Dec. 2, 2019 | ||
Operating Funds [Member] | |||
Restricted Cash and Cash Equivalents, Total | 78 | ||
Current Debt Service Payments [Member] | |||
Restricted Cash and Cash Equivalents, Total | 70 | ||
Reserves [Member] | |||
Restricted Cash and Cash Equivalents, Total | 53 | ||
Cash Distributions Reserve [Member] | |||
Restricted Cash and Cash Equivalents, Total | 48 | ||
Cash Affected by Bankruptcy [Member] | |||
Restricted Cash and Cash Equivalents, Total | 36 | ||
Project Level Subsidiaries [Member] | |||
Restricted Cash and Cash Equivalents, Total | 147 | ||
Project Level Subsidiaries [Member] | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 116 | $ 109 | |
Clearway Energy, LLC [Member] | Common Class B and D [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.20 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 148 | $ 407 | ||
Restricted cash | 249 | 176 | ||
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 397 | $ 583 | $ 389 | $ 316 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment Accumulated Depreciation | $ 1,830 | $ 1,590 |
Intangible Assets Accumulated Amortization | $ 361 | $ 308 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Dividends Paid (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common Class A [Member] | ||||||
Dividends per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.32 | $ 0.60 | $ 0.927 |
Common Class C [Member] | ||||||
Dividends per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.32 | $ 0.60 | $ 0.927 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Distributions Paid (Details) - Clearway Energy, LLC [Member] - $ / shares | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Common Class B [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.20 | $ 0.20 | $ 0.20 |
Common Class D [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.20 | $ 0.20 | $ 0.20 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||||
Total operating revenue | $ 296 | $ 292 | $ 797 | $ 824 | ||||
Contract amortization | (18) | (17) | (52) | (52) | ||||
Mark-to-market for economic hedging activities | (2) | (9) | ||||||
Less: Mark-to-market for economic hedging activities | 2 | 9 | ||||||
Less: Lease revenue | (252) | (246) | (675) | (694) | ||||
Less: Contract amortization | 18 | 17 | 52 | 52 | ||||
Total revenue from contracts with customers | 64 | 63 | 183 | 182 | ||||
Lease Revenue | 252 | 246 | 675 | 694 | ||||
Conventional Generation [Member] | ||||||||
Total operating revenue | 90 | 87 | 253 | 251 | ||||
Contract amortization | (1) | (1) | (4) | (4) | ||||
Mark-to-market for economic hedging activities | 0 | 0 | ||||||
Less: Mark-to-market for economic hedging activities | 0 | 0 | ||||||
Less: Lease revenue | (91) | (88) | (257) | (255) | ||||
Less: Contract amortization | 1 | 1 | 4 | 4 | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Lease Revenue | 91 | 88 | 257 | 255 | ||||
Renewables [Member] | ||||||||
Total operating revenue | 151 | 152 | 392 | 427 | ||||
Contract amortization | (16) | (15) | (46) | (46) | ||||
Mark-to-market for economic hedging activities | (2) | (9) | ||||||
Less: Mark-to-market for economic hedging activities | 2 | 9 | ||||||
Less: Lease revenue | (160) | (158) | (416) | (438) | ||||
Less: Contract amortization | 16 | 15 | 46 | 46 | ||||
Total revenue from contracts with customers | 9 | 9 | 31 | 35 | ||||
Lease Revenue | 160 | 158 | 416 | 438 | ||||
Thermal [Member] | ||||||||
Total operating revenue | 55 | 53 | 152 | 146 | ||||
Contract amortization | (1) | (1) | (2) | (2) | ||||
Mark-to-market for economic hedging activities | 0 | 0 | ||||||
Less: Mark-to-market for economic hedging activities | 0 | 0 | ||||||
Less: Lease revenue | (1) | 0 | (2) | (1) | ||||
Less: Contract amortization | 1 | 1 | 2 | 2 | ||||
Total revenue from contracts with customers | 55 | 54 | 152 | 147 | ||||
Lease Revenue | 1 | 0 | 2 | 1 | ||||
Energy Revenue [Member] | ||||||||
Total operating revenue | 172 | [1] | 166 | [2] | 451 | [3] | 470 | [4] |
Less: Lease revenue | (163) | (160) | (422) | (444) | ||||
Lease Revenue | 163 | 160 | 422 | 444 | ||||
Energy Revenue [Member] | Conventional Generation [Member] | ||||||||
Total operating revenue | 2 | [1] | 2 | [2] | 4 | [3] | 5 | [4] |
Less: Lease revenue | (2) | (2) | (4) | (5) | ||||
Lease Revenue | 2 | 2 | 4 | 5 | ||||
Energy Revenue [Member] | Renewables [Member] | ||||||||
Total operating revenue | 167 | [1] | 164 | [2] | 441 | [3] | 463 | [4] |
Less: Lease revenue | (160) | (158) | (416) | (438) | ||||
Lease Revenue | 160 | 158 | 416 | 438 | ||||
Energy Revenue [Member] | Thermal [Member] | ||||||||
Total operating revenue | 3 | [1] | 0 | [2] | 6 | [3] | 2 | [4] |
Less: Lease revenue | (1) | 0 | (2) | (1) | ||||
Lease Revenue | 1 | 0 | 2 | 1 | ||||
Capacity Revenue [Member] | ||||||||
Total operating revenue | 133 | [1] | 132 | [2] | 379 | [3] | 377 | [4] |
Less: Lease revenue | (89) | (86) | (253) | (250) | ||||
Lease Revenue | 89 | 86 | 253 | 250 | ||||
Capacity Revenue [Member] | Conventional Generation [Member] | ||||||||
Total operating revenue | 89 | [1] | 86 | [2] | 253 | [3] | 250 | [4] |
Less: Lease revenue | (89) | (86) | (253) | (250) | ||||
Lease Revenue | 89 | 86 | 253 | 250 | ||||
Capacity Revenue [Member] | Renewables [Member] | ||||||||
Total operating revenue | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] |
Less: Lease revenue | 0 | 0 | 0 | 0 | ||||
Lease Revenue | 0 | 0 | 0 | 0 | ||||
Capacity Revenue [Member] | Thermal [Member] | ||||||||
Total operating revenue | 44 | [1] | 46 | [2] | 126 | [3] | 127 | [4] |
Less: Lease revenue | 0 | 0 | 0 | 0 | ||||
Lease Revenue | 0 | 0 | 0 | 0 | ||||
Product and Service, Other [Member] | ||||||||
Total operating revenue | 11 | 11 | 28 | 29 | ||||
Product and Service, Other [Member] | Conventional Generation [Member] | ||||||||
Total operating revenue | 0 | 0 | 0 | 0 | ||||
Product and Service, Other [Member] | Renewables [Member] | ||||||||
Total operating revenue | 2 | 3 | 6 | 10 | ||||
Product and Service, Other [Member] | Thermal [Member] | ||||||||
Total operating revenue | $ 9 | $ 8 | $ 22 | $ 19 | ||||
