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美国证券交易所(SEC)

华盛顿特区20549

表格 10-Q

☒			根据1934年证券交易法第13条或第15(d)条规定的季度报告

截至季度结束日期的财务报告2024年9月30日

☐			根据1934年证券交易法第13条或15(d)条的过渡报告

委托文件编号：001-39866001-36002

Clearway Energy, Inc.

(根据其章程规定的注册人准确名称)

特拉华州									46-1777204
(所在州或其他司法管辖区) 成立或组织的州）									（IRS雇主 唯一识别号码）
300 Carnegie Center, Suite 300			普林斯顿			新泽西州。			08540
，（主要行政办公地址）									(邮政编码)

(609) 608-1525

(注册人电话号码，包括区号)

在法案第12(b)条的规定下注册的证券：

每一类的名称			交易标志			在其上注册的交易所的名称
A股普通股，每股面值0.01美元			CWEN.A			请使用moomoo账号登录查看New York Stock Exchange
C类普通股，每股面值0.01美元			CWEN			请使用moomoo账号登录查看New York Stock Exchange

请在以下方框中打勾，表示注册者（1）在过去的12个月内（或被要求提交此类报告的较短期间内），已提交根据1934年证券交易法第18或15（d）条款规定所需提交的所有报告文件，（2）在过去的90天内一直受到提交报告文件的规定的约束。

是 ☒       不 ☐

请通过勾选表示选择，注册者在过去12个月（或更短的时间内）是否已按照法规S-t§232.405所规定的提交了所有需要提交的交互式数据文件。

是 ☒      不 ☐

请用复选框表示注册人是大型加速存储器、加速存储器、非加速存储器、小型报告公司还是新兴增长公司。请参阅《交易所法》第120亿2条中“大型加速存储器”、“加速存储器”、“小型报告公司”和“新兴增长公司”的定义。

大型加速报告人			☒			加速文件提交人			☐
非加速文件提交人			☐			较小的报告公司			☐
						新兴成长公司			☐

如果是新兴成长企业，请在复选框中打勾，以表示注册申请人已选择不使用根据证券交易法第13(a)条规定提供的任何新的或修订的财务会计准则的扩展过渡期来符合规定。☐

请勾选以下项目，指示注册人是否为壳公司（在证券交易法案规则12b-2中定义）。

是 ☐       不 ☒

截至2024年10月28日， 34,613,853 A类普通股股数为，每股面值为$0.01， 42,738,750 B类普通股股数为，每股面值为$0.01， 82,831,652 C类普通股股数为，每股面值为$0.01，以及 41,961,750 D类普通股股数为，每股面值为$0.01。

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目录

指数

关于前瞻性信息的谨慎声明			3
术语表			4
第一部分 — 财务信息			6
项目 1 — 基本报表和附注			6
项目 2 — 管理层对财务状况和经营成果的讨论与分析			35
项目 3 — 关于市场风险的定量和定性披露			54
项目 4 — 控件和程序			55
第二部分 — 其他信息			56
项目1 - 法律诉讼			56
项目1A - 风险因素			56
第二项 — 未注册的股票销售和资金用途			56
项目3 - 非履行首级证券			56
项目4 - 矿业安全披露			56
项目5 — 其他信息			56
第6项 — 展品			58
签名			59

2

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关于前瞻性信息的警告声明

Clearway能源公司的本季度10-Q表格包括合并子公司的前瞻性陈述，根据1933年修正的证券法第27A条，或证券法，和根据1934年修正的证券交易法第21E条，或交易所法。"相信"、"预测"、"预期"、"计划"、"期望"、"打算"、"估计"等词语旨在识别前瞻性陈述。这些前瞻性陈述涉及已知和未知风险、不确定性和其他因素，可能导致公司的实际结果、业绩和成就，或行业结果，与任何未来结果、业绩或成就不同。这些因素、风险和不确定性包括在年度10-k表格第1A条中描述的因素。风险因素 在公司截至2023年12月31日的年度报告10-k的第一部分中描述的因素。

•公司能够维持和增长其季度股息；

•公司与CEG及其所有者之间的关系可能存在潜在风险；

•公司成功识别、评估和完成与第三方的收购和处置能力；

•公司从CEG获得资产的能力；

•公司可以借入更多资金并进入资本市场，以及公司的大额债务以及公司可能在未来增加债务的可能性；

•法律变化，包括司法裁决；

•电力生产行业和发电运营中常见的风险包括燃料和电力价格波动、飞凡的天气条件（包括风力和太阳能条件）、设施因灾害性天气或其他原因受损、非计划的发电中断、维护或维修、由于需求增加、短缺、运输问题或其他原因导致燃料供应成本或可用性发生无法预料的变化、环保母基事故、电力传输或燃料币管道系统限制以及公司可能无法获得足够的保险来弥补这些风险造成的损失；

•公司运营业务的能力高效，有效管理维护资本支出和成本，并且相对于债务及其他义务能够从基于资产的业务中产生收入和现金流。

•交易对手履行公司的认购协议义务的意愿和能力；

•公司有能力按可接受的条款和价格签订售电和采购燃料的合同；

•政府监管，包括遵守监管要求以及市场规则、费率、关税和环保母基的变化；

•公司所受到的经营和财务限制主要包括某些子公司和项目级子公司的债务安排以及其他协议，一般涵盖在Clearway能源运营有限责任公司修订后的循环信贷协议和管理高级票据的信托契约中；

•网络恐怖主义和不充分的网络安全概念，或者发生灾难性损失的可能性，以及公司可能没有足够的保险来覆盖由此产生的损失，或者公司的保险公司无法提供覆盖。

Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company’s actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.

3

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GLOSSARY OF TERMS

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:

2028 Senior Notes			$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes			$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes			$350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDA			A non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
ASC			The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ATM Program			At-The-Market Equity Offering Program
BESS			Battery energy storage system
BlackRock			BlackRock, Inc.
CAFD			A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses
Capistrano Portfolio Holdco LLC			The holding company that owns four wind facilities representing 263 MW of capacity, which includes Broken Bow and Crofton Bluffs located in Nebraska and Mountain Wind 1 and Mountain Wind 2 located in Wyoming
CEG			Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreement			Amended and Restated Master Services Agreement, dated as of April 30, 2024, among the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
Clearway Energy LLC			The holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLC			The holder of all shares of the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’s Class A and/or Class C common stock
Clearway Energy Operating LLC			The holder of facilities that are owned by Clearway Energy LLC
Clearway Renew			Clearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries
Company			Clearway Energy, Inc., together with its consolidated subsidiaries
CVSR			California Valley Solar Ranch
CVSR Holdco			CVSR Holdco LLC, the indirect owner of CVSR
Distributed Solar			Solar power facilities, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down Assets			Assets under common control acquired by the Company from CEG
ERCOT			Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas
Exchange Act			The Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
GAAP			Accounting principles generally accepted in the U.S.
GenConn			GenConn Energy LLC
GIM			Global Infrastructure Management, LLC, the manager of GIP

4

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GIP			全球货币制造行业伙伴
HLBV			假设按帐面价值清算
IRA			2022年通胀减少法案
国税局			美国国内税务局
ISO			独立系统运营商，也称为RTO
ITC			投资税收抵免
美斯基特星			美斯基特星特别有限责任公司
MMBtu			百万英热单位
暴风山			NedPower Mount Storm 有限责任公司
The Partnership expected to provide miner hosting services and earn hosting fees. The Partnership planned to host 23,000 miners of S19j pro or equivalent type. The construction was completed and the mining site started the hosting operations with a capacity of 45 MW in late March 2023. The Company entered a hosting agreement with MineOne Wyoming Data Center LLC, a company majority owned by the Partnership, to host the 3,200 miners in Cheyenne, Wyoming, which was terminated on January 31, 2024. As of the date of this prospectus, the Company offloaded the miners due to increasing mining difficulties and owns no miners.			兆瓦
兆瓦时			可卖出兆瓦小时，扣除内部/寄生负载兆瓦小时
天然气控股公司			天然气CA控股有限责任公司
净敞口			对Clearway Energy, Inc.的对手方信用风险敞口，扣除担保品
净营运亏损			净营业亏损
OCI			其他综合收益
O&M			营运和维护
PG&E			太平洋燃气电力公司
PJM			PJM互联网络，有限责任公司
电力采购协议			电力购买协议
生产税收抵免			生产税收抵免
RA			资源充足性
RENOM			清晰之道可再生能源控制项及维护有限责任公司，为CEG的全资子公司
Rosie中央变速器储能系统			Rosie变速器储能开发有限责任公司
区域型交易所			区域型变速器组织
SCE			南加州爱迪生公司
美国证券交易委员会			美国证券交易委员会
优先票据			合并来看，2028年高级票据、2031年高级票据和2032年高级票据
SOFR			隔夜拆款利率
SPP			太阳能伙伴
SREC			太阳能可再生能源证书
TotalEnergies			总能源公司SE
美国。			美国
犹他太阳能组合			七个位于犹他的公共事业规模太阳能农场，代表530兆瓦的容量
公共事业规模太阳能			太阳能设施，通常以交流电（AC）计算，容量为20兆瓦或更大，并与变速器或配电网相连，以批发水平卖出电力
VIE			变量利益实体

    

5

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第一部分 — 财务资讯

项目 1 — 基本报表

清晰能源公司

综合损益表

（未经审计）

			截至9月30日的三个月												截至9月30日的九个月
（单位：百万美元，除每股金额外）			2024						2023						2024						2023
营业收入
营业总收入			$	486					$	371					$	1,115					$	1,065
营运成本和费用
营运成本，不包括折旧、摊提和应增之费用，另行详列如下			135						134						378						360
折旧、摊提和还本			164						133						471						389
一般及行政费用			9						9						29						28
交易和整合成本			—						1						4						3
营业成本和费用总额			308						277						882						780
营业收入			178						94						233						285
其他收入（费用）
受其控制之股权净收益			13						11						33						11
其他收入，净额			8						15						36						32
债务清偿损失			—						—						(3)						—
利息费用			(139)						(48)						(284)						(202)
总其他费用，净额			(118)						(22)						(218)						(159)
税前收入			60						72						15						126
所得税开支			33						57						30						67
净利润（损失）			27						15						(15)						59
减：拥有非控权益和可赎回非控权益的净（亏损）收益			(9)						11						(100)						17
归属于Clearway Energy, Inc.的净利润			$	36					$	4					$	85					$	42
归属于Clearway Energy, Inc. A股和C股普通股东的每股收益
普通A类股票权重平均发行股份数 - 基本和稀释			35						35						35						35
普通C类股票权重平均发行股份数 - 基本和稀释			83						82						83						82
每权重平均普通A和C类股票的盈利 - 基本和稀释			$	0.31					$	0.03					$	0.72					$	0.36
每普通A类股票的分红派息			$	0.4171					$	0.3891					$	1.2306					$	1.1454
每普通C类股票的分红派息			$	0.4171					$	0.3891					$	1.2306					$	1.1454

请参阅附注以获取公司的基本报表。

6

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CLEARWAY 能源, INC.

综合收益陈述

（未经审计）

			截至9月30日的三个月												截至9月30日的九个月
（以百万计）			2024						2023						2024						2023
净利润（损失）			$	27					$	15					$	(15)					$	59
其他综合（损失）收益
衍生工具未实现（损失）收益及积累OCI变动之影响，扣除所得税（利益）费用 $2), $1, $(2）和$1			(13)						8						(13)						8
其他综合（损失）收益			(13)						8						(13)						8
综合收益（亏损）			14						23						(28)						67
减：归属于非控制股权和可赎回非控制股权的综合（亏损）收益			(18)						17						(107)						23
归属于Clearway Energy, Inc.的综合收益			$	32					$	6					$	79					$	44

请参阅附注以获取公司的基本报表。

7

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清晰能源公司

综合资产负债表

(以百万为单位，除股份外)			2024年9月30日						2023年12月31日
资产			（未经审计）
流动资产
现金及现金等价物			$	292					$	535
限制性现金			382						516
应收账款-交易			199						171
库存			63						55
衍生金融工具			34						41
应收票据-联属公司			—						174
预付款和其他流动资产			81						68
全部流动资产			1,051						1,560
不动产、厂房及设备，净额			9,895						9,526
其他资产
在联属公司的股权投资			322						360
购电合同之无形资产，净额			2,170						2,303
其他无形资产，净值			70						71
衍生工具			70						82
净使用权资产			548						597
其他非流动资产			123						202
其他总资产			3,303						3,615
总资产			$	14,249					$	14,701
负债及股东权益
流动负债
长期债务的当期偿还			$	412					$	558
应付帐款－交易			78						130
应付帐款-关联公司			14						31
衍生工具			51						51
应计利息费用			35						57
应计费用及其他流动负债			71						79
流动负债合计			661						906
其他负债
长期负债			6,732						7,479
递延所得税			58						127
衍生工具			279						281
长期租赁负债			570						627
其他非流动负债			316						286
其他负债总额			7,955						8,800
负债合计			8,616						9,706
可赎回的子公司非控制权益			9						1
承诺和条件
股东权益
优先股，面额$0.01，授权股数为5,000,000股，发行且流通股数为截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.01 面值； 10,000,000 核准股份； 无 发行了			—						—
A类、B类、C类和D类普通股，$0.01 面额； 3,000,000,000 股份授权 (A类 500,000,000，B类 500,000,000，C类 1,000,000,000，D类 1,000,000,000); 202,143,697 已发行并流通的股份（A类 34,613,853，B级别 42,738,750，C级别 82,829,344，D级别 41,961,750) 于2024年9月30日的 202,080,794 已发行及流通的股份（A级别 34,613,853，B级别 42,738,750，C级别 82,391,441，D级别 42,336,750)于2023年12月31日			1						1
资本公积额额外增资			1,831						1,732
保留盈余			301						361
其他综合收益累积额			1						7
非控制权益			3,490						2,893
股东权益总计			5,624						4,994
负债总额和股东权益总额			$	14,249					$	14,701

请参阅附注以获取公司的基本报表。

8

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CLEARWAY ENERGY, INC.

