Financial Performance - Clearway Energy, Inc. reported a significant increase in Adjusted EBITDA, reaching $X million, representing a Y% growth compared to the previous quarter[6]. - Total operating revenues for the three months ended June 30, 2024, were $366 million, a decrease of 9.8% compared to $406 million for the same period in 2023[10]. - Operating income for the three months ended June 30, 2024, was $84 million, down 43.6% from $149 million in the same period last year[10]. - Net income attributable to Clearway Energy, Inc. for the three months ended June 30, 2024, was $51 million, an increase of 34.2% compared to $38 million for the same period in 2023[10]. - Earnings per share attributable to Clearway Energy, Inc. Class A and Class C common stockholders for the three months ended June 30, 2024, was $0.43, up from $0.33 in the same period last year[10]. - For the six months ended June 30, 2024, Clearway Energy, Inc. reported a net loss of $42 million compared to a net income of $44 million for the same period in 2023[15]. - Net cash provided by operating activities increased to $277 million, up 32.5% from $209 million in the prior year[15]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $51 million for the three months ended June 30, 2024, compared to $39 million for the same period in 2023[12]. - Basic earnings per share for 2024 was $0.43, compared to $0.33 in 2023, reflecting an increase of approximately 30%[94]. - Net income attributable to Clearway Energy, Inc. for Q2 2024 was $14 million, compared to $11 million in Q2 2023, reflecting a 27.3% increase[95]. Dividends and Shareholder Returns - The company maintained its quarterly dividend, reflecting a commitment to shareholder returns despite market challenges[3]. - The company declared dividends per Class A and Class C common share of $0.4102 for the three months ended June 30, 2024, compared to $0.3818 for the same period in 2023[10]. - The company paid dividends of $0.4102 per share for Class A and Class C common stock in the second quarter of 2024, an increase from $0.4033 in the first quarter[33]. - The company expects to continue paying comparable cash dividends based on current circumstances[33]. Assets and Liabilities - Total current assets decreased to $1,021 million as of June 30, 2024, from $1,560 million at December 31, 2023[14]. - Total assets as of June 30, 2024, were $14,517 million, a slight decrease from $14,701 million at December 31, 2023[14]. - Total liabilities decreased to $8,800 million as of June 30, 2024, from $9,706 million at December 31, 2023[14]. - Total stockholders' equity as of June 30, 2024, was $5,711 million, an increase from $4,127 million at the same date in 2023[19]. - Long-term debt, including the current portion, was recorded at $7,268 million as of June 30, 2024, down from $8,102 million at December 31, 2023[63]. - The total debt, including current maturities, was reported at $7,265 million as of June 30, 2024[85]. Cash Flow and Investments - Clearway Energy's Cash Available for Distribution (CAFD) was reported at $Z million, indicating a strong cash flow position for future investments[6]. - The company incurred $671 million in cash used for the acquisition of drop-down assets, significantly higher than $7 million in the same period last year[15]. - Capital expenditures rose to $202 million, compared to $109 million in the previous year, indicating increased investment in infrastructure[15]. - Cash and cash equivalents decreased to $226 million as of June 30, 2024, from $535 million at December 31, 2023[14]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $570 million, down from $918 million at the end of June 2023[15]. Acquisitions and Growth Strategy - The company is actively pursuing acquisitions and has identified several potential targets to enhance its asset portfolio[3]. - Clearway Energy, Inc. acquired Drop Down Assets for $673 million in cash during the first half of 2024[31]. - The company acquired Cedar Creek, a 160 MW wind facility, for $117 million, which includes a 25-year PPA with an investment-grade utility[46]. - The acquisition of Texas Solar Nova 2, a 200 MW solar facility, was completed for $112 million, with an 18-year PPA starting in February 2024[49]. - Clearway Energy, Inc. owns approximately 6,500 net MW of installed wind, solar, and battery energy storage system facilities, along with 2,500 net MW of natural gas-fired generation facilities[22]. Operational Challenges and Risk Management - The company has faced challenges related to fuel price volatility and is implementing measures to mitigate these risks[3]. - Clearway Energy is closely monitoring regulatory changes that may impact its operations and is prepared to adapt its strategies accordingly[3]. - The company is exposed to risks from fuel and electricity price volatility, unusual weather conditions, and potential catastrophic events affecting its facilities[3]. - The company must ensure counterparties to its offtake agreements fulfill their obligations to mitigate financial risks[3]. - The company monitors credit risk through established credit approval processes and diversified counterparty portfolios[72]. Future Outlook - Future outlook includes plans to expand into new markets, particularly focusing on renewable energy projects in the U.S.[3]. - The company is investing in new technologies, including battery energy storage systems, to enhance operational efficiency and reliability[6]. - The company is focusing on expanding its renewable energy portfolio, which includes ongoing investments in new technologies and market expansion strategies[58]. - Future guidance indicates a commitment to maintaining a strong balance sheet while pursuing strategic acquisitions and partnerships in the renewable sector[58].

