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].
Clearway Energy(CWEN_A) - 2024 Q3 - Quarterly Report