现金流量表合并数字

（未经审计）

			截至9月30日的九个月
（以百万计）			2024						2023
经营活动现金流量
净（亏损）收入			$	(15)					$	59
调整使净 (损失) 收入与营运活动提供的净现金相符:
对未合并联属公司所得收益的权益			(33)						(11)
非合并联营企业的分配			21						17
折旧、摊提和还本			471						389
融资成本和债务折扣摊销			10						9
无形资产摊销			137						139
债务清偿亏损			3						—
租赁资产携带金额减少			11						11
递延所得税变动			23						49
衍生工具变动及累积OCI摊销变动			34						(64)
来自(用于)其他营运资本变动的现金
预付款项和应付票据中的变动，用于通行协议者			3						(23)
其他运营资本变动			(87)						(79)
营业活动提供的净现金流量			578						496
投资活动产生的现金流量
购买下拉资产（扣除取得的现金）			(671)						100
资本支出			(237)						(143)
从未纳入财务报表的联属公司取得的投资回报			38						14
降低（增加）应收票据 — 关联公司			184						(215)
投资于未被并入财务报表之关联企业			—						(28)
其他			12						1
投资活动使用的净现金流量			(674)						(271)
来自融资活动的现金流量
非控股权益的贡献，扣除分配后的净额			1,385						294
分红派息和分配款项			(249)						(231)
与税收相关的分配			—						(21)
发行长期负债所得			255						293
偿还债务发行成本			(7)						(14)
长期负债支付			(1,664)						(384)
其他			(1)						(2)
筹资活动中使用的净现金流			(281)						(65)
现金、现金等价物及受限制现金净（增加）减少			(377)						160
期初现金、现金等价物和受限现金			1,051						996
期末现金，现金等价物和受限现金			$	674					$	1,156

See accompanying notes to consolidated financial statements.

9

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CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2024

(Unaudited)

(In millions)			Preferred Stock						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income						Noncontrolling Interest						Total Stockholders’ Equity
Balances at December 31, 2023			$	—					$	1					$	1,732					$	361					$	7					$	2,893					$	4,994
Net loss			—						—						—						(2)						—						(45)						(47)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						(2)						1						(1)
Distributions to CEG, net of contributions, cash			—						—						—						—						—						(1)						(1)
Contributions from noncontrolling interests, net of distributions, cash			—						—						—						—						—						215						215
Transfers of assets under common control			—						—						2						—						—						(42)						(40)
Non-cash adjustments for change in tax basis			—						—						6						—						—						—						6
Stock-based compensation			—						—						1						—						—						—						1
Common stock dividends and distributions to CEG unit holders			—						—						—						(47)						—						(34)						(81)
Other			—						—						—						(1)						—						—						(1)
Balances at March 31, 2024			—						1						1,741						311						5						2,987						5,045
Net income (loss)			—						—						—						51						—						(51)						—
Unrealized gain on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						—						1						1
Contributions from CEG, net of distributions, cash			—						—						—						—						—						222						222
Contributions from noncontrolling interests, net of distributions, cash			—						—						—						—						—						988						988
Distributions to noncontrolling interests, net of contributions, non-cash			—						—						—						—						—						(1)						(1)
Transfers of assets under common control			—						—						5						—						—						(549)						(544)
Non-cash adjustments for change in tax basis			—						—						85						—						—						—						85
Stock-based compensation			—						—						(1)						—						—						—						(1)
Common stock dividends and distributions to CEG unit holders			—						—						—						(48)						—						(35)						(83)
Other			—						—						—						—						—						(1)						(1)
Balances at June 30, 2024			—						1						1,830						314						5						3,561						5,711
Net income (loss)			—						—						—						36						—						(13)						23
Unrealized loss on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						(4)						(9)						(13)
Contributions from CEG, cash			—						—						—						—						—						6						6
Distributions to noncontrolling interests, net of contributions, cash			—						—						—						—						—						(19)						(19)
Stock-based compensation			—						—						1						—						—						—						1
Common stock dividends and distributions to CEG unit holders			—						—						—						(49)						—						(36)						(85)
Balances at September 30, 2024			$	—					$	1					$	1,831					$	301					$	1					$	3,490					$	5,624

See accompanying notes to consolidated financial statements.

10

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CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2023

(Unaudited)

(In millions)			Preferred Stock						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income						Noncontrolling Interest						Total Stockholders’ Equity
Balances at December 31, 2022			$	—					$	1					$	1,761					$	463					$	9					$	1,792					$	4,026
Net loss			—						—						—						—						—						(43)						(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						(1)						(2)						(3)
Contributions from CEG, net of distributions, cash			—						—						—						—						—						30						30
Contributions from noncontrolling interests, net of distributions, cash			—						—						—						—						—						215						215
Transfers of assets under common control			—						—						(52)						—						—						46						(6)
Non-cash adjustments for change in tax basis			—						—						9						—						—						—						9
Stock based compensation			—						—						1						—						—						—						1
Common stock dividends and distributions to CEG unit holders			—						—						—						(44)						—						(32)						(76)
Balances at March 31, 2023			—						1						1,719						419						8						2,006						4,153
Net income			—						—						—						38						—						40						78
Unrealized gain on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						1						2						3
Distributions to CEG, net of contributions, cash			—						—						—						—						—						(4)						(4)
Distributions to noncontrolling interests, net of contributions, cash			—						—						—						—						—						(5)						(5)
Tax-related distribution			—						—						—						—						—						(19)						(19)
Stock based compensation			—						—						(1)						—						—						—						(1)
Common stock dividends and distributions to CEG unit holders			—						—						—						(45)						—						(32)						(77)
Other			—						—						—						—						—						(1)						(1)
Balances at June 30, 2023			—						1						1,718						412						9						1,987						4,127
Net income			—						—						—						4						—						6						10
Unrealized gain on derivatives and changes in accumulated OCI, net of tax			—						—						—						—						2						6						8
Distributions to CEG, cash			—						—						—						—						—						(1)						(1)
Contributions from noncontrolling interests, net of distributions, cash			—						—						—						—						—						12						12
Distributions to noncontrolling interests, non-cash			—						—						—						—						—						(7)						(7)
Tax-related distribution			—						—						—						—						—						(2)						(2)
Transfer of assets under common control			—						—						—						—						—						171						171
Non-cash adjustments for change in tax basis			—						—						8						—						—						—						8
Stock based compensation			—						—						2						(1)						—						—						1
Common stock dividends and distributions to CEG unit holders			—						—						—						(45)						—						(33)						(78)
Other			—						—						—						—						—						1						1
Balances at September 30, 2023			$	—					$	1					$	1,728					$	370					$	11					$	2,140					$	4,250

See accompanying notes to consolidated financial statements.

11

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CLEARWAY ENERGY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 — Nature of Business

Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company. CEG is a leading developer of renewable energy infrastructure in the U.S. On October 1, 2024, BlackRock acquired 100% of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG. BlackRock is a publicly-traded global investment management firm.

The Company is one of the largest renewable energy owners in the U.S. with approximately 6,500 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company’s approximately 9,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.

The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as noncontrolling interest in the consolidated 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. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock.

As of September 30, 2024, the Company owned 58.10% of the economic interests of Clearway Energy LLC, with CEG owning 41.90% of the economic interests of Clearway Energy LLC.

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The following table represents a summarized structure of the Company as of September 30, 2024:

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-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year.

In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2024, and results of operations, comprehensive income and cash flows for the three and nine months ended September 30, 2024 and 2023.

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. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.

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Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at subsidiary facilities was $202 million and $125 million as of September 30, 2024 and December 31, 2023, respectively.

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 consolidated statements of cash flows:

			September 30, 2024						December 31, 2023
			(In millions)
Cash and cash equivalents			$	292					$	535
Restricted cash			382						516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows			$	674					$	1,051

Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s facilities that are restricted in their use. As of September 30, 2024, these restricted funds were comprised of $183 million designated to fund operating expenses, $71 million designated for current debt service payments and $89 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $39 million is held in distributions reserve accounts.

Supplemental Cash Flow Information

The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:

						Nine months ended September 30,
						2024						2023
						(In millions)
Cash paid to acquire Drop Down Assets						$	(673)					$	(34)
Cash acquired from the acquisition of Drop Down Assets						2						134
Acquisition of Drop Down Assets, net of cash acquired						$	(671)					$	100

Accumulated Depreciation and Accumulated Amortization

The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:

			September 30, 2024						December 31, 2023
			(In millions)
Property, Plant and Equipment Accumulated Depreciation			$	3,938					$	3,485
Intangible Assets Accumulated Amortization			1,147						1,009

Dividends to Class A and Class C Common Stockholders

The following table lists the dividends paid on the Company's Class A and Class C common stock during the nine months ended September 30, 2024:

									Third Quarter 2024						Second Quarter 2024						First Quarter 2024
Dividends per Class A share									$	0.4171					$	0.4102					$	0.4033
Dividends per Class C share									0.4171						0.4102						0.4033

Dividends on the Class A 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.

On October 29, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4240 per share payable on December 16, 2024 to stockholders of record as of December 2, 2024.

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Noncontrolling Interests

Clearway Energy LLC Distributions to CEG

The following table lists distributions paid to CEG during the nine months ended September 30, 2024 on Clearway Energy LLC’s Class B and D units:

									Third Quarter 2024						Second Quarter 2024						First Quarter 2024
Distributions per Class B Unit									$	0.4171					$	0.4102					$	0.4033
Distributions per Class D Unit									0.4171						0.4102						0.4033

On October 29, 2024, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.4240 per unit payable on December 16, 2024 to unit holders of record as of December 2, 2024.

Revenue Recognition

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:

			Three months ended September 30, 2024
(In millions)			Conventional Generation						Renewables																		Total
Energy revenue (a)			$	35					$	315																	$	350
Capacity revenue (a)			65						22																		87
Other revenues			3						20																		23
Contract amortization			(5)						(41)																		(46)
Mark-to-market for economic hedges			4						68																		72
Total operating revenues			102						384																		486
Less: Contract amortization			5						41																		46
Less: Mark-to-market for economic hedges			(4)						(68)																		(72)
Less: Lease revenue			(27)						(247)																		(274)
Total revenue from contracts with customers			$	76					$	110																	$	186

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:

(In millions)			Conventional Generation						Renewables						Total
Energy revenue			$	1					$	234					$	235
Capacity revenue			26						13						39
Total			$	27					$	247					$	274

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			Three months ended September 30, 2023
(In millions)			Conventional Generation						Renewables												Total
Energy revenue (a)			$	57					$	280											$	337
Capacity revenue (a)			74						5												79
Other revenues			3						17												20
Contract amortization			(5)						(42)												(47)
Mark-to-market for economic hedges			3						(21)												(18)
Total operating revenues			132						239												371
Less: Contract amortization			5						42												47
Less: Mark-to-market for economic hedges			(3)						21												18
Less: Lease revenue			(41)						(233)												(274)
Total revenue from contracts with customers			$	93					$	69											$	162

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:

(In millions)			Conventional Generation						Renewables						Total
Energy revenue			$	2					$	228					$	230
Capacity revenue			39						5						44
Total			$	41					$	233					$	274

			Nine months ended September 30, 2024
(In millions)			Conventional Generation						Renewables																		Total
Energy revenue (a)			$	67					$	870																	$	937
Capacity revenue (a)			195						44																		239
Other revenues			6						63																		69
Contract amortization			(14)						(124)																		(138)
Mark-to-market for economic hedges			12						(4)																		8
Total operating revenue			266						849																		1,115
Less: Contract amortization			14						124																		138
Less: Mark-to-market for economic hedges			(12)						4																		(8)
Less: Lease revenue			(84)						(691)																		(775)
Total revenue from contracts with customers			$	184					$	286																	$	470

(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:

(In millions)			Conventional Generation						Renewables						Total
Energy revenue			$	2					$	661					$	663
Capacity revenue			82						30						112
Total			$	84					$	691					$	775

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			Nine months ended September 30, 2023
(In millions)			Conventional Generation						Renewables												Total
Energy revenue (a)			$	61					$	753											$	814
Capacity revenue (a)			270						15												285
Other revenues (a)			24						56												80
Contract amortization			(16)						(125)												(141)
Mark-to-market for economic hedges			3						24												27
Total operating revenue			342						723												1,065
Less: Contract amortization			16						125												141
Less: Mark-to-market for economic hedges			(3)						(24)												(27)
Less: Lease revenue			(246)						(626)												(872)
Total revenue from contracts with customers			$	109					$	198											$	307

(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:

(In millions)			Conventional Generation						Renewables						Total
Energy revenue			$	4					$	613					$	617
Capacity revenue			221						13						234
Other revenues (b)			21						—						21
Total			$	246					$	626					$	872

(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.

