Financial Performance - Total operating revenues for Q3 2025 were $429 million, a decrease of 11.7% compared to $486 million in Q3 2024[20]. - Operating income for Q3 2025 was $112 million, down 37.0% from $178 million in Q3 2024[20]. - Net income attributable to Clearway Energy, Inc. for Q3 2025 was $236 million, significantly up from $36 million in Q3 2024[20]. - Earnings per share for Class A and Class C common stockholders in Q3 2025 were $2.00, compared to $0.31 in Q3 2024[20]. - Comprehensive income attributable to Clearway Energy, Inc. for the three months ended September 30, 2025, was $233 million, up from $32 million in 2024, indicating a significant growth[23]. - Net income for the three months ended September 30, 2025, was $60 million, compared to $27 million in the same period of 2024, representing a 122% increase[23]. - For the nine months ended September 30, 2025, net income attributable to Clearway Energy, Inc. was $273 million, compared to $85 million for the same period in 2024, an increase of 221.2%[120]. Dividends - Dividends per Class A and Class C common share for Q3 2025 were $0.4456, an increase from $0.4171 in Q3 2024[20]. - The Company declared quarterly dividends of $0.4528 per share on November 3, 2025, payable on December 15, 2025[46]. - The company continues to focus on maintaining and growing its quarterly dividend amidst market challenges[14]. - The Company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[45]. Assets and Liabilities - Total assets increased to $16,066 million as of September 30, 2025, from $14,329 million at the end of 2024, reflecting a 12.2% growth[26]. - Total liabilities increased to $10,277 million as of September 30, 2025, from $8,765 million at the end of 2024, representing a 17.2% increase[26]. - Long-term debt rose to $8,084 million as of September 30, 2025, compared to $6,750 million at the end of 2024, marking an increase of 19.7%[26]. - Current liabilities decreased to $687 million as of September 30, 2025, from $718 million at the end of 2024, showing a reduction of 4.3%[26]. - As of September 30, 2025, total stockholders' equity was $5,715 million, an increase from $5,564 million at December 31, 2024[30]. Cash Flow - Cash and cash equivalents at the end of the period were $641 million, down from $674 million at the end of 2024, indicating a decrease of 4.9%[28]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $511 million, compared to $578 million in 2024, a decline of 11.6%[28]. - The company reported a net cash used in investing activities of $739 million for the nine months ended September 30, 2025, compared to $674 million in 2024, reflecting a 9.7% increase[28]. Acquisitions - The Company acquired Honeycomb TargetCo LLC for an initial cash consideration of $16 million, with a total estimated capital investment of $78 million, including an additional $62 million payment expected upon substantial completion in the first half of 2026[59]. - The acquisition of Daggett 1 Class B involved an initial cash consideration of $11 million, with a total capital investment of $57 million, including an additional $42 million paid upon substantial completion[61]. - The Company acquired Luna Valley Class B for an initial cash consideration of $18 million, with a total capital investment of $119 million, including an additional $72 million payment upon substantial completion[64]. - The Company acquired Catalina Solar for approximately $127 million, with a net capital investment expected to be $128 million after factoring in cash reserves and transaction expenses[68]. - The Company acquired Class A membership interests in Pine Forest TargetCo LLC for an initial cash consideration of $18 million, with an estimated total capital investment of $136 million expected[69][70]. - The acquisition of Tuolumne, a 137 MW wind facility, was completed for approximately $210 million, with a net capital investment of $59 million after transaction expenses[72][74]. Operational Performance - The Corporate segment reported an operating loss of $10 million for the three months ended September 30, 2025, compared to an operating loss of $64 million for the same period in 2024, showing improvement[119]. - Clearway Energy's Flexible Generation segment generated operating revenues of $106 million for the three months ended September 30, 2025, up from $102 million in the same period of 2024, a growth of 3.9%[118]. - The Company incurred total expenses of $20 million and $22 million for O&M services for the three months ended September 30, 2025 and 2024, respectively, and $61 million and $59 million for the nine months ended September 30, 2025 and 2024, respectively[124]. Risk Management - The Company is actively managing risks related to fuel and electricity price volatility, environmental incidents, and cybersecurity threats[14]. - The Company has implemented credit policies to manage counterparty credit risk, including monitoring credit limits and using collateral arrangements[94]. - Certain energy-related commodity contracts are with utilities that have strong credit quality, although they may be affected by regulatory changes[95]. - PG&E, a significant counterparty, has a credit rating below investment-grade, which poses potential risks to the Company[95].

