Financial Performance - Total operating revenues for the three months ended March 31, 2024, were $263 million, a decrease of 8.7% compared to $288 million for the same period in 2023[56]. - Total operating costs and expenses increased to $292 million for the three months ended March 31, 2024, compared to $246 million for the same period in 2023, representing an increase of 18.7%[56]. - The net loss attributable to Clearway Energy, Inc. for the three months ended March 31, 2024, was $2 million, compared to a net loss of $0 for the same period in 2023[56]. - The company reported an operating loss of $(29) million for the three months ended March 31, 2024, compared to an operating income of $42 million for the same period in 2023[56]. - The company experienced a comprehensive loss of $(47) million for the three months ended March 31, 2024, compared to $(43) million for the same period in 2023[58]. - The company incurred a net loss of $46 million for the three months ended March 31, 2024, compared to a net loss of $40 million for the same period in 2023[61]. - The company reported a net loss of $43 million for the three months ended March 31, 2024[45]. - The company reported energy revenue of $170 million, with $1 million from conventional generation and $169 million from renewables[73]. Assets and Liabilities - Total assets increased to $14,862 million as of March 31, 2024, compared to $14,701 million at December 31, 2023, reflecting a growth of 1.1%[41]. - Total liabilities rose to $9,815 million from $9,706 million, an increase of 1.1%[41]. - Current liabilities decreased to $874 million from $906 million, a reduction of 3.5%[41]. - Long-term debt increased to $7,579 million from $7,479 million, an increase of 1.3%[41]. - The fair value of the company's long-term debt, including the current portion, was $8,204 million as of March 31, 2024, compared to $8,102 million as of December 31, 2023[106]. - Total accounts receivable, net, increased to $184 million as of March 31, 2024, up from $171 million as of December 31, 2023[94]. - Cash, cash equivalents, and restricted cash totaled $963 million as of March 31, 2024, down from $1,051 million at the end of 2023[70]. Equity and Dividends - Stockholders' equity increased to $5,045 million from $4,994 million, showing a growth of 1.0%[41]. - Dividends per Class A and Class C common share were $0.4033 for the three months ended March 31, 2024, compared to $0.3745 for the same period in 2023, reflecting an increase of 7.5%[56]. - The company declared a quarterly dividend of $0.4102 per share on May 9, 2024, payable on June 17, 2024[90]. - Noncontrolling interest increased to $2,987 million from $2,893 million, a rise of 3.2%[41]. Cash Flow - Net cash provided by operating activities increased to $81 million from $75 million year-over-year[61]. - Cash used in investing activities was $203 million, significantly higher than $86 million in the prior year[61]. - Cash and cash equivalents decreased to $478 million from $535 million, a decline of 10.7%[41]. - Cash, cash equivalents, and restricted cash totaled $963 million as of March 31, 2024, down from $1,051 million at the end of 2023[70]. Operational Highlights - The company has a commitment to continue expanding its market presence and investing in new technologies, although specific details were not provided in the extracted content[35]. - The company owned approximately 6,200 net MW of installed renewable energy facilities as of March 31, 2024[80]. - The company operates in both conventional power generation and renewable energy sectors, including solar, wind, and battery energy storage systems[168]. - The company is focused on expanding its clean energy investments and enhancing its renewable energy infrastructure across North America[47]. Acquisitions and Investments - The company acquired Drop Down Assets for a net cash outflow of $111 million during the quarter[71]. - The company acquired Cedar Creek Holdco LLC, a 160 MW wind facility, for cash consideration of $117 million on April 16, 2024[95]. - The Company acquired Texas Solar Nova 2, a 200 MW solar facility, for a cash consideration of $112 million, with $17 million funded by the Company and $95 million from a cash equity investor[113]. - The company assumed an $80 million term loan and a $115 million tax equity bridge loan as part of the acquisition of Texas Solar Nova 2[151]. Debt and Derivatives - The company recorded a total of $339 million in derivative liabilities as of March 31, 2024, reflecting a change in unrealized losses included in earnings[107]. - The company reported derivative liabilities related to energy-related commodity contracts of $361 million as of March 31, 2024, up from $330 million as of December 31, 2023[136]. - The fair value of total derivatives as of March 31, 2024, was $165 million, an increase from $123 million as of December 31, 2023[144]. - Interest expense decreased to $57 million for the three months ended March 31, 2024, down from $99 million for the same period in 2023, a reduction of 42.4%[56]. Tax and Compliance - The effective income tax rate for the three months ended March 31, 2024, was 22.0%, slightly down from 23.1% in the same period of 2023[158]. - The effective tax rate for the Company was different from the statutory rate of 21% due to the allocation of taxable earnings and losses[170].
Clearway Energy(CWEN_A) - 2024 Q1 - Quarterly Report