[1] | The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 90 - - 90 $ 92 $ 160 $ 1 $ 253 | |||||||
[2] | The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 158 $ - $ 160 Capacity revenue 86 - - 86 $ 88 $ 158 $ - $ 246 | |||||||
[3] | The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 254 - - 254 $ 258 $ 416 $ 2 $ 676 | |||||||
[4] | The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 5 $ 438 $ 1 $ 444 Capacity revenue 250 - - 250 $ 255 $ 438 $ 1 $ 694 |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) $ in Millions | Sep. 30, 2019USD ($) | |
Accounts receivable, net - Contracts with customers | $ 31 | |
Accounts receivable, net - Leases | 110 | |
Total accounts receivable, net (a) | $ 141 | [1] |
[1] | Total accounts receivable, net, excludes $5 million generated at projects affected by PG&E Bankruptcy, which were reclassified to non-current assets as of September 30, 2019. |
Note 3 - Acquisitions and Dis_2
Note 3 - Acquisitions and Dispositions (Details Textual) $ in Millions | Oct. 08, 2019USD ($) | Sep. 05, 2019 | May 01, 2019USD ($) | Jun. 19, 2018USD ($) | Apr. 18, 2018USD ($) | Mar. 30, 2018USD ($) | Jan. 31, 2019USD ($) | May 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Long-term Debt, Total | $ 6,179 | $ 6,044 | |||||||||
Power Generation Capacity, MegaWatts | 5,330 | ||||||||||
Repayments of Long-term Debt, Total | $ 700 | $ 385 | |||||||||
DB Energy Assets LLC [Member] | |||||||||||
Power Generation Capacity, MegaWatts | 103 | ||||||||||
Sale of Business, Percent of Voting Interest Sold | 100.00% | ||||||||||
HSD Solar Holdings, LLC [Member] | Subsequent Event [Member] | |||||||||||
Power Generation Capacity, MegaWatts | 6 | ||||||||||
Sale of Business, Percent of Voting Interest Sold | 100.00% | ||||||||||
Proceeds from Divestiture of Businesses | $ 20 | ||||||||||
Repayments of Long-term Debt, Total | $ 23 | ||||||||||
NRG Energy, Inc. [Member] | |||||||||||
Accounts Payable, Related Parties | $ 4 | ||||||||||
Repayments of Related Party Debt | $ 3 | ||||||||||
Duquesne University District Energy System [Member] | |||||||||||
Power Purchase Agreement Period | 40 years | ||||||||||
Business Combination, Consideration Transferred, Total | $ 107 | ||||||||||
Payments to Acquire Businesses, Gross | 100 | ||||||||||
Long-term Debt, Total | $ 95 | ||||||||||
UPMC Thermal Project [Member] | |||||||||||
Business Combination, Consideration Transferred, Total | $ 84 | ||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 73 | ||||||||||
Power Generation Capacity, MegaWatts | 7.5 | ||||||||||
Central CA Fuel Cell 1, LLC [Member] | |||||||||||
Power Purchase Agreement Period | 20 years | ||||||||||
Business Combination, Consideration Transferred, Total | $ 11 | ||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 2.8 | ||||||||||
Buckthorn Renewables, LLC [Member] | |||||||||||
Power Purchase Agreement Period | 25 years | ||||||||||
Business Combination, Consideration Transferred, Total | $ 42 | ||||||||||
Power Generation Capacity, MegaWatts | 154 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 183 | ||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 19 | ||||||||||
Proceeds from Noncontrolling Interests | $ 80 | ||||||||||
Buckthorn Renewables, LLC [Member] | Term Loan [Member] | |||||||||||
Long-term Debt, Total | $ 132 |
Note 4 - Investments Accounte_3
Note 4 - Investments Accounted for by the Equity Method and Variable Interest Entities (Details Textual) $ in Millions | Aug. 31, 2019USD ($) | Jan. 02, 2019USD ($) | Mar. 30, 2018 | Aug. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 14, 2019USD ($) | May 07, 2019USD ($) | Mar. 08, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 30, 2018 |
Power Generation Capacity, MegaWatts | 5,330 | 5,330 | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 298 | $ 298 | $ 402 | |||||||||
Percentage of Cash Available for Distributions | 95.00% | 95.00% | ||||||||||
Payments to Acquire Equity Method Investments | $ 14 | $ 16 | ||||||||||
Affiliated Entity [Member] | ||||||||||||
Accounts Payable, Related Parties | $ 16 | |||||||||||
Percentage of Cash Available for Distributions | 5.00% | 5.00% | ||||||||||
Kawailoa Partnership [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 9 | |||||||||||
Power Generation Capacity, MegaWatts | 49 | |||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2 | |||||||||||
Business Combination, Capital Contribution, Percent | 20.00% | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 120 | |||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | 21 | |||||||||||
Accounts Payable, Related Parties | $ 7 | |||||||||||
Business Combination, Capital Contribution Payable, Percent | 80.00% | |||||||||||
Zephyr Oahu Partnership LLC [Member] | ||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 4 | |||||||||||
Business Combination, Capital Contribution, Percent | 20.00% | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 143 | |||||||||||
Business Combination, Capital Contribution Payable, Percent | 80.00% | |||||||||||
Zephyr Oahu Partnership LLC [Member] | Tax Equity Investors [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 18 | |||||||||||
November 2015 Drop Down Assets [Member] | Financial Institutions [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 19 | |||||||||||
Buckthorn Solar Drop Down Asset [Member] | ||||||||||||
Power Generation Capacity, MegaWatts | 154 | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Repowering Partnership Holdco LLC, due 2020 [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 352 | |||||||||||
Commitment to Invest | $ 111 | |||||||||||
Kawailoa Solar Project [Member] | Kawailoa Solar Partnership LLC [Member] | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 51.00% | |||||||||||
Kawailoa Solar Project [Member] | Third Party Investor [Member] | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 49.00% | |||||||||||
Buckthorn Renewables, LLC [Member] | Buckthorn Solar Portfolio, LLC [Member] | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | |||||||||||