Contract Balances

The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:

			September 30, 2024						December 31, 2023
			(In millions)
Accounts receivable, net - Contracts with customers			$	79					$	66
Accounts receivable, net - Leases			120						105
Total accounts receivable, net			$	199					$	171

Note 3 — Acquisitions

Cedar Creek Drop Down — On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, the indirect owner of Cedar Creek, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Cedar Creek has a 25-year PPA with an investment-grade utility that commenced in March 2024. The Cedar Creek operations are reflected in the Company’s Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Cedar Creek on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $117 million and the historical cost of the Company’s net assets acquired of $17 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $117 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item contributions from CEG, net of distributions in the consolidated statements of stockholders’ equity.

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The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 16, 2024:

(In millions)						Cedar Creek
Restricted cash						$	1
Property, plant and equipment						311
Right-of-use assets, net						6
Derivative assets						14
Other current and non-current assets						14
Total assets acquired						346
Long-term debt (a)						309
Long-term lease liabilities						7
Other current and non-current liabilities						13
Total liabilities assumed						329
Net assets acquired						$	17

(a) Includes a $112 million construction loan, a $91 million cash equity bridge loan, and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

Texas Solar Nova 2 Drop Down — On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Texas Solar Nova 2 has an 18-year PPA with an investment-grade counterparty that commenced in February 2024. The Texas Solar Nova 2 operations are reflected in the Company’s Renewables segment and the Company’s portion of the purchase price was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Texas Solar Nova 2 on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $112 million and the historical cost of the Company’s net assets acquired of $72 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $9 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item distributions to CEG, net of contributions in the consolidated statements of stockholders’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 15, 2024:

(In millions)						Texas Solar Nova 2
Restricted cash						$	1
Property, plant and equipment						280
Right-of-use assets, net						21
Derivative assets						6
Other current and non-current assets						4
Total assets acquired						312
Long-term debt (a)						194
Long-term lease liabilities						19
Other current and non-current liabilities						27
Total liabilities assumed						240
Net assets acquired						$	72

(a) Includes an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

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Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities

Entities that are not Consolidated

The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.

The following table reflects the Company’s equity investments in unconsolidated affiliates as of September 30, 2024:

Name			Economic Interest			Investment Balance (a)
						(In millions)
Avenal			50%			$	8
Desert Sunlight			25%			227
Elkhorn Ridge			66.7%			9
GenConn (b)			50%			75
San Juan Mesa			75%			3
						$	322

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

Rosie Central BESS

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, Clearway Renew redeemed Rosie Class B LLC’s entire investment of $28 million in Rosie Central BESS that was accounted for as an equity method investment, as further discussed in Note 7, Long-term Debt. Rosie Class B LLC’s equity investment in Rosie Central BESS was comprised of contributions from the Company and the cash equity investor in Rosie TargetCo LLC during the year ended December 31, 2023.

Entities that are Consolidated

As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind, solar and BESS facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which also have been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability company agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.

The following is a summary of significant activity during the nine months ended September 30, 2024 related to the Company’s consolidated VIEs:

Cedar Creek TE Holdco LLC

As described in Note 3, Acquisitions, on April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. The Class A membership interests in Cedar Creek TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

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Lighthouse Renewable Holdco 2 LLC

As described in Note 3, Acquisitions, on March 15, 2024, TSN1 TE Holdco LLC, an indirect subsidiary of the Company, acquired Texas Solar Nova 2. The Company, through Lighthouse Renewable Holdco 2 LLC, a partnership, consolidates TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2. The Company recorded the noncontrolling interest of the cash equity investor in Lighthouse Renewable Holdco 2 LLC at historical carrying amount, with the offset to additional-paid in capital. The Class A membership interests in TSN1 TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

Daggett Renewable Holdco LLC

Effective January 1, 2024, the Company and the cash equity investor in Daggett Renewable HoldCo LLC and Daggett 2 TargetCo LLC, the indirect owner of the Daggett 2 solar and BESS facility, agreed to transfer Daggett 2 TargetCo LLC to Daggett Renewable Holdco LLC. As the transfer was among entities under common control, the transaction was recognized at historical cost and no gain or loss was recognized.

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of September 30, 2024:

(In millions)			Buckthorn Holdings, LLC						Cedar Creek TE Holdco LLC						Daggett Renewable Holdco LLC (a)						DGPV Funds (b)						Lighthouse Renewable Holdco LLC (c)						Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets			$	5					$	35					$	220					$	59					$	61					$	139
Property, plant and equipment			179						308						1,353						366						398						1,311
Intangible assets			—						—						—						1						—						2
Total assets			184						343						1,573						426						459						1,452
Current and non-current liabilities			12						119						648						50						136						547
Total liabilities			12						119						648						50						136						547
Noncontrolling interest			8						102						927						12						244						682
Net assets less noncontrolling interest			$	164					$	122					$	(2)					$	364					$	79					$	223

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.

(In millions)			Oahu Solar LLC						Rattlesnake TE Holdco LLC						Rosie TargetCo LLC						VP-Arica TargetCo LLC (a)						Wildorado TE Holdco LLC						Other (b)
Other current and non-current assets			$	38					$	14					$	55					$	69					$	25					$	44
Property, plant and equipment			151						168						535						996						182						332
Intangible assets			—						—						—						2						—						14
Total assets			189						182						590						1,067						207						390
Current and non-current liabilities			22						16						222						40						20						149
Total liabilities			22						16						222						40						20						149
Noncontrolling interest			21						77						281						345						86						141
Net assets less noncontrolling interest			$	146					$	89					$	87					$	682					$	101					$	100

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

(b) Other is comprised of Elbow Creek TE Holdco LLC, Langford TE Partnership LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.

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Note 5 — Fair Value of Financial Instruments

Fair Value Accounting under ASC 820

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.

•Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.

In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement.

For cash and cash equivalents, restricted cash, accounts receivable — trade, accounts receivable — affiliates, accounts payable — trade, accounts payable — affiliates and accrued expenses and other current liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The carrying amount and estimated fair value of the Company’s recorded financial instrument not carried at fair market value or that does not approximate fair value is as follows:

			As of September 30, 2024												As of December 31, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
			(In millions)
Long-term debt, including current portion (a)			$	7,201					$	6,897					$	8,102					$	7,611

(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.

The fair value of the Company’s publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion:

			As of September 30, 2024												As of December 31, 2023
			Level 2						Level 3						Level 2						Level 3
			(In millions)
Long-term debt, including current portion			$	2,002					$	4,895					$	1,939					$	5,672

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Recurring Fair Value Measurements

The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheets. 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, 2024												As of December 31, 2023
									Fair Value (a)												Fair Value (a)
(In millions)									Level 2 (b)						Level 3												Level 2 (b)						Level 3
Derivative assets:
Energy-related commodity contracts (c)									$	—					$	7											$	2					$	—
Interest rate contracts									97						—												121						—
Other financial instruments (d)									—						10												—						13
Total assets									$	97					$	17											$	123					$	13
Derivative liabilities:
Energy-related commodity contracts (e)									$	1					$	326											$	—					$	330
Interest rate contracts									3						—												2						—
Total liabilities									$	4					$	326											$	2					$	330

(a) There were no derivative assets or liabilities classified as Level 1 as of September 30, 2024 and December 31, 2023.

(b) The Company’s interest rate swaps are measured at fair value using an income approach, which uses readily observable inputs, such as forward interest rates (e.g., SOFR) and contractual terms to estimate fair value.

(c) Includes long-term backbone transportation service contracts classified as Level 2 and short-term heat rate call option contracts classified as Level 3.

(d) Includes SREC contract.

(e) Includes long-term backbone transportation contracts classified as Level 2 and long-term power commodity contracts and short-term heat rate call option contracts classified as Level 3. As of September 30, 2024 and December 31, 2023, Level 3 amounts include $326 million and $325 million related to long-term power commodity contracts and zero and $5 million related to short-term heat rate call option contracts, respectively.

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs:

						Three months ended September 30,												Nine months ended September 30,
						2024						2023						2024						2023
(In millions)						Fair Value Measurement Using Significant Unobservable Inputs (Level 3)												Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance						$	(381)					$	(291)					$	(317)					$	(336)
Settlements						6						21						—						30
Total gains (losses) for the period included in earnings						66						(39)						8						(3)
Ending balance						$	(309)					$	(309)					$	(309)					$	(309)
Change in unrealized gains included in earnings for derivatives and other financial instruments held as of September 30, 2024						$	66											$	8

Derivative and Financial Instruments Fair Value Measurements

The Company's contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its energy-related commodity contracts, which includes long-term power commodity contracts and heat rate call option contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of September 30, 2024, contracts valued with prices provided by models and other valuation techniques make up 7% of derivative assets and 99% of derivative liabilities and other financial instruments.

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The Company’s significant positions classified as Level 3 include physical and financial energy-related commodity contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available.

The following table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:

			September 30, 2024
			Fair Value												Input/Range
			Assets			Liabilities			Valuation Technique			Significant Unobservable Input			Low			High			Weighted Average
			(In millions)
Long-term Power Commodity Contracts			$	—		$	326		Discounted Cash Flow			Forward Market Price (per MWh)			$	19.67		$	69.48		$	41.94
Heat Rate Call Option Commodity Contracts			7			—			Option Model			Forward Market Price (per MWh)			$	(33.90)		$	1,083.78		$	56.23
									Option Model			Forward Market Price (per MMBtu)			$	2.31		$	12.52		$	5.73
Other Financial Instruments			10			—			Discounted Cash Flow			Forecast annual generation levels of certain DG solar facilities			59,425 MWh			118,850 MWh			111,091 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of September 30, 2024:

Type

Significant Unobservable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

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, 2024, the non-performance reserve was a $17 million gain recorded primarily to total operating revenues in the consolidated statements of income. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.

23

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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 available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.

Note 6 — Derivative Instruments and Hedging Activities

This footnote should be read in conjunction with the complete description under Item 15 — Note 7, Accounting for Derivative Instruments and Hedging Activities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.

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, 2024, the Company had interest rate derivative instruments on non-recourse debt extending through 2040, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate.

Energy-Related Commodity Contracts

As of September 30, 2024, the Company had energy-related derivative instruments extending through 2033. At September 30, 2024, these contracts were not designated as cash flow or fair value hedges.

Volumetric Underlying Derivative Transactions

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, 2024						December 31, 2023
Commodity			Units						(In millions)
Power			MWh						(18)						(23)
Natural Gas			MMBtu						13						17
Interest			Dollars						$	1,711					$	2,467

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Fair Value of Derivative Instruments

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, 2024						December 31, 2023						September 30, 2024						December 31, 2023
			(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current			$	4					$	7					$	—					$	—
Interest rate contracts long-term			10						12						2						2
Total Derivatives Designated as Cash Flow Hedges			$	14					$	19					$	2					$	2
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current			$	23					$	33					$	—					$	—
Interest rate contracts long-term			60						69						1						—
Energy-related commodity contracts current			7						1						51						51
Energy-related commodity contracts long-term			—						1						276						279
Total Derivatives Not Designated as Cash Flow Hedges			$	90					$	104					$	328					$	330
Total Derivatives			$	104					$	123					$	330					$	332

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty level. As of September 30, 2024 and December 31, 2023, the amount of outstanding collateral paid or received was immaterial. The following tables summarize the offsetting of derivatives by counterparty:

			Gross Amounts Not Offset in the Statement of Financial Position
As of September 30, 2024			Gross Amounts of Recognized Assets/Liabilities						Derivative Instruments						Net Amount
Energy-related commodity contracts			(In millions)
Derivative assets			$	7					$	—					$	7
Derivative liabilities			(327)						—						(327)
Total energy-related commodity contracts			$	(320)					$	—					$	(320)
Interest rate contracts
Derivative assets			$	97					$	(2)					$	95
Derivative liabilities			(3)						2						(1)
Total interest rate contracts			$	94					$	—					$	94
Total derivative instruments			$	(226)					$	—					$	(226)

			Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023			Gross Amounts of Recognized Assets/Liabilities						Derivative Instruments						Net Amount
Energy-related commodity contracts			(In millions)
Derivative assets			$	2					$	—					$	2
Derivative liabilities			(330)						—						(330)
Total energy-related commodity contracts			$	(328)					$	—					$	(328)
Interest rate contracts
Derivative assets			$	121					$	(2)					$	119
Derivative liabilities			(2)						2						—
Total interest rate contracts			$	119					$	—					$	119
Total derivative instruments			$	(209)					$	—					$	(209)

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Accumulated Other Comprehensive Income

The following table summarizes the effects on the Company’s accumulated OCI 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,
			2024						2023						2024						2023
			(In millions)
Accumulated OCI beginning balance			$	18					$	24					$	18					$	24
Reclassified from accumulated OCI to income due to realization of previously deferred amounts			(1)						(1)						(3)						(2)
Mark-to-market of cash flow hedge accounting contracts			(12)						9						(10)						10
Accumulated OCI ending balance, net of income tax expense of $—, $4, $— and $4, respectively			5						32						5						32
Accumulated OCI attributable to noncontrolling interests			4						21						4						21
Accumulated OCI attributable to Clearway Energy, Inc.			$	1					$	11					$	1					$	11
Gains expected to be realized from OCI during the next 12 months, net of income tax expense of $1			$	2											$	2

Amounts reclassified from accumulated OCI into income are recorded to interest expense.

