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PART I — FINANCIAL INFORMATION [Financial Statements and Notes](index=6&type=section&id=ITEM%201%20%E2%80%94%20FINANCIAL%20STATEMENTS%20AND%20NOTES) Clearway Energy reported Q1 2024 operating revenues of $263 million and a net loss of $46 million, with total assets at $14.86 billion, reflecting acquisitions and renewable investments [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) Q1 2024 consolidated financial statements show a net loss of $46 million on $263 million revenue, with total assets at $14.86 billion and $81 million cash from operations Consolidated Statement of Operations Highlights (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $263 | $288 | ($25) | | Operating (Loss) Income | ($29) | $42 | ($71) | | Net Loss | ($46) | ($40) | ($6) | | Net Loss Attributable to Clearway Energy, Inc. | ($2) | $0 | ($2) | | Loss Per Share (Basic and Diluted) | ($0.02) | $0.00 | ($0.02) | Consolidated Balance Sheet Highlights (as of Mar 31, 2024 vs Dec 31, 2023) | Metric | March 31, 2024 (in millions) | Dec 31, 2023 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $478 | $535 | | Total current assets | $1,497 | $1,560 | | Total Assets | $14,862 | $14,701 | | Total current liabilities | $874 | $906 | | Long-term debt | $7,579 | $7,479 | | Total Liabilities | $9,815 | $9,706 | | Total Stockholders' Equity | $5,045 | $4,994 | Consolidated Statement of Cash Flows Highlights (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $81 | $75 | | Net Cash Used in Investing Activities | ($203) | ($86) | | Net Cash Provided by Financing Activities | $34 | $28 | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | ($88) | $17 | [Note 3 — Acquisitions](index=16&type=section&id=Note%203%20%E2%80%94%20Acquisitions) In Q1 2024, the company acquired Texas Solar Nova 2 (200 MW solar) for $112 million, and post-quarter, Cedar Creek (160 MW wind) for $117 million - On March 15, 2024, the Company acquired Texas Solar Nova 2, LLC, a **200 MW solar facility** in Texas, for cash consideration of **$112 million**[54](index=54&type=chunk) - On April 16, 2024, subsequent to the quarter's end, the Company acquired Cedar Creek Holdco LLC, a **160 MW wind facility** in Idaho, for cash consideration of **$117 million**[53](index=53&type=chunk) [Note 7 — Long-term Debt](index=24&type=section&id=Note%207%20%E2%80%94%20Long-term%20Debt) As of March 31, 2024, total debt was $8.2 billion, primarily Senior Notes and non-recourse facility-level debt, with no revolving credit facility borrowings Total Debt Composition (as of March 31, 2024) | Debt Category | Amount (in millions) | | :--- | :--- | | Senior Notes (2028, 2031, 2032) | $2,125 | | Non-recourse facility-level debt | $6,076 | | **Total debt** | **$8,201** | - As of March 31, 2024, the company had **no outstanding borrowings** under its revolving credit facility and **$228 million** in letters of credit outstanding[85](index=85&type=chunk) - In connection with the Texas Solar Nova 2 acquisition on March 15, 2024, the company assumed an **$80 million term loan** and a **$115 million tax equity bridge loan**, which was subsequently repaid[87](index=87&type=chunk)[88](index=88&type=chunk) [Note 9 — Segment Reporting](index=26&type=section&id=Note%209%20%E2%80%94%20Segment%20Reporting) In Q1 2024, Conventional Generation reported $21 million operating income, while Renewables had a $39 million operating loss on $168 million revenue Segment Performance (Q1 2024) | Segment | Operating Revenues (in millions) | Operating Income (Loss) (in millions) | | :--- | :--- | :--- | | Conventional Generation | $95 | $21 | | Renewables | $168 | ($39) | | Corporate | $0 | ($11) | | **Total** | **$263** | **($29)** | [Management's Discussion and Analysis (MD&A)](index=28&type=section&id=ITEM%202%20%E2%80%94%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A attributes the $25 million revenue decrease to lower capacity prices and hedge adjustments, widening net loss, while maintaining $1.44 billion liquidity and pursuing renewable growth - The company's portfolio consists of approximately **8,700 net MW of assets**, including **6,200 net MW of installed wind, solar, and BESS facilities** with a weighted average remaining contract duration of approximately **10 years**[103](index=103&type=chunk) - Key recent events include the acquisition of **Texas Solar Nova 2 (200 MW solar)** and **Cedar Creek (160 MW wind)**, and new Resource Adequacy (RA) agreements for the Walnut Creek and Marsh Landing facilities[107](index=107&type=chunk)[108](index=108&type=chunk) [Consolidated Results of Operations](index=34&type=section&id=Consolidated%20Results%20of%20Operations) Q1 2024 operating revenues decreased by $25 million to $263 million, driven by lower conventional capacity prices and negative hedge impacts, partially offset by new renewable assets - The Conventional segment revenue decreased primarily due to lower capacity prices from PPA expirations at the Walnut Creek, Marsh Landing, and El Segundo facilities, resulting in a **$43 million decline**[115](index=115&type=chunk) - The Renewables segment revenue increased by **$16 million**, driven by new solar and BESS acquisitions including Daggett 2 & 3, Arica, and Texas Solar Nova 1[115](index=115&type=chunk) - Mark-to-market on economic hedges had a significant negative impact, decreasing revenue by **$54 million** due to rising forward power prices in ERCOT and PJM markets[115](index=115&type=chunk) - Depreciation, amortization, and accretion increased by **$26 million**, mainly in the Renewables segment, due to newly operational facilities like Daggett 2 & 3 and the acquisition of Texas Solar Nova 1[117](index=117&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, total liquidity was $1.44 billion, with Q1 capital expenditures of $98 million primarily for renewable growth and continued dividend payments Liquidity Position | Component | March 31, 2024 (in millions) | Dec 31, 2023 (in millions) | | :--- | :--- | :--- | | Total cash, cash equivalents and restricted cash | $963 | $1,051 | | Revolving credit facility availability | $472 | $454 | | **Total liquidity** | **$1,435** | **$1,505** | - Capital expenditures for Q1 2024 were approximately **$98 million**, including **$96 million** for growth in the Renewables segment, primarily for the Victory Pass, Arica, and Daggett facilities[132](index=132&type=chunk) - A quarterly dividend of **$0.4102 per share** was declared on May 9, 2024, an increase from the **$0.4033 per share** paid in the first quarter[142](index=142&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=ITEM%203%20%E2%80%94%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages commodity price, interest rate, liquidity, and credit risks using derivatives, with sensitivity analysis showing impacts on interest expense and power derivative values - A **1% (100 basis points) change** in interest rates would result in an approximately **$5 million change** in market interest expense on a rolling twelve-month basis[169](index=169&type=chunk) - A **$0.50 per MWh increase or decrease** in power prices would cause a change of approximately **$6 million** to the net value of the company's long-term power commodity derivative contracts[165](index=165&type=chunk) - The fair value of the company's debt was **$7.63 billion** as of March 31, 2024, compared to a carrying value of **$8.20 billion**[170](index=170&type=chunk) [Controls and Procedures](index=44&type=section&id=ITEM%204%20%E2%80%94%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of the end of the period covered by the report[173](index=173&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[174](index=174&type=chunk) PART II — OTHER INFORMATION [Other Information Summary](index=45&type=section&id=Other%20Information%20Summary) Part II reports no legal proceedings, unregistered equity sales, or defaults on senior securities, with no material changes to previously disclosed risk factors - The company reports **no legal proceedings** for the period[177](index=177&type=chunk) - There have been **no material changes** in the Company's risk factors since those reported in its 2023 Form 10-K[178](index=178&type=chunk) - The company reports **no unregistered sales of equity securities**, use of proceeds, or defaults upon senior securities[179](index=179&type=chunk)[180](index=180&type=chunk)