Financial Performance - For Q3 2025, Clearway Energy reported a Net Income of $60 million, Adjusted EBITDA of $385 million, Cash from Operating Activities of $225 million, and Cash Available for Distribution (CAFD) of $166 million[1][8]. - Total operating revenues for Q3 2025 were $429 million, compared to $486 million in Q3 2024, reflecting a decrease of 11.7%[31]. - Operating income for Q3 2025 was $112 million, down from $178 million in Q3 2024, a decline of 37.0%[31]. - Net income attributable to Clearway Energy, Inc. for Q3 2025 was $236 million, significantly up from $36 million in Q3 2024, representing a growth of 553.0%[31]. - Earnings per share attributable to Clearway Energy, Inc. for Q3 2025 was $2.00, compared to $0.31 in Q3 2024, an increase of 545.2%[31]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $233 million for Q3 2025, compared to $32 million in Q3 2024, a growth of 628.1%[33]. - The company reported a net loss of $32 million for the nine months ended September 30, 2025, compared to a net loss of $15 million for the same period in 2024[45][46]. - Cash from operating activities for the nine months ended September 30, 2025, was $511 million, compared to $578 million for the same period in 2024, reflecting a decrease of 11.6%[48]. Guidance and Projections - The company narrowed its 2025 financial guidance range for CAFD to $420 million to $440 million, with a midpoint based on median renewable energy production estimates[21]. - Clearway Energy established a 2026 CAFD guidance range of $470 million to $510 million, reflecting potential distributions based on resource and performance outcomes[22]. - The guidance for Adjusted EBITDA for the full year 2025 is projected to be between $1,235 million and $1,255 million, while for 2026, it is expected to range from $1,441 million to $1,481 million[50]. - The company anticipates a net loss of between $110 million and $90 million for the full year 2025, improving to a projected loss of between $44 million and $4 million for 2026[50]. - Cash Available for Distribution guidance for 2025 is estimated to be between $420 million and $440 million, increasing to between $470 million and $510 million for 2026[50]. - Maintenance capital expenditures for the full year 2025 are expected to be $21 million, increasing to $32 million in 2026[50]. Investments and Acquisitions - The company identified over 2 GW of investment opportunities for 2026 and 2027, including growth investments and repowering projects[2][6]. - Clearway Energy signed a binding agreement to acquire a 613 MW operational solar portfolio, with a net capital commitment expected between $210 million and $230 million[17]. - The company plans to repower the San Juan Mesa wind project with a potential investment of approximately $50 million, targeting completion in 2027[15]. Liquidity and Capital Structure - Cash and Cash Equivalents totaled $28 million for Clearway Energy, Inc. and $223 million for subsidiaries as of September 30, 2025, with total liquidity at $834 million[10]. - Long-term debt rose to $8,084 million as of September 30, 2025, compared to $6,750 million at December 31, 2024, an increase of 19.7%[35]. - Cash and cash equivalents decreased to $251 million as of September 30, 2025, down from $332 million at December 31, 2024, a decline of 24.4%[35]. - The company recorded depreciation, amortization, and accretion of $502 million in 2025, up from $471 million in 2024, reflecting an increase of about 6.6%[37]. - Proceeds from the issuance of long-term debt increased to $472 million in 2025, compared to $255 million in 2024, an increase of about 85.5%[37]. - Payments for long-term debt in the nine months ended September 30, 2025, totaled $1,191 million, indicating significant capital outflows[49]. Operational Performance - The Flexible Generation segment achieved a 92.5% availability factor in Q3 2025, up from 87.5% in Q3 2024[9]. - Solar generation for Q3 2025 was 2,930 MWh, slightly lower than 2,943 MWh in Q3 2024, while wind generation increased to 2,221 MWh from 2,012 MWh[9]. - The company experienced a loss on debt extinguishment of $7 million for the three months ended September 30, 2025[45]. - The total depreciation, amortization, and asset retirement obligation (ARO) for the three months ended September 30, 2024, was $164 million[43]. Stockholder Equity - Total stockholders' equity as of September 30, 2025, was $5,700 million, compared to $5,500 million as of September 30, 2024, indicating an increase of approximately 3.6%[39]. - As of September 30, 2024, total stockholders' equity was $5,624 million, a decrease from $5,711 million as of June 30, 2024[41]. - Contributions from noncontrolling interests, net of distributions, amounted to $734 million in 2025, down from $1,385 million in 2024, a decrease of approximately 47%[37].

Financial Performance - Total operating revenues for the three months ended June 30, 2025, were $392 million, compared to $366 million for the same period in 2024, representing a 7.1% increase[21]. - Operating income for the six months ended June 30, 2025, was $85 million, consistent with the same period in 2024, which also reported $85 million[21]. - Net income attributable to Clearway Energy, Inc. for the three months ended June 30, 2025, was $33 million, compared to $51 million for the same period in 2024, reflecting a decrease of 35.3%[21]. - Earnings per share attributable to Clearway Energy, Inc. for the three months ended June 30, 2025, was $0.28, down from $0.43 in the same period of 2024, a decline of 34.9%[21]. - The comprehensive income attributable to Clearway Energy, Inc. for the six months ended June 30, 2025, was $31 million, down from $47 million in 2024, representing a decrease of approximately 34%[24]. - The company reported a net loss of $51 million for the three months ended June 30, 2025[55]. - For the six months ended June 30, 2025, the net loss was $92 million, compared to a net loss of $42 million for the same period in 2024, indicating a significant increase in losses[30]. Revenue and Expenses - Total operating costs and expenses for the three months ended June 30, 2025, were $307 million, compared to $282 million for the same period in 2024, an increase of 8.9%[21]. - Interest expense for the six months ended June 30, 2025, was $199 million, compared to $145 million for the same period in 2024, an increase of 37.2%[21]. - The company incurred total expenses of $41 million for operation and maintenance services in the Renewables & Storage segment for the six months ended June 30, 2025[117]. - Net expenses under the CEG Master Services Agreement for the six months ended June 30, 2025, were $12 million, compared to $3 million for the same period in 2024[120]. Dividends - Dividends per Class A and Class C common share for the six months ended June 30, 2025, were $0.8696, compared to $0.8135 for the same period in 2024, an increase of 6.9%[21]. - Clearway Energy, Inc. declared quarterly dividends of $0.4456 per share for its Class A and Class C common stock, payable on September 16, 2025[50]. - The company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[49]. Assets and Liabilities - Total assets increased to $16,033 million as of June 30, 2025, from $14,329 million at the end of 2024, reflecting a growth of about 11.9%[27]. - Current liabilities rose to $834 million as of June 30, 2025, compared to $718 million at the end of 2024, indicating an increase of approximately 16.2%[27]. - Long-term debt increased to $8,251 million as of June 30, 2025, from $6,750 million at the end of 2024, an increase of approximately 22.2%[27]. - The company’s total liabilities increased to $10,453 million as of June 30, 2025, from $8,765 million at the end of 2024, an increase of 19.2%[27]. - The total stockholders' equity as of June 30, 2025, was $5,542 million, a slight decrease from $5,564 million at the end of 2024, reflecting a decline of approximately 0.4%[27]. Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $286 million, slightly up from $277 million in 2024, an increase of about 3.2%[30]. - Cash used in investing activities totaled $398 million in 2025, a decrease from $647 million in 2024, showing a 38.5% reduction in cash outflow[30]. - The company reported cash, cash equivalents, and restricted cash of $786 million at the end of June 2025, an increase from $570 million at the end of June 2024[30]. Acquisitions - The acquisition of Catalina Solar for approximately $127 million was completed on July 16, 2025, with an estimated net capital investment of $125 million[59]. - The Pine Forest acquisition involved an initial cash consideration of $18 million, with an estimated total capital investment of $136 million expected[60][61]. - The Tuolumne Wind facility was acquired for approximately $210 million, with a net capital investment of $59 million after transaction expenses[63]. - The Luna Valley acquisition included an initial cash consideration of $18 million, with a total estimated capital investment of $90 million[65]. - The Company funded these acquisitions through existing sources of liquidity and borrowings under new financing agreements[63][65]. Investments and Capacity - The company owned approximately 12 GW of gross capacity across 27 states, including 9.2 GW from wind, solar, and battery energy storage systems[39]. - The majority of the company's revenues are derived from long-term contractual arrangements for the output or capacity from its clean energy assets[39]. - The Company has entered into long-term Power Purchase Agreements (PPAs) for the solar and wind facilities, with durations of 20 years for Pine Forest and 15 years for Daggett 1 and Tuolumne[61][63][65]. Derivatives and Risk Management - The fair value of the Company's derivative assets was $141 million as of June 30, 2025, while derivative liabilities totaled $386 million, indicating a net liability position[83]. - The Company’s significant positions classified as Level 3 in fair value measurements relate to energy-related contracts, with unobservable inputs derived from illiquid markets[85]. - The Company manages credit risk through established credit approval processes and monitoring of counterparties' credit limits[87]. - A significant portion of energy-related commodity contracts are with utilities that have strong credit quality, although some counterparties, like PG&E, have credit ratings below investment-grade[88].