Buckthorn Solar Portfolio, LLC [Member] | Buckthorn Holdings, LLC [Member] | ||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% | |||||||||||
Repowering Partnership LLC [Member] | Clearway Renew LLC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 21.00% | |||||||||||
Depreciation, Total | $ 26 | $ 26 | ||||||||||
Oahu Solar Partnership [Member] | Zephyr Oahu Partnership LLC [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 20 | |||||||||||
Oahu Solar, Lanikuhana [Member] | ||||||||||||
Power Generation Capacity, MegaWatts | 15 | |||||||||||
Oahu Solar, Waipio [Member] | ||||||||||||
Power Generation Capacity, MegaWatts | 46 | |||||||||||
DGPV Holdco 1 [Member] | ||||||||||||
Power Generation Capacity, MegaWatts | 52 | 52 | ||||||||||
Payments to Acquire Equity Method Investments | $ 2 | |||||||||||
Remaining Lease Term | 16 years | |||||||||||
DGPV Holdco 3 [Member] | ||||||||||||
Power Generation Capacity, MegaWatts | 59 | 59 | ||||||||||
Payments to Acquire Equity Method Investments | $ 12 | |||||||||||
Remaining Lease Term | 20 years | |||||||||||
Due to Affiliate | $ 23 | $ 23 |
Note 4 - Investments Accounte_4
Note 4 - Investments Accounted for By the Equity Method and Variable Interest Entities - Consolidated Entities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment, Net, Ending Balance | $ 5,562 | $ 5,245 |
Intangible assets | 1,103 | 1,156 |
Total assets | 8,838 | 8,500 |
Current and non-current liabilities | 6,792 | $ 6,276 |
Oahu Solar Partnership [Member] | ||
Other current and non-current assets | 38 | |
Property, Plant and Equipment, Net, Ending Balance | 190 | |
Intangible assets | 0 | |
Total assets | 228 | |
Current and non-current liabilities | 190 | |
Noncontrolling interest | 2 | |
Net assets less noncontrolling interests | 36 | |
Kawailoa Solar Partnership LLC [Member] | ||
Other current and non-current assets | 36 | |
Property, Plant and Equipment, Net, Ending Balance | 147 | |
Intangible assets | 0 | |
Total assets | 183 | |
Current and non-current liabilities | 167 | |
Noncontrolling interest | 16 | |
Net assets less noncontrolling interests | 0 | |
Alta X and XI TE Holdco [Member] | ||
Other current and non-current assets | 56 | |
Property, Plant and Equipment, Net, Ending Balance | 387 | |
Intangible assets | 240 | |
Total assets | 683 | |
Current and non-current liabilities | 39 | |
Noncontrolling interest | 53 | |
Net assets less noncontrolling interests | 591 | |
Spring Canyon [Member] | ||
Other current and non-current assets | 3 | |
Property, Plant and Equipment, Net, Ending Balance | 87 | |
Intangible assets | 0 | |
Total assets | 90 | |
Current and non-current liabilities | 5 | |
Noncontrolling interest | 35 | |
Net assets less noncontrolling interests | 50 | |
Buckthorn Renewables, LLC [Member] | ||
Other current and non-current assets | 11 | |
Property, Plant and Equipment, Net, Ending Balance | 217 | |
Intangible assets | 0 | |
Total assets | 228 | |
Current and non-current liabilities | 141 | |
Noncontrolling interest | 62 | |
Net assets less noncontrolling interests | 25 | |
Repowering Partnership LLC [Member] | ||
Other current and non-current assets | 17 | |
Property, Plant and Equipment, Net, Ending Balance | 320 | |
Intangible assets | 1 | |
Total assets | 338 | |
Current and non-current liabilities | 36 | |
Noncontrolling interest | (13) | |
Net assets less noncontrolling interests | $ 315 |
Note 4 - Investments Accounte_5
Note 4 - Investments Accounted for by the Equity Method and Variable Interest Entities - Unconsolidated Entities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Maximum exposure to loss | $ 1,181 | $ 1,172 |
Four Brothers Solar, LLC [Member] | ||
Maximum exposure to loss | 184 | |
GenConn [Member] | ||
Maximum exposure to loss | 94 | |
DGPV Holdco 3 [Member] | ||
Maximum exposure to loss | 160 | |
DGPV Holdco 1 [Member] | ||
Maximum exposure to loss | 84 | |
Granite Mountain Holdings, LLC [Member] | ||
Maximum exposure to loss | 66 | |
DGPV Holdco 2 LLC [Member] | ||
Maximum exposure to loss | 63 | |
Iron Springs Holdings, LLC [Member] | ||
Maximum exposure to loss | 47 | |
RPV Holdco 1 LLC [Member] | ||
Maximum exposure to loss | $ 17 |
Note 4 - Investments Accounte_6
Note 4 - Investments Accounted for by the Equity Method and Variable Interest Entities - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Operating revenues | $ 26 | $ 22 | $ 63 | $ 55 | |
Operating loss | 14 | 10 | 26 | 20 | |
Net (loss) income | (1) | $ 10 | (16) | $ 21 | |
Current assets | 148 | 148 | $ 41 | ||
Property, plant and equipment, net | 840 | 840 | 828 | ||
Non-current assets | 51 | 51 | 7 | ||
Current liabilities | 94 | 94 | 137 | ||
Non-current liabilities | 415 | 415 | 314 | ||
Redeemable noncontrolling interest | (1) | (1) | 0 | ||
Noncontrolling interest | $ 43 | $ 43 | $ 9 |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) | Jan. 29, 2019 | Dec. 31, 2018USD ($) |
Fair Value Assets Measured on Recurring Basis,Valuation Techniques Impact of Credit Reserve to Fair Value | $ 8,000 | ||
Pacific Gas and Electric Company [Member] | |||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 480 | ||
Accounts Receivable, Related Parties | 31,000 | ||
Accounts Receivable, Related Parties, Noncurrent | 5,000 | ||
Marsh Landing [Member] | |||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 720 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 0 |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Estimated Carrying Amounts and Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Reported Value Measurement [Member] | |||
Long-term debt, including current portion (a) | [1] | $ 6,179 | $ 6,043 |
Estimate of Fair Value Measurement [Member] | |||
Long-term debt, including current portion (a) | [1] | $ 6,173 | $ 5,943 |
[1] | Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. |
Note 5 - Fair Value of Financ_5
Note 5 - Fair Value of Financial Instruments - Fair Value Hierarchy for Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term debt, including current portion | $ 1,551 | $ 1,620 |
Fair Value, Inputs, Level 3 [Member] | ||
Long-term debt, including current portion | $ 4,622 | $ 4,323 |
Note 5 - Fair Value of Financ_6