Financial Performance - For Q2 2024, Clearway Energy reported Adjusted EBITDA of $353 million, up from $316 million in Q2 2023, reflecting a 12% increase[1] - Net Income for Q2 2024 was $4 million, a decrease from $84 million in Q2 2023, primarily due to non-cash impacts from economic hedges[3] - Total operating revenues for Q2 2024 were $366 million, a decrease of 9.8% compared to $406 million in Q2 2023[20] - Operating income for Q2 2024 was $84 million, down 43.6% from $149 million in Q2 2023[20] - Net income attributable to Clearway Energy, Inc. for Q2 2024 was $51 million, an increase of 34.2% from $38 million in Q2 2023[20] - Earnings per share for Q2 2024 were $0.43, compared to $0.33 in Q2 2023, reflecting a 30.3% increase[20] - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2024 was $51 million, compared to $39 million in Q2 2023, reflecting a positive trend in overall financial performance[21] - Total net income for the six months ended June 30, 2024, was $44 million, compared to a net loss of $67 million in the same period of 2023[35] Cash Flow and Distribution - Cash Available for Distribution (CAFD) for Q2 2024 was $187 million, compared to $137 million in Q2 2023, marking a 36% increase[3] - The company reaffirmed its 2024 full-year CAFD guidance of $395 million, factoring in committed growth investments[14] - Clearway Energy increased its quarterly dividend by 1.7% to $0.4171 per share for Q3 2024, with an annualized dividend of $1.6684 per share[1] - The company reported cash available for distribution of $239 million for the six months ended June 30, 2024, compared to $133 million in the same period of 2023[37] - Management emphasizes that Cash Available for Distribution (CAFD) is a key measure for assessing the company's ability to distribute cash returns to investors[51] - CAFD is calculated as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, less various expenses, totaling $395 million for the year[51] - The company plans to utilize CAFD for future acquisitions and growth management[52] Investments and Growth - The company signed an agreement to invest in 314 MW of solar plus storage projects and received an offer for a 500 MW solar plus storage project[1] - Generation in the Renewables segment increased by 40% in Q2 2024 compared to Q2 2023, driven by growth investments and higher wind resources[4] - Clearway Energy contracted to sell approximately 195 MW of Marsh Landing's Resource Adequacy starting in October 2026, enhancing project-level CAFD[7] - The company is exploring future growth investments in the Pine Forest and Honeycomb project complexes, as well as targeted third-party M&A opportunities[2] Liquidity and Debt - Total liquidity as of June 30, 2024, was $1,065 million, down $440 million from December 31, 2023, due to growth investments[5] - Current liabilities decreased to $701 million from $906 million at the end of 2023, indicating improved short-term financial health[24] - Long-term debt as of June 30, 2024, was $6.797 billion, down from $7.479 billion at the end of 2023, showing a reduction in leverage[24] - Cash and cash equivalents decreased to $226 million from $535 million at the end of 2023, indicating a tighter liquidity position[23] - The company reported a total of $1,577 million in payments for long-term debt during the six months ended June 30, 2024[39] Capital Expenditures - Cash used in investing activities rose significantly to $647 million, compared to $116 million in the prior year, primarily due to the acquisition of Drop Down Assets[27] - The company incurred capital expenditures of $202 million during the six months ended June 30, 2024[39] - The company’s capital expenditures for the six months ended June 30, 2024, were $202 million, compared to $109 million in the same period of 2023, reflecting an 85.3% increase[27] Non-GAAP Measures - The company acknowledges the limitations of non-GAAP measures like EBITDA and CAFD, which do not reflect cash expenditures or changes in working capital[53] - Management uses Adjusted EBITDA to compare performance across periods and for planning and forecasting purposes[50]

Financial Performance - Total operating revenues for the three months ended March 31, 2024, were $263 million, a decrease of 8.7% compared to $288 million for the same period in 2023[56]. - Total operating costs and expenses increased to $292 million for the three months ended March 31, 2024, compared to $246 million for the same period in 2023, representing an increase of 18.7%[56]. - The net loss attributable to Clearway Energy, Inc. for the three months ended March 31, 2024, was $2 million, compared to a net loss of $0 for the same period in 2023[56]. - The company reported an operating loss of $(29) million for the three months ended March 31, 2024, compared to an operating income of $42 million for the same period in 2023[56]. - The company experienced a comprehensive loss of $(47) million for the three months ended March 31, 2024, compared to $(43) million for the same period in 2023[58]. - The company incurred a net loss of $46 million for the three months ended March 31, 2024, compared to a net loss of $40 million for the same period in 2023[61]. - The company reported a net loss of $43 million for the three months ended March 31, 2024[45]. - The company reported energy revenue of $170 million, with $1 million from conventional generation and $169 million from renewables[73]. Assets and Liabilities - Total assets increased to $14,862 million as of March 31, 2024, compared to $14,701 million at December 31, 2023, reflecting a growth of 1.1%[41]. - Total liabilities rose to $9,815 million from $9,706 million, an increase of 1.1%[41]. - Current liabilities decreased to $874 million from $906 million, a reduction of 3.5%[41]. - Long-term debt increased to $7,579 million from $7,479 million, an increase of 1.3%[41]. - The fair value of the company's long-term debt, including the current portion, was $8,204 million as of March 31, 2024, compared to $8,102 million as of December 31, 2023[106]. - Total accounts receivable, net, increased to $184 million as of March 31, 2024, up from $171 million as of December 31, 2023[94]. - Cash, cash equivalents, and restricted cash totaled $963 million as of March 31, 2024, down from $1,051 million at the end of 2023[70]. Equity and Dividends - Stockholders' equity increased to $5,045 million from $4,994 million, showing a growth of 1.0%[41]. - Dividends per Class A and Class C common share were $0.4033 for the three months ended March 31, 2024, compared to $0.3745 for the same period in 2023, reflecting an increase of 7.5%[56]. - The company declared a quarterly dividend of $0.4102 per share on May 9, 2024, payable on June 17, 2024[90]. - Noncontrolling interest increased to $2,987 million from $2,893 million, a rise of 3.2%[41]. Cash Flow - Net cash provided by operating activities increased to $81 million from $75 million year-over-year[61]. - Cash used in investing activities was $203 million, significantly higher than $86 million in the prior year[61]. - Cash and cash equivalents decreased to $478 million from $535 million, a decline of 10.7%[41]. - Cash, cash equivalents, and restricted cash totaled $963 million as of March 31, 2024, down from $1,051 million at the end of 2023[70]. Operational Highlights - The company has a commitment to continue expanding its market presence and investing in new technologies, although specific details were not provided in the extracted content[35]. - The company owned approximately 6,200 net MW of installed renewable energy facilities as of March 31, 2024[80]. - The company operates in both conventional power generation and renewable energy sectors, including solar, wind, and battery energy storage systems[168]. - The company is focused on expanding its clean energy investments and enhancing its renewable energy infrastructure across North America[47]. Acquisitions and Investments - The company acquired Drop Down Assets for a net cash outflow of $111 million during the quarter[71]. - The company acquired Cedar Creek Holdco LLC, a 160 MW wind facility, for cash consideration of $117 million on April 16, 2024[95]. - 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[113]. - The company assumed an $80 million term loan and a $115 million tax equity bridge loan as part of the acquisition of Texas Solar Nova 2[151]. Debt and Derivatives - The company recorded a total of $339 million in derivative liabilities as of March 31, 2024, reflecting a change in unrealized losses included in earnings[107]. - The company reported derivative liabilities related to energy-related commodity contracts of $361 million as of March 31, 2024, up from $330 million as of December 31, 2023[136]. - The fair value of total derivatives as of March 31, 2024, was $165 million, an increase from $123 million as of December 31, 2023[144]. - Interest expense decreased to $57 million for the three months ended March 31, 2024, down from $99 million for the same period in 2023, a reduction of 42.4%[56]. Tax and Compliance - The effective income tax rate for the three months ended March 31, 2024, was 22.0%, slightly down from 23.1% in the same period of 2023[158]. - The effective tax rate for the Company was different from the statutory rate of 21% due to the allocation of taxable earnings and losses[170].

