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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative transactions broken out by commodity as of June 30, 2022 and December 31, 2021:
|  |  | Total Volume
|  |  | June 30, 2022 |  | December 31, 2021
Commodity | Units |  | (In millions)
Natural Gas | MMBtu |  | — |  |  | 2 |
Power | MWh |  | (19) |  |  | (17) |
Interest | Dollars |  | $ | 1,200 |  |  | $ | 1,326 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets:
| Fair Value
| Derivative Assets |  | Derivative Liabilities
| June 30, 2022 |  | December 31, 2021 |  | June 30, 2022 |  | December 31, 2021
| (In millions)
Derivatives Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Interest rate contracts long-term | 8 |  |  | 2 |  |  | — |  |  | 3 |
Total Derivatives Designated as Cash Flow Hedges | $ | 10 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 8 |
Derivatives Not Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 7 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 17 |
Interest rate contracts long-term | 27 |  |  | 4 |  |  | 1 |  |  | 38 |
Commodity contracts current | — |  |  | — |  |  | 74 |  |  | 24 |
Commodity contracts long-term | — |  |  | — |  |  | 279 |  |  | 155 |
Total Derivatives Not Designated as Cash Flow Hedges | $ | 34 |  |  | $ | 4 |  |  | $ | 355 |  |  | $ | 234 |
Total Derivatives | $ | 44 |  |  | $ | 6 |  |  | $ | 355 |  |  | $ | 242 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by counterparty:
| Gross Amounts Not Offset in the Statement of Financial Position
As of June 30, 2022 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Commodity contracts | (In millions)
Derivative liabilities | $ | (353) |  |  | $ | — |  |  | $ | (353) |
Total commodity contracts | $ | (353) |  |  | $ | — |  |  | $ | (353) |
Interest rate contracts |  |  |  |  |
Derivative assets | $ | 44 |  |  | $ | (2) |  |  | $ | 42 |
Derivative liabilities | (2) |  |  | 2 |  |  | — |
Total interest rate contracts | $ | 42 |  |  | $ | — |  |  | $ | 42 |
Total derivative instruments | $ | (311) |  |  | $ | — |  |  | $ | (311) |
| Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2021 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Commodity contracts | (In millions)
Derivative liabilities | $ | (179) |  |  | $ | — |  |  | $ | (179) |
Total commodity contracts | $ | (179) |  |  | $ | — |  |  | $ | (179) |
Interest rate contracts: |
Derivative assets | $ | 6 |  |  | $ | (5) |  |  | $ | 1 |
Derivative liabilities | (63) |  |  | 5 |  |  | (58) |
Total interest rate contracts | $ | (57) |  |  | $ | — |  |  | $ | (57) |
Total derivative instruments | $ | (236) |  |  | $ | — |  |  | $ | (236) |
Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCI (OCL) balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Accumulated OCI (OCL) beginning balance | $ | 3 |  |  | $ | (19) |  |  | $ | (11) |  |  | $ | (30) |
Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts | 1 |  |  | 2 |  |  | 3 |  |  | 4 |
Mark-to-market of cash flow hedge accounting contracts | 5 |  |  | (2) |  |  | 17 |  |  | 7 |
Accumulated OCI (OCL) ending balance, net of income tax (benefit) expense of $—, $(4) ,$1 and $(4), respectively | 9 |  |  | (19) |  |  | 9 |  |  | (19) |
Accumulated OCI (OCL) attributable to noncontrolling interests | 7 |  |  | (10) |  |  | 7 |  |  | (10) |
Accumulated OCI (OCL) attributable to Clearway Energy, Inc. | $ | 2 |  |  | $ | (9) |  |  | $ | 2 |  |  | $ | (9) |
Losses expected to be realized from OCI during the next 12 months, net of income tax benefit of $— | $ | (1) |  |  |  |  | $ | (1) |  |  |
Derivative gains and losses | Mark-to-market gains and losses related to the Company’s derivatives are recorded in the consolidated statements of income as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Interest Rate Contracts (Interest expense) | $ | 36 |  |  | $ | (11) |  |  | $ | 77 |  |  | $ | 36 |
Commodity Contracts (Mark-to-market for economic hedging activities) (a) | (49) |  |  | (28) |  |  | (174) |  |  | (50) |
(a) Relates to long-term commodity contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and gains or losses are recognized in operating revenues. During the six months ended June 30, 2022, the commodity contract for Langford, which previously met the NPNS exception, no longer qualified for NPNS treatment and, accordingly, is accounted for as a derivative and marked to market value through operating revenues.

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