Financial Performance - For Q2 2025, Clearway Energy reported a Net Income of $12 million, Adjusted EBITDA of $343 million, Cash from Operating Activities of $191 million, and Cash Available for Distribution (CAFD) of $152 million[2][8]. - Adjusted EBITDA for Q2 2025 was lower than Q2 2024, primarily due to reduced renewable production and lower energy margins, despite contributions from growth investments[8][9]. - Total operating revenues for Q2 2025 were $392 million, an increase of 7.1% compared to $366 million in Q2 2024[29]. - Operating income for the first half of 2025 was $85 million, compared to $55 million in the same period of 2024, reflecting a 54.5% increase[29]. - Net income attributable to Clearway Energy, Inc. for Q2 2025 was $33 million, down from $51 million in Q2 2024, representing a decrease of 35.3%[29]. - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2025 was $29 million, down from $51 million in Q2 2024, a decrease of 43.1%[31]. - The net income (loss) for the six months ended June 30, 2025, was $(92) million, a decline from $(42) million in the same period of 2024[43][44]. - The company reported a net loss for the three months ended June 30, 2025, was $12 million, compared to a net income of $4 million for the same period in 2024[41]. - The company reported a decrease in retained earnings to $188 million as of June 30, 2025, down from $254 million at December 31, 2024[37]. Cash Flow and Distribution - Cash available for distribution is estimated at $286 million for the first half of 2025, compared to $277 million in the same period of 2024[35]. - The quarterly dividend was increased by 1.6% to $0.4456 per share, reflecting the company's commitment to returning value to shareholders[17]. - Dividends per Class A and Class C common share were $0.4384 for Q2 2025, up from $0.4102 in Q2 2024, reflecting a 6.5% increase[29]. - Cash Available for Distribution (CAFD) for the six months ended June 30, 2025, was $229 million, compared to $239 million for the same period in 2024, reflecting a decrease of 4.2%[45]. - Total cash from operating activities for the six months ended June 30, 2025, was $286 million, compared to $277 million for the same period in 2024, indicating a 3.2% increase[45]. - The company reported cash interest paid of $171 million for the six months ended June 30, 2025, compared to $156 million for the same period in 2024, an increase of 9.6%[45]. - The company reported a net cash increase of $53 million in total cash, cash equivalents, and restricted cash for the six months ended June 30, 2025[46]. Guidance and Future Plans - The company increased its 2025 CAFD guidance range to $405 million to $440 million, reflecting contributions from recently closed third-party acquisitions[19]. - The company plans to increase its 2027 CAFD per share target range to $2.50 to $2.70, supported by ongoing growth initiatives including a wind repowering campaign[3]. - The company expects full-year 2025 Adjusted EBITDA guidance to be in the range of $1,195 million to $1,235 million, slightly lower than the previous year's guidance range[47]. Assets and Liabilities - Clearway Energy's total liquidity as of June 30, 2025, was $1,298 million, a decrease of $32 million from December 31, 2024, mainly due to growth investments[10]. - Total assets increased to $16,033 million as of June 30, 2025, up from $14,329 million at the end of 2024, marking an increase of 11.9%[33]. - Long-term debt rose to $8,251 million as of June 30, 2025, compared to $6,750 million at the end of 2024, indicating a 22.2% increase[33]. - Payments for long-term debt in the first half of 2025 totaled $498 million, reflecting the company's ongoing debt management strategy[46]. Operational Performance - The company reported a 1% increase in solar generation in Q2 2025 compared to Q2 2024, driven by growth investments, despite lower wind resources[9]. - Clearway Energy's operational performance is influenced by seasonal factors, with most revenues generated from May to September due to higher contracted pricing and renewable resources[17]. - The company has made significant progress in its repowering program, with Goat Mountain project expected to commercialize in 2027 and a new partnership for a 291 MW storage portfolio[7][14][15]. - Clearway Energy acquired Catalina Solar for approximately $127 million, which is expected to enhance its operational capacity and revenue stream[16]. Non-GAAP Measures and Cautions - CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities[60]. - CAFD calculations may not be comparable to those of other companies[60]. - Changes in operating assets and liabilities are not included in the CAFD calculation[60]. - Certain cash flow items are excluded from CAFD, which could materially affect financial condition[60]. - Investors should not rely on CAFD as a substitute for any GAAP measure[60]. - The company emphasizes the limitations of CAFD as an analytical tool[60]. - CAFD does not indicate funds available to meet cash needs[60]. - The company advises caution in interpreting CAFD figures[60]. - The financial results may be significantly impacted by the excluded items in CAFD[60]. - The company highlights the importance of GAAP measures for assessing performance[60].