Financial Performance - Total operating revenues for Q1 2024 were $263 million, a decrease of 8.7% compared to $288 million in Q1 2023[4] - Operating costs and expenses increased to $292 million in Q1 2024, up 18.7% from $246 million in Q1 2023[4] - Net loss attributable to Clearway Energy, Inc. was $2 million in Q1 2024, compared to a net loss of $40 million in Q1 2023[4] - The company reported a net loss of $46 million for the three months ended March 31, 2024, compared to a net loss of $13 million for the same period in 2023[30] - Adjusted EBITDA for Q1 2024 was $218 million, reflecting a strong operational performance despite the net loss[9] - Adjusted EBITDA decreased from $218 million in Q1 2023 to $211 million in Q1 2024, primarily due to the expiration of certain tolling agreements[47] Cash Flow and Liquidity - Cash provided by operating activities was $81 million in Q1 2024, an increase from $75 million in Q1 2023[7] - Net cash used in investing activities was $203 million in Q1 2024, compared to $86 million in Q1 2023[7] - Net cash provided by financing activities was $34 million in Q1 2024, up from $28 million in Q1 2023[7] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 totaled $963 million, down from $1,013 million at the end of Q1 2023[7] - Clearway Energy's liquidity as of March 31, 2024, was $1.435 billion, down from $1.505 billion at the end of 2023[49] - Total liquidity as of March 31, 2024, was $1,435 million, a decrease of $70 million from December 31, 2023, primarily due to debt repayment and growth investments[72] Dividends and Shareholder Returns - Dividends per Class A and Class C common share increased to $0.4033 in Q1 2024, compared to $0.3745 in Q1 2023[4] - The company reaffirmed its 2024 financial guidance and increased the quarterly dividend by 1.7% to $0.4102 per share, annualized at $1.64 per share[44] - A quarterly dividend of $0.4102 per share was declared, payable on June 17, 2024, to stockholders of record as of June 3, 2024[77] - Clearway Energy continues to target annual dividend per share growth in the upper range of 5% to 8% through 2026[44] Assets and Liabilities - Total assets as of March 31, 2024, increased to $14,862 million from $14,701 million as of December 31, 2023, reflecting a growth of approximately 1.1%[23] - Total liabilities increased to $9,815 million as of March 31, 2024, from $9,706 million at the end of 2023, marking an increase of about 1.1%[23] - Long-term debt rose to $7,579 million from $7,479 million, an increase of approximately 1.3%[23] - Retained earnings decreased to $311 million as of March 31, 2024, down from $361 million, a decline of about 13.9%[23] Operational Highlights - Generation in the Renewables segment increased by 10% in Q1 2024 compared to Q1 2023, driven by growth investments[48] - The Conventional Equivalent Availability Factor improved to 86.3% for the three months ended March 31, 2024, compared to 74.4% for the same period in 2023[61] - Solar MWh generated/sold increased to 1,443, up from 866 MWh year-over-year, while Wind MWh generated/sold decreased to 2,519 from 2,744 MWh[61] Strategic Investments - Clearway Energy, Inc. continues to focus on strategic investments and market expansion to enhance future growth prospects[12] - The company committed to acquire a 50% cash equity interest in the Dan's Mountain wind project for $44 million, expected to contribute approximately $4 million in CAFD annually starting in 2026[52] - The Company committed to acquire a 50% cash equity interest in the Rosamond South I solar plus storage project for approximately $21 million, expected to contribute asset CAFD of about $2 million annually starting January 1, 2026[66] - The Cedar Creek wind project was acquired for $117 million, expected to contribute asset CAFD of approximately $13 million annually starting January 1, 2025[74] Cash Available for Distribution (CAFD) - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, indicating the company's ability to earn and distribute cash returns to investors[18] - For Q1 2024, Clearway Energy reported a Net Loss of $(46) million, Adjusted EBITDA of $211 million, Cash from Operating Activities of $81 million, and Cash Available for Distribution (CAFD) of $52 million[57] - Cash Available for Distribution (CAFD) increased from $(4) million in Q1 2023 to $52 million in Q1 2024, attributed to lower debt service and higher wind generation[47] - The Company reaffirmed its 2024 full-year CAFD guidance of $395 million, factoring in committed growth investments and median renewable energy production estimates[80] Management Insights - Management emphasizes the use of Adjusted EBITDA as a measure for planning and forecasting overall expectations and evaluating actual results against such expectations[16] - The company acknowledges the limitations of CAFD as it does not include changes in operating assets and liabilities, which could materially affect financial condition and results from operations[20] Seasonal Impact - Seasonal factors significantly impact the Company's quarterly operating results, with most revenues generated from May through September[78]

