Financial Performance - Clearway Energy, Inc. reported a net loss of $40 million for the three months ended March 31, 2023, compared to a net loss of $97 million for the same period in 2022[113]. - The comprehensive loss attributable to Clearway Energy, Inc. was $1 million for the three months ended March 31, 2023, down from a comprehensive loss of $26 million in the prior year[113]. - The company reported comprehensive loss attributable to noncontrolling interests of $42 million for the three months ended March 31, 2023[113]. Debt and Liquidity - Clearway Energy, Inc. has $850 million in 2028 Senior Notes, $925 million in 2031 Senior Notes, and $350 million in 2032 Senior Notes, all of which are unsecured[114]. - The fair value of the Company's debt was $6.76 billion, while the carrying value was $7.20 billion as of March 31, 2023[77]. - Liquidity risk arises from the general funding needs of the Company's activities and the management of its assets and liabilities[78]. Market Risks - The company is exposed to commodity price risk, with a sensitivity analysis indicating that a $0.50 per MWh change in power prices could impact the net value of power derivatives by approximately $7 million as of March 31, 2023[72]. - The company is subject to various market risks, including commodity price risk, interest rate risk, liquidity risk, and credit risk, which could impact its financial performance[70]. - As of March 31, 2023, a 1% change in interest rates would result in an approximately $1 million change in market interest expense on a rolling twelve-month basis[76]. - A decrease of 1% in market interest rates would have increased the fair value of long-term debt by approximately $362 million[77]. Risk Management - The company manages interest rate risk through interest rate swaps, with a potential exposure of $98 million if all swaps were discontinued as of March 31, 2023[75]. - Credit risk is related to potential losses from non-performance or non-payment by counterparties[79]. - The Company manages credit risk through established credit approval processes and credit mitigation measures[79]. - The Company seeks to mitigate counterparty risk by maintaining a diversified portfolio of counterparties[79]. Strategic Initiatives - The company aims to maintain and grow its quarterly dividend, although it faces risks related to its relationships with GIP, TotalEnergies, and CEG[106]. - Clearway Energy, Inc. is actively evaluating acquisitions and dispositions to enhance its asset portfolio and market position[106].
Clearway Energy(CWEN_A) - 2023 Q1 - Quarterly Report