Investment Rating - The report maintains an "Outperform" rating for Clearway Energy, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [1][5][30]. Core Insights - Clearway Energy reported a GAAP net loss of $73 million for the fourth quarter, significantly below the expected net income of $6.1 million. Adjusted EBITDA was $201 million, also below the forecast of $230.6 million. Revenue for the quarter was $249 million, which was lower than market expectations due to reduced wind power generation [1][2][3]. - The company reaffirmed its cash flow guidance for fiscal year 2024 at $395 million and aims for a mid-term cash flow outlook of $420 million, targeting a 5-8% growth in dividends per share (DPS) by 2026 [2][3]. - Despite a challenging year, Clearway Energy increased its dividend by 2% from $0.3964 per share in Q3 2023 to $0.4033 per share, supporting its DPS growth target [2][3]. Summary by Sections Financial Performance - For Q4 2023, Clearway Energy's net operating revenue was $249 million, down 33% quarter-over-quarter and 7% year-over-year. The gross profit was $136 million, reflecting a 43% decline from the previous quarter [3]. - The adjusted EBITDA for Q4 2023 was $201 million, a decrease of 49% from the previous quarter and 20% year-over-year, while the net loss under GAAP was $73 million, compared to a profit of $4 million in Q3 2023 [3][2]. Capacity Expansion - The company is progressing with capacity expansion, including investments in the Texas Solar Nova and Dans Mountain Wind projects, which will add 452 MW to its solar portfolio. The commercial operation date (COD) for Texas Solar Nova 1 has been achieved, with Texas Solar Nova 2 expected to announce its COD in the first half of 2024 [7][1].

Financial Data and Key Metrics Changes - The company's 2023 CAFD was $342 million, within the revised guidance range of $330 million to $360 million, with a fourth quarter CAFD of $53 million [21][25] - Full year adjusted EBITDA was $1.058 billion, with fourth quarter adjusted EBITDA at $201 million [25] - The company reaffirmed its 2024 CAFD guidance at $395 million, factoring in current production estimates and maintenance capital expenditures [26] Business Line Data and Key Metrics Changes - The company committed approximately $215 million in new corporate capital deployments in 2023, with an expected average five-year annual CAFD yield of about 10% [8][9] - The company continues to execute its long-term growth targets of $2.15 of CAFD per share, reaffirming its ability to achieve 5% to 8% growth through 2026 without needing external capital [8][13] Market Data and Key Metrics Changes - The sponsor's 29 gigawatt renewable pipeline is developing, with approximately 7 gigawatts of late-stage projects targeting CODs over the next four years [22] - The company is focused on resource adequacy awards and pricing in 2027 and beyond, with strong pricing expected to drive value [23] Company Strategy and Development Direction - The company is transitioning to focus on growth beyond 2026, managing RA contracting positions and pursuing value and certainty to drive shareholder value [4] - The company plans to leverage additional drops from its sponsor and is exploring further growth opportunities through M&A and fleet optimization [10][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a difficult year in 2023 due to renewable resource impacts but remains optimistic about growth in 2024 and beyond [25][74] - The company is focused on improving availability from capital expenditures and executing its CAFD guidance while targeting a 7% dividend per share growth in 2024 [15][26] Other Important Information - The company has no external capital needs to fund growth through 2026, with remaining thermal sale proceeds available for committed investments [13] - The company is maintaining a strong balance sheet, with 99% of its consolidated long-term debt at fixed interest rates [25] Q&A Session Summary Question: Maintenance CapEx forecast for 2024 - Management explained that lower maintenance CapEx in 2023 was due to disappointing generation, and reiterated the forecast for 2024 maintenance CapEx [18] Question: Corporate debt to EBITDA leverage expectations - Management indicated that once thermal proceeds are deployed, they expect to be at the low end of the target leverage range of 4x to 4.5x [19][31] Question: M&A activity outlook for 2024 - Management expressed optimism about M&A activity in 2024, noting that market volatility in 2023 hindered execution [43] Question: Contracting open conventional capacity in 2027 - Management stated that major procurement initiatives would occur in late Q1 to early Q2, with binding awards expected in Q3 [51] Question: Domestic content guidance impact on project timelines - Management clarified that the shift of certain projects from 2026 to 2027 reflects a plan to utilize domestic content solutions and ensure project schedules are durable [74]

