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]
Clearway Energy(CWEN_A) - 2025 Q1 - Quarterly Report