Financial Performance - Total operating revenues for Q1 2025 were $298 million, up from $263 million in Q1 2024, representing a 13.3% increase[20] - Net loss for Q1 2025 was $104 million, compared to a net loss of $46 million in Q1 2024, indicating a worsening performance year-over-year[22] - Earnings per share attributable to Clearway Energy, Inc. Class A and Class C common stockholders was $0.03 in Q1 2025, compared to a loss of $0.02 in Q1 2024[20] - Comprehensive loss attributable to Clearway Energy, Inc. was $2 million in Q1 2025, compared to a comprehensive loss of $4 million in Q1 2024[22] - Net loss for the three months ended March 31, 2025, was $104 million, compared to a net loss of $46 million for the same period in 2024, indicating a deterioration in performance[26] - The company reported a loss before income taxes of $104 million for Q1 2025, compared to a loss of $59 million in Q1 2024, indicating worsening financial performance[86] Dividends and Shareholder Returns - Dividends per Class A and Class C common share increased to $0.4312 in Q1 2025 from $0.4033 in Q1 2024, reflecting a 6.5% increase[20] - The company declared quarterly dividends of $0.4384 per share on its Class A and Class C common stock, payable on June 16, 2025[44] - The company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[43] Operating Costs and Expenses - Total operating costs and expenses for Q1 2025 were $298 million, slightly up from $292 million in Q1 2024[20] - The company reported an operating loss of $0 million in Q1 2025, an improvement from an operating loss of $29 million in Q1 2024[20] - Interest expense increased significantly to $116 million in Q1 2025 from $57 million in Q1 2024, indicating higher borrowing costs[20] - The company incurred $21 million in operation and maintenance service expenses in Q1 2025, up from $19 million in Q1 2024, indicating increased operational costs[90] Cash Flow and Liquidity - Net cash provided by operating activities was $95 million for Q1 2025, an increase from $81 million in Q1 2024, reflecting improved operational efficiency[26] - Cash, cash equivalents, and restricted cash decreased to $711 million at the end of Q1 2025, down from $963 million at the end of Q1 2024, a decline of 26.1%[26] - Cash used in investing activities decreased to $46 million in Q1 2025 from $203 million in Q1 2024, indicating a significant reduction in investment outflows[26] - Cash and cash equivalents decreased to $297 million as of March 31, 2025, down from $332 million at the end of 2024[24] Assets and Liabilities - Total assets increased to $14,647 million as of March 31, 2025, up from $14,329 million at December 31, 2024, representing a growth of 2.2%[24] - Total liabilities increased to $9,227 million as of March 31, 2025, up from $8,765 million at the end of 2024, a rise of 5.3%[24] - Long-term debt rose to $7,231 million as of March 31, 2025, compared to $6,750 million at December 31, 2024, marking an increase of 7.1%[24] - The company’s total stockholders' equity decreased to $5,420 million as of March 31, 2025, from $5,564 million at December 31, 2024, a decline of 2.6%[24] Investments and Acquisitions - The company acquired Tuolumne, a 137 MW wind facility, for approximately $207 million, with an estimated total capital investment of $61 million[49] - The acquisition of Luna Valley, a 200 MW solar facility, involved an initial cash consideration of $18 million, with an estimated total capital investment of $90 million[50] - The company acquired Daggett 1, a 114 MW BESS facility, for an initial cash consideration of $11 million, with an estimated total capital investment of $53 million[51] - The acquisition of Rosamond South I included an initial cash consideration of $4 million, with an estimated total capital investment of $21 million[52] Equity and Affiliates - The company’s equity in earnings of unconsolidated affiliates decreased to $5 million in Q1 2025 from $12 million in Q1 2024[20] - The company’s equity investments in affiliates were $300 million as of March 31, 2025, slightly down from $309 million at December 31, 2024[24] - The Company has equity investments in unconsolidated affiliates totaling $300 million as of March 31, 2025, with significant interests in Desert Sunlight (25%, $213 million) and GenConn (50%, $73 million) [55] Financial Instruments and Risk Management - The fair value of the Company's derivative assets was $147 million as of March 31, 2025, with $127 million classified as Level 2 and $20 million as Level 3 [63] - The Company recorded a non-performance reserve gain of $7 million as of March 31, 2025, reflecting credit risk adjustments in its financial statements [66] - The Company has a diversified portfolio of counterparties to mitigate credit risk, with significant contracts with utilities, including PG&E, which has a credit rating below investment-grade [68] - The Company’s energy-related commodity contracts are primarily valued using observable forward prices, with 7% of derivative assets and 99% of derivative liabilities valued using models and other valuation techniques [64] Compliance and Covenants - The company was in compliance with all required financial covenants as of March 31, 2025[78] - The Company had approximately $927 million in letters of credit outstanding as of March 31, 2025[77]

Financial Performance - Clearway Energy, Inc. reported a Net Loss of $104 million for Q1 2025, compared to a Net Loss of $46 million in Q1 2024[2][4][8] - Adjusted EBITDA for Q1 2025 was $252 million, an increase from $211 million in Q1 2024, driven by growth investments[2][5][8] - Total operating revenues increased to $298 million in Q1 2025, up 13.3% from $263 million in Q1 2024[29] - Net loss attributable to Clearway Energy, Inc. was $4 million in Q1 2025, compared to a net loss of $2 million in Q1 2024[29] - Comprehensive loss attributable to Clearway Energy, Inc. was $2 million in Q1 2025, compared to a comprehensive loss of $4 million in Q1 2024[31] - The company reported a net loss of $104 million for the three months ended March 31, 2025, compared to a net loss of $46 million for the same period in 2024[39] - Adjusted EBITDA for the three months ended March 31, 2025, was $252 million, an increase from $211 million in the same period of 2024, representing a growth of approximately 19.5%[41] - The company incurred interest expenses of $109 million for the three months ended March 31, 2025, compared to $40 million in the same period of 2024[39] Cash Flow and Liquidity - Cash from Operating Activities increased to $95 million in Q1 2025, up from $81 million in Q1 2024[2][7][8] - Cash Available for Distribution (CAFD) reached $77 million in Q1 2025, compared to $52 million in Q1 2024[2][7][8] - Total cash provided