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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Notional Volume Buy/(Sell) of the Company’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:
|  |  | Total Volume
|  |  | September 30, 2025 |  | December 31, 2024
Commodity | Units |  | (In millions)
Power | MWh |  | (24) |  |  | (25) |
Natural Gas | MMBtu |  | 6 |  |  | 11 |
Interest | Dollars |  | $ | 3,846 |  |  | $ | 1,769 |
Schedule of 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
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
| (In millions)
Derivatives Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 3 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | — |
Interest rate contracts long-term | 15 |  |  | 22 |  |  | 32 |  |  | — |
Total Derivatives Designated as Cash Flow Hedges | $ | 18 |  |  | $ | 27 |  |  | $ | 35 |  |  | $ | — |
Derivatives Not Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 13 |  |  | $ | 30 |  |  | $ | 2 |  |  | $ | — |
Interest rate contracts long-term | 92 |  |  | 109 |  |  | — |  |  | — |
Energy-related commodity contracts current | 6 |  |  | 4 |  |  | 50 |  |  | 56 |
Energy-related commodity contracts long-term | 6 |  |  | 5 |  |  | 287 |  |  | 315 |
Total Derivatives Not Designated as Cash Flow Hedges | $ | 117 |  |  | $ | 148 |  |  | $ | 339 |  |  | $ | 371 |
Total Derivatives | $ | 135 |  |  | $ | 175 |  |  | $ | 374 |  |  | $ | 371 |
Schedule of 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 September 30, 2025 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Energy-related commodity contracts | (In millions)
Derivative assets | $ | 12 |  |  | $ | — |  |  | $ | 12 |
Derivative liabilities | (337) |  |  | — |  |  | (337) |
Total energy-related commodity contracts | $ | (325) |  |  | $ | — |  |  | $ | (325) |
Interest rate contracts |  |  |  |  |
Derivative assets | $ | 123 |  |  | $ | — |  |  | $ | 123 |
Derivative liabilities | (37) |  |  | — |  |  | (37) |
Total interest rate contracts | $ | 86 |  |  | $ | — |  |  | $ | 86 |
Total derivative instruments | $ | (239) |  |  | $ | — |  |  | $ | (239) |
| Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2024 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Energy-related commodity contracts | (In millions)
Derivative assets | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Derivative liabilities | (371) |  |  | — |  |  | (371) |
Total energy-related commodity contracts | $ | (362) |  |  | $ | — |  |  | $ | (362) |
Interest rate contracts |
Derivative assets | $ | 166 |  |  | $ | — |  |  | $ | 166 |
Total interest rate contracts | $ | 166 |  |  | $ | — |  |  | $ | 166 |
Total derivative instruments | $ | (196) |  |  | $ | — |  |  | $ | (196) |
Schedule of Effects of Company’s AOCI (OCL) 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 September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Accumulated (OCL) OCI beginning balance | $ | (17) |  |  | $ | 18 |  |  | $ | 14 |  |  | $ | 18 |
Rosamond South I Drop Down (a) | — |  |  | — |  |  | (4) |  |  | — |
Daggett 1 Drop Down (b) | — |  |  | — |  |  | (6) |  |  | — |
Luna Valley Drop Down (c) | — |  |  | — |  |  | (8) |  |  | — |
Pine Forest Drop Down (d) | — |  |  | — |  |  | 5 |  |  | — |
Reclassified from accumulated OCI/OCL to income due to realization of previously deferred amounts | (1) |  |  | (1) |  |  | (1) |  |  | (3) |
Mark-to-market of cash flow hedge accounting contracts | (4) |  |  | (12) |  |  | (22) |  |  | (10) |
Accumulated (OCL) OCI ending balance, net of income tax benefit of $(4), $—, $(4) and $—, respectively | (22) |  |  | 5 |  |  | (22) |  |  | 5 |
Accumulated (OCL) OCI attributable to noncontrolling interests | (9) |  |  | 4 |  |  | (9) |  |  | 4 |
Accumulated (OCL) OCI attributable to Clearway Energy, Inc. | $ | (13) |  |  | $ | 1 |  |  | $ | (13) |  |  | $ | 1 |
Losses expected to be realized from OCL during the next 12 months | $ | (1) |  |  |  |  | $ | (1) |  |  |
(a) Represents $1 million attributable to the Company and $3 million attributable to noncontrolling interests. (b) Represents $4 million attributable to the Company and $2 million attributable to noncontrolling interests. (c) Represents $5 million attributable to the Company and $3 million attributable to noncontrolling interests. (d) Represents $3 million attributable to the Company and $2 million attributable to noncontrolling interests.
Schedule of Derivative Gains and Losses | Mark-to-market gains/(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,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Interest Rate Contracts (Interest expense) | $ | (8) |  |  | $ | (57) |  |  | $ | (40) |  |  | $ | (33) |
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a) | (4) |  |  | 72 |  |  | (25) |  |  | 11 |
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b) | (1) |  |  | — |  |  | (1) |  |  | (3) |
(a) Relates to long-term energy related commodity contracts at Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and heat rate call option energy-related commodity contracts at El Segundo, Marsh Landing and Walnut Creek. (b) Relates to backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

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