Note 5 - Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Derivative assets | [1] | $ 1 | $ 1 | $ 11 | ||
Derivative liabilities | 110 | 110 | 21 | |||
Commodity Contract [Member] | ||||||
Derivative assets | 1 | 1 | ||||
Derivative liabilities | 9 | 9 | ||||
Interest Rate Contract [Member] | ||||||
Derivative assets | 0 | 0 | 11 | |||
Derivative liabilities | 101 | 101 | 21 | |||
Fair Value, Recurring [Member] | ||||||
Derivative assets | [2] | 1 | 1 | |||
Derivative liabilities | [2] | 110 | 110 | |||
Fair Value, Recurring [Member] | Commodity Contract [Member] | ||||||
Derivative assets | [2] | 1 | 1 | |||
Derivative liabilities | [2] | 9 | 9 | |||
Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||||||
Derivative assets | [2] | 0 | 0 | |||
Derivative liabilities | [2] | 101 | 101 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative assets | [2] | 0 | 0 | |||
Derivative liabilities | [2] | 9 | 9 | |||
Balance | (7) | $ 0 | 0 | $ 0 | ||
Total losses for the period included in earnings | (2) | 0 | (2) | 0 | ||
Purchases | 0 | 0 | (7) | 0 | ||
Balance | (9) | $ 0 | (9) | $ 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||||||
Derivative assets | [2] | 0 | 0 | |||
Derivative liabilities | [2] | 9 | 9 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | ||||||
Derivative assets | [2] | 0 | 0 | |||
Derivative liabilities | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Derivative assets | [2] | 1 | 1 | 11 | ||
Derivative liabilities | [2] | 101 | 101 | 21 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||||||
Derivative assets | [2] | 1 | 1 | 0 | ||
Derivative liabilities | [2] | 0 | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | ||||||
Derivative assets | [2] | 0 | 0 | 11 | ||
Derivative liabilities | [2] | $ 101 | $ 101 | $ 21 | ||
[1] | Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of September 30, 2019. | |||||
[2] | There were no derivative assets or liabilities classified as Level 1 as of September 30, 2019, and no derivative assets or liabilities classified as Level 1 or Level 3 as of December 31, 2018. |
Note 5 - Fair Value of Financ_7
Note 5 - Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Energy Related Derivative [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - Valuation Technique, Discounted Cash Flow [Member] $ in Millions | Sep. 30, 2019USD ($) |
Derivative Assets | $ 0 |
Derivative Liabilities | $ 9 |
Minimum [Member] | |
Input/Range | 0.07 |
Maximum [Member] | |
Input/Range | 0.33 |
Weighted Average [Member] | |
Input/Range | 0.12 |
Note 6 - Derivative Instrumen_3
Note 6 - Derivative Instruments and Hedging Activities (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Energy Related Derivative [Member] | |
Derivative, Loss on Derivative | $ 9 |
Note 6 - Derivative Instrumen_4
Note 6 - Derivative Instruments and Hedging Activities - Net Notional Volume Buy of Open Derivative Transactions, by Type (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)MMBTUMWh | Dec. 31, 2018USD ($)MMBTUMWh | |
Power [Member] | ||
Nonmonetary Notional Amount (Megawatt-Hour) | MWh | (2) | 0 |
Natural Gas [Member] | ||
Nonmonetary Notional Amount (Millions of British Thermal Unit) | MMBTU | 3 | 1 |
Interest [Member] | ||
Interest | $ | $ 1,756 | $ 1,862 |
Note 6 - Derivative Instrumen_5
Note 6 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Gross Amounts of Recognized Assets | [1] | $ 1 | $ 11 |
Derivative Liabilities, Fair Value | 110 | 21 | |
Designated as Hedging Instrument [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 5 |
Derivative Liabilities, Fair Value | 17 | 7 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract, Current [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 2 |
Derivative Liabilities, Fair Value | 3 | 1 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract, Noncurrent [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 3 |
Derivative Liabilities, Fair Value | 14 | 6 | |
Not Designated as Hedging Instrument [Member] | |||
Gross Amounts of Recognized Assets | [1] | 1 | 6 |
Derivative Liabilities, Fair Value | 93 | 14 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract, Current [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 1 |
Derivative Liabilities, Fair Value | 12 | 3 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract, Noncurrent [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 5 |
Derivative Liabilities, Fair Value | 72 | 11 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract, Current [Member] | |||
Gross Amounts of Recognized Assets | [1] | 1 | 0 |
Derivative Liabilities, Fair Value | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract, Noncurrent [Member] | |||
Gross Amounts of Recognized Assets | [1] | 0 | 0 |
Derivative Liabilities, Fair Value | $ 9 | $ 0 | |
[1] | Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of September 30, 2019. |
Note 6 - Derivative Instrumen_6
Note 6 - Derivative Instruments and Hedging Activities - Offsetting of Derivatives by the Counterparty Master Agreement Level (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Gross Amounts of Recognized Assets | [1] | $ 1 | $ 11 |
Gross Amounts of Recognized Liabilities | (110) | (21) | |
Gross Amounts of Recognized Assets/Liabilities | (109) | (10) | |
Derivative Instruments | 0 | 0 | |
Derivative Instruments, net | (109) | (10) | |
Commodity Contract [Member] | |||
Gross Amounts of Recognized Assets | 1 | ||
Derivative assets | (1) | ||
Derivative assets, net | 0 | ||
Gross Amounts of Recognized Liabilities | (9) | ||
Derivative liabilities | (1) | ||
Derivative liabilities, net | (8) | ||
Gross Amounts of Recognized Assets/Liabilities | (8) | ||
Derivative Instruments | 0 | ||
Derivative Instruments, net | (8) | ||
Interest Rate Contract [Member] | |||
Gross Amounts of Recognized Assets | 0 | 11 | |
Derivative assets | 0 | (1) | |
Derivative assets, net | 0 | 10 | |
Gross Amounts of Recognized Liabilities | (101) | (21) | |
Derivative liabilities | 0 | (1) | |
Derivative liabilities, net | (101) | (20) | |
Gross Amounts of Recognized Assets/Liabilities | (101) | (10) | |