by operating activities for the three months ended March 31, 2025, was $95 million, compared to $81 million in the same period of 2024[43] - Cash and cash equivalents decreased to $297 million from $332 million at the end of 2024, a decline of 10.5%[34] - Total liquidity as of March 31, 2025, was $1,325 million, slightly down from $1,330 million at the end of 2024[10][12] Dividends and Shareholder Returns - Clearway Energy, Inc. announced a 1.7% increase in quarterly dividend to $0.4384 per share, payable in Q2 2025[6][18] - Dividends per Class A and Class C common share increased to $0.4312 in Q1 2025, up from $0.4033 in Q1 2024, representing a growth of 6.5%[29] Acquisitions and Investments - The company closed the acquisition of Tuolumne Wind, a 137 MW project, for $61 million, expected to contribute approximately $9 million in asset CAFD annually starting in 2026[13][14] - Clearway entered into a binding agreement to acquire a 100 MW solar project in California for $120 million to $125 million, expected to close in H2 2025[13] Operational Metrics - The company reported a 13% increase in Renewables & Storage generation, with 4,481 MWh sold in Q1 2025 compared to 3,962 MWh in Q1 2024[9][10] - Total assets increased to $14,647 million as of March 31, 2025, compared to $14,329 million at the end of 2024, reflecting a growth of 2.2%[34] - Total liabilities rose to $9,227 million as of March 31, 2025, compared to $8,765 million at the end of 2024, an increase of 5.3%[34] - Long-term debt increased to $7,231 million as of March 31, 2025, compared to $6,750 million at the end of 2024, an increase of 7.1%[34] Guidance and Future Expectations - The company reaffirmed its 2025 full-year CAFD guidance range of $400 million to $440 million[3][21] - The company provided full-year guidance for Adjusted EBITDA in the range of $1,195 million to $1,235 million for 2025[44] - The company expects net income for 2025 to range from a loss of $40 million to break-even[44] Non-GAAP Measures - EBITDA is presented as a key measure of performance, representing net income before interest, taxes, depreciation, and amortization[48] - Adjusted EBITDA is defined as EBITDA adjusted for non-cash equity compensation, asset write-offs, and other non-recurring items, providing a clearer view of operating performance[50] - Cash Available for Distribution (CAFD) is calculated as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, less various cash expenditures, and is used to assess the company's ability to distribute cash returns to investors[55] - Management believes CAFD is a relevant measure for evaluating operating performance and planning future acquisitions[56] - EBITDA does not account for cash expenditures, working capital needs, or significant interest expenses, which limits its usefulness as a comparative measure[54] - Adjusted EBITDA is widely used by investors to compare business performance across companies and periods, excluding items that can vary significantly[51] - CAFD is not comparable to cash provided by operating activities and should not be viewed as an alternative to GAAP measures[57] - Management uses Adjusted EBITDA for planning, forecasting, and evaluating actual results against expectations[53] - The limitations of EBITDA and CAFD highlight the importance of considering GAAP results for a comprehensive analysis of financial performance[49] - Clearway Energy emphasizes the need for careful evaluation of non-GAAP measures to understand their implications on financial health[52]

Capacity and Generation - As of December 31, 2024, the Company owned approximately 11.8 GW of gross capacity across 26 states, with 96% of total generation attributable to renewable energy and storage assets[18] - The Company generated approximately 86% of its total operating revenues in 2024 from non-GHG emitting sources, including renewable energy generation and grid reliability services[55] - In 2024, 96% of the Company's total generation was attributable to renewable energy and storage assets[55] - Total flexible generation capacity is 2,774 MW, with a net capacity of 2,584 MW, representing 93.1% ownership[184] - Total utility scale solar capacity is 3,740 MW, with a net capacity of 2,166 MW, indicating 57.9% ownership[185] - Total utility scale BESS capacity is 689 MW, with a net capacity of 256 MW, reflecting 37.2% ownership[185] - Total distributed solar capacity is 330 MW, fully owned[185] - Total wind capacity is 4,306 MW, with a net capacity of 3,807 MW, indicating 88.3% ownership[187] - The Company owns approximately 11.8 GW of gross capacity across 26 states, including 9 GW from wind, solar, and battery energy storage systems[204] Financial Performance - The Company's operating revenues for the year ended December 31, 2024, totaled $1,371 million, with $1,029 million from the Renewables segment and $342 million from the Flexible Generation segment[34] - The net income for the Company in 2024 was a loss of $63 million, compared to a loss of $14 million in 2023[34] - Operating revenues increased by $57 million in 2024, totaling $1,371 million compared to $1,314 million in 2023[212] - Energy and capacity revenues rose to $1,500 million in 2024, up from $1,382 million in 2023, while other revenues decreased to $90 million from $99 million[212] - Total operating costs and expenses increased to $1,175 million in 2024, compared to $1,051 million in 2023, driven by higher operations and maintenance expenses[212] - Operations and maintenance expenses increased by $32 million in 2024, primarily due to solar and BESS acquisitions[215] - Depreciation, amortization, and accretion rose by $101 million in 2024, totaling $627 million compared to $526 million in 2023[216] - The company reported a net loss of $63 million in 2024, compared to a net loss of $14 million in 2023, with net income attributable to Clearway Energy, Inc. at $88 million[212] Investments and Growth Strategy - The Company plans to grow its business through investments in operating power generation assets, with a focus on cash accretive and tax-advantaged investments[24] - The Company has committed investments in facilities including 114 MW BESS in California and 500 MW Solar/BESS in Texas, with estimated commercial operation dates in 2025 and 2026[24] - The Company issued $2,125 million in corporate green bonds to finance or refinance renewable energy projects[55] - The Company completed several acquisitions, including Daggett 2, Daggett 3, Victory Pass, and Arica solar and BESS facilities, contributing to revenue growth[213] - On November 25, 2024, the Company agreed to acquire the Tuolumne wind facility for approximately $219 million, with an expected long-term capital commitment of $70 million to $75 million[205] - The Company