Financial Performance - In 2023, the company reported a Net Loss of $14 million, Adjusted EBITDA of $1,058 million, Cash from Operating Activities of $702 million, and Cash Available for Distribution (CAFD) of $342 million[26]. - Clearway Energy, Inc. reported a full year 2023 Net Loss of $14 million, Adjusted EBITDA of $1,058 million, Cash from Operating Activities of $702 million, and Cash Available for Distribution (CAFD) of $342 million[43]. - For Q4 2023, the company experienced a Net Loss of $73 million, Adjusted EBITDA of $201 million, Cash from Operating Activities of $206 million, and CAFD of $53 million, with the Net Loss increasing due to higher interest expenses[45]. - Clearway Energy, Inc. reported a net loss of $14 million for the year ended December 31, 2023, compared to a net income of $1,060 million in 2022[58]. - Total operating revenues for 2023 reached $1,314 million, an increase of 10.4% compared to $1,190 million in 2022[68]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,058 million, down from $1,160 million in 2022, representing a decrease of 8.8%[73]. - Operating income for 2023 was $263 million, a decrease of 82.1% from $1,470 million in 2022, primarily due to the absence of a gain on the sale of business[68]. - Interest expense increased to $337 million in 2023, compared to $232 million in 2022, marking a rise of 45.2%[68]. Cash Flow and Liquidity - Cash from operating activities decreased to $702 million in 2023 from $787 million in 2022, reflecting a decline of approximately 10.8%[58]. - The company had total liquidity of $1,505 million as of December 31, 2023, which includes $516 million of restricted cash[48]. - Future liquidity sources may include excess operating cash flow, availability under the revolving credit facility, and potential new corporate debt and equity financings[31]. - Cash provided by operating activities for the three months ended December 31, 2023, was $206 million, compared to $180 million for the same period in 2022, reflecting a growth of 14.4%[73]. - Cash available for distribution before adjustments was $52 million for the three months ended December 31, 2023, compared to a negative $2 million in the same period of 2022[73]. Investments and Capital Expenditures - The company committed approximately $215 million to new long-term corporate capital investments in 2023[21]. - Clearway Energy, Inc. acquired an ownership interest in Texas Solar Nova 1, a 252 MW operational solar project, for cash consideration of $23 million, supported by long-term power purchase agreements[49]. - Capital expenditures rose to $212 million in 2023, compared to $112 million in 2022, indicating an increase of 89.3%[58]. Dividends - The quarterly dividend was increased by 1.7% to $0.4033 per share in Q1 2024, annualized to $1.61 per share[22]. - The company declared a quarterly dividend of $0.4033 per share on Class A and Class C common stock, payable on March 15, 2024[50]. - Dividends per Class A and Class C common share for 2023 were both $1.54, an increase from $1.43 in 2022[68]. Asset and Liability Management - As of December 31, 2023, total assets amounted to $14,701 million, an increase from $12,312 million in 2022[40]. - Total liabilities as of December 31, 2023, were $9,706 million, up from $8,279 million in 2022[40]. - Total stockholders' equity increased to $4,994 million as of December 31, 2023, up from $4,026 million in 2022, reflecting a growth of 24%[59]. Operational Performance - The company experienced a decrease in Adjusted EBITDA compared to 2022 primarily due to the expiration of certain tolling agreements and the divestiture of the Thermal Business[26]. - Conventional Equivalent Availability Factor improved to 90.2% for the twelve months ended December 31, 2023, compared to 92.2% in the previous year[27]. - Generation in the Renewables segment during Q4 2023 was 3% higher than Q4 2022, primarily due to contributions from growth investments[47]. - The company generated 5,425 MWh of solar energy and 9,414 MWh of wind energy for the twelve months ended December 31, 2023[27]. Noncontrolling Interests and Other Financial Metrics - Contributions from noncontrolling interests increased significantly to $1,028 million in 2023, compared to $60 million in 2022[58]. - Contributions from noncontrolling interests, net of distributions, cash amounted to $1,123 million in 2022, showing a strong inflow of cash from these interests[62]. - The company reported a loss on debt extinguishment of $6 million in 2023, compared to no loss in 2022[58]. - The company experienced unrealized losses on derivatives and changes in accumulated OCI, net of tax, totaling $(6) million for the year ended December 31, 2022[62].

