Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 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 operating 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. This footnote should be read in conjunction with the complete description under Item 15 — Note 13, Related Party Transactions, to the consolidated financial statements included in the Company’s 2025 Form 10-K. Goat Mountain Development Services Agreement with Clearway Renew Pursuant to the development services agreement entered into in July 2025, in connection with the closing of the Goat Mountain construction financing on February 27, 2026, as further described in Note 7, Long-term Debt, the Company acquired assets totaling $106 million, consisting of $98 million for deposits related to the future delivery of equipment, which is included in other non-current assets on the Company’s consolidated balance sheet, and $8 million of capital expenditures. Of this amount, $70 million was paid to Clearway Renew on February 27, 2026, with the remaining $36 million paid to Clearway Renew in June 2026. Also on February 27, 2026, the Company paid Clearway Renew $18 million in fees under the development services agreement, which is included in the line item distributions to CEG, net of contributions, in the consolidated statements of members’ equity. The Company estimates that its total capital investment in the Goat Mountain repowering will be $200 million, subject to closing adjustments. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various subsidiaries of the Company in the Renewables & Storage 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 $25 million and $20 million for the three months ended June 30, 2026 and 2025, respectively. The Company incurred total expenses for these services of $46 million and $41 million for the six months ended June 30, 2026 and 2025, respectively. Expenses for these services are included in cost of operations in the consolidated statements of operations. There was a balance of $15 million and $8 million due to RENOM as of June 30, 2026 and December 31, 2025, 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 Clearway Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred total expenses for these services of $8 million and $6 million for the three months ended June 30, 2026 and 2025, respectively. The Company incurred expenses under these agreements of $14 million and $11 million for the six months ended June 30, 2026 and 2025, respectively. Expenses for these services are included in cost of operations in the consolidated statements of operations. There was a balance of $6 million and $3 million due to CEG as of June 30, 2026 and December 31, 2025, respectively. CEG Master Services Agreement The Company, along with certain of its subsidiaries, 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. These services include operational and administrative services, such as human resources, information systems, cybersecurity, external affairs, legal, risk management, internal audit, accounting, procurement, tax and treasury services, in exchange for the payment of fees in respect of such services, which are settled on a quarterly basis. The Company also directly bears labor costs for certain CEG employees who perform work on behalf of the Company. The Company incurred expenses under the CEG Master Services Agreement of $6 million for each of the three months ended June 30, 2026 and 2025. The Company incurred expenses under the CEG Master Services Agreement of $13 million and $12 million for the six months ended June 30, 2026 and 2025, respectively. Expenses for these services are included in general and administrative in the consolidated statements of operations.
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