Clearway Energy(US:CWEN)2025-04-30 21:42Financial 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 significant increase in losses[20] - 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 income attributable to Clearway Energy, Inc. for the three months ended March 31, 2025, was $1 million, resulting in basic and diluted earnings per share of $0.03[82] - Net income attributable to Clearway Energy, Inc. for Q1 2025 was $4 million, compared to a net loss of $2 million in Q1 2024[85] Operating Costs and Expenses - Operating costs and expenses totaled $298 million in Q1 2025, compared to $292 million in Q1 2024, reflecting a 2.1% increase[20] - Interest expense rose to $116 million in Q1 2025, compared to $57 million in Q1 2024, indicating increased borrowing costs[20] - The company incurred $21 million in operation and maintenance service expenses for Q1 2025, up from $19 million in Q1 2024[90] - Administrative services expenses amounted to $5 million for the three months ended March 31, 2025, down from $6 million in the previous year[91] - Net expenses under the CEG Master Services Agreement were $6 million for the three months ended March 31, 2025, compared to $1 million in the prior year[93] 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, marking a 6.5% increase[20] - The company declared quarterly dividends of $0.4384 per share for 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] 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] - 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] - 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] - 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] Cash Flow and Operational Efficiency - 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 from $963 million at the end of Q1 2024, a decline of 26.1%[26] - The company reported a net cash used in investing activities of $46 million, significantly improved from $203 million in the same period of 2024[26] Acquisitions and Investments - The company acquired the Tuolumne wind facility for approximately $207 million, with an estimated total capital investment of $61 million, including transaction expenses[49] - The acquisition of Luna Valley solar facility involved an initial cash consideration of $18 million, with an expected total capital investment of $90 million upon substantial completion[50] - The Daggett 1 BESS facility acquisition had an initial cash consideration of $11 million, with an estimated total capital investment of $53 million expected[51] - The Rosamond South I solar facility acquisition involved an initial cash consideration of $4 million, with a total estimated capital investment of $21 million[52] Market and Operational Challenges - Clearway Energy, Inc. continues to face risks related to its substantial indebtedness and the ability to access capital markets[15] - The company anticipates continued challenges in achieving profitability due to market conditions and operational costs[13] - The company is focused on expanding its renewable energy portfolio and enhancing operational efficiencies[20] Equity and Investments - The company reported equity in earnings of unconsolidated affiliates of $5 million in Q1 2025, down from $12 million in Q1 2024[20] - The company’s equity investments in affiliates decreased to $300 million as of March 31, 2025, down from $309 million at December 31, 2024[24] - The Company’s equity investments in unconsolidated affiliates totaled $300 million as of March 31, 2025, with significant interests in Desert Sunlight (25%, $213 million) and GenConn (50%, $73 million) [55] Derivative Instruments and Risk Management - The Company recorded derivative assets valued at $127 million and derivative liabilities at $4 million as of March 31, 2025, with energy-related commodity contracts liabilities amounting to $383 million [63] - The Company manages credit risk through established credit approval processes and monitoring of counterparties' credit limits[67] - A significant portion of energy-related commodity contracts are with utilities of strong credit quality, although some counterparties, like PG&E, have credit ratings below investment-grade[68]