2022 Q4 Form 10-K Financial Statement

#000156768323000011 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $268.0M $1.190B $1.286B
YoY Change -15.72% -7.47% 7.26%
Cost Of Revenue $97.00M $435.0M $451.0M
YoY Change -17.09% -3.55% 23.22%
Gross Profit $171.0M $755.0M $835.0M
YoY Change -14.93% -9.58% 0.24%
Gross Profit Margin 63.81% 63.45% 64.93%
Selling, General & Admin $9.000M $40.00M $40.00M
YoY Change -10.0% 0.0% 17.65%
% of Gross Profit 5.26% 5.3% 4.79%
Research & Development $0.00 $2.000M $6.000M
YoY Change -100.0% -66.67% 20.0%
% of Gross Profit 0.0% 0.26% 0.72%
Depreciation & Amortization $182.0M $512.0M $509.0M
YoY Change 13.04% 0.59% 18.93%
% of Gross Profit 106.43% 67.81% 60.96%
Operating Expenses $142.0M $554.0M $555.0M
YoY Change 6.77% -0.18% 18.84%
Operating Profit $29.00M $1.470B $267.0M
YoY Change -57.35% 450.56% -19.82%
Interest Expense -$88.00M $232.0M $312.0M
YoY Change 10.0% -25.64% -24.82%
% of Operating Profit -303.45% 15.78% 116.85%
Other Income/Expense, Net $7.000M -$188.0M -$330.0M
YoY Change -43.03% -14.73%
Pretax Income -$69.00M $1.282B -$63.00M
YoY Change 115.63% -2134.92% 16.67%
Income Tax -$15.00M $222.0M $12.00M
% Of Pretax Income 17.32%
Net Earnings $12.00M $582.0M $51.00M
YoY Change -250.0% 1041.18% 104.0%
Net Earnings / Revenue 4.48% 48.91% 3.97%
Basic Earnings Per Share $4.99 $0.44
Diluted Earnings Per Share $0.10 $4.99 $435.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 35.00M shares 35.00M shares

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $657.0M $657.0M $179.0M
YoY Change 267.04% 267.04% -33.21%
Cash & Equivalents $657.0M $657.0M $179.0M
Short-Term Investments
Other Short-Term Assets $419.0M $419.0M $1.171B
YoY Change -64.22% -64.22% 359.22%
Inventory $47.00M $47.00M $37.00M
Prepaid Expenses
Receivables $153.0M $153.0M $144.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.276B $1.276B $1.531B
YoY Change -16.66% -16.66% 116.24%
LONG-TERM ASSETS
Property, Plant & Equipment $7.421B $7.948B $8.200B
YoY Change -2.99% -3.07% 8.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $364.0M $364.0M $381.0M
YoY Change -4.46% -4.46% -48.58%
Other Assets $96.00M $159.0M $202.0M
YoY Change -4.95% -21.29% -7.76%
Total Long-Term Assets $11.04B $11.04B $11.28B
YoY Change -2.18% -2.18% 14.14%
TOTAL ASSETS
Total Short-Term Assets $1.276B $1.276B $1.531B
Total Long-Term Assets $11.04B $11.04B $11.28B
Total Assets $12.31B $12.31B $12.81B
YoY Change -3.91% -3.91% 20.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.00M $77.00M $181.0M
YoY Change -25.68% -57.46% 103.37%
Accrued Expenses $168.0M $168.0M $138.0M
YoY Change 21.74% 21.74% 12.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $322.0M $322.0M $772.0M
YoY Change -58.29% -58.29% 101.04%
Total Short-Term Liabilities $617.0M $617.0M $1.631B
YoY Change -62.17% -62.17% 157.26%
LONG-TERM LIABILITIES
Long-Term Debt $6.491B $6.491B $6.939B
YoY Change -6.46% -6.46% 5.38%
Other Long-Term Liabilities $201.0M $1.052B $930.0M
YoY Change 16.18% 13.12% 41.34%
Total Long-Term Liabilities $7.662B $7.543B $7.869B
YoY Change -2.79% -4.14% 8.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $617.0M $617.0M $1.631B
Total Long-Term Liabilities $7.662B $7.543B $7.869B
Total Liabilities $8.279B $10.08B $10.98B
YoY Change -12.97% -8.21% 25.23%
SHAREHOLDERS EQUITY
Retained Earnings $463.0M
YoY Change -1503.03%
Common Stock $1.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.234B $2.234B $1.834B
YoY Change
Total Liabilities & Shareholders Equity $12.31B $12.31B $12.81B
YoY Change -3.91% -3.91% 20.97%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $12.00M $582.0M $51.00M
YoY Change -250.0% 1041.18% 104.0%
Depreciation, Depletion And Amortization $182.0M $512.0M $509.0M
YoY Change 13.04% 0.59% 18.93%
Cash From Operating Activities $180.0M $787.0M $701.0M
YoY Change 13.92% 12.27% 28.62%
INVESTING ACTIVITIES
Capital Expenditures $17.00M $112.0M $151.0M
YoY Change -162.96% -25.83% 21.77%
Acquisitions $0.00 $533.0M
YoY Change -100.0%
Other Investing Activities -$18.00M -$1.000M -$22.00M
YoY Change -95.59% -95.45% 144.44%
Cash From Investing Activities -$35.00M $1.065B -$865.0M
YoY Change -91.95% -223.12% 1295.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $1.198B $2.292B
YoY Change -47.73% 50.1%
Cash From Financing Activities -305.0M -$1.510B $367.0M
YoY Change -181.12% -511.44% -184.37%
NET CHANGE
Cash From Operating Activities 180.0M $787.0M $701.0M
Cash From Investing Activities -35.00M $1.065B -$865.0M
Cash From Financing Activities -305.0M -$1.510B $367.0M
Net Change In Cash -160.0M $342.0M $189.0M
YoY Change -261.62% 80.95% 293.75%
FREE CASH FLOW
Cash From Operating Activities $180.0M $787.0M $701.0M
Capital Expenditures $17.00M $112.0M $151.0M
Free Cash Flow $163.0M $675.0M $550.0M
YoY Change -11.89% 22.73% 30.64%