Business Overview - As of December 31, 2023, the company has approximately 6,000 net MW of installed wind, solar, and energy storage projects, and a total of approximately 8,500 net MW of assets, including 2,500 net MW of natural gas-fired generation facilities[21]. - The Company reported total operating revenues of $1,314 million for the year ended December 31, 2023, compared to $1,190 million in 2022, reflecting an increase of approximately 10.4%[36]. - The Company's total assets increased to $14,701 million in 2023 from $12,312 million in 2022, indicating growth in asset base[36]. - Total rated capacity of Clearway Energy, Inc. is 10,583 MW, with a net capacity of 8,451 MW as of December 31, 2023[195]. - The company has a total of 4,157 MW of wind capacity, with a net capacity of 3,658 MW[195]. - The total utility scale solar capacity is 3,432 MW, with a net capacity of 1,989 MW[193]. - Distributed solar projects account for 332 MW, all of which are 100% solar[193]. Financial Performance - The net income for the Company in 2023 was a loss of $14 million, a significant decrease from a net income of $1,060 million in 2022, which included a $1.29 billion gain from the sale of the Thermal Business[36]. - The Company intends to maintain a disciplined financial analysis and a balanced capital structure to increase its quarterly dividend over time[28]. - The Company intends to distribute a significant amount of Cash Available for Distribution (CAFD) each quarter, relying primarily on external financing sources for acquisitions and growth capital expenditures[76]. - The Company’s ability to maintain or increase dividends may be impacted by the issuance of additional equity securities and increased interest expenses from debt financing[76]. - The Company is committed to diversity and inclusion, providing unconscious bias training and focusing on three areas: Our People, Our Brand, Customers and Community, and Our Purchasing[56][59]. - The company declared a quarterly dividend of $0.4033 per share on February 14, 2024, payable on March 15, 2024[202]. - The company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[203]. Growth Strategy - The company plans to grow its business through acquisitions of contracted operating assets, with a focus on cash accretive and tax-advantaged acquisitions[27]. - The Company’s growth strategy is contingent on public policy mechanisms supporting renewable energy, which are critical for the viability of its renewable assets[78]. - The Company is focused on North America for its investments, leveraging regional knowledge of power markets to maximize performance[27]. - The Company has committed investments in projects with Clearway Energy Group (CEG), including Cedar Creek (160 MW wind, ID, COD 1H24), Cedro Hill Repowering (160 MW wind, TX, COD 2H24), and Texas Solar Nova 2 (200 MW solar, TX, COD 1H24)[27]. - The Company aims to provide stable and growing dividend income through its diversified and primarily contracted portfolio[212]. Regulatory Environment - The Company is subject to various federal and state regulations, which may impact its operations and financial performance, particularly with potential revisions in 2024[48]. - The Company’s renewable energy projects are supported by various policy incentives, including PTCs and ITCs, which are crucial for maintaining project viability and attractiveness[38]. - The Company is subject to various federal, state, and local environmental and health regulations, which could lead to significant liabilities and costs exceeding property values[131]. - The EPA has implemented strict new methane emissions regulations, impacting the Company's conventional assets and potentially increasing operational costs[132]. - Legislative changes regarding carbon emissions could require the Company to install new equipment or purchase emission allowances, affecting profitability[133]. - Government incentives for renewable power generation are critical for the Company's growth strategy, and any changes could adversely affect project viability[141]. Risks and Challenges - The Company faces risks related to its ability to grow and make acquisitions, with limited cash on hand and competition from larger companies for acquisition opportunities[70][77]. - The Company is exposed to various risks, including operational risks from electric generation facilities and reliance on third-party service providers[70]. - The Company faces intense competition in the power generation industry, which has contributed to a reduction in electricity prices in certain markets[82]. - The company’s ability to replace expiring offtake agreements is challenged by increasing competition, potentially affecting profitability[82]. - The company’s financial condition may be adversely affected if power purchasers fail to fulfill their contractual obligations[81]. - The Company faces significant risks in the operation of electric generation facilities, including equipment breakdowns and unplanned outages, which could adversely affect financial performance and cash flows[94]. - The Company is exposed to risks from interest rate swaps and energy-related financial instruments, which could affect reported financial results if market conditions change[104]. - The Company is subject to cyber-based security risks that could lead to significant revenue losses and increased operational costs[111]. - The Company may face increased regulatory compliance costs due to potential cyberattacks, which could lead to significant penalties[113]. Corporate Governance - CEG, the Company's controlling stockholder, holds 54.91% of the combined voting power, significantly influencing corporate governance and strategic decisions[119]. - The CEG Master Services Agreement provides essential services to the Company, and any failure in these services could materially affect operations and financial results[121]. - The Company’s Board of Directors reviews emerging ESG matters and strategies, ensuring compliance with ESG disclosure requirements[63]. - The Company has established oversight mechanisms for cybersecurity risks, with the Board of Directors receiving regular updates on the cybersecurity landscape and compliance status[182]. Acquisitions and Investments - On December 28, 2023, the Company acquired Texas Solar Nova 1, a 252 MW solar project, for cash consideration of $23 million, with an additional $109 million contributed by a cash equity investor[214]. - On October 31, 2023, the Company acquired Class A membership interests in two solar projects in California for initial cash consideration of $46 million, with an expected additional payment of $182 million upon substantial completion[214]. - The Company expects to invest approximately $17 million in Texas Solar Nova 2, a 200 MW solar project, subject to certain milestones being met[214]. - The Company acquired Daggett 2, a 182 MW solar project paired with 131 MW of energy storage, for cash consideration of $13 million[214]. - BlackRock is expected to acquire 100% of the business and assets of GIM, the investment manager of the GIP funds, with the transaction anticipated to close in Q3 2024[211].

