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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2026
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
|  |  | June 30, 2026 |  | December 31, 2025
Commodity | Units |  | (In millions)
Power | MWh |  | (23) |  |  | (29) |
Natural Gas | MMBtu |  | 2 |  |  | 5 |
Interest | Dollars |  | $ | 3,971 |  |  | $ | 4,080 |
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
| June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
| (In millions)
Derivatives Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 9 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 6 |
Interest rate contracts long-term | 42 |  |  | 29 |  |  | 8 |  |  | 21 |
Total Derivatives Designated as Cash Flow Hedges | $ | 51 |  |  | $ | 31 |  |  | $ | 10 |  |  | $ | 27 |
Derivatives Not Designated as Cash Flow Hedges: |  |  |  |  |  |  |
Interest rate contracts current | $ | 24 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |
Interest rate contracts long-term | 98 |  |  | 94 |  |  | 1 |  |  | — |
Energy-related commodity contracts current | 14 |  |  | 10 |  |  | 12 |  |  | 46 |
Energy-related commodity contracts long-term | 6 |  |  | 4 |  |  | 70 |  |  | 287 |
Total Derivatives Not Designated as Cash Flow Hedges | $ | 142 |  |  | $ | 125 |  |  | $ | 83 |  |  | $ | 333 |
Total Derivatives | $ | 193 |  |  | $ | 156 |  |  | $ | 93 |  |  | $ | 360 |
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 June 30, 2026 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Energy-related commodity contracts | (In millions)
Derivative assets | $ | 20 |  |  | $ | — |  |  | $ | 20 |
Derivative liabilities | (82) |  |  | — |  |  | (82) |
Total energy-related commodity contracts | $ | (62) |  |  | $ | — |  |  | $ | (62) |
Interest rate contracts |  |  |  |  |
Derivative assets | $ | 173 |  |  | $ | — |  |  | $ | 173 |
Derivative liabilities | (11) |  |  | — |  |  | (11) |
Total interest rate contracts | $ | 162 |  |  | $ | — |  |  | $ | 162 |
Total derivative instruments | $ | 100 |  |  | $ | — |  |  | $ | 100 |
| Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2025 | Gross Amounts of Recognized Assets/Liabilities |  | Derivative Instruments |  | Net Amount
Energy-related commodity contracts | (In millions)
Derivative assets | $ | 14 |  |  | $ | — |  |  | $ | 14 |
Derivative liabilities | (333) |  |  | — |  |  | (333) |
Total energy-related commodity contracts | $ | (319) |  |  | $ | — |  |  | $ | (319) |
Interest rate contracts |
Derivative assets | $ | 142 |  |  | $ | — |  |  | $ | 142 |
Derivative liabilities | (27) |  |  | — |  |  | (27) |
Total interest rate contracts | $ | 115 |  |  | $ | — |  |  | $ | 115 |
Total derivative instruments | $ | (204) |  |  | $ | — |  |  | $ | (204) |
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 June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
| (In millions)
Accumulated OCI (OCL) beginning balance | $ | 5 |  |  | $ | 5 |  |  | $ | (5) |  |  | $ | 14 |
Rosamond South I Drop Down (a) | — |  |  | — |  |  | — |  |  | (4) |
Daggett 1 Drop Down (b) | — |  |  | (6) |  |  | — |  |  | (6) |
Luna Valley Drop Down (c) | — |  |  | (8) |  |  | — |  |  | (8) |
Pine Forest Drop Down (d) | — |  |  | 5 |  |  | — |  |  | 5 |
Reclassified from accumulated OCI/OCL to income due to realization of previously deferred amounts | — |  |  | — |  |  | 1 |  |  | — |
Mark-to-market of cash flow hedge accounting contracts | 19 |  |  | (13) |  |  | 28 |  |  | (18) |
Accumulated OCI (OCL) ending balance, net of income tax of $(3) and $4, respectively | 24 |  |  | (17) |  |  | 24 |  |  | (17) |
Accumulated OCI (OCL) attributable to noncontrolling interests | 15 |  |  | (7) |  |  | 15 |  |  | (7) |
Accumulated OCI (OCL) attributable to Clearway Energy, Inc. | $ | 9 |  |  | $ | (10) |  |  | $ | 9 |  |  | $ | (10) |
Gains expected to be realized from OCI during the next 12 months, net of income tax expense of $(2) | $ | 4 |  |  |  |  | $ | 4 |  |  |
(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 June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
| (In millions)
Interest Rate Contracts (Interest expense) | $ | 7 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | (32) |
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a) | 5 |  |  | (10) |  |  | 35 |  |  | (21) |
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b) | (1) |  |  | — |  |  | (1) |  |  | — |
(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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