Impact of Derivative Instruments on the Consolidated Statements of Income

Mark-to-market gains/(losses) related to the Company’s derivatives are recorded in the consolidated statements of income as follows:

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			(In millions)
Interest Rate Contracts (Interest expense)			$	(57)					$	33					$	(33)					$	34
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)			72						(22)						11						28
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)			—						3						(3)						3

(a) Relates to long-term energy related commodity contracts at Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and short-term heat rate call option energy-related commodity contracts at El Segundo, Marsh Landing and Walnut Creek.

(b) Relates to long-term backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

See Note 5, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk.

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Note 7 — Long-term Debt

This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company’s 2023 Form 10-K. The Company’s borrowings, including short-term and long-term portions, consisted of the following:

(In millions, except rates)			September 30, 2024						December 31, 2023						September 30, 2024 interest rate % (a)						Letters of Credit Outstanding at September 30, 2024
2028 Senior Notes			$	850					$	850					4.750
2031 Senior Notes			925						925						3.750
2032 Senior Notes			350						350						3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)			—						—						S+1.500						$	108
Non-recourse facility-level debt:
Agua Caliente Solar LLC, due 2037			591						612						2.395-3.633						14
Alta Wind Asset Management LLC, due 2031			10						11						S+2.775						—
Alta Wind I-V lease financing arrangements, due 2034 and 2035			629						660						5.696-7.015						67
Alta Wind Realty Investments LLC, due 2031			18						20						7.000						—
Borrego, due 2024 and 2038			46						48						Various						4
Broken Bow, due 2031			38						41						S+2.350						6
Buckthorn Solar, due 2025			113						116						S+2.100						21
Carlsbad Energy Holdings LLC, due 2027			76						93						S+1.900						68
Carlsbad Energy Holdings LLC, due 2038			407						407						4.120						—
Carlsbad Holdco, LLC, due 2038			195						195						4.210						6
Cedar Creek, due 2029			109						—						S+1.625						19
Cedro Hill, due 2024 and 2029			186						165						S+1.250-1.375						—
Crofton Bluffs, due 2031			25						27						S+2.350						3
CVSR, due 2037			573						601						2.339-3.775						12
CVSR Holdco Notes, due 2037			143						152						4.680						—
Daggett 2, due 2028			155						156						S+1.762						32
Daggett 3, due 2028			217						217						S+1.762						44
DG-CS Master Borrower LLC, due 2040			356						385						3.510						30
Mililani Class B Member Holdco LLC, due 2028			90						92						S+1.600						18
Natural Gas Holdco LC Facility, due 2027			—						—						S+1.750						107
NIMH Solar, due 2031 and 2033			130						148						S+2.000-2.125						17
Oahu Solar Holdings LLC, due 2026			79						81						S+1.525						10
Rosie Class B LLC, due 2029			192						347						S+1.750						31
Texas Solar Nova 1, due 2028 (c)			—						102												—
TSN1 Class B Member LLC, due 2029 (c)			179						—						S+1.750						54
Utah Solar Holdings, due 2036			238						242						3.590						161
Viento Funding II, LLC, due 2029			164						175						S+1.475						29
Victory Pass and Arica, due 2024			—						757												—
Other			115						124						Various						76
Subtotal non-recourse facility-level debt			5,074						5,974
Total debt			7,199						8,099
Less current maturities			(412)						(558)
Less net debt issuance costs			(57)						(65)
Add premiums (d)			2						3
Total long-term debt			$	6,732					$	7,479

(a) As of September 30, 2024, S+ equals SOFR plus x%.

(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and only applies to outstanding borrowings.

(c) On March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the facility-level debt of Texas Solar Nova 1 and Texas Solar Nova 2 as a combined term loan under TSN1 Class B Member LLC.

(d) Premiums relate to the 2028 Senior Notes.

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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, 2024, the Company was in compliance with all of the required covenants.

The discussion below describes material changes to or additions of long-term debt for the nine months ended September 30, 2024.

Facility-level Debt

Capistrano Portfolio Holdco LLC

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Broken Bow, Crofton Bluffs, Mountain Wind 1 and Mountain Wind 2 wind facilities. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on September 28, 2033. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

Natural Gas Holdco LC Facility

On July 25, 2024, the Company, through its indirect subsidiary, Natural Gas Holdco, entered into a financing agreement that provides for a $200 million letter of credit facility, which is being utilized to support the collateral needs of the Company’s merchant conventional facilities. The letter of credit facility has an initial term of three years and the option for two additional one-year extensions.

Rosamond Central (Rosie Class B LLC)

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility, which occurred on December 1, 2023. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. The additional purchase price consisted of $64 million that was funded by the Company from existing sources of liquidity and $215 million funded through contributions from the cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE Holdco LLC. Clearway Renew utilized the proceeds to repay the balance of $184 million on the loan previously issued to its consolidated subsidiary by Rosie Class B LLC and to redeem Rosie Class B LLC’s entire equity investment in Rosie Central BESS of $28 million, as further discussed in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The Company utilized proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price that was contributed back by CEG, to repay the $186 million tax equity bridge loan, to distribute $44 million to the cash equity investor, to fund $21 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $11 million in associated fees.

Additionally, on June 13, 2024, the outstanding construction loans were converted to a term loan in the amount of $115 million.

NIMH Solar

On June 11, 2024, the Company, through its indirect subsidiary, NIMH Solar LLC, refinanced its amended and restated credit agreement, which was scheduled to mature in September 2024, resulting in the issuance of a $137 million term loan facility, as well as $17 million in letters of credit in support of debt service and facility obligations. The obligations under the new financing arrangement are supported by the Company’s interests in the Alpine, Blythe and Roadrunner solar facilities. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt in the amount of $146 million.

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Victory Pass and Arica

On May 1, 2024, when the Victory Pass and Arica solar and BESS facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, in connection with the Company’s acquisition of the Class A membership interests in VP-Arica TargetCo LLC on October 31, 2023, which was funded with existing sources of liquidity. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. Also on May 1, 2024, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the $351 million cash equity bridge loan, to repay the $468 million tax equity bridge loan, to fund $75 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $18 million in associated fees. Prior to the repayment of the tax equity bridge loan, the Company borrowed an additional $62 million in 2024.

Cedar Creek

On April 16, 2024, as part of the acquisition of Cedar Creek, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $112 million construction loan, a $91 million cash equity bridge loan and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $108 million, which was utilized, along with the Company’s entire purchase price that was contributed back by CEG, to repay the tax equity bridge loan, to repay the cash equity bridge loan, to partially repay $2 million in construction loans, to fund $16 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $6 million in associated fees. Also at acquisition date, the outstanding construction loans were converted to a term loan in the amount of $110 million.

Texas Solar Nova 1 and Texas Solar Nova 2

On March 15, 2024, as part of the acquisition of Texas Solar Nova 2, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $130 million, which was utilized, along with $9 million of the Company’s purchase price that was contributed back by CEG, to repay the $115 million tax equity bridge loan, to fund $19 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $4 million in associated fees.

Additionally, on March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the Texas Solar Nova 1 and Texas Solar Nova 2 term loans as a combined term loan under TSN1 Class B Member LLC.

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Note 8 — Earnings Per Share

Basic earnings per common share is computed by dividing net income (loss) 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 losses per share while giving effect to all potentially dilutive common shares that were outstanding during the period.

The reconciliation of the Company’s basic and diluted earnings per share is shown in the following tables:

			Three months ended September 30,
			2024												2023
(In millions, except per share data) (a)			Common Class A						Common Class C						Common Class A						Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.			$	11					$	25					$	1					$	3
Weighted average number of common shares outstanding — basic and diluted			35						83						35						82
Earnings per weighted average common share — basic and diluted			$	0.31					$	0.31					$	0.03					$	0.03

(a) Net income attributable to Clearway Energy, Inc. and basic and diluted earnings per share might not recalculate due to presenting amounts in millions rather than whole dollars.

			Nine months ended September 30,
			2024												2023
(In millions, except per share data) (a)			Common Class A						Common Class C						Common Class A						Common Class C
Basic and diluted income per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.			$	25					$	60					$	12					$	30
Weighted average number of common shares outstanding — basic and diluted			35						83						35						82
Earnings per weighted average common share — basic and diluted			$	0.72					$	0.72					$	0.36					$	0.36

(a) Net income attributable to Clearway Energy, Inc. and basic and diluted earnings per share might not recalculate due to presenting amounts in millions rather than whole dollars.

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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 and renewable businesses, which consist of solar, wind and battery energy storage system, or BESS, facilities. The Corporate segment reflects the Company’s corporate costs and includes eliminating entries. The Company’s chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on net income (loss).

			Three months ended September 30, 2024
(In millions)			Conventional Generation						Renewables						Corporate (a)						Total
Operating revenues			$	102					$	384					$	—					$	486
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below			41						95						(1)						135
Depreciation, amortization and accretion			29						135						—						164
General and administrative			—						—						9						9
Operating income (loss)			32						154						(8)						178
Equity in earnings of unconsolidated affiliates			1						12						—						13
Other income, net			1						6						1						8
Interest expense			(9)						(106)						(24)						(139)
Income (loss) before income taxes			25						66						(31)						60
Income tax expense			—						—						33						33
Net Income (Loss)			$	25					$	66					$	(64)					$	27
Total Assets			$	1,976					$	12,164					$	109					$	14,249

(a) Includes eliminations.

			Three months ended September 30, 2023
(In millions)			Conventional Generation						Renewables												Corporate (a)						Total
Operating revenues			$	132					$	239											$	—					$	371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below			54						80												—						134
Depreciation, amortization and accretion			33						100												—						133
General and administrative			—						—												9						9
Transaction and integration costs			—						—												1						1
Operating income (loss)			45						59												(10)						94
Equity in earnings of unconsolidated affiliates			—						11												—						11
Other income, net			1						8												6						15
Interest expense			(8)						(16)												(24)						(48)
Income (loss) before income taxes			38						62												(28)						72
Income tax expense			—						—												57						57
Net Income (Loss)			$	38					$	62											$	(85)					$	15

(a) Includes eliminations.

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			Nine months ended September 30, 2024
(In millions)			Conventional Generation						Renewables						Corporate (a)						Total
Operating revenues			$	266					$	849					$	—					$	1,115
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below			109						271						(2)						378
Depreciation, amortization and accretion			88						383						—						471
General and administrative			—						—						29						29
Transaction and integration costs			—						—						4						4
Operating income (loss)			69						195						(31)						233
Equity in earnings of unconsolidated affiliates			2						31						—						33
Other income, net			4						23						9						36
Loss on debt extinguishment			—						(3)						—						(3)
Interest expense			(25)						(186)						(73)						(284)
Income (loss) before income taxes			50						60						(95)						15
Income tax expense			—						—						30						30
Net Income (Loss)			$	50					$	60					$	(125)					$	(15)

(a) Includes eliminations.

			Nine months ended September 30, 2023
(In millions)			Conventional Generation						Renewables						Corporate (a)						Total
Operating revenues			$	342					$	723					$	—					$	1,065
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below			123						238						(1)						360
Depreciation, amortization and accretion			98						291						—						389
General and administrative			—						—						28						28
Transaction and integration costs			—						—						3						3
Operating income (loss)			121						194						(30)						285
Equity in earnings of unconsolidated affiliates			2						9						—						11
Other income, net			3						12						17						32
Interest expense			(27)						(103)						(72)						(202)
Income (loss) before income taxes			99						112						(85)						126
Income tax expense			—						—						67						67
Net Income (Loss)			$	99					$	112					$	(152)					$	59

(a) Includes eliminations.

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Note 10 — Income Taxes

Effective Tax Rate

The income tax provision consisted of the following amounts:

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			(In millions, except percentages)
Income before income taxes			$	60					$	72					$	15					$	126
Income tax expense			33						57						30						67
Effective income tax rate			55.0		%				79.2		%				200.0		%				53.2		%

For the three and nine months ended September 30, 2024 and 2023, the overall effective tax rate was different than the statutory rate of 21% primarily due to the allocation of taxable earnings and losses based on the partners’ interest in Clearway Energy LLC, which includes the effects of applying the HLBV method of accounting for book purposes for certain partnerships.