Clearway Energy, Inc. [CWEN] Q1 2024 Earnings Conference Call May 9, 2024 8:00 AM ET Company Participants Chris Sotos - President & CEO Sarah Rubenstein - EVP & CFO Craig Cornelius - President & CEO of Clearway Energy Group Akil Marsh - IR Conference Call Participants Michael Lonegan - Evercore ISI Noah Kaye - Oppenheimer Alex Kania - Marathon Capital Operator Good day. And thank you for standing by. Welcome to Clearway Energy, Inc. First Quarter 2024 Earnings Call. At this time, all participants are in a l ...

El Segundo Energy Center Walnut Creek Energy Park Marsh Landing Generating Station − Marsh Landing: New 90 MW contract 2027-2030 − Walnut Creek: New ~100 MW contract for 2027 8 ▪ Sponsor will support development of up to ~500MW of battery assets adjacent to existing CWEN projects, with CWEN investment right to invest at 10% CAFD yield ▪ Sponsor is also advancing 4.4 GW of late-stage projects for potential CWEN investment with COD's over 2026-2029 Late-Stage Development Assets (Excluding Hybridization & Repo ...

Clearway Energy Inc. (CWEN) recorded a first-quarter 2024 loss of 2 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 27 cents. In the year-ago quarter, the company reported break-even earnings.RevenuesTotal revenues of $263 million missed the Zacks Consensus Estimate of $270 million by 2.6%. The top line also declined 8.7% from the year-ago quarter’s figure of $288 million.Highlights of the ReleaseAdjusted EBITDA for the quarter totaled $211 million compared with $218 million in th ...

