Financial Performance - Total operating revenues for Q2 2023 reached $406 million, a 10.3% increase from $368 million in Q2 2022[29]. - Net income for Q2 2023 was $84 million, significantly down from $1,149 million in Q2 2022, primarily due to a gain on the sale of business recorded in the previous year[31]. - Earnings per share attributable to Clearway Energy, Inc. for Q2 2023 was $0.33, compared to $4.89 in Q2 2022[29]. - Total operating costs and expenses for Q2 2023 were $257 million, slightly up from $253 million in Q2 2022[29]. - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2023 was $39 million, down from $572 million in Q2 2022[31]. - The company reported a net income of $78 million for the six months ended June 30, 2023, compared to a net income of $40 million for the same period in 2022[36]. - The company reported a net income attributable to Clearway Energy, Inc. of $11 million for the six months ended June 30, 2023, compared to $160 million for the same period in 2022, resulting in a basic and diluted earnings per share of $0.32[171]. - Net income for the three months ended June 30, 2023, is $33 million, compared to $83 million in the same period of 2022[144]. - The net income for the three months ended June 30, 2023, was $84 million, compared to a net loss of $51 million in the same period of 2022[201]. Revenue Breakdown - Total operating revenues for the six months ended June 30, 2023, were $694 million, with energy revenue from renewables contributing $484 million[54]. - Total operating revenues for the six months ended June 30, 2023, reached $582 million, with conventional generation contributing $211 million and renewables contributing $294 million[79]. - The company reported a total revenue from contracts with customers of $189 million, with $113 million from renewables and $76 million from conventional generation[79]. - The company reported a total revenue from contracts with customers for the three months ended June 30, 2023, was $86 million, compared to $84 million for the same period in 2022, indicating a growth of 2.4%[103]. - The company recognized energy revenue of $477 million for the six months ended June 30, 2023, with renewables contributing $473 million[54]. - Operating revenues for the three months ended June 30, 2023, totaled $368 million, with conventional generation contributing $103 million and renewables $247 million[144]. - Operating revenues for the three months ended June 30, 2023, totaled $406 million, with the Conventional Generation contributing $115 million and Renewables contributing $291 million[201]. Cash Flow and Investments - Cash provided by operating activities for the first half of 2023 was $209 million, down from $279 million in the same period of 2022[34]. - Net cash used in investing activities for the first half of 2023 was $116 million, compared to a net cash provided of $1,331 million in the first half of 2022[34]. - The company declared a distribution of $0.3891 per unit on its Class B and Class D units, payable on September 15, 2023[52]. - The company expects to invest approximately $63 million in net corporate capital for the repowering of the Cedro Hill wind project, contingent upon achieving commercial operations in the second half of 2024[220]. Assets and Liabilities - The company reported a total cash balance of $918 million at the end of Q2 2023, down from $1,288 million at the end of Q2 2022[34]. - Total assets as of June 30, 2023, increased to $12,624 million from $12,312 million as of December 31, 2022, reflecting a growth of 2.5%[59]. - Cash and cash equivalents decreased to $547 million from $657 million, a decline of 16.7%[59]. - Total current liabilities decreased to $606 million from $617 million, a reduction of 1.8%[59]. - Long-term debt increased to $6,708 million from $6,491 million, an increase of 3.4%[59]. - The carrying amount of the Company's long-term debt, including the current portion, was $7,097 million, an increase from $6,874 million as of December 31, 2022[117]. Dividends and Distributions - Dividends per Class A and Class C common share for Q2 2023 were $0.3818, an increase from $0.3536 in Q2 2022[29]. - The company declared quarterly dividends of $0.3891 per share on Class A and Class C common stock, payable on September 15, 2023[71]. Acquisitions and Projects - The company acquired BESS project assets for $360 million, with $72 million payable at mechanical completion and $288 million at substantial completion, expected in the first half of 2024[84]. - The company acquired the Daggett 3 solar project for $21 million, which has a capacity of 300 MW and is expected to commence operations in the second half of 2023[107]. - The company acquired Cedar Creek Holdco LLC, owner of a 160 MW wind project, for $107 million, expected to close in the first half of 2024[191]. - The company also acquired Class A membership interests in Daggett TargetCo LLC, owner of a 300 MW solar project, for $21 million[192]. Operational Highlights - The company has over 5,500 net MW of installed wind and solar generation projects, contributing to its diversified energy portfolio[65]. - The overall effective tax rate for the three and six months ended June 30, 2023, differed from the statutory rate of 21% due to the allocation of taxable earnings and losses[147]. - The company was in compliance with all required financial covenants as of June 30, 2023[132]. - The company operates over 5,500 net MW of installed wind and solar generation projects, contributing to its position as one of the largest renewable energy owners in the U.S.[187]. - Total net generation capacity increased to 8,114 MW, with wind projects contributing 3,658 MW[189]. Market and Economic Conditions - The Renewables Segment experienced a decrease in revenue primarily due to lower than average wind production in 2023, resulting in a decline of $46 million compared to 2022[198]. - The Conventional Segment saw an increase in revenue of $21 million driven by the sales-type lease revenue recognition from the Marsh Landing Black Start addition that commenced operations on May 31, 2023[198]. - The Thermal Segment reported a revenue decrease of $18 million due to the sale of the Thermal business on May 1, 2022[198]. - The company expects to continue expanding its renewable energy portfolio through strategic acquisitions and partnerships[191].
Clearway Energy(CWEN_A) - 2023 Q2 - Quarterly Report