entered into an agreement to sell its membership interests in the Mt. Storm wind facility for $121 million, with a capacity increase to 335 MW expected after repowering[207] - The Company acquired the Class A membership interests in the Honeycomb Portfolio for $78 million, which includes four BESS facilities under construction with a total capacity of 320 MW[207] Customer and Revenue Concentration - The Company's largest customers accounted for approximately 24% (SCE) and 17% (PG&E) of consolidated revenue, with the next five largest customers representing a total of approximately 30%[50] - The largest customers, SCE and PG&E, represented 24% and 17% of total consolidated revenues for the year ended December 31, 2024[70] - The majority of the electric power generated is sold under long-term offtake agreements with a weighted average remaining duration of approximately 12 years[70] Debt and Financial Risks - The Company has approximately $7,235 million in total consolidated indebtedness as of December 31, 2024, with $5,110 million incurred by non-guarantor subsidiaries[75] - The Company's substantial debt may limit its ability to return capital to stockholders and could prevent cash dividends if financial covenants are not satisfied[76] - The inability to satisfy financial covenants may result in an event of default, potentially leading to accelerated repayment of indebtedness[77] - The Company is vulnerable to general economic conditions, requiring a significant portion of cash flow to service debt, which reduces available cash for dividends and operations[78] - The Company's ability to raise additional capital may be adversely affected by its existing indebtedness, limiting operational flexibility[75] - The Company may not be able to maintain or increase dividends if additional equity securities are issued for investments or acquisitions[66] Regulatory and Compliance Risks - The Company is subject to various federal and state regulations, including those from FERC and PUCT, affecting its operations in different markets[39] - The Company must comply with environmental laws and regulations, which have become increasingly stringent over time[45] - The Company is subject to various environmental regulations that could result in significant liabilities and operational challenges[122] - The Company’s market-based sales are at risk of losing market-based rate authority, which could require compliance with more stringent cost-of-service rate schedules, adversely affecting pricing and profitability[127] - The Company is classified as a "controlled company," exempting it from certain NYSE corporate governance requirements, which may limit stockholder protections[120] Cybersecurity and Operational Risks - The Company is actively managing cybersecurity risks through a comprehensive framework and collaboration with external experts[169] - The Board of Directors oversees cybersecurity risks and receives regular updates on the threat landscape and ongoing initiatives[175] - The Company has a defined incident response plan to mitigate the impact of cybersecurity incidents and prevent future occurrences[181] - The Company is committed to integrating cybersecurity considerations into its broader strategic objectives[176] - The Company is exposed to risks from interest rate swaps and energy-related financial instruments, which could impact financial condition and cash flows if market conditions change unexpectedly[93] Environmental, Social, and Governance (ESG) Commitments - The Company is committed to ESG matters, with its Board of Directors reviewing strategies and policies related to these issues[54] - Increased scrutiny on ESG practices may hinder the Company's access to capital and impact its reputation if sustainability goals are not met[125] - The Company must comply with stringent requirements to qualify for tax credits and incentives for clean energy facilities, which may require significant resources[161] Market and Economic Conditions - Electricity generation from renewable sources is highly dependent on favorable weather conditions, which are beyond the Company's control[81] - The Company may face challenges in accessing capital markets or obtaining financing for acquisitions if interest rates increase significantly[145] - Market interest rates may influence the value of the Company's common stock, with rising rates potentially leading to selling pressure if dividends cannot be increased[142] - Changes in government incentives for renewable power generation could negatively impact the Company's growth strategy and the attractiveness of renewable projects[133]

Financial Performance - Clearway Energy, Inc. reported a full year 2024 Net Loss of $63 million, Adjusted EBITDA of $1,146 million, Cash from Operating Activities of $770 million, and Cash Available for Distribution (CAFD) of $425 million[2][9]. - The company achieved a 7% increase in Adjusted EBITDA compared to 2023, driven by growth investments and improved cash flows from its operating fleet[3][9]. - For the fourth quarter of 2024, Clearway reported a Net Loss of $48 million, with Adjusted EBITDA of $228 million, Cash from Operating Activities of $192 million, and CAFD of $40 million[8][9]. - Total operating revenues for 2024 reached $1,371 million, a 4.3% increase from $1,314 million in 2023[31]. - Operating income decreased to $196 million in 2024 from $263 million in 2023, reflecting a decline of 25.5%[31]. - Net income attributable to Clearway Energy, Inc. was $88 million in 2024, compared to $79 million in 2023, representing an increase of 11.4%[31]. - Earnings per share for Class A and Class C common stock increased to $0.75 in 2024 from $0.67 in 2023, a rise of 11.9%[31]. - The company reported a comprehensive loss income of $67 million in 2024, compared to a loss of $20 million in 2023[33]. - For the year ended December 31, 2024, the company reported a net loss of $63 million, compared to a net loss of $14 million in 2023 and a net income of $1,060 million in 2022[38]. - The company reported a net loss of $14 million for the three months ended December 31, 2023, with total interest expense of $285 million[45]. Cash Flow and Liquidity - Clearway's liquidity as of December 31, 2024, was $1,330 million, a decrease of $175 million from the previous year, primarily due to growth investments[12][13]. - Net cash provided by operating activities increased to $770 million in 2024 from $702 million in 2023, while cash used in investing activities was $725 million, up from $523 million in the previous year[38]. - The total cash, cash equivalents, and restricted cash at the end of the period was $733 million, down from $1,051 million at the end of 2023[38]. - Cash Available for Distribution for the twelve months ended