For the nine months ended September 30, 2024, the income tax expense was calculated based on year-to-date results as this represents the best estimate of the income tax rate. This differs from prior periods where income tax expense was calculated based on a forecasted effective tax rate under ASC 740-270.

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 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 and its subsidiaries. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company’s consolidated balance sheets. The disclosures below summarize the Company’s material related party transactions with CEG and its subsidiaries that are included in the Company’s operating costs.

O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC

Various subsidiaries of the Company in the Renewables segment are party to services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $22 million and $18 million for the three months ended September 30, 2024 and 2023, respectively. The Company incurred total expenses for these services of $59 million and $54 million for the nine months ended September 30, 2024 and 2023, respectively. There was a balance of $10 million and $13 million due to RENOM as of September 30, 2024 and December 31, 2023, respectively.

Administrative Services Agreements by and between the Company and CEG

Various subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $5 million for each of the three months ended September 30, 2024 and 2023. The Company incurred expenses under these agreements of $17 million and $15 million for the nine months ended September 30, 2024 and 2023, respectively. There was a balance of $3 million and $2 million due to CEG as of September 30, 2024 and December 31, 2023, respectively.

CEG Master Services Agreement

The Company is a party to the CEG Master Services Agreement, pursuant to which CEG and certain of its affiliates or third-party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, cybersecurity, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. The Company incurred net expenses under these agreements of $1 million for each of the three months ended September 30, 2024 and 2023. The Company incurred net expenses under these agreements of $4 million for each of the nine months ended September 30, 2024 and 2023.

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On April 30, 2024, the CEG Master Services Agreement was amended and restated as a result of a reorganization effected by the Company pursuant to which all of the employees and operations of the Company will transfer to CEG as of January 1, 2025. Under the amended and restated agreement, CEG and certain of its affiliates or third-party service providers will continue to provide the operational and administrative services outlined above, and, effective January 1, 2025, CEG will also provide accounting, internal audit, tax, legal and treasury services, in exchange for payment of fees in respect of such services. Certain independent functions will be directed by the Company’s Governance, Conflicts and Nominating Committee and paid for by the Company, while being administered by CEG.

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ITEM 2 — Management’s Discussion and Analysis of Financial Condition and the Results of Operations

The following discussion analyzes the Company’s historical financial condition and results of operations.

As you read this discussion and analysis, refer to the Company’s consolidated financial statements to this Form 10-Q, which present the results of operations for the three and nine months ended September 30, 2024 and 2023. Also refer to the Company’s 2023 Form 10-K, which includes detailed discussions of various items impacting the Company’s business, results of operations and financial condition.

The discussion and analysis below has been organized as follows:

•Executive Summary, including a description of the business and significant events that are important to understanding the results of operations and financial condition;

•Results of operations, including an explanation of significant differences between the periods in the specific line items of the consolidated statements of income;

•Financial condition addressing liquidity position, sources and uses of cash, capital resources and requirements, commitments and off-balance sheet arrangements;

•Known trends that may affect the Company’s results of operations and financial condition in the future; and

•Critical accounting policies which are most important to both the portrayal of the Company’s financial condition and results of operations, and which require management's most difficult, subjective or complex judgment.

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Executive Summary

Introduction and Overview

Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company. CEG is a leading developer of renewable energy infrastructure in the U.S. On October 1, 2024, BlackRock acquired 100% of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG. BlackRock is a publicly-traded global investment management firm.

The Company is one of the largest renewable energy owners in the U.S. with approximately 6,500 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company’s approximately 9,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The weighted average remaining contract duration of these offtake agreements was approximately 10 years as of September 30, 2024 based on CAFD.

As of September 30, 2024, the Company’s operating assets are comprised of the following facilities:

Facilities						Percentage Ownership						Net Capacity (MW) (a)						Counterparty						Contract Expiration
Conventional
Carlsbad						100		%				527						San Diego Gas & Electric						2038
El Segundo						100		%				550						SCE						2026 - 2027
GenConn Devon						50		%				95						Connecticut Light & Power						2040
GenConn Middletown						50		%				95						Connecticut Light & Power						2041
Marsh Landing						100		%				720						Various						2026 - 2030
Walnut Creek						100		%				501						Various						2026 - 2027
Total Conventional												2,488
Utility Scale Solar
Agua Caliente						51		%				148						PG&E						2039
Alpine						100		%				66						PG&E						2033
Arica (b)						40		%				105						Various						2039
Avenal						50		%				23						PG&E						2031
Avra Valley						100		%				27						Tucson Electric Power						2032
Blythe						100		%				21						SCE						2029
Borrego						100		%				26						San Diego Gas and Electric						2038
Buckthorn Solar (b)						100		%				150						City of Georgetown, TX						2043
CVSR						100		%				250						PG&E						2038
Daggett 2 (b)						25		%				46						Various						2038
Daggett 3 (b)						25		%				75						Various						2033 - 2038
Desert Sunlight 250						25		%				63						SCE						2034
Desert Sunlight 300						25		%				75						PG&E						2039
Kansas South						100		%				20						PG&E						2033
Mililani I (b)						50		%				20						Hawaiian Electric Company						2042
Oahu Solar (b)						100		%				61						Hawaiian Electric Company						2041
Roadrunner						100		%				20						El Paso Electric						2031
Rosamond Central (b)						50		%				96						Various						2035 - 2047
TA High Desert						100		%				20						SCE						2033
Texas Solar Nova 1 (b)						50		%				126						Verizon						2042

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Facilities						Percentage Ownership						Net Capacity (MW) (a)						Counterparty						Contract Expiration
Texas Solar Nova 2 (b)						50		%				100						Verizon						2042
Utah Solar Portfolio						100		%				530						PacifiCorp						2036
Victory Pass (b)						40		%				80						Various						2039
Waiawa (b)						50		%				18						Hawaiian Electric Company						2043
Total Utility Scale Solar												2,166
BESS
Arica (b)						40		%				54						Various						2039
Daggett 2 (b)						25		%				33						Various						2038
Daggett 3 (b)						25		%				37						Various						2033 - 2038
Mililani I (b)						50		%				20						Hawaiian Electric Company						2042
Rosamond Central (b)						50		%				74						SCE						2039
Victory Pass (b)						40		%				20						Various						2039
Waiawa (b)						50		%				18						Hawaiian Electric Company						2043
Total BESS												256
Distributed Solar
DGPV Funds (b)						100		%				286						Various						2030 - 2044
Solar Power Partners (SPP)						100		%				24						Various						2026 - 2037
Other DG Facilities						100		%				20						Various						2025 - 2039
Total Distributed Solar												330
Wind
Alta I						100		%				150						SCE						2035
Alta II						100		%				150						SCE						2035
Alta III						100		%				150						SCE						2035
Alta IV						100		%				102						SCE						2035
Alta V						100		%				168						SCE						2035
Alta X						100		%				137						SCE						2038
Alta XI						100		%				90						SCE						2038
Black Rock (b)						50		%				58						Toyota and AEP						2036
Broken Bow						100		%				80						Nebraska Public Power District						2032
Buffalo Bear						100		%				19						Western Farmers Electric Co-operative						2033
Cedar Creek (b)						100		%				160						PacifiCorp						2049
Cedro Hill						100		%				150						CPS Energy						2030
Crofton Bluffs						100		%				42						Nebraska Public Power District						2032
Elbow Creek (b)						100		%				122						Various						2029
Elkhorn Ridge						66.7		%				54						Nebraska Public Power District						2029
Forward						100		%				29						Constellation NewEnergy, Inc.						2025
Goat Wind						100		%				150						Dow Pipeline Company						2025
Langford (b)						100		%				160						Goldman Sachs						2033
Laredo Ridge						100		%				81						Nebraska Public Power District						2031
Lookout						100		%				38						Southern Maryland Electric Cooperative						2030
Mesquite Sky (b)						50		%				170						Various						2033 - 2036
Mesquite Star (b)						50		%				210						Various						2032 - 2035
Mountain Wind 1						100		%				61						PacifiCorp						2033
Mountain Wind 2						100		%				80						PacifiCorp						2033
Mt. Storm						100		%				264						Citigroup						2031
Ocotillo						100		%				55						N/A
Pinnacle (b)						100		%				54						Maryland Department of General Services and University System of Maryland						2031

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Facilities						Percentage Ownership						Net Capacity (MW) (a)						Counterparty						Contract Expiration
Rattlesnake (b) (c)						100		%				160						Avista Corporation						2040
San Juan Mesa						75		%				90						Southwestern Public Service Company						2025
Sleeping Bear						100		%				95						Public Service Company of Oklahoma						2032
South Trent						100		%				101						AEP Energy Partners						2029
Spanish Fork						100		%				19						PacifiCorp						2028
Spring Canyon II (b)						90.1		%				31						Platte River Power Authority						2039
Spring Canyon III (b)						90.1		%				26						Platte River Power Authority						2039
Taloga						100		%				130						Oklahoma Gas & Electric						2031
Wildorado (b)						100		%				161						Southwestern Public Service Company						2027
Total Wind												3,797
Total net generation capacity												9,037

(a) Net capacity represents the maximum, or rated, generating or storage capacity of the facility multiplied by the Company’s percentage ownership in the facility as of September 30, 2024.

(b) Facilities are part of tax equity arrangements, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities.

(c) Rattlesnake has a deliverable capacity of 144 MW.

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Significant Events

Drop Down Transactions

•On October 28, 2024, the Company, through an indirect subsidiary, entered into an agreement with Clearway Renew to acquire the Class A membership interests in Pine Forest TE Holdco LLC, a tax equity fund that upon mechanical completion will own Pine Forest, a 300 MW solar facility that will be paired with a 200 MW BESS facility currently under construction in Hopkins County, Texas, for $46 million in cash consideration, subject to closing adjustments. Also, on October 28, 2024, the Company, through an indirect subsidiary, entered into an agreement with Clearway Renew to acquire 50% of the Class B membership interests in Pine Forest TE Holdco LLC for $90 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the second half of 2025.

•On June 27, 2024, the Company, through an indirect subsidiary, entered into an agreement with Clearway Renew to acquire the Class A membership interests in Luna Valley, a 200 MW solar facility currently under construction in Fresno County, California, and Daggett 1, a 114 MW BESS facility currently under construction in San Bernardino, California, for $143 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the first half of 2025.

•On May 7, 2024, the Company, through an indirect subsidiary, entered into an agreement with Clearway Renew to acquire the Class A membership interests in Rosamond South I, a 140 MW solar facility that will be paired with a 117 MW BESS facility currently under construction in Rosamond, California, for $21 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the first half of 2025.

•On May 3, 2024, the Company, through an indirect subsidiary, entered into an agreement with Clearway Renew to acquire the Class A membership interests in Dan’s Mountain, a 55 MW wind facility currently under construction in Allegany County, Maryland, for $44 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the fourth quarter of 2024.

•On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, the indirect owner of Cedar Creek, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. See Note 3, Acquisitions, for further discussion of the transaction.

•On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2. See Note 3, Acquisitions, for further discussion of the transaction.

RA Agreements

•On May 6, 2024, the Company contracted with a load serving entity to sell approximately 97 MW of Walnut Creek’s RA commencing in January 2027 and ending in December 2027. Walnut Creek is contracted for 100% of its capacity through 2026 and is now contracted for approximately 20% of its capacity through 2027.

•On March 28, 2024, the Company contracted with a load serving entity to sell approximately 90 MW of Marsh Landing’s RA commencing in September 2026 and ending in December 2030. On July 31, 2024, the Company contracted with an additional load serving entity to sell approximately 195 MW of Marsh Landing’s RA commencing in October 2026 and ending in December 2028. Marsh Landing is now contracted for approximately 99% of its capacity through 2027 and approximately 49% of its capacity through 2028.

Facility-level Financing Activities

•In connection with the 2024 Drop Downs of Texas Solar Nova 2 and Cedar Creek, the Company assumed non-recourse facility-level debt. See Note 7, Long-term Debt, for further discussion of the non-recourse facility-level debt associated with each facility.

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•On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations. The Company utilized the proceeds from the term loan to pay off the existing debt related to Broken Bow and Crofton Bluffs and to pay related financing costs.

•On July 25, 2024, the Company, through its indirect subsidiary, Natural Gas Holdco, entered into a financing agreement that provides for a $200 million letter of credit facility, which is being utilized to support the collateral needs of the Company’s merchant conventional facilities and freed up capacity on the Company’s corporate revolving credit facility. See Note 7, Long-term Debt, for further discussion of the letter of credit facility.