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CY2021 cwen Adjustment To Additional Paid In Capital Consolidated Entity Investment Guarantee
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CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021 us-gaap Adjustments To Additional Paid In Capital Other
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CY2021 us-gaap Dividends Common Stock
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 cwen Net Income Loss Including Portion Attributable To Noncontrolling Interest Including Rounding Adjustments
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CY2022 us-gaap Unrealized Gain Loss On Derivatives
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CY2022 us-gaap Adjustments To Additional Paid In Capital Other
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CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022 us-gaap Dividends Common Stock
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 cwen Power Generation Capacity Megawatts
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022 cwen Power Purchase Agreement Contingent Lease Revenue Recognized
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CY2021 cwen Power Purchase Agreement Contingent Lease Revenue Recognized
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CY2020 cwen Power Purchase Agreement Contingent Lease Revenue Recognized
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CY2022 cwen Revenue Marktomarket Hedging Activities
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CY2022Q4 us-gaap Accounts Receivable Net
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CY2021Q4 us-gaap Accounts Receivable Net
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CY2022 us-gaap Concentration Risk Credit Risk
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Concentrations of Credit Risk<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company’s projects have only one customer. See Item 1A, Risk Factors, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Risks Related to the Company’s Business, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for a discussion on the Company’s dependence on major customers</span><span style="color:#1f497d;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span>
CY2021Q4 us-gaap Asset Retirement Obligation
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CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
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CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
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CY2022Q4 us-gaap Asset Retirement Obligation
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CY2022 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.</span></div>
CY2022 cwen Income Taxes Threshold Percentage
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0.50
CY2021Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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CY2022 cwen Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
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CY2022 cwen Comprehensive Income Net Of Tax Portions Attributable To Noncontrolling Redeemable Interest
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CY2022Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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CY2022 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, AROs, acquisition accounting, fair value of financial instruments and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.</span></div>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified for comparative purposes.</span></div>
CY2021Q1 cwen Payments To Fund Project Reserve Accounts
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CY2021Q1 us-gaap Payments For Fees
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 cwen Prepaid Long Term Service Agreement
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CY2021Q4 cwen Prepaid Long Term Service Agreement
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2020 us-gaap Depreciation
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CY2022Q4 us-gaap Equity Method Investments
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CY2022Q4 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
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CY2021Q4 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
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CY2022Q4 cwen Percent Of Derivative Liabilities Using Level3 Fair Value Inputs
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CY2022Q4 cwen Fair Value Assets Measured On Recurring Basis Valuation Techniques Impact Of Credit Reserve To Fair Value
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2022Q4 cwen Fair Valueof Gross Derivative Assets Liabilities Net
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CY2022Q4 cwen Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset
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CY2022Q4 cwen Derivative Asset Fair Value Amount Offset Against Collateral Net Of Derivative Liability Fair Value Amount Offset Against Collateral
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CY2021Q4 cwen Fair Valueof Gross Derivative Assets Liabilities Net
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CY2021Q4 cwen Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset
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CY2021Q4 cwen Derivative Asset Fair Value Amount Offset Against Collateral Net Of Derivative Liability Fair Value Amount Offset Against Collateral
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CY2022Q4 cwen Accumulated Other Comprehensive Income Loss Cumulative Change In Gain Loss From Cash Flow Hedges Tax Amount
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CY2021Q4 cwen Accumulated Other Comprehensive Income Loss Cumulative Change In Gain Loss From Cash Flow Hedges Tax Amount
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CY2020Q4 cwen Accumulated Other Comprehensive Income Loss Cumulative Change In Gain Loss From Cash Flow Hedges Tax Amount
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CY2022Q4 cwen Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months Tax
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CY2022 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2020 us-gaap Amortization Of Intangible Assets
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CY2022 cwen Contra Revenue Intangibles Amortization
ContraRevenueIntangiblesAmortization
168000000 usd
CY2021 cwen Contra Revenue Intangibles Amortization
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CY2020 cwen Contra Revenue Intangibles Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Deferred Finance Costs Net
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CY2021Q4 us-gaap Deferred Finance Costs Net
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CY2021Q4 us-gaap Debt Instrument Unamortized Premium
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Debt Current
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2022 us-gaap Costs And Expenses
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Profit Loss
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CY2022 us-gaap Net Income Loss
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CY2022Q4 cwen Capital Expenditures
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CY2022Q4 us-gaap Assets
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CY2021 us-gaap Cost Of Revenue
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CY2021 us-gaap Operating Income Loss
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Interest Expense
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Profit Loss
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CY2021 us-gaap Net Income Loss
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CY2021Q4 cwen Capital Expenditures
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CY2021Q4 us-gaap Assets
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CY2020 us-gaap General And Administrative Expense
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CY2020 us-gaap Business Combination Acquisition Related Costs
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CY2020 us-gaap Operating Income Loss
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CY2020 us-gaap Income Loss From Equity Method Investments
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CY2020 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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CY2020 us-gaap Gains Losses On Extinguishment Of Debt
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CY2020 us-gaap Interest Expense
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Profit Loss
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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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