v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net Loss $ (41) $ (85)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Equity in earnings of unconsolidated affiliates (16) (12)
Distributions from unconsolidated affiliates 15 13
Depreciation, amortization and accretion 377 326
Amortization of financing costs and debt discounts 9 7
Amortization of intangibles and out-of-market contracts 101 88
Loss on debt extinguishment 5 0
Reduction in carrying amount of right-of-use assets 8 8
Changes in derivative instruments and amortization of accumulated OCI/OCL (53) 22
Changes in other working capital (70) (84)
Net Cash Provided by Operating Activities 335 283
Cash Flows from Investing Activities    
Acquisitions, net of cash acquired (226) (211)
Acquisition of Drop Down Assets, net of cash acquired (81) (77)
Capital expenditures (159) (132)
Payments for equipment deposits and asset purchases from affiliate (112) 0
Return of investment from unconsolidated affiliates 8 10
Investments in unconsolidated affiliates (91) 0
Other 4 12
Net Cash Used in Investing Activities (657) (398)
Cash Flows from Financing Activities    
Contributions from noncontrolling interests, net of distributions 22 343
Contributions from Clearway, Inc., net of distributions 281 8
(Distributions to) contributions from CEG, net (141) 37
Proceeds from the issuance of Class C units 50 0
Payments of distributions (190) (176)
Pro-rata distributions to Clearway, Inc. and CEG 0 (16)
Buyout of noncontrolling interest (3) 0
Proceeds from the revolving credit facility 60 112
Payments for the revolving credit facility (361) 0
Proceeds from the issuance of long-term debt — external 1,006 362
Proceeds from the issuance of long-term debt — affiliate 0 5
Payments for long-term debt — external (647) (498)
Payments of debt issuance costs (27) (7)
Payments for long-term debt — affiliate (2) (1)
Other (2) (1)
Net Cash Provided by Financing Activities 46 168
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (276) 53
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 818 733
Cash, Cash Equivalents and Restricted Cash at End of Period $ 542 $ 786