Signed agreements with Clearway Group to commit to invest in 55 MW of wind and 257 MW of solar plus storage projectsEntered into new Resource Adequacy Contracts for Marsh Landing and Walnut CreekReaffirming 2024 financial guidanceIncreasing the quarterly dividend by 1.7% to $0.4102 per share in the second quarter of 2024, or $1.64 per share annualizedContinue to target annual dividend per share growth in the upper range of 5% to 8% through 2026 PRINCETON, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Clearway Ener ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) [Q1 2024 Financial Performance](index=1&type=section&id=Q1%202024%20Financial%20Performance) Clearway Energy reported a net loss of **$(46) million** and Adjusted EBITDA of **$211 million** in Q1 2024, with CAFD improving to **$52 million** | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $(46) million | $(40) million | | Adjusted EBITDA | $211 million | $218 million | | Cash from Operating Activities | $81 million | $75 million | | Cash Available for Distribution (CAFD) | $52 million | $(4) million | - Net Loss increased due to higher **depreciation expenses** from growth projects achieving commercial operations[6](index=6&type=chunk) - Adjusted EBITDA decreased due to **expiration of tolling agreements** in the Conventional fleet, partially offset by growth investments[6](index=6&type=chunk) - CAFD significantly improved due to **lower debt service** in the Conventional segment and **higher wind generation**[6](index=6&type=chunk) [Operational Performance](index=2&type=section&id=Operational%20Performance) Q1 2024 operational performance showed improved Conventional availability and **10% increase** in Renewables generation from growth investments | Operating Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Conventional Equivalent Availability Factor | 86.3% | 74.4% | | Solar MWh generated/sold | 1,443k | 866k | | Wind MWh generated/sold | 2,519k | 2,744k | | Total Renewables generated/sold | 3,962k | 3,610k | - Renewables generation increased primarily due to **growth investments**[7](index=7&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity as of March 31, 2024, was **$1,435 million**, a **$70 million** decrease from year-end 2023 due to debt and growth investments | Liquidity Component | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Cash | $963 million | $1,051 million | | Revolving credit facility availability | $472 million | $454 million | | **Total Liquidity** | **$1,435 million** | **$1,505 million** | - Total liquidity decreased primarily due to **debt repayment** and **growth investments**[8](index=8&type=chunk) [Strategic Developments and Outlook](index=3&type=section&id=Strategic%20Developments%20and%20Outlook) [Growth Investments](index=3&type=section&id=Growth%20Investments) Clearway expanded its portfolio with **Cedar Creek Wind**, **Dan's Mountain Wind**, and **Rosamond South I**, adding **$19 million** in average annual CAFD - Acquired **160 MW Cedar Creek wind project** for **$117 million**, projected to contribute **~$13 million** in average annual asset CAFD from 2025[12](index=12&type=chunk) - Committed to acquire **50% stake** in **55 MW Dan's Mountain wind project** for **$44 million**, expected to contribute **~$4 million** in average annual asset CAFD from 2026[13](index=13&type=chunk) - Committed to acquire **50% stake** in **257 MW Rosamond South I solar plus storage project** for **~$21 million**, expected to contribute **~$2 million** in average annual asset CAFD from 2026[14](index=14&type=chunk) [Strategic Agreements](index=3&type=section&id=Strategic%20Agreements) New Resource Adequacy contracts for **Walnut Creek** and **Marsh Landing** enhance future CAFD visibility and stability - New RA contract for **Walnut Creek** to sell **~97 MW** capacity for 2027, contracting approximately **20%** of its net qualifying capacity[15](index=15&type=chunk) - New RA contract for **Marsh Landing** to sell **~90 MW** capacity from September 2026 to December 2030, contracting approximately **74%** through 2027[16](index=16&type=chunk) [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) Clearway increased quarterly dividend by **1.7%** to **$0.4102 per share**, targeting **5-8% annual growth** through 2026 without external capital - Board declared a quarterly dividend of **$0.4102 per share**, a **1.7% increase**, payable June 17, 2024[5](index=5&type=chunk)[17](index=17&type=chunk) - Company targets annual dividend per share growth in the upper range of **5% to 8%** through 2026[3](index=3&type=chunk)[5](index=5&type=chunk) - Management expects to achieve dividend growth objective without external capital through at least 2026[3](index=3&type=chunk) [2024 Financial Guidance](index=4&type=section&id=2024%20Financial%20Guidance) Company reaffirmed full-year 2024 CAFD guidance of **$395 million**, incorporating growth investments and renewable energy production estimates - Clearway reaffirms **2024 full-year CAFD guidance** of **$395 million**[20](index=20&type=chunk) - Guidance accounts for **committed growth investments** and **merchant energy gross margin** estimates at the conventional fleet[20](index=20&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 