Derivative Instruments | 0 | 0 | |
Derivative Instruments, net | $ (101) | $ (10) | |
[1] | Derivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of September 30, 2019. |
Note 6 - Derivative Instrumen_7
Note 6 - Derivative Instruments and Hedging Activities - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Balances | $ 2,054 | $ 2,288 | $ 2,224 | $ 2,159 | |
Balances | 2,046 | 2,375 | 2,046 | 2,375 | |
Accumulated OCL | (17) | (14) | (17) | (14) | $ (18) |
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $3 | (7) | (7) | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balances | (35) | (36) | (38) | (60) | |
Balances | (36) | (30) | (36) | (30) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | (2) | 5 | 15 | 11 | |
Mark-to-market of cash flow hedge accounting contracts | 1 | 1 | (13) | 19 | |
Noncontrolling Interest [Member] | |||||
Balances | 322 | 419 | 402 | 412 | |
Balances | 298 | 440 | 298 | 440 | |
Accumulated OCL | $ (19) | $ (16) | $ (19) | $ (16) |
Note 6 - Derivative Instrumen_8
Note 6 - Derivative Instruments and Hedging Activities - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Losses expected to be realized from OCL during the next 12 months, income tax benefit | $ 3 | $ 3 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated OCL, income tax benefit | $ 6 | $ 6 |
Note 6 - Derivative Instrumen_9
Note 6 - Derivative Instruments and Hedging Activities - Derivative Instruments Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized loss on derivatives, net of tax | $ (1) | $ 5 | $ (2) | $ 6 | $ 7 | $ 17 | ||
Interest Rate Contract [Member] | Interest Expense [Member] | ||||||||
Unrealized loss on derivatives, net of tax | $ (28) | $ 9 | $ (82) | $ 40 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Oct. 21, 2019 | Jun. 14, 2019 | May 07, 2019 | Apr. 29, 2019 | Mar. 08, 2019 | Feb. 01, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Nov. 06, 2019 | May 01, 2019 | Dec. 31, 2018 | |
Due from Affiliate, Current | $ 3,000 | $ 0 | ||||||||||
Pacific Gas and Electric Company [Member] | ||||||||||||
Due from Affiliate, Current | $ 1,300 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 1.75% | ||||||||||
Long-term Line of Credit, Total | $ 0 | |||||||||||
Letters of Credit Outstanding, Amount | $ 52,000 | |||||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||
Long-term Line of Credit, Total | $ 40,000 | |||||||||||
Letters of Credit Outstanding, Amount | $ 71,000 | |||||||||||
The 2019 Convertible Notes [Member] | ||||||||||||
Repayments of Debt | $ 170,000 | $ 50,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.50% | ||||||||||
Agua Caliente Borrower 2, Due 2038 [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[3],[4] | 5.43% | ||||||||||
Agua Caliente Borrower 2, Due 2038 [Member] | Subsequent Event [Member] | ||||||||||||
Repayments of Related Party Debt | $ 40,000 | |||||||||||
Repowering Partnership Holdco LLC, due 2020 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 0.85% | ||||||||||
Repowering Partnership Holdco LLC, due 2020 [Member] | Loans Payable [Member] | ||||||||||||
Repayments of Related Party Debt | $ 109,000 | |||||||||||
Debt Instrument, Face Amount | 352,000 | |||||||||||
Duquesne, Due 2059 [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.62% | ||||||||||
Duquesne, Due 2059 [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 95,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.62% | |||||||||||
Oahu Solar Holdings LLC, Due 2026 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 1.375% | ||||||||||
Debt Instrument, Face Amount | $ 143,000 | |||||||||||
Debt Instrument, Total Commitment | $ 162,000 | |||||||||||
Kawailoa Solar Holdings LLC, Due 2026 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 1.375% | ||||||||||
Debt Instrument, Face Amount | $ 120,000 | |||||||||||
Debt Instrument, Total Commitment | $ 137,000 | |||||||||||
South Trent Wind LLC, Due 2020 [Member] | ||||||||||||
Short-term Debt, Refinanced, Amount | 49,000 | |||||||||||
South Trent Wind, Due 2028 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2] | 1.35% | ||||||||||
Debt Instrument, Face Amount | $ 46,000 | |||||||||||
Project Debt for Tapestry Wind, LLC, Due 2021 [Member] | ||||||||||||
Short-term Debt, Refinanced, Amount | $ 147,000 | |||||||||||
Tapestry, Due 2031 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [2],[5] | 1.375% | ||||||||||
Debt Instrument, Face Amount | $ 164,000 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Viento, Due 2023 and Kansas South, Due 2030 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Repowering Partnership Holdco LLC, due 2020 [Member] | Loans Payable [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Oahu Solar Holdings LLC, Due 2026 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Kawailoa Solar Holdings LLC, Due 2026 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | South Trent Wind LLC, Due 2020 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | South Trent Wind, Due 2028 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Project Debt for Tapestry Wind, LLC, Due 2021 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tapestry, Due 2031 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||
[1] | Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement | |||||||||||
[2] | As of September 30, 2019, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 and Kansas South, due 2030 where L+ equals 6 month LIBOR plus 2.00% and Utah Solar Portfolio, Kawailoa Solar Holdings LLC, Oahu Solar Holdings LLC, Repowering Partnership Holdco LLC where L+ equals 1 month LIBOR plus 2.65% | |||||||||||
[3] | Entities affected by PG&E bankruptcy, see further discussion below. | |||||||||||
[4] | The Company repaid the debt on October 21, 2019, as further described below | |||||||||||
[5] | Discounts relate to the 2020 Convertible Notes |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | ||
Total debt | $ 6,179 | $ 6,044 | |
Less current maturities | (1,965) | (535) | |
Less net debt issuance costs | (71) | (61) | |
Less discounts | [1] | 0 | (1) |
Total long-term debt | 4,143 | 5,447 | |
