Utilities
Clearway Energy Executive Compensation (FY25)
CWEN · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 1, 2026
150 figures on this page: 140 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Craig Cornelius: $2,851,921 → $2,899,181 (1.7% higher)
Say-on-pay support: 99.3% → 99.1% (0.2 points lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Clearway Energy's chief executive and what were they paid?
Total compensation for Craig Cornelius, President and Chief Executive Officer, came to $2,899,181 in fiscal 2025. Compared with the $2,851,921 reported for fiscal 2024, Cornelius' total was 1.7% higher.
What was Clearway Energy's say-on-pay result?
The say-on-pay proposal drew 99.1% of votes cast for or against in favor at the meeting held April 29, 2026 for fiscal 2025.
Which companies are in Clearway Energy's peer group?
Companies named in the disclosed peer group include Alliant Energy Corporation, Avista Corporation, Black Hills Corporation, Boralex Inc. and First Solar, Inc., among others.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Christopher Sotos President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | — not reconciled |
Kevin Malcarney Executive Vice President, General Counsel and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Sarah Rubenstein Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Craig Cornelius President and Chief Executive Officer | — | — | ◇ | — | — | — | — | ◇ |
Kevin Malcarney Executive Vice President, General Counsel and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Sarah Rubenstein Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Craig Cornelius President and Chief Executive Officer | — | — | ◇ | — | — | — | — | ◇ |
Sarah Rubenstein Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Kevin Malcarney Executive Vice President, General Counsel and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Craig Cornelius | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Craig Cornelius | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Craig Cornelius | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Kevin P. Malcarney | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Kevin P. Malcarney | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Kevin P. Malcarney | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Sarah Rubenstein | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Sarah Rubenstein | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Sarah Rubenstein | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Sarah Rubenstein | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Craig Cornelius | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Sarah Rubenstein | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Kevin Malcarney | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Brian R. Ford Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
E. Stanley O'Neal | — | ◇ | — | — | — | — | ◇ |
Daniel B. More | ◇ | ◇ | — | — | — | — | ◇ |
Jennifer Lowry | ◇ | ◇ | — | — | — | — | ◇ |
Craig Cornelius, Olivier Jouny, Nathaniel Anschuetz, Jonathan Bram, Paige Goodwin, Marc-Antoine Pignon and Bruce MacLennan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Equity is delivered as deferred stock units.
Stock ownership guideline: 5x annual cash retainer fee
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Alliant Energy Corporation LNT
- Avista Corporation AVA
- Black Hills Corporation BKH
- Boralex Inc. BRLXF
- First Solar, Inc. FSLR
- Hannon Armstrong Sustainable Infrastructure, L.P. HASI
- Innergex Renewable Energy Inc. symbol not shown
- MGE Energy, Inc. MGEE
- New Fortress Energy Inc. NFE
- Northland Power Inc. NPI
- NorthWestern Energy Group, Inc. NWE
- Ormat Technologies, Inc. ORA
- Portland General Electric Company POR
- Sunrun Inc. RUN
- TransAlta Corporation TAC
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | April 29, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | April 22, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | April 25, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | April 27, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 28, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | April 29, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | April 30, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 1, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | April 24, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | April 25, 2017 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Clearway Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Clearway Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
150 figures on this page: 140 cited to the filing that reported them, 10 calculated from figures it prints.
140 cited to the filing
10 calculated from the filing
Documents cited
- 0001104659-26-053557
- 0001104659-26-033918DIRECTOR COMPENSATION · Director Compensation · Grants of Plan-Based Awards · Grants of Plan-Based Awards Fiscal Year Ended December 31, 2025 · and 2 more sections
- 0001104659-25-037429
- 0001104659-25-023538Summary Compensation Table Fiscal Year Ended December 31, 2024
- 0001104659-24-075297
- 0001104659-24-034883Summary Compensation Table Fiscal Year Ended December 31, 2023
- 0001104659-23-054500
- 0001104659-22-055271
- 0001104659-21-060252
- 0001104659-20-056290
- 0001104659-19-026513
- 0001567683-18-000014
- 0001104659-17-028009
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Clearway Energy executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/CWEN (accessed 2026).
Short form: data: Velarion
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Utilities rankings
Peers Clearway Energy discloses
The companies named in CWEN's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}