Clearway Energy, Inc., together with its subsidiaries, operates as an 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 Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies.
The company is one of the largest owners of clean energy generation assets in the U.S. and a leading contributor to the transition to a world powered by c...
Clearway Energy, Inc., together with its subsidiaries, operates as an 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 Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies.
The company is one of the largest owners of clean energy generation assets in the U.S. and a leading contributor to the transition to a world powered by clean energy. The company’s portfolio consists approximately 11.8 GW of gross capacity in 26 states, including approximately 9 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. In 2024, 96% of the company’s total generation was attributable to renewable energy and storage assets.
Clearway Energy LLC is a holding company for the companies that directly and indirectly own and operate the company’s assets.
As of December 31, 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.
Business Strategy
The key elements of the company's strategy are to focus on contracted renewable energy and dispatchable combustion-based generation.; and grow the business through investments operating power generation assets. The company intends to focus its investments in North America.
Customers
The company sells its electricity and environmental attributes, including RECs, primarily to customers located across 26 states under contractual arrangements. The company’s customer base includes 38 local utilities, and 26 commercial and industrial customers delivered through its utility-scale generation fleet, as well as thousands of additional customers for products delivered from its distributed solar fleet. During the year ended December 31, 2024, the company derived approximately 24% of its consolidated revenue from Southern California Edison, or SCE, and approximately 17% of its consolidated revenue from PG&E.
Regulation
As owners of power plants and participants in wholesale energy markets, certain of the company’s subsidiaries are subject to regulation by various federal and state government agencies. These agencies include Federal Energy Regulatory Commission (FERC) and the Public Utility Commission of Texas (PUCT), as well as other public utility commissions in certain states where the company’s assets are located. The company’s U.S. generating facilities qualifies as an Exempt Wholesale Generator (EWG) or Qualifying Facility under the Public Utility Regulatory Policies Act of 1978 (PURPA). In addition, the company is subject to the market rules, procedures and protocols of the various Independent System Operator (ISO) and Regional Transmission Organization (RTO) markets in which it participates.
Likewise, certain of the company’s subsidiaries must also comply with the mandatory reliability requirements imposed by North American Electric Reliability Corporation (NERC) and the regional reliability entities in the regions where the company has generating facilities subject to NERC’s reliability authority. The company’s operations within the ERCOT (Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas) footprint are not subject to rate regulation by FERC, as they are deemed to operate solely within the ERCOT market and not in interstate commerce. These operations are subject to regulation by PUCT.
The company is exempt from many of the accounting, record retention, and reporting requirements of the Public Utility Holding Company Act of 2005 (PUHCA).
History
The company was founded in 2012. The company was incorporated in 2012. It was formerly known as NRG Yield, Inc. and changed its name to Clearway Energy, Inc. in 2018.