December 31, 2024, was $425 million, compared to $342 million for the previous year[46]. - The company reported cash interest paid of $315 million for the twelve months ended December 31, 2024, compared to $304 million in the previous year[46]. - The company incurred payments for long-term debt totaling $1,966 million during the twelve months ended December 31, 2024[47]. Investments and Growth - The company committed approximately $450 million in new long-term corporate capital investments for 2024, including a binding agreement to acquire a 137 MW wind project[6][19]. - The company expects the Mt. Storm Wind project repowering to contribute an incremental asset CAFD of approximately $26-28 million annually starting in 2028[15]. - Contributions from noncontrolling interests increased to $1,493 million in 2024, up from $1,028 million in 2023[38]. - The company acquired Drop Down Assets for $678 million in 2024, significantly higher than the $45 million in 2023[38]. Dividends - Clearway increased its quarterly dividend by 1.7% to $0.4312 per share, annualizing to $1.7248 per share[6][21]. - Dividends per Class A and Class C common share were $1.65 in 2024, up from $1.54 in 2023, marking a 7.1% increase[31]. Segment Performance - The Renewables segment generated 4,132 MWh in Q4 2024, a 24% increase compared to Q4 2023, attributed to growth investments and favorable wind resources[10]. - Adjusted EBITDA for the total segments was reported at $228 million, with Flexible Generation contributing $58 million and Renewables contributing $178 million[41]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,058 million, with Flexible Generation contributing $301 million and Renewables contributing $787 million[45]. Future Guidance - Clearway reaffirmed its 2025 full year CAFD guidance range of $400 million to $440 million, reflecting expected renewable energy production and completion of committed growth investments[23]. - The company expects Adjusted EBITDA for 2025 to be in the range of $1,195 million to $1,235 million, with net income guidance between a loss of $40 million and breakeven[49]. Financial Metrics and Definitions - Management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period[58]. - Adjusted EBITDA is defined as EBITDA adjusted for impairment losses, non-cash equity compensation, and other extraordinary items[57]. - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus cash distributions from unconsolidated affiliates and other adjustments, less certain cash distributions and expenditures[59]. - CAFD is considered a relevant measure of the company's ability to earn and distribute cash returns to investors[60]. - CAFD does not include changes in operating assets and liabilities, which could materially affect financial condition[61]. - EBITDA does not reflect cash expenditures, working capital needs, or significant interest expenses[58]. - The company believes that CAFD is useful for determining future acquisitions and managing growth[60]. - Adjusted EBITDA provides an additional tool for investors to compare business performance across companies and periods[56]. - The company emphasizes that its calculations of CAFD may not be comparable to those of other companies[61]. - Management communicates financial performance using Adjusted EBITDA to evaluate actual results against expectations[58].

Financial Performance - Clearway Energy, Inc. reported a total revenue of $X million for the quarter, reflecting a Y% increase compared to the previous quarter[6]. - The company achieved an Adjusted EBITDA of $Z million, which represents a growth of A% year-over-year[9]. - Cash Available for Distribution (CAFD) was reported at $B million, indicating a C% increase from the prior period[9]. - Total operating revenues for Q3 2024 reached $486 million, a 31% increase from $371 million in Q3 2023[13]. - Operating income for Q3 2024 was $178 million, compared to $94 million in Q3 2023, reflecting an increase of 89%[13]. - Net income attributable to Clearway Energy, Inc. was $36 million in Q3 2024, significantly up from $4 million in Q3 2023[13]. - Earnings per share for Q3 2024 were $0.31, compared to $0.03 in Q3 2023, marking a substantial increase[13]. - The company reported a net loss of $15 million for the nine months ended September 30, 2024, compared to a net income of $59 million for the same period in 2023[19]. - The company reported a net loss of $47 million for the nine months ended September 30, 2024, compared to a net loss of $43 million for the same period in 2023[23]. Dividends and Shareholder Returns - The company plans to maintain its quarterly dividend, with a target of D cents per share, ensuring a consistent return to shareholders[6]. - Dividends per Class A and Class C common share were $0.4171 for Q3 2024, up from $0.3891 in Q3 2023[13]. - The company expects comparable cash dividends to continue based on current circumstances and market conditions[38]. - Dividends declared for Class A and Class C common stock were $0.4240 per share, payable on December 16, 2024, reflecting a slight increase from $0.4033 in the first quarter of 2024[39]. Assets and Liabilities - Total current assets decreased to $1,051 million as of September 30, 2024, down from $1,560 million at the end of 2023[18]. - Long-term debt decreased to $6,732 million as of September 30, 2024, from $7,479 million at the end of 2023[18]. - Total assets as of September 30, 2024, were $14,249 million, a decrease from $14,701 million at the end of 2023[18]. - Total liabilities decreased to $8,616 million as of September 30, 2024, from $9,706 million at December 31, 2023, a reduction of approximately 11.3%[18]. - The total stockholders' equity increased to $5,624 million as of September 30, 2024, compared to $4,994 million at December 31, 2023, an increase of approximately 12.6%[18]. Operational Efficiency and Investments - Clearway Energy is actively pursuing acquisitions and has identified several potential targets to enhance its portfolio[6]. - The company is focusing on expanding its renewable energy capacity, with plans to add E MW of new solar and wind projects by 2025[9]. - Clearway Energy is investing in new technologies to improve operational efficiency and reduce costs, aiming for a F% reduction in maintenance expenses[6]. - The company anticipates a strong demand for its power generation services, projecting a G% increase in contracted capacity over the next two years[6]. - The company reported total operating costs and expenses of $308 million in Q3 2024, up from $277 million in Q3 2023, marking an increase of 11%[13]. Acquisitions - The company acquired Cedar Creek Holdco LLC for $117 million on April 16, 2024, which includes a 160 MW wind facility with a 25-year PPA[50]. - The Company acquired Texas Solar Nova 2, a 200 MW solar facility, for a cash consideration of $112 million, with $17 million funded by the Company and $95 million from a cash equity investor[53]. - Total assets acquired from Cedar Creek amounted to $346 million, while total liabilities assumed were $329 million, resulting in net assets acquired of $17 million[52]. - Total assets acquired from Texas Solar Nova 2 amounted to $312 million, while total liabilities assumed were $240 million, resulting in net assets acquired of $72 million[54]. Market Position and Strategy - Clearway Energy, Inc. owns approximately 6,500 net MW of installed wind, solar, and battery energy storage systems, contributing to its position as one of the largest renewable energy owners in the U.S.