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].
Clearway Energy(CWEN_A) - 2024 Q2 - Quarterly Report