•On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility, which occurred on December 1, 2023. The additional purchase price consisted of $64 million that was funded by the Company from existing sources of liquidity and $215 million funded through contributions from third-party investors. Clearway Renew utilized the proceeds to repay the loan that was previously issued to its consolidated subsidiary by Rosie Class B LLC and to redeem Rosie Class B LLC’s entire equity investment in Rosie Central BESS. The Company utilized proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price contributed back by CEG, to repay the tax equity bridge loan, to make a distribution to the cash equity investor, to fund construction completion reserves and to pay associated fees. See Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities, and Note 7, Long-term Debt, for further discussion of the transactions.

•On June 11, 2024, the Company, through its indirect subsidiary, NIMH Solar LLC, refinanced its amended and restated credit agreement, which was scheduled to mature in September 2024, resulting in the issuance of a $137 million term loan facility, as well as $17 million in letters of credit in support of debt service and facility obligations. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt. See Note 7, Long-term Debt, for further discussion of the refinanced credit agreement.

•On May 1, 2024, when the Victory Pass and Arica solar and BESS facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, in connection with the Company’s acquisition of the Class A membership interests in VP-Arica TargetCo LLC on October 31, 2023. Also on May 1, 2024, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the cash equity bridge loan, to repay the tax equity bridge loan, to fund construction completion reserves and to pay associated fees. See Note 7, Long-term Debt, for further discussion of the transactions.

Environmental Matters

The Company is subject to a wide range of environmental laws during the development, construction, ownership and operation of facilities. These existing and future laws generally require that governmental permits and approvals be obtained before construction and maintained during operation of facilities. The Company is obligated to comply with all environmental laws and regulations applicable within each jurisdiction and required to implement environmental programs and procedures to monitor and control risks associated with the construction, operation and decommissioning of regulated or permitted energy assets. Federal and state environmental laws have historically become more stringent over time, although this trend could change in the future.

The Company’s environmental matters are further described in the Company’s 2023 Form 10-K in Item 1, Business — Environmental Matters and Item 1A, Risk Factors.

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Regulatory Matters

The following disclosures about the Company’s regulatory matters provide an update to, and should be read in conjunction with, Item 1, Business — Regulatory Matters and Item 1A, Risk Factors, of the Company’s 2023 Form 10-K.

On March 6, 2024, the SEC adopted a new set of rules that require a wide range of climate-related disclosures, including material climate-related risks, information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 GHG emissions on a phased-in basis by certain larger registrants when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying the final rules until judicial review is complete.

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Consolidated Results of Operations

The following table provides selected financial information:

			Three months ended September 30,																		Nine months ended September 30,
(In millions)			2024						2023						Change						2024						2023						Change
Operating Revenues
Energy and capacity revenues			$	437					$	416					$	21					$	1,176					$	1,099					$	77
Other revenues			23						20						3						69						80						(11)
Contract amortization			(46)						(47)						1						(138)						(141)						3
Mark-to-market for economic hedges			72						(18)						90						8						27						(19)
Total operating revenues			486						371						115						1,115						1,065						50
Operating Costs and Expenses
Cost of fuels			19						32						(13)						35						48						(13)
Operations and maintenance			87						78						9						256						237						19
Mark-to-market for economic hedges			—						—						—						3						—						3
Other costs of operations			29						24						5						84						75						9
Depreciation, amortization and accretion			164						133						31						471						389						82
General and administrative			9						9						—						29						28						1
Transaction and integration costs			—						1						(1)						4						3						1
Total operating costs and expenses			308						277						31						882						780						102
Operating Income			178						94						84						233						285						(52)
Other Income (Expense)
Equity in earnings of unconsolidated affiliates			13						11						2						33						11						22
Other income, net			8						15						(7)						36						32						4
Loss on debt extinguishment			—						—						—						(3)						—						(3)
Derivative interest (expense) income			(57)						33						(90)						(33)						34						(67)
Other interest expense			(82)						(81)						(1)						(251)						(236)						(15)
Total other expense, net			(118)						(22)						(96)						(218)						(159)						(59)
Income Before Income Taxes			60						72						(12)						15						126						(111)
Income tax expense			33						57						(24)						30						67						(37)
Net Income (Loss)			27						15						12						(15)						59						(74)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests			(9)						11						(20)						(100)						17						(117)
Net Income Attributable to Clearway Energy, Inc.			$	36					$	4					$	32					$	85					$	42					$	43

			Three months ended September 30,												Nine months ended September 30,
Business metrics:			2024						2023						2024						2023
Solar MWh generated/sold (in thousands) (a)			2,943						1,822						6,999						4,232
Wind MWh generated/sold (in thousands) (a)			2,012						2,085						7,478						7,262
Renewables MWh generated/sold (in thousands) (a)			4,955						3,907						14,477						11,494
Solar weighted-average capacity factor (b)			38.9		%				34.2		%				32.5		%				31.7		%
Wind weighted-average capacity factor (c)			22.4		%				24.0		%				29.4		%				28.9		%
Conventional MWh generated (in thousands)			445						551						695						778
Conventional equivalent availability factor			87.5		%				97.9		%				90.3		%				87.5		%

(a) Volumes do not include the MWh generated/sold by the Company’s equity method investments.

(b) Typical average capacity factors for solar facilities is 25%. The weighted-average capacity factors can vary based on seasonality and weather.

(c) Typical average capacity factors for wind facilities is 25-45%. The weighted-average capacity factors can vary based on seasonality and weather.

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Management’s Discussion of the Results of Operations for the Three Months Ended September 30, 2024 and 2023

Operating Revenues

Operating revenues increased by $115 million during the three months ended September 30, 2024, compared to the same period in 2023, due to a combination of the drivers summarized in the table below:

						(In millions)
Conventional Segment			Decrease in energy revenue primarily driven by lower prices from merchant operations at the Walnut Creek and Marsh Landing facilities, offset in part by lower cost of fuels as noted below.			$	(22)
			Decrease primarily driven by lower prices for capacity revenue due to the PPA expiration and commencement of RA capacity revenue at the El Segundo facility during the third quarter of 2023.			(9)
Renewables Segment			Increase driven by the Daggett 2, Daggett 3, Victory Pass and Arica solar and BESS acquisitions, which reached commercial operations in December 2023, July 2023, March 2024 and April 2024, respectively, the acquisitions of Texas Solar Nova 1 and Texas Solar Nova 2 in December 2023 and March 2024, respectively, and the Rosamond Central BESS acquisition, which reached commercial operations in June 2024.			51
			Increase driven by the acquisition of the Cedar Creek wind facility in April 2024.			4
Contract amortization			Increase driven by PPA amortization for various facilities.			1
Mark-to-market economic hedging activities			Increase primarily driven by decreases in forward power prices in the ERCOT and PJM markets.			90
						$	115

Cost of Fuels

Cost of fuels decreased by $13 million during the three months ended September 30, 2024, compared to the same period in 2023, primarily driven by lower prices on fuel purchases at the Walnut Creek and Marsh Landing facilities.

Interest Expense

Interest expense increased by $91 million during the three months ended September 30, 2024, compared to the same period in 2023, primarily due to the following:

			(In millions)
Change in fair value of interest rate swaps due to changes in interest rates			$	90
Increase in interest expense due to an increase in principal balances for the Renewables segment primarily due to solar and BESS acquisitions			2
Other			(1)
			$	91

Income Tax Expense

For the three months ended September 30, 2024, the Company recorded an income tax expense of $33 million on pretax income of $60 million. For the same period in 2023, the Company recorded an income tax expense of $57 million on pretax income of $72 million. The $24 million decrease in income tax expense during the three months ended September 30, 2024, compared to the same period in 2023, was primarily due to the allocation of taxable earnings and losses, which includes the effect of applying the HLBV method of accounting for book purposes for certain partnerships.

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Net (Loss) Income Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests

For the three months ended September 30, 2024, the Company had a net loss of $9 million attributable to noncontrolling interests and redeemable noncontrolling interests comprised of the following:

			(In millions)
Losses attributable to tax equity financing arrangements and the application of the HLBV method (primarily due to VP-Arica TE Holdco LLC and Rosie TE HoldCo LLC HLBV losses)			$	(112)
Income attributable to third-party partnerships (primarily due to VP-Arica TE Holdco LLC and Rosie TE Holdco LLC HLBV losses)			54
CEG’s economic interest in Clearway Energy LLC			49
			$	(9)

For the three months ended September 30, 2023, the Company had a net income of $11 million attributable to noncontrolling interests and redeemable noncontrolling interests comprised of the following:

			(In millions)
Income attributable to third-party partnerships (primarily due to Daggett TE Holdco LLC HLBV losses)			$	129
CEG’s economic interest in Clearway Energy LLC			43
Losses attributable to tax equity financing arrangements and the application of the HLBV method (primarily due to Daggett TE Holdco LLC HLBV losses)			(161)
			$	11

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Management’s Discussion of the Results of Operations for the Nine Months Ended September 30, 2024 and 2023

Operating Revenues

Operating revenues increased by $50 million during the nine months ended September 30, 2024, compared to the same period in 2023, due to a combination of the drivers summarized in the table below:

						(In millions)
Conventional Segment			Decrease primarily driven by lower prices for capacity revenue due to the expiration of PPAs and commencement of RA capacity revenue at the Walnut Creek and Marsh Landing facilities during the second quarter of 2023 and the El Segundo facility during the third quarter of 2023.			$	(75)
			Decrease driven by the sales-type lease revenue recognition of the Marsh Landing Black Start addition during the second quarter of 2023.			(21)
			Increase primarily driven by higher energy revenue due to the commencement of merchant operations following the expiration of PPAs at the Walnut Creek, Marsh Landing and El Segundo facilities during 2023.			9
Renewables Segment			Increase driven by the Daggett 2, Daggett 3, Victory Pass and Arica solar and BESS acquisitions, which reached commercial operations in December 2023, July 2023, March 2024 and April 2024, respectively, the acquisition of Texas Solar Nova 1 and Texas Solar Nova 2 in December 2023 and March 2024, respectively, and the Rosamond Central BESS acquisition, which reached commercial operations in June 2024.			105
			Increase primarily driven by higher wind production at the Alta wind facilities.			39
			Increase driven by the acquisition of the Cedar Creek wind facility in April 2024.			9
Contract amortization			Increase primarily driven by the Walnut Creek PPA, which was fully amortized during the second quarter of 2023.			3
Mark-to-market economic hedging activities			Decrease primarily driven by an increase in forward power prices in the PJM market.			(28)
			Increase due to heat rate call option contracts entered into by El Segundo, Marsh Landing and Walnut Creek during the third quarter of 2023.			9
						$	50

Cost of Fuels

Cost of fuels decreased by $13 million during the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to the associated costs of the sales-type lease recognition of the Marsh Landing Black Start addition during the second quarter of 2023.

Operations and Maintenance

Operations and maintenance expense increased by $19 million during the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to solar and BESS acquisitions.

Depreciation, Amortization and Accretion

Depreciation, amortization and accretion increased $82 million during the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to the acquisitions of the Daggett 2, Daggett 3, Victory Pass and Arica solar and BESS facilities, Texas Solar Nova 1 and Texas Solar Nova 2.

Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates increased by $22 million during nine months ended September 30, 2024, compared to the same period in 2023, due to changes in the fair value of interest rate swaps, lower depreciation expense and higher wind production.

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Interest Expense

Interest expense increased by $82 million during the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to the following:

			(In millions)
Change in fair value of interest rate swaps due to changes in interest rates			$	67
Increase in interest expense due to an increase in principal balances for the Renewables segment primarily due to solar and BESS acquisitions			18
Other			(3)
			$	82

Income Tax Expense

For the nine months ended September 30, 2024, the Company recorded an income tax expense of $30 million on pretax income of $15 million. For the same period in 2023, the Company recorded an income tax expense of $67 million on a pretax income of $126 million. The $37 million decrease in income tax expense during the nine months ended September 30, 2024, compared to the same period in 2023, was primarily due to the allocation of taxable earnings and losses, which includes the effect of applying the HLBV method of accounting for book purposes for certain partnerships. Additionally, the income tax expense for the nine months ended September 30, 2024 was calculated based on year-to-date results as this represents the best estimate of the income tax rate. This differs from prior periods where income tax expense was calculated based on a forecasted effective tax rate under ASC 740-270.

Net (Loss) Income Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests

For the nine months ended September 30, 2024, the Company had a net loss of $100 million attributable to noncontrolling interests and redeemable noncontrolling interests comprised of the following:

			(In millions)
Losses attributable to tax equity financing arrangements and the application of the HLBV method (primarily due to VP-Arica TE Holdco LLC, Rosie TE HoldCo LLC, Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC HLBV losses)			$	(307)
Income attributable to third-party partnerships (primarily due to VP-Arica TE Holdco LLC, Rosie TE Holdco LLC, Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC HLBV losses)			124
CEG’s economic interest in Clearway Energy LLC			83
			$	(100)

For the nine months ended September 30, 2023, the Company had a net income of $17 million attributable to noncontrolling interests and redeemable noncontrolling interests comprised of the following:

			(In millions)
Income attributable to third-party partnerships (primarily due to Daggett TE Holdco LLC HLBV losses during the third quarter of 2023)			$	143
CEG’s economic interest in Clearway Energy LLC			79
Losses attributable to tax equity financing arrangements and the application of the HLBV method (primarily due to Daggett TE Holdco LLC HLBV losses during the third quarter of 2023)			(205)
			$	17

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Liquidity and Capital Resources

The Company’s principal liquidity requirements are to meet its financial commitments, finance current operations, fund capital expenditures, including acquisitions from time to time, service debt and pay dividends. As a normal part of the Company’s business, depending on market conditions, the Company will from time to time consider opportunities to repay, redeem, repurchase or refinance its indebtedness. Changes in the Company’s operating plans, lower than anticipated sales, increased expenses, acquisitions or other events may cause the Company to seek additional debt or equity financing in future periods. There can be no guarantee that financing will be available on acceptable terms or at all. Debt financing, if available, could impose additional cash payment obligations and additional covenants and operating restrictions.