Financial Performance - Total operating revenues for Q3 2023 reached $371 million, a 9.1% increase from $340 million in Q3 2022[20] - Operating income for Q3 2023 was $94 million, compared to $105 million in Q3 2022, reflecting a decrease of 10.5%[20] - Net income attributable to Clearway Energy, Inc. for Q3 2023 was $4 million, down from $32 million in Q3 2022, representing a decline of 87.5%[20] - Net income for the three months ended September 30, 2023, was $15 million, a decrease of 76.2% compared to $62 million in the same period of 2022[22] - Comprehensive income attributable to Clearway Energy, Inc. for the nine months ended September 30, 2023, was $44 million, down 25.0% from $582 million in the same period of 2022[22] - Basic and diluted earnings per share for the nine months ended September 30, 2023, were $0.36, a decrease from $4.89 for the same period in 2022[104] - Basic earnings per share for the three months ended September 30, 2023, was $0.03, compared to $0.28 for the same period in 2022, indicating a decrease of approximately 89.3%[104] Operating Costs and Expenses - Total operating costs and expenses for Q3 2023 were $277 million, up from $235 million in Q3 2022, marking an increase of 17.9%[20] - The company incurred total expenses of $18 million for operation and maintenance services in Q3 2023, compared to $19 million in Q3 2022[113] - For the nine months ended September 30, 2023, the company reported interest expenses of $202 million, an increase from $143 million in the same period of 2022[108] - The company’s total operating costs and expenses for the nine months ended September 30, 2023, were $360 million, compared to $338 million for the same period in 2022, reflecting an increase of 6.5%[108] Cash Flow and Liquidity - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, with specific adjustments for the period ending September 30, 2023[17] - Cash and cash equivalents decreased to $566 million as of September 30, 2023, from $657 million at the end of 2022, a decline of 13.9%[25] - Net cash provided by operating activities for the nine months ended September 30, 2023, was $496 million, down 18.3% from $607 million in the same period of 2022[27] - Net cash used in investing activities was $271 million for the nine months ended September 30, 2023, compared to a net cash provided of $1,100 million in the same period of 2022[27] - Total cash, cash equivalents, and restricted cash amounted to $1,156 million as of September 30, 2023, up from $996 million as of December 31, 2022[42] Debt and Liabilities - The company has substantial indebtedness, including $850 million in 2028 Senior Notes and $925 million in 2031 Senior Notes[17] - Long-term debt increased to $6,995 million as of September 30, 2023, from $6,491 million at the end of 2022, an increase of 7.8%[25] - Current liabilities rose to $844 million as of September 30, 2023, up 36.8% from $617 million at the end of 2022[25] - The company's long-term debt, including the current portion, was recorded at $7,581 million, with a fair value of $6,874 million as of September 30, 2023[72] Investments and Acquisitions - The Company acquired Class A membership interests in VP-Arica TargetCo LLC, which owns two solar projects (Victory Pass: 200 MW, Arica: 263 MW) for an initial cash consideration of $46 million, with an additional $182 million due at substantial completion expected in H1 2024[55] - The acquisition of Daggett 2 TargetCo LLC, which owns a 182 MW solar project, was completed for $13 million, with commercial operations expected in Q4 2023[56] - The Company also acquired Daggett TargetCo LLC, owner of a 300 MW solar project, for $21 million, with commercial operations achieved for most assets in Q3 2023[59] - The Company invested $28 million in Rosie Central BESS, a 147 MW battery energy storage system, with an expected completion in H1 2024[61] Equity and Shareholder Returns - The company declared dividends of $0.3891 per Class A and Class C common share for Q3 2023, an increase from $0.3604 in Q3 2022[20] - The Company declared quarterly dividends of $0.3964 per share on November 1, 2023, payable on December 15, 2023[46] - The majority of the company's revenues are derived from long-term contractual arrangements, ensuring stable and growing dividend income for investors[34] - Clearway Energy, Inc. aims to provide its investors with stable and growing dividend income through its diversified and primarily contracted portfolio[34] Assets and Financial Position - Total assets increased to $13,370 million as of September 30, 2023, compared to $12,312 million at the end of 2022, reflecting a growth of 8.6%[25] - Accounts receivable, net from contracts with customers increased to $67 million as of September 30, 2023, from $37 million as of December 31, 2022[53] - The balance of redeemable noncontrolling interests increased to $18 million as of September 30, 2023, from $7 million at the end of 2022[49] Risk Factors and Future Outlook - Future outlook includes potential risks related to relationships with partners and the ability to identify and consummate acquisitions[15] - The company is currently involved in ongoing settlement negotiations regarding the Buckthorn Solar Litigation, which may impact future financial results[119] Derivatives and Fair Value - Derivative assets included $180 million in interest rate contracts classified as Level 2, while derivative liabilities totaled $325 million in commodity contracts[75] - The fair value of Level 3 positions included $325 million in energy-related commodity contracts, reflecting significant unobservable inputs[79] - The company reported total losses for the period included in earnings of $39 million for Level 3 instruments during the three months ended September 30, 2023[76] - The Company had a total of $151 million in derivatives not designated as cash flow hedges as of September 30, 2023, compared to $64 million as of December 31, 2022[88]

Financial Performance - Total operating revenues for Q2 2023 reached $406 million, a 10.3% increase from $368 million in Q2 2022[29]. - Net income for Q2 2023 was $84 million, significantly down from $1,149 million in Q2 2022, primarily due to a gain on the sale of business recorded in the previous year[31]. - Earnings per share attributable to Clearway Energy, Inc. for Q2 2023 was $0.33, compared to $4.89 in Q2 2022[29]. - Total operating costs and expenses for Q2 2023 were $257 million, slightly up from $253 million in Q2 2022[29]. - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2023 was $39 million, down from $572 million in Q2 2022[31]. - The company reported a net income of $78 million for the six months ended June 30, 2023, compared to a net income of $40 million for the same period in 2022[36]. - The company reported a net income attributable to Clearway Energy, Inc. of $11 million for the six months ended June 30, 2023, compared to $160 million for the same period in 2022, resulting in a basic and diluted earnings per share of $0.32[171]. - Net income for the three months ended June 30, 2023, is $33 million, compared to $83 million in the same period of 2022[144]. - The net income for the three months ended June 30, 2023, was $84 million, compared to a net loss of $51 million in the same period of 2022[201]. Revenue Breakdown - Total operating revenues for the six months ended June 30, 2023, were $694 million, with energy revenue from renewables