total operating revenues decreased to **$263 million**, leading to an operating loss of **$(29) million** and a net loss of **$(46) million** | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total operating revenues | $263 | $288 | | Operating (Loss) Income | $(29) | $42 | | Net Loss | $(46) | $(40) | | Loss Per Share | $(0.02) | $— | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$14.86 billion**, liabilities **$9.82 billion**, and stockholders' equity **$5.05 billion** | (In millions) | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total current assets | $1,497 | $1,560 | | Total Assets | $14,862 | $14,701 | | Total current liabilities | $874 | $906 | | Total Liabilities | $9,815 | $9,706 | | Total Stockholders' Equity | $5,045 | $4,994 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash from operating activities was **$81 million**, investing activities used **$(203) million**, resulting in a net **$(88) million** cash decrease | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $81 | $75 | | Net Cash Used in Investing Activities | $(203) | $(86) | | Net Cash Provided by Financing Activities | $34 | $28 | | Net (Decrease) Increase in Cash | $(88) | $17 | [Appendix: Non-GAAP Reconciliations](index=11&type=section&id=Appendix%3A%20Non-GAAP%20Reconciliations) [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Q1 2024 Net Loss of **$(46) million** reconciled to **Adjusted EBITDA of $211 million**, adjusted for depreciation and interest expense | Reconciliation to Adjusted EBITDA (Q1 2024, $M) | Amount | | :--- | :--- | | Net Loss | $(46) | | Plus: Income Tax Benefit | $(13) | | Plus: Interest Expense, net | $40 | | Plus: Depreciation, Amortization, and ARO | $154 | | Plus: Contract Amortization | $46 | | Plus: Other Adjustments | $30 | | **Adjusted EBITDA** | **$211** | [Reconciliation of Cash Available for Distribution (CAFD)](index=12&type=section&id=Reconciliation%20of%20Cash%20Available%20for%20Distribution%20%28CAFD%29) Q1 2024 Cash from Operating Activities of **$81 million** reconciled to **CAFD of $52 million**, primarily adjusted by **$51 million** for debt amortization | Reconciliation to CAFD (Q1 2024, $M) | Amount | | :--- | :--- | | Cash from Operating Activities | $81 | | Plus: Changes in working capital and other | $25 | | Plus: Return of investment from unconsolidated affiliates | $4 | | Less: Net distributions to non-controlling interest | $(5) | | Less: Maintenance capital expenditures | $(2) | | Less: Principal amortization of indebtedness | $(51) | | **Cash Available for Distribution** | **$52** | [Guidance Reconciliation](index=13&type=section&id=Guidance%20Reconciliation) Full-year 2024 guidance reconciles Net Income of **$90 million** to reaffirmed CAFD of **$395 million**, adjusted for depreciation and debt amortization | 2024 Full Year Guidance Reconciliation ($M) | Amount | | :--- | :--- | | Net Income | 90 | | Adjustments to reach Adjusted EBITDA | +1,085 | | **Adjusted EBITDA** | **1,175** | | Adjustments to reach Cash from Operating Activities | -345 | | **Cash from Operating Activities** | **830** | | Adjustments to reach CAFD | -435 | | **Cash Available for Distribution** | **395** | [Growth Project Financial Projections](index=13&type=section&id=Growth%20Project%20Financial%20Projections) Five-year average projections for **Cedar Creek Wind**, **Dan's Mountain Wind**, and **Rosamond South I** estimate combined annual Adjusted EBITDA of **$54 million** and CAFD of **$19 million** | 5-Year Avg. Projections ($M) | Cedar Creek Wind | Dan's Mountain Wind | Rosamond South I | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 16 | 9 | 29 | | Estimated CAFD | 13 | 4 | 2 |

The S&P 500 currently has a 1.4% dividend yield. That's not very attractive for most income-seeking investors. The good news is that they have a lot of higher-yielding options. Many companies offer dividends yielding more than four times the S&P 500. However, investors must tread carefully when investing in stocks with ultra-high dividend yields since not all those payouts are sustainable. One that's more questionable is the monster yield offered by industrial giant 3M (MMM 0.50%). On the other hand, the bi ...

The US tax refund season brings positive news as the average IRS tax refund, currently at $3,182, reflects a 5.1% increase from last year. Despite a slight dip of 1.7% in the number of tax returns filed the U.S. Internal Revenue Service (IRS) reports a smooth and efficient start to tax filing season. With no major issues reported, the IRS assures that all systems are running well. While the number of tax refunds issued is down by 13.7% from the previous year, the total amount refunded remains substantial at ...

Despite recent troubles, it remains very difficult to argue against the future of clean energy stocks. Morningstar estimates that renewable energy will account for 45% of U.S. energy generation by 2032 — three times as much as it does now.Clean and renewable energy could account for an even higher percentage of generation if investments become more aggressive. In either scenario investors should understand that a dollar invested today has the potential to become several dollars in the future.The global push ...