Financial Performance - Total operating revenues for Q3 2025 were $429 million, a decrease of 11.7% compared to $486 million in Q3 2024[20]. - Operating income for Q3 2025 was $112 million, down 37.0% from $178 million in Q3 2024[20]. - Net income attributable to Clearway Energy, Inc. for Q3 2025 was $236 million, significantly up from $36 million in Q3 2024[20]. - Earnings per share for Class A and Class C common stockholders in Q3 2025 were $2.00, compared to $0.31 in Q3 2024[20]. - Comprehensive income attributable to Clearway Energy, Inc. for the three months ended September 30, 2025, was $233 million, up from $32 million in 2024, indicating a significant growth[23]. - Net income for the three months ended September 30, 2025, was $60 million, compared to $27 million in the same period of 2024, representing a 122% increase[23]. - For the nine months ended September 30, 2025, net income attributable to Clearway Energy, Inc. was $273 million, compared to $85 million for the same period in 2024, an increase of 221.2%[120]. Dividends - Dividends per Class A and Class C common share for Q3 2025 were $0.4456, an increase from $0.4171 in Q3 2024[20]. - The Company declared quarterly dividends of $0.4528 per share on November 3, 2025, payable on December 15, 2025[46]. - The company continues to focus on maintaining and growing its quarterly dividend amidst market challenges[14]. - The Company expects to continue paying comparable cash dividends in the foreseeable future based on current circumstances[45]. Assets and Liabilities - Total assets increased to $16,066 million as of September 30, 2025, from $14,329 million at the end of 2024, reflecting a 12.2% growth[26]. - Total liabilities increased to $10,277 million as of September 30, 2025, from $8,765 million at the end of 2024, representing a 17.2% increase[26]. - Long-term debt rose to $8,084 million as of September 30, 2025, compared to $6,750 million at the end of 2024, marking an increase of 19.7%[26]. - Current liabilities decreased to $687 million as of September 30, 2025, from $718 million at the end of 2024, showing a reduction of 4.3%[26]. - As of September 30, 2025, total stockholders' equity was $5,715 million, an increase from $5,564 million at December 31, 2024[30]. Cash Flow - Cash and cash equivalents at the end of the period were $641 million, down from $674 million at the end of 2024, indicating a decrease of 4.9%[28]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $511 million, compared to $578 million in 2024, a decline of 11.6%[28]. - The company reported a net cash used in investing activities of $739 million for the nine months ended September 30, 2025, compared to $674 million in 2024, reflecting a 9.7% increase[28]. Acquisitions - The Company acquired Honeycomb TargetCo LLC for an initial cash consideration of $16 million, with a total estimated capital investment of $78 million, including an additional $62 million payment expected upon substantial completion in the first half of 2026[59]. - The acquisition of Daggett 1 Class B involved an initial cash consideration of $11 million, with a total capital investment of $57 million, including an additional $42 million paid upon substantial completion[61]. - The Company acquired Luna Valley Class B for an initial cash consideration of $18 million, with a total capital investment of $119 million, including an additional $72 million payment upon substantial completion[64]. - The Company acquired Catalina Solar for approximately $127 million, with a net capital investment expected to be $128 million after factoring in cash reserves and transaction expenses[68]. - The Company acquired Class A membership interests in Pine Forest TargetCo LLC for an initial cash consideration of $18 million, with an estimated total capital investment of $136 million expected[69][70]. - The acquisition of Tuolumne, a 137 MW wind facility, was completed for approximately $210 million, with a net capital investment of $59 million after transaction expenses[72][74]. Operational Performance - The Corporate segment reported an operating loss of $10 million for the three months ended September 30, 2025, compared to an operating loss of $64 million for the same period in 2024, showing improvement[119]. - Clearway Energy's Flexible Generation segment generated operating revenues of $106 million for the three months ended September 30, 2025, up from $102 million in the same period of 2024, a growth of 3.9%[118]. - The Company incurred total expenses of $20 million and $22 million for O&M services for the three months ended September 30, 2025 and 2024, respectively, and $61 million and $59 million for the nine months ended September 30, 2025 and 2024, respectively[124]. Risk Management - The Company is actively managing risks related to fuel and electricity price volatility, environmental incidents, and cybersecurity threats[14]. - The Company has implemented credit policies to manage counterparty credit risk, including monitoring credit limits and using collateral arrangements[94]. - Certain energy-related commodity contracts are with utilities that have strong credit quality, although they may be affected by regulatory changes[95]. - PG&E, a significant counterparty, has a credit rating below investment-grade, which poses potential risks to the Company[95].
Clearway Energy(CWEN_A) - 2025 Q3 - Quarterly Report