contributing $484 million[54]. - Total operating revenues for the six months ended June 30, 2023, reached $582 million, with conventional generation contributing $211 million and renewables contributing $294 million[79]. - The company reported a total revenue from contracts with customers of $189 million, with $113 million from renewables and $76 million from conventional generation[79]. - The company reported a total revenue from contracts with customers for the three months ended June 30, 2023, was $86 million, compared to $84 million for the same period in 2022, indicating a growth of 2.4%[103]. - The company recognized energy revenue of $477 million for the six months ended June 30, 2023, with renewables contributing $473 million[54]. - Operating revenues for the three months ended June 30, 2023, totaled $368 million, with conventional generation contributing $103 million and renewables $247 million[144]. - Operating revenues for the three months ended June 30, 2023, totaled $406 million, with the Conventional Generation contributing $115 million and Renewables contributing $291 million[201]. Cash Flow and Investments - Cash provided by operating activities for the first half of 2023 was $209 million, down from $279 million in the same period of 2022[34]. - Net cash used in investing activities for the first half of 2023 was $116 million, compared to a net cash provided of $1,331 million in the first half of 2022[34]. - The company declared a distribution of $0.3891 per unit on its Class B and Class D units, payable on September 15, 2023[52]. - The company expects to invest approximately $63 million in net corporate capital for the repowering of the Cedro Hill wind project, contingent upon achieving commercial operations in the second half of 2024[220]. Assets and Liabilities - The company reported a total cash balance of $918 million at the end of Q2 2023, down from $1,288 million at the end of Q2 2022[34]. - Total assets as of June 30, 2023, increased to $12,624 million from $12,312 million as of December 31, 2022, reflecting a growth of 2.5%[59]. - Cash and cash equivalents decreased to $547 million from $657 million, a decline of 16.7%[59]. - Total current liabilities decreased to $606 million from $617 million, a reduction of 1.8%[59]. - Long-term debt increased to $6,708 million from $6,491 million, an increase of 3.4%[59]. - The carrying amount of the Company's long-term debt, including the current portion, was $7,097 million, an increase from $6,874 million as of December 31, 2022[117]. Dividends and Distributions - Dividends per Class A and Class C common share for Q2 2023 were $0.3818, an increase from $0.3536 in Q2 2022[29]. - The company declared quarterly dividends of $0.3891 per share on Class A and Class C common stock, payable on September 15, 2023[71]. Acquisitions and Projects - The company acquired BESS project assets for $360 million, with $72 million payable at mechanical completion and $288 million at substantial completion, expected in the first half of 2024[84]. - The company acquired the Daggett 3 solar project for $21 million, which has a capacity of 300 MW and is expected to commence operations in the second half of 2023[107]. - The company acquired Cedar Creek Holdco LLC, owner of a 160 MW wind project, for $107 million, expected to close in the first half of 2024[191]. - The company also acquired Class A membership interests in Daggett TargetCo LLC, owner of a 300 MW solar project, for $21 million[192]. Operational Highlights - The company has over 5,500 net MW of installed wind and solar generation projects, contributing to its diversified energy portfolio[65]. - The overall effective tax rate for the three and six months ended June 30, 2023, differed from the statutory rate of 21% due to the allocation of taxable earnings and losses[147]. - The company was in compliance with all required financial covenants as of June 30, 2023[132]. - The company operates over 5,500 net MW of installed wind and solar generation projects, contributing to its position as one of the largest renewable energy owners in the U.S.[187]. - Total net generation capacity increased to 8,114 MW, with wind projects contributing 3,658 MW[189]. Market and Economic Conditions - The Renewables Segment experienced a decrease in revenue primarily due to lower than average wind production in 2023, resulting in a decline of $46 million compared to 2022[198]. - The Conventional Segment saw an increase in revenue of $21 million driven by the sales-type lease revenue recognition from the Marsh Landing Black Start addition that commenced operations on May 31, 2023[198]. - The Thermal Segment reported a revenue decrease of $18 million due to the sale of the Thermal business on May 1, 2022[198]. - The company expects to continue expanding its renewable energy portfolio through strategic acquisitions and partnerships[191].

Financial Performance - Clearway Energy, Inc. reported a net loss of $40 million for the three months ended March 31, 2023, compared to a net loss of $97 million for the same period in 2022[113]. - The comprehensive loss attributable to Clearway Energy, Inc. was $1 million for the three months ended March 31, 2023, down from a comprehensive loss of $26 million in the prior year[113]. - The company reported comprehensive loss attributable to noncontrolling interests of $42 million for the three months ended March 31, 2023[113]. Debt and Liquidity - Clearway Energy, Inc. has $850 million in 2028 Senior Notes, $925 million in 2031 Senior Notes, and $350 million in 2032 Senior Notes, all of which are unsecured[114]. - The fair value of the Company's debt was $6.76 billion, while the carrying value was $7.20 billion as of March 31, 2023[77]. - Liquidity risk arises from the general funding needs of the Company's activities and the management of its assets and liabilities[78]. Market Risks - The company is exposed to commodity price risk, with a sensitivity analysis indicating that a $0.50 per MWh change in power prices could impact the net value of power derivatives by approximately $7 million as of March 31, 2023[72]. - The company is subject to various market risks, including commodity price risk, interest rate risk, liquidity risk, and credit risk, which could impact its financial performance[70]. - As of March 31, 2023, a 1% change in interest rates would result in an approximately $1 million change in market interest expense on a rolling twelve-month basis[76]. - A decrease of 1% in market interest rates would have increased the fair value of long-term debt by approximately $362 million[77]. Risk Management - The company manages interest rate risk through interest rate swaps, with a potential exposure of $98 million if all swaps were discontinued as of March 31, 2023[75]. - Credit risk is related to potential losses from non-performance or non-payment by counterparties[79]. - The Company manages credit risk through established credit approval processes and credit mitigation measures[79]. - The Company seeks to mitigate counterparty risk by maintaining a diversified portfolio of counterparties[79]. Strategic Initiatives - The company aims to maintain and grow its quarterly dividend, although it faces risks related to its relationships with GIP, TotalEnergies, and CEG[106]. - Clearway Energy, Inc. is actively evaluating acquisitions and dispositions to enhance its asset portfolio and market position[106].

