Financial Performance - Total operating revenues for the three months ended June 30, 2025, were $392 million, compared to $366 million for the same period in 2024, representing a 7.1% increase[21]. - Operating income for the six months ended June 30, 2025, was $85 million, consistent with the same period in 2024, which also reported $85 million[21]. - Net income attributable to Clearway Energy, Inc. for the three months ended June 30, 2025, was $33 million, compared to $51 million for the same period in 2024, reflecting a decrease of 35.3%[21]. - Earnings per share attributable to Clearway Energy, Inc. for the three months ended June 30, 2025, was $0.28, down from $0.43 in the same period of 2024, a decline of 34.9%[21]. - The comprehensive income attributable to Clearway Energy, Inc. for the six months ended June 30, 2025, was $31 million, down from $47 million in 2024, representing a decrease of approximately 34%[24]. - The company reported a net loss of $51 million for the three months ended June 30, 2025[55]. - For the six months ended June 30, 2025, the net loss was $92 million, compared to a net loss of $42 million for the same period in 2024, indicating a significant increase in losses[30]. Revenue and Expenses - Total operating costs and expenses for the three months ended June 30, 2025, were $307 million, compared to $282 million for the same period in 2024, an increase of 8.9%[21]. - Interest expense for the six months ended June 30, 2025, was $199 million, compared to $145 million for the same period in 2024, an increase of 37.2%[21]. - The company incurred total expenses of $41 million for operation and maintenance services in the Renewables & Storage segment for the six months ended June 30, 2025[117]. - Net expenses under the CEG Master Services Agreement for the six months ended June 30, 2025, were $12 million, compared to $3 million for the same period in 2024[120]. Dividends - Dividends per Class A and Class C common share for the six months ended June 30, 2025, were $0.8696, compared to $0.8135 for the same period in 2024, an increase of 6.9%[21]. - Clearway Energy, Inc. declared quarterly dividends of $0.4456 per share for its Class A and Class C common stock, payable on September 16, 2025[50]. - The company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[49]. Assets and Liabilities - Total assets increased to $16,033 million as of June 30, 2025, from $14,329 million at the end of 2024, reflecting a growth of about 11.9%[27]. - Current liabilities rose to $834 million as of June 30, 2025, compared to $718 million at the end of 2024, indicating an increase of approximately 16.2%[27]. - Long-term debt increased to $8,251 million as of June 30, 2025, from $6,750 million at the end of 2024, an increase of approximately 22.2%[27]. - The company’s total liabilities increased to $10,453 million as of June 30, 2025, from $8,765 million at the end of 2024, an increase of 19.2%[27]. - The total stockholders' equity as of June 30, 2025, was $5,542 million, a slight decrease from $5,564 million at the end of 2024, reflecting a decline of approximately 0.4%[27]. Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $286 million, slightly up from $277 million in 2024, an increase of about 3.2%[30]. - Cash used in investing activities totaled $398 million in 2025, a decrease from $647 million in 2024, showing a 38.5% reduction in cash outflow[30]. - The company reported cash, cash equivalents, and restricted cash of $786 million at the end of June 2025, an increase from $570 million at the end of June 2024[30]. Acquisitions - The acquisition of Catalina Solar for approximately $127 million was completed on July 16, 2025, with an estimated net capital investment of $125 million[59]. - The Pine Forest acquisition involved an initial cash consideration of $18 million, with an estimated total capital investment of $136 million expected[60][61]. - The Tuolumne Wind facility was acquired for approximately $210 million, with a net capital investment of $59 million after transaction expenses[63]. - The Luna Valley acquisition included an initial cash consideration of $18 million, with a total estimated capital investment of $90 million[65]. - The Company funded these acquisitions through existing sources of liquidity and borrowings under new financing agreements[63][65]. Investments and Capacity - The company owned approximately 12 GW of gross capacity across 27 states, including 9.2 GW from wind, solar, and battery energy storage systems[39]. - The majority of the company's revenues are derived from long-term contractual arrangements for the output or capacity from its clean energy assets[39]. - The Company has entered into long-term Power Purchase Agreements (PPAs) for the solar and wind facilities, with durations of 20 years for Pine Forest and 15 years for Daggett 1 and Tuolumne[61][63][65]. Derivatives and Risk Management - The fair value of the Company's derivative assets was $141 million as of June 30, 2025, while derivative liabilities totaled $386 million, indicating a net liability position[83]. - The Company’s significant positions classified as Level 3 in fair value measurements relate to energy-related contracts, with unobservable inputs derived from illiquid markets[85]. - The Company manages credit risk through established credit approval processes and monitoring of counterparties' credit limits[87]. - A significant portion of energy-related commodity contracts are with utilities that have strong credit quality, although some counterparties, like PG&E, have credit ratings below investment-grade[88].
Clearway Energy(CWEN_A) - 2025 Q2 - Quarterly Report