Revolving Credit Facility [Member] | |||
Total debt | [2] | $ 0 | 0 |
Total debt, interest rate spread | [2],[3] | 1.75% | |
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||
Total debt | [2] | $ 52 | |
The 2019 Convertible Notes [Member] | |||
Total debt | $ 0 | 220 | |
Total debt, interest rate | [3] | 3.50% | |
The 2020 Convertible Notes [Member] | |||
Total debt | $ 45 | 45 | |
Total debt, interest rate | [3] | 3.25% | |
The 2024 Senior Notes [Member] | |||
Total debt | $ 500 | 500 | |
Total debt, interest rate | [3] | 5.375% | |
The 2025 Senior Notes [Member] | |||
Total debt | $ 600 | 600 | |
Total debt, interest rate | [3] | 5.75% | |
The 2026 Senior Notes [Member] | |||
Total debt | $ 350 | 350 | |
Total debt, interest rate | [3] | 5.00% | |
Agua Caliente Borrower 2, Due 2038 [Member] | |||
Total debt | [4],[5] | $ 38 | 39 |
Total debt, interest rate | [3],[4],[5] | 5.43% | |
Agua Caliente Borrower 2, Due 2038 [Member] | Letter of Credit [Member] | |||
Total debt | [4],[5] | $ 17 | |
Alpine, Due 2022 [Member] | |||
Total debt | [4] | $ 121 | 127 |
Total debt, interest rate spread | [3],[4] | 2.00% | |
Alpine, Due 2022 [Member] | Letter of Credit [Member] | |||
Total debt | [4] | $ 16 | |
Alta Wind I - V Lease Financing Arrangements, Due 2034 and 2035 [Member] | |||
Total debt | $ 859 | 886 | |
Alta Wind I - V Lease Financing Arrangements, Due 2034 and 2035 [Member] | Minimum [Member] | |||
Total debt, interest rate | [3] | 5.696% | |
Alta Wind I - V Lease Financing Arrangements, Due 2034 and 2035 [Member] | Maximum [Member] | |||
Total debt, interest rate | 7.015% | ||
Alta Wind I - V Lease Financing Arrangements, Due 2034 and 2035 [Member] | Letter of Credit [Member] | |||
Total debt | $ 29 | ||
Buckthorn Solar, Due 2025 [Member] | |||
Total debt | $ 130 | 132 | |
Total debt, interest rate spread | [3] | 1.75% | |
Buckthorn Solar, Due 2025 [Member] | Letter of Credit [Member] | |||
Total debt | $ 26 | ||
CVSR, Due 2037 [Member] | |||
Total debt | [4] | $ 696 | 720 |
CVSR, Due 2037 [Member] | Minimum [Member] | |||
Total debt, interest rate | [3],[4] | 2.339% | |
CVSR, Due 2037 [Member] | Maximum [Member] | |||
Total debt, interest rate | 3.775% | ||
CVSR, Due 2037 [Member] | Letter of Credit [Member] | |||
Total debt | [4] | $ 0 | |
CVSR Holdco Notes, Due 2037 [Member] | |||
Total debt | [4] | $ 182 | 188 |
Total debt, interest rate | [3],[4] | 4.68% | |
CVSR Holdco Notes, Due 2037 [Member] | Letter of Credit [Member] | |||
Total debt | [4] | $ 13 | |
Duquesne, Due 2059 [Member] | |||
Total debt | $ 95 | 0 | |
Total debt, interest rate | [3] | 4.62% | |
El Segundo Energy Center, Due 2023 [Member] | |||
Total debt | $ 303 | 352 | |
El Segundo Energy Center, Due 2023 [Member] | Minimum [Member] | |||
Total debt, interest rate spread | [3] | 1.75% | |
El Segundo Energy Center, Due 2023 [Member] | Maximum [Member] | |||
Total debt, interest rate spread | 2.375% | ||
El Segundo Energy Center, Due 2023 [Member] | Letter of Credit [Member] | |||
Total debt | $ 138 | ||
Energy Center Minneapolis Series D, E, F, G, H Notes, Due 2025-2037 [Member] | |||
Total debt | 328 | 328 | |
Energy Center Minneapolis Series D, E, F, G, H Notes, Due 2025-2037 [Member] | Letter of Credit [Member] | |||
Total debt | 0 | ||
Laredo Ridge, Due 2028 [Member] | |||
Total debt | $ 86 | 89 | |
Total debt, interest rate spread | [3] | 2.125% | |
Laredo Ridge, Due 2028 [Member] | Letter of Credit [Member] | |||
Total debt | $ 10 | ||
Kansas South, Due 2030 [Member] | |||
Total debt | [4] | $ 25 | 26 |
Total debt, interest rate spread | [3],[4] | 2.00% | |
Kansas South, Due 2030 [Member] | Letter of Credit [Member] | |||
Total debt | [4] | $ 2 | |
Kawailoa Solar Holdings LLC, Due 2026 [Member] | |||
Total debt | $ 134 | 0 | |
Total debt, interest rate spread | [3] | 1.375% | |
Kawailoa Solar Holdings LLC, Due 2026 [Member] | Letter of Credit [Member] | |||
Total debt | $ 5 | ||
Marsh Landing, Due 2023 [Member] | |||
Total debt | [4] | $ 223 | 263 |
Total debt, interest rate spread | [3],[4] | 2.125% | |
Marsh Landing, Due 2023 [Member] | Letter of Credit [Member] | |||
Total debt | [4] | $ 27 | |
Oahu Solar Holdings LLC, Due 2026 [Member] | |||
Total debt | $ 157 | 0 | |
Total debt, interest rate spread | [3] | 1.375% | |
Oahu Solar Holdings LLC, Due 2026 [Member] | Letter of Credit [Member] | |||
Total debt | $ 11 | ||
Repowering Partnership Holdco LLC, due 2020 [Member] | |||
Total debt | $ 298 | 0 | |
Total debt, interest rate spread | [3] | 0.85% | |
Repowering Partnership Holdco LLC, due 2020 [Member] | Letter of Credit [Member] | |||
Total debt | $ 29 | ||
South Trent Wind, Due 2028 [Member] | |||
Total debt | $ 44 | 50 | |
Total debt, interest rate spread | [3] | 1.35% | |
South Trent Wind, Due 2028 [Member] | Letter of Credit [Member] | |||
Total debt | $ 12 | ||
Tapestry, Due 2031 [Member] | |||
Total debt | [1] | $ 159 | 151 |
Total debt, interest rate spread | [1],[3] | 1.375% | |
Tapestry, Due 2031 [Member] | Letter of Credit [Member] | |||
Total debt | [1] | $ 19 | |
Utah Solar Portfolio, Due 2022 [Member] | |||
Total debt | $ 260 | 267 | |
Total debt, interest rate spread | [3] | 2.625% | |
Utah Solar Portfolio, Due 2022 [Member] | Letter of Credit [Member] | |||
Total debt | $ 13 | ||
Viento, Due 2023 [Member] | |||
Total debt | $ 42 | 146 | |
Total debt, interest rate spread | [3] | 2.00% | |
Viento, Due 2023 [Member] | Letter of Credit [Member] | |||
Total debt | $ 14 | ||
Walnut Creek, Due 2023 [Member] | |||
Total debt | $ 189 | 222 | |
Total debt, interest rate spread | [3] | 1.75% | |
Walnut Creek, Due 2023 [Member] | Letter of Credit [Member] | |||
Total debt | $ 82 | ||
Project Debt, Other [Member] | |||
Total debt | 315 | 343 | |
Project Debt, Other [Member] | Letter of Credit [Member] | |||
Total debt | 24 | ||
Project Debt [Member] | |||
Total debt | $ 4,684 | $ 4,329 | |
[1] | Discounts relate to the 2020 Convertible Notes | ||
[2] | Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement | ||