Current Liquidity Position

As of September 30, 2024 and December 31, 2023, the Company’s liquidity was approximately $1.27 billion and $1.51 billion, respectively, comprised of cash, restricted cash and availability under the Company’s revolving credit facility.

(In millions)						September 30, 2024						December 31, 2023
Cash and cash equivalents:
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries						$	90					$	410
Subsidiaries						202						125
Restricted cash:
Operating accounts						183						176
Reserves, including debt service, distributions, performance obligations and other reserves						199						340
Total cash, cash equivalents and restricted cash						674						1,051
Revolving credit facility availability						592						454
Total liquidity						$	1,266					$	1,505

The Company’s liquidity includes $382 million and $516 million of restricted cash balances as of September 30, 2024 and December 31, 2023, respectively. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company’s facilities that are restricted in their use. As of September 30, 2024, these restricted funds were comprised of $183 million designated to fund operating expenses, approximately $71 million designated for current debt service payments and $89 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $39 million is held in distribution reserve accounts.

Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility

As of September 30, 2024, the Company had no outstanding borrowings under the revolving credit facility and $108 million in letters of credit outstanding. The facility will continue to be used for general corporate purposes including financing of future acquisitions and posting letters of credit.

Management believes that the Company’s liquidity position, cash flows from operations and availability under its revolving credit facility will be adequate to meet the Company’s financial commitments; debt service obligations; growth, operating and maintenance capital expenditures; and to fund dividends to holders of the Company’s Class A common stock and Class C common stock. Management continues to regularly monitor the Company’s ability to finance the needs of its operating, financing and investing activity within the dictates of prudent balance sheet management.

Credit Ratings

Credit rating agencies rate a firm’s public debt securities. These ratings are utilized by the debt markets in evaluating a firm’s credit risk. Ratings influence the price paid to issue new debt securities by indicating to the market the Company’s ability to pay principal, interest and preferred dividends. Rating agencies evaluate a firm’s industry, cash flow, leverage, liquidity and hedge profile, among other factors, in their credit analysis of a firm’s credit risk.

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The following table summarizes the credit ratings for the Company and its Senior Notes as of September 30, 2024:

S&P

Moody’s

Clearway Energy, Inc.

BB

Ba2

4.750% Senior Notes, due 2028

BB

Ba2

3.750% Senior Notes, due 2031

BB

Ba2

3.750% Senior Notes, due 2032

BB

Ba2

Sources of Liquidity

The Company’s principal sources of liquidity include cash on hand, cash generated from operations, proceeds from sales of assets, borrowings under new and existing financing arrangements and the issuance of additional equity and debt securities as appropriate given market conditions. As described in Note 7, Long-term Debt, to this Form 10-Q and Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the Company’s financing arrangements consist of corporate level debt, which includes Senior Notes and the revolving credit facility; the ATM Program; and facility-level financings for its various assets.

Capistrano Portfolio Holdco LLC Financing

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on September 28, 2033. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

Natural Gas Holdco LC Facility

On July 25, 2024, the Company, through its indirect subsidiary, Natural Gas Holdco, entered into a financing agreement that provides for a $200 million letter of credit facility, which is being utilized to support the collateral needs of the Company’s merchant conventional facilities and freed up capacity on the Company’s corporate revolving credit facility. The letter of credit facility has an initial term of three years and the option for two additional one-year extensions. As of September 30, 2024, $107 million was outstanding under the letter of credit facility.

Uses of Liquidity

The Company’s requirements for liquidity and capital resources, other than for operating its facilities, are categorized as: (i) debt service obligations, as described more fully in Note 7, Long-term Debt; (ii) capital expenditures; (iii) off-balance sheet arrangements; (iv) acquisitions and investments, as described more fully in Note 3, Acquisitions and Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities; and (v) cash dividends to investors.

Capital Expenditures

The Company’s capital spending program is mainly focused on maintenance capital expenditures, consisting of costs to maintain the assets currently operating, such as costs to replace or refurbish assets during routine maintenance, and growth capital expenditures consisting of costs to construct new assets and costs to complete the construction of assets where construction is in process.

For the nine months ended September 30, 2024, the Company used approximately $237 million to fund capital expenditures, including growth expenditures of $229 million, primarily in the Renewables segment, funded through construction-related financing. Growth capital expenditures included $106 million incurred in connection with the Victory Pass and Arica solar and BESS facilities, $41 million incurred in connection with the Rosamond Central BESS facility, $28 million incurred in connection with the repowering of the Cedro Hill wind facility, $18 million incurred in connection with the Texas Solar Nova 1 and Texas Solar Nova 2 facilities, $14 million incurred in connection with the Daggett 2 solar and BESS facility, $9 million incurred in connection with the Daggett 3 solar and BESS facility, $8 million incurred in connection with the Cedar Creek wind facility and $5 million incurred by other facilities. In addition, the Company incurred $8 million in maintenance capital expenditures.

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Off-Balance Sheet Arrangements

Obligations under Certain Guarantee Contracts

The Company may enter into guarantee arrangements in the normal course of business to facilitate commercial transactions with third parties.

Retained or Contingent Interests

The Company does not have any material retained or contingent interests in assets transferred to an unconsolidated entity.

Obligations Arising Out of a Variable Interest in an Unconsolidated Entity

Variable interest in equity investments — As of September 30, 2024, the Company has several investments with an ownership interest percentage of 50% or less. GenConn is a VIE for which the Company is not the primary beneficiary. The Company’s pro-rata share of non-recourse debt held by unconsolidated affiliates was approximately $290 million as of September 30, 2024. This indebtedness may restrict the ability of these subsidiaries to issue dividends or distributions to the Company.

Contractual Obligations and Commercial Commitments

The Company has a variety of contractual obligations and other commercial commitments that represent prospective cash requirements in addition to the Company’s capital expenditure programs, as disclosed in the Company’s 2023 Form 10-K.

Acquisitions and Investments

The Company intends to acquire generation assets developed and constructed by CEG, as well as generation assets from third parties where the Company believes its knowledge of the market and operating expertise provides a competitive advantage, and to utilize such acquisitions as a means to grow its business.

Rosamond Central BESS Drop Down and Financing Activities — On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility, which occurred on December 1, 2023. The additional purchase price consisted of $64 million that was funded by the Company from existing sources of liquidity and $215 million funded through contributions from third-party investors. Including the additional purchase price, the Company’s total purchase price was $349 million, $80 million of which was funded by the Company with the remaining $269 million funded through contributions from third-party investors. Clearway Renew utilized the additional proceeds to repay the balance of $184 million on the loan previously issued to its consolidated subsidiary by Rosie Class B LLC and to redeem Rosie Class B LLC’s entire equity investment in Rosie Central BESS of $28 million. The Company utilized proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price that was contributed back by CEG, to repay the tax equity bridge loan, to make a distribution to the cash equity investor, to fund construction completion reserves and to pay associated fees. Additionally, on June 13, 2024, the outstanding construction loans were converted to a term loan.

Victory Pass and Arica Drop Down — On May 1, 2024, when the Victory Pass and Arica solar and BESS facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, in connection with the Company’s acquisition of the Class A membership interests in VP-Arica TargetCo LLC on October 31, 2023, which was funded with existing sources of liquidity. Also on May 1, 2024, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the cash equity bridge loan, to repay the tax equity bridge loan, to fund construction completion reserves and to pay associated fees. Prior to the repayment of the tax equity bridge loan, the Company borrowed an additional $62 million during 2024.

Cedar Creek Drop Down — On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, the indirect owner of Cedar Creek, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. Cedar Creek has a 25-year PPA with an investment-grade utility that commenced in March 2024. The acquisition was funded with existing sources of liquidity. Additionally, the Company assumed the facility’s financing agreement, which included a construction loan that converted to a term loan at acquisition date along with a cash equity bridge loan and tax equity bridge loan that were both repaid at acquisition date.

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Texas Solar Nova 2 Drop Down — On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2. Texas Solar Nova 2 has an 18-year PPA with an investment-grade counterparty that commenced in February 2024. The Company’s portion of the purchase price was funded with existing sources of liquidity. Additionally, the Company assumed the facility’s financing agreement, which included a tax equity bridge loan that was repaid at acquisition date and a term loan.

Cash Dividends to Investors

The Company intends to use the amount of cash that it receives from its distributions from Clearway Energy LLC to pay quarterly dividends to the holders of its Class A common stock and Class C common stock. Clearway Energy LLC intends to distribute to its unit holders in the form of a quarterly distribution all of the CAFD that is generated each quarter, less reserves for the prudent conduct of the business. 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 following table lists the dividends paid on the Company’s Class A common stock and Class C common stock during the nine months ended September 30, 2024:

									Third Quarter 2024						Second Quarter 2024						First Quarter 2024
Dividends per Class A share									$	0.4171					$	0.4102					$	0.4033
Dividends per Class C share									0.4171						0.4102						0.4033

On October 29, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4240 per share payable on December 16, 2024 to stockholders of record as of December 2, 2024.

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Cash Flow Discussion

The following tables reflect the changes in cash flows for the comparative periods:

			Nine months ended September 30,
			2024						2023						Change
			(In millions)
Net cash provided by operating activities			$	578					$	496					$	82
Net cash used in investing activities			(674)						(271)						(403)
Net cash used in financing activities			(281)						(65)						(216)

Net Cash Provided by Operating Activities

Changes to net cash provided by operating activities were driven by:			(In millions)
Increase in operating income after adjusting for non-cash items			$	60
Increase from changes in working capital primarily driven by the timing of accounts receivable collections and payments of current liabilities, including accounts payable and current income taxes			18
Increase in distributions from unconsolidated affiliates			4
			$	82

Net Cash Used in Investing Activities

Changes to net cash used in investing activities were driven by:			(In millions)
Increase in cash paid for Drop Down Assets, net of cash acquired			$	(771)
Increase in capital expenditures			(94)
Decrease in note receivable – affiliate			399
Decrease in investments in unconsolidated affiliates			28
Increase in the return of investment from unconsolidated affiliates			24
Other			11
			$	(403)

Net Cash Used in Financing Activities

Changes in net cash used in financing activities were driven by:			(In millions)
Increase in contributions from noncontrolling interests, net of distributions			$	1,091
Decrease in tax-related distributions			21
Decrease in payments of debt issuance costs			7
Increase in payments for long-term debt and a decrease in proceeds from issuance of long-term debt			(1,318)
Increase in dividends paid to common stockholders and distributions paid to CEG unit holders			(18)
Other			1
			$	(216)

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NOLs, Deferred Tax Assets and Uncertain Tax Position Implications, under ASC 740

As of December 31, 2023, the Company had a cumulative federal NOL carryforward balance of $353 million for financial statement purposes, none of which were subject to expiration. Additionally, as of December 31, 2023, the Company had a cumulative state NOL carryforward balance of $102 million for financial statement purposes, which will expire between 2024 and 2040 if unutilized. The Company does not anticipate material income tax payments through 2026. In addition, as of December 31, 2023, the Company had PTC and ITC carryforward balances totaling $21 million, which will expire between 2035 and 2043 if unutilized.

As of December 31, 2023, the Company had an interest disallowance carryforward of $75 million as a result of Internal Revenue Code §163(j). The disallowed interest deduction has an indefinite carryforward period and any limitations on the utilization of this carryforward have been factored into the Company’s valuation allowance analysis.

The Company, after the utilization of various federal and state NOL carryforwards, paid $1 million in federal and state income taxes during the nine months ended September 30, 2024 and does not expect to pay additional material federal or state income taxes for the remainder of the current year. The Company does not anticipate being subject to the corporate minimum tax on financial statement income as enacted by the recently passed the IRA, which is discussed in further detail below.

The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate minimum income tax for certain taxpayers, a 1% excise tax on corporate stock repurchases in tax years beginning after December 31, 2022 and business tax credits and incentives for the development of clean energy facilities and the production of clean energy. The Company continues to analyze the potential impact of the IRA and monitor guidance to be issued by the United States Department of the Treasury, but it does not anticipate the corporate minimum tax will apply to it or that the IRA will otherwise have a material impact on its consolidated financial statements.