Clearway Energy Inc. (CWEN) recorded fourth-quarter 2023 earnings of 32 cents per share, which surpassed the Zacks Consensus Estimate of 16 cents by 100%. The bottom line also improved 220% from the year-ago quarter’s level of 10 cents.Full-year 2023 earnings were 67 cents per share, down 86.6% from the previous year’s level of $4.99.RevenuesTotal revenues of $249 million missed the Zacks Consensus Estimate of $284 million by 12.2%. The top line also declined 7.1% from the year-ago quarter’s figure of $268 ...

Clearway Energy (CWEN) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this company created by NRG Energy to acquire and operate natural gas, solar and wind plants would post earnings of $0.55 per share when it actually produced earnings of $0 ...

▪ 4Q23 Financial Highlights Conventional: Strong availability Wind: Lower resource partially offset by timing of maintenance cap ex and other items Solar: Lower resource ▪ Continue to Maintain Balance Sheet Flexibility − No external capital needed to meet DPS growth objectives through 2026 given Thermal proceeds − Nearly 99% of consolidated long-term debt interest cost fixed with earliest corporate maturity in 2028 − Pro Forma credit metrics remain in-line with target ratings ▪ 2024 CAFD Guidance Factors In ...

Committed to approximately $215 million of new long-term corporate capital investments in 2023Signed contracts in last twelve months ensuring that 42% of the Resource Adequacy for Marsh Landing, Walnut Creek and El Segundo is contracted in 2027, with nearly 100% contracted through 2026Reaffirming 2024 financial guidanceIncreased the quarterly dividend by 1.7% to $0.4033 per share in the first quarter of 2024, or $1.61 per share annualizedContinue to target annual dividend per share growth in the upper range ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to . Commission File Number: 001-36002 TABLE OF CONTENTS Index GLOSSARY OF TERMS 3 PART I 6 Item 1 — Business 6 Item 1A — Risk Factors 14 Item 1B — Unresolved Staff Comments 36 Item 1C — Cybersecurity 37 Item 2 — Properties 39 Item 3 — Legal Proceedings 42 It ...

• Committed to approximately $215 million of new long-term corporate capital investments in 2023 • Signed contracts in last twelve months ensuring that 42% of the Resource Adequacy for Marsh Landing, Walnut Creek and El Segundo is contracted in 2027, with nearly 100% contracted through 2026 • Reaffirming 2024 financial guidance • Increased the quarterly dividend by 1.7% to $0.4033 per share in the first quarter of 2024, or $1.61 per share annualized • Continue to target annual dividend per share growth in t ...

This past week brought more good news for the Democratic Party. Suburban voters in New York state’s 3rd District successfully flipped the Congressional seat previously occupied by expelled former Republican Representative George Santos. Democratic candidate Tom Suozzi enjoyed an impressive almost 8-point victory, defeating GOP challenger Mazi Pilip, receiving just under 54% of the vote. Meanwhile, in Pennsylvania, Democrats maintained their hold on the state’s House of Representatives. School board member J ...

PRINCETON, N.J., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE:CWEN, CWEN.A))) today announced that on February 14, 2024, its Board of Directors declared a quarterly dividend on each of the Company's Class A and Class C common stock of $0.4033 per share payable on March 15, 2024, to shareholders of record as of March 1, 2024. This quarterly dividend represents $1.6132 per share on an annualized basis, an increase of 1.7% over the fourth quarter 2023 dividend of $0.3964 per share, or $1.5856 ...