[3] | As of September 30, 2019, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 and Kansas South, due 2030 where L+ equals 6 month LIBOR plus 2.00% and Utah Solar Portfolio, Kawailoa Solar Holdings LLC, Oahu Solar Holdings LLC, Repowering Partnership Holdco LLC where L+ equals 1 month LIBOR plus 2.65% | ||
[4] | Entities affected by PG&E bankruptcy, see further discussion below. | ||
[5] | The Company repaid the debt on October 21, 2019, as further described below |
Note 8 - Earnings Per Share - B
Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Net income attributable to Clearway Energy, Inc. | $ 39 | $ 21 | $ (5) | $ 116 | |
Common Class A [Member] | |||||
Net income attributable to Clearway Energy, Inc. | [1] | $ 12 | $ 7 | $ (2) | $ 40 |
Weighted average number of Class C common shares outstanding - basic (in shares) | [1] | 35 | 35 | 35 | 35 |
Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 |
Net income attributable to Clearway Energy, Inc. | [1] | $ 12 | $ 7 | $ (2) | $ 40 |
Weighted average number of Class C common shares outstanding - diluted (in shares) | [1] | 35 | 35 | 35 | 35 |
Earnings (Losses) per Weighted Average Class A Common Share - Diluted (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 |
Weighted average number of common shares outstanding — basic and diluted (in shares) | [1] | 35 | 35 | 35 | 35 |
Common Class C [Member] | |||||
Net income attributable to Clearway Energy, Inc. | [1] | $ 27 | $ 14 | $ (3) | $ 76 |
Weighted average number of Class C common shares outstanding - basic (in shares) | [1] | 73 | 69 | 73 | 67 |
Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.14 |
Net income attributable to Clearway Energy, Inc. | [1] | $ 27 | $ 14 | $ (3) | $ 85 |
Weighted average number of Class C common shares outstanding - diluted (in shares) | [1] | 75 | 69 | 73 | 77 |
Earnings (Losses) per Weighted Average Class A Common Share - Diluted (in dollars per share) | [1] | $ 0.36 | $ 0.20 | $ (0.04) | $ 1.10 |
Weighted average number of common shares outstanding — basic and diluted (in shares) | [1] | 73 | 69 | 73 | 67 |
[1] | Basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Note 8 - Earnings Per Share - A
Note 8 - Earnings Per Share - Anti-Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common Class C [Member] | Convertible Debt Securities [Member] | ||||
Antidilutive securities (in shares) | 0 | 10 | 2 | 0 |
Note 9 - Segment Reporting - Se
Note 9 - Segment Reporting - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Total operating revenue | $ 296 | $ 292 | $ 797 | $ 824 | |||||
Cost of operations | 86 | 84 | 249 | 247 | |||||
Depreciation and amortization | 112 | 84 | 285 | 247 | |||||
General and administrative | 7 | 6 | 20 | 17 | |||||
Development costs | 1 | 1 | 4 | 1 | |||||
Operating Income (Loss) | 90 | 100 | 218 | 293 | |||||
Equity in earnings of unconsolidated affiliates | 38 | 32 | 52 | 65 | |||||
Other income, net | 2 | 2 | 6 | 4 | |||||
Interest expense | (106) | (74) | (337) | (200) | |||||
Income (Loss) Before Income Taxes | 24 | 60 | (62) | 162 | |||||
Income tax benefit | (11) | 11 | (14) | 17 | |||||
Net Income (Loss) | 35 | $ (36) | $ (47) | 49 | $ 96 | $ (4) | (48) | 145 | |
Total Assets | 8,838 | 8,838 | $ 8,500 | ||||||
Acquisition-related transaction and integration costs | 0 | 17 | 2 | 19 | |||||
Impairment losses | 0 | 0 | 19 | 0 | |||||
Loss on debt extinguishment | 0 | 0 | (1) | 0 | |||||
Corporate, Non-Segment [Member] | |||||||||
Total operating revenue | 0 | 0 | 0 | 0 | |||||
Cost of operations | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
General and administrative | 5 | 6 | 17 | 17 | |||||
Development costs | 0 | 1 | 0 | 1 | |||||
Operating Income (Loss) | (5) | (24) | (19) | (37) | |||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Other income, net | 0 | 1 | 1 | 1 | |||||
Interest expense | (23) | (21) | (66) | (64) | |||||
Income (Loss) Before Income Taxes | (28) | (44) | (84) | (100) | |||||
Income tax benefit | (11) | 11 | (14) | 17 | |||||
Net Income (Loss) | (17) | (55) | (70) | (117) | |||||
Total Assets | 110 | 110 | |||||||
Acquisition-related transaction and integration costs | 17 | 2 | 19 | ||||||
Impairment losses | 0 | ||||||||
Loss on debt extinguishment | 0 | ||||||||
Conventional Generation [Member] | |||||||||
Total operating revenue | 90 | 87 | 253 | 251 | |||||
Conventional Generation [Member] | Operating Segments [Member] | |||||||||
Total operating revenue | 90 | 87 | 253 | 251 | |||||
Cost of operations | 14 | 12 | 44 | 44 | |||||
Depreciation and amortization | 25 | 26 | 75 | 76 | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Development costs | 0 | 0 | 0 | 0 | |||||
Operating Income (Loss) | 51 | 49 | 134 | 131 | |||||
Equity in earnings of unconsolidated affiliates | 3 | 3 | 7 | 8 | |||||
Other income, net | 0 | 0 | 1 | 1 | |||||
Interest expense | (13) | (13) | (45) | (33) | |||||
Income (Loss) Before Income Taxes | 41 | 39 | 97 | 107 | |||||
Income tax benefit | 0 | 0 | 0 | 0 | |||||
Net Income (Loss) | 41 | 39 | 97 | 107 | |||||
Total Assets | 1,766 | 1,766 | |||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | ||||||
Impairment losses | 0 | ||||||||
Loss on debt extinguishment | 0 | ||||||||
Renewables [Member] | |||||||||
Total operating revenue | 151 | 152 | 392 | 427 | |||||
Renewables [Member] | Operating Segments [Member] | |||||||||
Total operating revenue | 151 | 152 | 392 | 427 | |||||
Cost of operations | 36 | 39 | 106 | 106 | |||||
Depreciation and amortization | 80 | 52 | 190 | 154 | |||||
General and administrative | 1 | 0 | 1 | 0 | |||||
Development costs | 0 | 0 | 0 | 0 | |||||
Operating Income (Loss) | 34 | 61 | 95 | 167 | |||||
Equity in earnings of unconsolidated affiliates | 35 | 29 | 45 | 57 | |||||
Other income, net | 2 | 1 | 4 | 2 | |||||
Interest expense | (65) | (36) | (213) | (95) | |||||
Income (Loss) Before Income Taxes | 6 | 55 | (70) | 131 | |||||
Income tax benefit | 0 | 0 | 0 | 0 | |||||
Net Income (Loss) | 6 | 55 | (70) | 131 | |||||
Total Assets | 6,330 | 6,330 | |||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | ||||||
Impairment losses | 0 | ||||||||
Loss on debt extinguishment | (1) | ||||||||
Thermal [Member] | |||||||||