The Company is subject to examination by taxing authorities for income tax returns filed in the U.S. federal and various state jurisdictions. All tax returns filed by the Company for the year ended December 31, 2013 and forward remain subject to audit. As of September 30, 2024, the U.S. federal partnership returns of three of the Company’s subsidiaries are under audit by the IRS. The IRS has issued proposed adjustments with respect to one of the subsidiaries under audit, which the Company believes that such proposed adjustments are without merit and would not impact the Company’s tax liability or the tax liability of such subsidiary. The IRS has not yet issued any proposed adjustments with respect to the other two subsidiaries under audit. The Company believes that the ultimate resolution of each of these audits will not be material to the Company’s financial condition, results of operations or liquidity. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. The outcome of tax audits cannot be predicted with certainty and if any issues addressed in tax audits of the Company are resolved in a manner inconsistent with its expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

The Company has no material uncertain tax benefits as of September 30, 2024.

Fair Value of Derivative Instruments

The Company may enter into energy-related commodity contracts to mitigate variability in earnings due to fluctuations in spot market prices. In addition, in order to mitigate interest rate risk associated with the issuance of variable rate debt, the Company enters into interest rate swap agreements.

The tables below disclose the activities of non-exchange traded contracts accounted for at fair value in accordance with ASC 820. Specifically, these tables disaggregate realized and unrealized changes in fair value; disaggregate estimated fair values at September 30, 2024, based on their level within the fair value hierarchy defined in ASC 820; and indicate the maturities of contracts at September 30, 2024. For a full discussion of the Company’s valuation methodology of its contracts, see Derivative Fair Value Measurements in Note 5, Fair Value of Financial Instruments.

Derivative Activity (Losses) Gains			(In millions)
Fair value of contracts as of December 31, 2023			$	(209)
Contracts realized or otherwise settled during the period			(9)
Changes in fair value			(8)
Fair value of contracts as of September 30, 2024			$	(226)

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			Fair value of contracts as of September 30, 2024
			Maturity
Fair Value Hierarchy (Losses) Gains			1 Year or Less						Greater Than 1 Year to 3 Years						Greater Than 3 Years to 5 Years						Greater Than 5 Years						Total Fair Value
			(In millions)
Level 2			$	26					$	12					$	51					$	4					$	93
Level 3			(43)						(104)						(89)						(83)						(319)
Total			$	(17)					$	(92)					$	(38)					$	(79)					$	(226)

The Company has elected to disclose derivative assets and liabilities on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level.

Critical Accounting Policies and Estimates

The Company’s discussion and analysis of the financial condition and results of operations are based upon the consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements and related disclosures in compliance with GAAP requires the application of appropriate technical accounting rules and guidance, as well as the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. The application of these policies necessarily involves judgments regarding future events, including the likelihood of success of particular facilities, legal and regulatory challenges and the fair value of certain assets and liabilities. These judgments, in and of themselves, could materially affect the financial statements and disclosures based on varying assumptions, which may be appropriate to use. In addition, the financial and operating environment may also have a significant effect, not only on the operation of the business, but on the results reported through the application of accounting measures used in preparing the financial statements and related disclosures, even if the nature of the accounting policies has not changed.

On an ongoing basis, the Company evaluates these estimates, utilizing historic experience, consultation with experts and other methods the Company considers reasonable. Actual results may differ substantially from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the information that gives rise to the revision becomes known.

The Company identifies its most critical accounting policies as those that are the most pervasive and important to the portrayal of the Company’s financial position and results of operations, and that require the most difficult, subjective and/or complex judgments by management regarding estimates about matters that are inherently uncertain. The Company’s critical accounting policies include income taxes and valuation allowance for deferred tax assets, accounting utilizing HLBV, acquisition accounting and determining the fair value of financial instruments.

Recent Accounting Developments

See Note 2, Summary of Significant Accounting Policies, for a discussion of recent accounting developments.

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ITEM 3 — Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to several market risks in its normal business activities. Market risk is the potential loss that may result from market changes associated with the Company’s power generation or with an existing or forecasted financial or commodity transaction. The types of market risks the Company is exposed to are commodity price risk, interest rate risk, liquidity risk and credit risk. The following disclosures about market risk provide an update to, and should be read in conjunction with, Item 7A — Quantitative and Qualitative Disclosures About Market Risk, of the Company’s 2023 Form 10-K.

Commodity Price Risk

Commodity price risks result from exposures to changes in spot prices, forward prices, volatilities and correlations between various commodities, such as electricity, natural gas and emissions credits. The Company manages the commodity price risk of certain of its merchant generation operations by entering into derivative or non-derivative instruments to hedge the variability in future cash flows from forecasted power sales. The portion of forecasted transactions hedged may vary based upon management's assessment of market, weather, operation and other factors.

Based on a sensitivity analysis using simplified assumptions, the impact of a $0.50 per MWh increase or decrease in power prices across the term of the long-term power commodity contracts would cause a change of approximately $6 million to the net value of the related derivatives as of September 30, 2024.

Interest Rate Risk

The Company is exposed to fluctuations in interest rates through its issuance of variable rate debt. Exposures to interest rate fluctuations may be mitigated by entering into derivative instruments known as interest rate swaps, caps, collars and put or call options. These contracts reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations when taking into account the combination of the variable rate debt and the interest rate derivative instrument. See Note 6, Derivative Instruments and Hedging Activities, for more information.

Most of the Company’s subsidiaries enter into interest rate swaps intended to hedge the risks associated with interest rates on non-recourse facility-level debt. See Item 15 — Note 10, Long-term Debt, to the Company’s audited consolidated financial statements for the year ended December 31, 2023 included in the 2023 Form 10-K for more information about interest rate swaps of the Company’s subsidiaries.

If all of the interest rate swaps had been discontinued on September 30, 2024, the counterparties would have owed the Company $100 million. Based on the credit ratings of the counterparties, the Company believes its exposure to credit risk due to nonperformance by counterparties to its hedge contracts to be insignificant.

The Company has long-term debt instruments that subject it to the risk of loss associated with movements in market interest rates. As of September 30, 2024, a change of 1%, or 100 basis points, in interest rates would result in an approximately $1 million change in market interest expense on a rolling twelve-month basis.

As of September 30, 2024, the fair value of the Company’s debt was $6.90 billion and the carrying value was $7.20 billion. The Company estimates that a decrease of 1%, or 100 basis points, in market interest rates would have increased the fair value of its long-term debt by approximately $328 million.

Liquidity Risk

Liquidity risk arises from the general funding needs of the Company’s activities and in the management of the Company’s assets and liabilities.

Counterparty Credit Risk

Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; and (ii) the use of credit mitigation measures such as prepayment arrangements or volumetric limits. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. See Note 5, Fair Value of Financial Instruments, to the consolidated financial statements for more information about concentration of credit risk.

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ITEM 4 — Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Under the supervision and with the participation of the Company’s management, including its principal executive officer, principal financial officer and principal accounting officer, the Company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) or 15d-15(e) of the Exchange Act. Based on this evaluation, the Company’s principal executive officer, principal financial officer and principal accounting officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1 — LEGAL PROCEEDINGS

None.

ITEM 1A — RISK FACTORS

Information regarding risk factors appears in Part I, Item 1A, Risk Factors, in the Company’s 2023 Form 10-K. There have been no material changes in the Company’s risk factors since those reported in its 2023 Form 10-K.

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3 — DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4 — MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5 — OTHER INFORMATION

Disclosure Pursuant to Item 1.01 of Form 8-K – Entry Into a Material Definitive Agreement

In connection with the Company entering into definitive agreements to acquire 100% of the Class A membership interests and 50% of the Class B membership interests in Pine Forest TE HoldCo LLC, as described in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and the Results of Operations – Significant Events – Drop Down Transactions, on October 28, 2024, the Company, Clearway Energy LLC and CEG amended and restated the Amended and Restated Exchange Agreement, dated as of May 14, 2015, or the First Amended Exchange Agreement, by entering into a Second Amended and Restated Exchange Agreement, or the Second Amended Exchange Agreement, pursuant to which CEG (and certain permitted assignees and permitted transferees who acquire Class B units or Class D units of Clearway Energy LLC, or collectively with CEG, the CEG Unitholders) may from time to time cause Clearway Energy LLC to exchange their Class B units for shares of the Company’s Class A common stock, or exchange their Class D units for shares of the Company’s Class C common stock, on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications.

The Second Amended Exchange Agreement amends and restates the First Amended Exchange Agreement to, among other things, provide for an equitable cash settlement, to be paid by the exchanging CEG Unitholder to the Company on the applicable exchange date, for the value of certain assets of the Company that are not held by Clearway Energy LLC, including the membership interests of Pine Forest TE HoldCo LLC held by the Company. The amount of any such payment will be calculated based on the net present value of the projected discounted cash flow of such assets, using a discount rate equal to the weighted average cost of capital for such assets, and the daily volume-weighted average closing price of the Company’s Class A common stock or Class C common stock, as applicable, for the trailing 30 trading days ending on the second trading day prior to the applicable exchange date. The intent of this amendment is to maintain parity in the value of the shares of Class A or Class C common stock received in return for the Class B or Class D units exchanged, to accommodate investments that may be held directly or indirectly by the Company but that are not held through Clearway Energy LLC.

The foregoing description of the Second Amended Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Second Amended Exchange Agreement, which is filed herewith as Exhibit 10.2 and is incorporated herein by reference.

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Disclosure Pursuant to Item 5.02 of Form 8-K – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, on October 10, 2024, Vincent Stoquart informed the Company of his intention to resign from the board of directors, or the Board, of the Company effective as of the close of business on October 23, 2024. On October 24, 2024, the Board elected Olivier Jouny to replace Mr. Stoquart and to serve as a member of the Board, effective as of such date.

Mr. Jouny will not initially serve on any committee of the Board or receive any separate compensation for his service as a director.

Mr. Jouny, age 44, has served as Senior Vice President of the Renewables division of TotalEnergies since September 1, 2024. From January 2023 to August 2024, he was Senior Vice President of the Integrated Power division of TotalEnergies inside the Gas, Renewables and Power branch, where he developed an expertise in electricity markets and flexible power generation assets. Prior to that, Mr. Jouny served as Managing Director of TotalEnergies E&P in Angola. He was, during this period, also the country chair for TotalEnergies in Angola. In September 2016, he joined the Marketing & Services branch where he was appointed Managing Director of Total Marine Fuels, TotalEnergies’ worldwide business unit in charge of bunkering activities, based in Singapore. In 2008, he joined the Exploration & Production branch where he held several positions in Yemen, France and the Republic of Congo. He was successively Commercial Manager of Yemen LNG, Head of E&P New Ventures Economics Department and Business Development Manager of Total E&P Congo based in Pointe Noire. Mr. Jouny began his career in the Gas & Power Division serving in marketing activities on the European gas markets and then LNG downstream developments in North & Central Americas. Mr. Jouny graduated as a mechanical engineer from the Mines Paris Tech.

The Company and Mr. Jouny have entered into an indemnification agreement that provides Mr. Jouny with contractual rights to indemnification, expense advancement and reimbursement to the fullest extent permitted under Delaware law. The foregoing description of such indemnification agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Form of Indemnification Agreement, the form of which was filed as Exhibit 10.4 to the Company’s 2023 Form 10-K, and which is incorporated herein by reference.

There are no arrangements or understandings between Mr. Jouny and any other person pursuant to which Mr. Jouny was elected to serve on the Board. Mr. Jouny does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Insider Trading Plans

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6 — EXHIBITS

Number

Description

Method of Filing

10.1

Consulting Agreement, dated as of June 20, 2024, by and between Clearway Energy, Inc. and Christopher Sotos.

Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 25, 2024.

10.2

Second Amended and Restated Exchange Agreement, dated as of October 28, 2024, by and among Clearway Energy, Inc., Clearway Energy LLC and Clearway Energy Group LLC.

Filed herewith.

31.1

Rule 13a-14(a)/15d-14(a) certification of Craig Cornelius.

Filed herewith.

31.2

Rule 13a-14(a)/15d-14(a) certification of Sarah Rubenstein.

Filed herewith.

32

Section 1350 Certification.

Furnished herewith.

101 INS

Inline XBRL Instance Document.

Filed herewith.

101 SCH

Inline XBRL Taxonomy Extension Schema.

Filed herewith.

101 CAL

Inline XBRL Taxonomy Extension Calculation Linkbase.

Filed herewith.

101 DEF

Inline XBRL Taxonomy Extension Definition Linkbase.

Filed herewith.

101 LAB

Inline XBRL Taxonomy Extension Label Linkbase.

Filed herewith.

101 PRE

Inline XBRL Taxonomy Extension Presentation Linkbase.

Filed herewith.

104

Cover Page Interactive Data File (the cover page interactive data file does not appear in Exhibit 104 because its Inline XBRL tags are embedded within the Inline XBRL document).

Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CLEARWAY ENERGY, INC. (Registrant)

/s/ CRAIG CORNELIUS

Craig Cornelius

President and Chief Executive Officer (Principal Executive Officer)

/s/ SARAH RUBENSTEIN

Sarah Rubenstein

Date: October 30, 2024

Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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