[26]. - The company has a diversified portfolio that includes approximately 2,500 net MW of natural gas-fired generation facilities, enhancing its revenue stability[26]. - Clearway Energy, Inc. consolidates the results of Clearway Energy LLC, with a controlling interest of 58.10% as of September 30, 2023[28]. - The company is exploring strategic partnerships to enhance its market presence and leverage synergies in the renewable energy sector[6]. Regulatory and Risk Management - The company is closely monitoring regulatory changes that may impact its operations and is prepared to adapt its strategies accordingly[6]. - The company monitors credit risk through established credit approval processes and diversified portfolios of counterparties[80]. - The significant unobservable inputs for Level 3 positions included forward market prices for power and gas, impacting fair value measurements[79]. Financial Instruments and Derivatives - The fair value of the Company's long-term debt, including the current portion, was $6,897 million as of September 30, 2024, down from $7,611 million as of December 31, 2023[69]. - The Company reported a total gain of $66 million for the period included in earnings for the three months ended September 30, 2024, compared to a loss of $39 million for the same period in 2023[74]. - The fair value of derivatives designated as cash flow hedges totaled $19 million in assets and $2 million in liabilities as of September 30, 2024[87]. - The total volume of power commodity contracts was reported as (18) million MWh for September 30, 2024, compared to (23) million MWh for December 31, 2023[85].

Financial Performance - Clearway Energy reported a Net Income of $27 million for Q3 2024, an increase from $15 million in Q3 2023[3]. - Adjusted EBITDA for Q3 2024 was $354 million, up from $323 million in Q3 2023, driven by growth investments[4]. - Total operating revenues for Q3 2024 were $486 million, a 31% increase from $371 million in Q3 2023[23]. - Operating income for Q3 2024 was $178 million, compared to $94 million in Q3 2023, reflecting an increase of 89%[23]. - Net income attributable to Clearway Energy, Inc. for Q3 2024 was $36 million, up from $4 million in Q3 2023[23]. - Earnings per share for Q3 2024 were $0.31, significantly higher than $0.03 in Q3 2023[23]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $32 million for Q3 2024, compared to $23 million in Q3 2023[24]. - Total net income for the nine months ended September 30, 2024, was $99 million, down from $112 million in the same period of 2023, indicating a decrease of 11.6%[37]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $918 million, an increase from $857 million in the same period of 2023, representing a growth of 7.1%[39]. Cash Flow and Liquidity - Cash Available for Distribution (CAFD) for Q3 2024 was $146 million, compared to $156 million in Q3 2023[5]. - The company reaffirmed its 2024 full year CAFD guidance at $395 million and initiated a 2025 CAFD guidance range of $400 million to $440 million[14][15]. - Cash provided by operating activities increased to $578 million, up from $496 million year-over-year[28]. - Cash available for distribution for the nine months ended September 30, 2024, was $385 million, compared to $289 million in the same period of 2023, marking a significant increase of 33.3%[41]. - Total liquidity as of September 30, 2024, was $1,266 million, a decrease of $239 million from December 31, 2023[7]. - Cash and cash equivalents as of September 30, 2024, were $292 million, down from $535 million at the end of 2023[26]. - Cash, cash equivalents, and restricted cash at the end of the period were $674 million, down from $1,156 million at the end of the previous year[28]. Investments and Capital Expenditures - Clearway Energy signed an agreement to invest in a 500 MW solar plus storage project for a total investment of $155 million, expected to reach commercial operations in 2025[9]. - The company received an offer to invest approximately $85 million in a 320 MW storage hybridization project expected to reach commercial operations in 2026[10]. - The company made capital expenditures of $237 million, up from $143 million in the previous year[28]. - The company incurred capital expenditures of $237 million in the nine months ended September 30, 2024, reflecting ongoing investment in growth initiatives[41]. Debt and Financial Position - Long-term debt reduced to $6,732 million from $7,479 million, reflecting a decrease in financial leverage[26]. - Total payments for long-term debt in the nine months ended September 30, 2024, amounted to $1,664 million, indicating a significant cash outflow for debt servicing[41]. - The company reported cash interest paid of $310 million for 2024, with an expected increase to $314 million in 2025[43]. - Current liabilities decreased to $661 million from $906 million at the end of 2023, indicating improved liquidity[26]. - Total assets decreased to $14,249 million as of September 30, 2024, down from $14,701 million at the end of 2023[26]. Dividends - The quarterly dividend was increased by 1.7% to $0.4240 per share, payable on December 16, 2024[12]. - Dividends per Class A and Class C common share for Q3 2024 were $0.4171, compared to $0.3891 in Q3 2023, marking a 7.5% increase[23]. Renewable Energy Generation - Renewable energy generation in Q3 2024 was 27% higher than Q3 2023, totaling 4,955 MWh[6]. Non-GAAP Measures and Limitations - CAFD is utilized by the company to evaluate operating performance and determine future acquisitions[54]. - CAFD serves as a measure for the company's ability to make quarterly distributions[54]. - The GAAP measure most comparable to CAFD is cash provided by operating activities[54]. - CAFD has limitations as it excludes changes in operating assets and liabilities[55]. - CAFD is a non-GAAP measure and should not be considered an alternative to GAAP measures[55]. - The company's calculations of CAFD may not be comparable to those of other companies[55].