Total operating revenue | 55 | 53 | 152 | 146 | |||||
Impairment losses | $ 19 | ||||||||
Thermal [Member] | Operating Segments [Member] | |||||||||
Total operating revenue | 55 | 53 | 152 | 146 | |||||
Cost of operations | 36 | 33 | 99 | 97 | |||||
Depreciation and amortization | 7 | 6 | 20 | 17 | |||||
General and administrative | 1 | 0 | 2 | 0 | |||||
Development costs | 1 | 0 | 4 | 0 | |||||
Operating Income (Loss) | 10 | 14 | 8 | 32 | |||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Other income, net | 0 | 0 | 0 | 0 | |||||
Interest expense | (5) | (4) | (13) | (8) | |||||
Income (Loss) Before Income Taxes | 5 | 10 | (5) | 24 | |||||
Income tax benefit | 0 | 0 | 0 | 0 | |||||
Net Income (Loss) | 5 | 10 | (5) | 24 | |||||
Total Assets | $ 632 | 632 | |||||||
Acquisition-related transaction and integration costs | $ 0 | 0 | $ 0 | ||||||
Impairment losses | 19 | ||||||||
Loss on debt extinguishment | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Provision (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income (Loss) Before Income Taxes | $ 24 | $ 60 | $ (62) | $ 162 |
Income tax benefit | $ (11) | $ 11 | $ (14) | $ 17 |
Effective income tax rate | (46.00%) | 18.30% | 22.60% | 10.50% |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Aug. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Aug. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
RENOM [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 8 | $ 7 | $ 22 | $ 22 | |||
Due to Affiliate | $ 8 | $ 8 | $ 6 | ||||
NRG Energy, Inc. [Member] | |||||||
Revenue from Related Parties | 2 | ||||||
NRG Energy, Inc. [Member] | Thermal Entities [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1 | $ 7 | |||||
NRG Energy, Inc. [Member] | Operations and Maintenance Services [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 7 | $ 8 | 27 | ||||
NRG Energy, Inc. [Member] | Operations and Maintenance Services [Member] | GenConn [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1 | 4 | |||||
NRG Energy, Inc. [Member] | Managements Services [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 2 | 7 | |||||
NRG West Coast LLC [Member] | ESEC [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 7 | 11 | |||||
NRG West Coast LLC [Member] | Marsh Landing [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2 | $ 11 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Total | $ 199 | ||
Operating Lease, Right-of-Use Asset | $ 191 | $ 0 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | ||
Clearway Renew LLC [Member] | |||
Operating Lease, Liability, Total | $ 21 | ||
Operating Lease, Right-of-Use Asset | $ 19 | ||
Lessee, Operating Lease, Term of Contract | 35 years | ||
Lessee, Operating Lease, Number of Renewal Options | 2 | ||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Minimum [Member] | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.04% | ||
Maximum [Member] | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.67% | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 174 | ||
Operating Lease, Right-of-Use Asset | $ 168 |
Note 13 - Leases - Lease Expens
Note 13 - Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Operating lease cost | $ 2 | $ 6 | |
Variable lease cost | 3 | 10 | |
Total lease cost | 5 | 16 | |
Operating Lease, Right-of-Use Asset | 191 | 191 | $ 0 |
Short-term lease liability - operating leases (a) | 6 | 6 | |
Long-term lease liability - operating leases | 193 | 193 | $ 0 |
Total lease liability | $ 199 | 199 | |
Cash paid for operating leases | $ 7 | ||
Weighted average remaining lease term (Year) | 24 years | 24 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | 4.40% |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 4 |
2020 | 14 |
2021 | 14 |
2022 | 14 |
2023 | 13 |
Thereafter | 267 |
Total lease payments | 326 |
Less imputed interest | (127) |
Total lease liability - operating leases | $ 199 |
Note 13 - Leases - Future Minim
Note 13 - Leases - Future Minimum Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
2019 | $ 13 |
2020 | 13 |
2021 | 13 |
2022 | 13 |
2023 | 12 |
Thereafter | 207 |
Total lease payments | $ 271 |
Note 13 - Leases - Revenue Rela
Note 13 - Leases - Revenue Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenue | $ 252 | $ 246 | $ 675 | $ 694 |
Conventional Generation [Member] | ||||
Operating revenue | 91 | 88 | 257 | 255 |
Renewables [Member] | ||||
Operating revenue | 160 | 158 | 416 | 438 |
Thermal [Member] | ||||
Operating revenue | 1 | 0 | 2 | 1 |
Energy Revenue [Member] | ||||
Operating revenue | 163 | 160 | 422 | 444 |
Energy Revenue [Member] | Conventional Generation [Member] | ||||
Operating revenue | 2 | 2 | 4 | 5 |
Energy Revenue [Member] | Renewables [Member] | ||||
Operating revenue | 160 | 158 | 416 | 438 |
Energy Revenue [Member] | Thermal [Member] | ||||
Operating revenue | 1 | 0 | 2 | 1 |
Capacity Revenue [Member] | ||||
Operating revenue | 89 | 86 | 253 | 250 |
Capacity Revenue [Member] | Conventional Generation [Member] | ||||
Operating revenue | 89 | 86 | 253 | 250 |
Capacity Revenue [Member] | Renewables [Member] | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Capacity Revenue [Member] | Thermal [Member] | ||||
Operating revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Note 13 - Leases - Minimum Futu
Note 13 - Leases - Minimum Future Rent Payments (Details) $ in Millions | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 91 |
2020 | 337 |
2021 | 341 |
2022 | 346 |
2023 | 154 |
Total lease payments | $ 1,269 |
Note 13 - Leases - Property, Pl
Note 13 - Leases - Property, Plant and Equipment, Net Related to Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accumulated depreciation | $ 1,830 | $ 1,590 |
Net property, plant and equipment | 5,562 | $ 5,245 |
Property, Plant and Equipment Related to Operating Leases [Member] | ||
Property, plant and equipment | 6,230 | |
Accumulated depreciation | 1,600 | |
Net property, plant and equipment | $ 4,629 |
Note 14 - Asset Impairments (De
Note 14 - Asset Impairments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 19 | $ 0 | |
Thermal [Member] | |||||
Asset Impairment Charges, Total | $ 19 |