Financial Performance - In 2022, the company reported total operating revenues of $1,190 million, with net income of $1,060 million, which includes a $1.29 million gain from the sale of the Thermal Business to KKR[22]. - The aggregate market value of the common stock held by non-affiliates was approximately $2.94 billion based on closing sale prices on the New York Stock Exchange[53]. - As of December 31, 2022, the company had approximately $6,870 million of total consolidated indebtedness, with $4,745 million incurred by non-guarantor subsidiaries[87]. - The Company’s cash available for distribution (CAFD) will fluctuate based on various factors, including capital expenditures, operating expenses, and seasonal variations[195]. - Clearway Energy LLC's CAFD may lead to reduced cash distributions to members in certain quarters due to seasonality, affecting the Company's ability to maintain its quarterly dividend[197]. - The Company is a holding company, dependent on distributions from Clearway Energy LLC to cover dividends and expenses[198]. Asset Management - The company has over 5,500 net MW of installed wind and solar generation projects and approximately 2,500 net MW of natural gas-fired generation facilities, totaling over 8,000 net MW of assets[6]. - The company is committed to acquiring contracted operating assets to enhance its portfolio, with several solar/storage projects in California totaling 945 MW currently committed[13]. - The company benefits from a portfolio of relatively younger assets with low operating and maintenance costs, expecting high fleet availability[19]. - The company's generation offtake agreements have a weighted-average Moody's rating of Ba1 based on rated capacity under contract, indicating a stable credit profile[16]. - The Company owns 57.88% of the economic interests of Clearway Energy LLC, which consolidates its financial results[50]. Strategic Focus - The company aims to grow its dividend over time by maintaining a disciplined financial analysis and a balanced capital structure, focusing on distributing a significant portion of CAFD each quarter[14]. - The company intends to focus its investments primarily in North America to leverage regional knowledge and minimize currency and sovereign risk[13]. - The Company’s business strategy includes growth through acquisitions of additional generation assets, but competition for these opportunities may increase costs and limit acquisition potential[81]. - The Company believes that existing policy incentives for renewable energy projects will create incremental demand in the future[48]. - The Company is committed to engaging with stakeholders on environmental, social, and governance (ESG) matters, providing credible data to ESG agencies[72]. Regulatory Environment - The Company is subject to a wide range of environmental laws and is obligated to comply with all applicable regulations, which have historically become more stringent over time[35]. - Proposed legislation and regulations under review in 2023 could negatively impact the Company's financial performance if they restrict operations[36]. - The Company’s business is subject to numerous risks, including environmental regulations and potential changes in laws that could adversely affect its operations[105]. - The Company must comply with extensive federal, state, and local regulations, which may incur significant costs and risks of penalties for non-compliance[187]. - Changes in the regulatory environment for electric generation could adversely affect the profitability of the Company's generation facilities and overall business prospects[189]. Competition and Market Risks - The company faces competition from various industry participants, including utilities and independent power producers, which may affect its project acquisition and operational strategies[15]. - The Company’s electric generation assets face intense competition, which has contributed to a reduction in electricity prices in certain markets characterized by excess supply[114]. - The Company may face significant risks and hazards in operating electric generation facilities, which could lead to substantial liabilities[94]. - The Company may face risks related to the inability to enter into new or replacement offtake agreements, which could adversely affect its business and financial condition[85]. - The Company relies on a limited number of suppliers for fuel and services, which exposes it to market price volatility and potential disruptions in operations[127]. Employee and Governance - As of December 31, 2022, the Company had 58 employees and relies on personnel from CEG for asset management, administration, and O&M services[42]. - The Company focuses on attracting and retaining talented employees, conducting regular assessments of compensation and benefits to ensure competitive pay levels[45]. - The Company is committed to diversity and inclusion, providing unconscious bias training to its employees[46]. - The Company is committed to diversity, equity, and inclusion through its Equity, Partnership & Inclusion Council, focusing on education, recruitment strategies, and community partnerships[58][59]. - The Company is controlled by CEG, which holds 54.91% of the voting power, potentially limiting other shareholders' influence on corporate decisions[145]. Financial Risks - The Company’s financial condition may be adversely affected by its indebtedness and reliance on key personnel[64]. - The Company’s substantial debt could limit its ability to return capital to stockholders and may result in increased interest expenses[88]. - The Company’s ability to arrange financing is influenced by various factors, including economic conditions and investor confidence[90]. - Disruptions in accessing capital markets or increases in interest rates could limit the Company's ability to acquire projects and finance growth[202]. - The Company may not be successful in obtaining additional capital or refinancing existing arrangements, which could have a material adverse effect on its business and financial condition[121]. Environmental and Climate Risks - The Company is subject to risks from climate change, which may lead to increased operating costs and affect consumer demand for electricity[134]. - The Company faces risks from climate change regulations that may limit access to natural gas and decrease demand for energy generated by conventional assets, potentially impacting financial results[167]. - The Company’s operations are affected by environmental regulations, which could impose additional costs and operational constraints[152]. - The Company’s generation facilities are located in areas prone to natural disasters, which could disrupt operations and lead to significant costs[137]. - The Company’s electricity generation and revenue are highly dependent on favorable solar and wind conditions, which are beyond its control[92].