Clearway Energy Files Q3 2024 10-Q

Ticker: CWEN-A · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1567683

Clearway Energy, Inc. 10-Q Filing Summary
FieldDetail
CompanyClearway Energy, Inc. (CWEN-A)
Form Type10-Q
Filed DateOct 30, 2024
Risk Levellow
Pages16
Reading Time20 min
Key Dollar Amounts$0.01, $850 million, $925 million, $350 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: CWEN.A, CWEN

TL;DR

Clearway Energy (CWEN) filed its Q3 10-Q. All systems go.

AI Summary

Clearway Energy, Inc. (CWEN) filed its quarterly report for the period ended September 30, 2024. The company is incorporated in Delaware and has its principal executive offices in Princeton, New Jersey. Its Class A and Class C common stock are traded on the New York Stock Exchange under symbols CWEN.A and CWEN, respectively.

Why It Matters

This filing provides investors with an update on Clearway Energy's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial and operational updates, with no immediate red flags or significant new risks highlighted.

Key Players & Entities

  • Clearway Energy, Inc. (company) — Registrant
  • September 30, 2024 (date) — Quarterly period end date
  • Delaware (jurisdiction) — State of incorporation
  • Princeton, New Jersey (location) — Address of principal executive offices
  • CWEN.A (ticker) — Class A Common Stock trading symbol
  • CWEN (ticker) — Class C Common Stock trading symbol
  • New York Stock Exchange (exchange) — Exchange where securities are registered

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Clearway Energy, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, providing financial and operational updates for the quarterly period ended September 30, 2024.

What are the trading symbols for Clearway Energy's common stock?

Clearway Energy's Class A Common Stock trades under the symbol CWEN.A, and its Class C Common Stock trades under the symbol CWEN, both on the New York Stock Exchange.

In which state is Clearway Energy, Inc. incorporated?

Clearway Energy, Inc. is incorporated in Delaware.

Where are Clearway Energy, Inc.'s principal executive offices located?

The principal executive offices of Clearway Energy, Inc. are located at 300 Carnegie Center, Suite 300, Princeton, New Jersey 08540.

Has Clearway Energy, Inc. filed all required reports for the preceding 12 months?

The filing indicates 'Yes' for whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,896 words · 20 min read · ~16 pages · Grade level 20 · Accepted 2024-10-30 16:50:15

Key Financial Figures

  • $0.01 — stered Class A Common Stock, par value $0.01 CWEN.A New York Stock Exchange Class C
  • $850 million — gs indicated below: 2028 Senior Notes $850 million aggregate principal amount of 4.75% uns
  • $925 million — Energy Operating LLC 2031 Senior Notes $925 million aggregate principal amount of 3.75% uns
  • $350 million — Energy Operating LLC 2032 Senior Notes $350 million aggregate principal amount of 3.75% uns

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 6

— FINANCIAL STATEMENTS AND NOTES

ITEM 1 — FINANCIAL STATEMENTS AND NOTES 6

— MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35

— QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54

— CONTROLS AND PROCEDURES

ITEM 4 — CONTROLS AND PROCEDURES 55

— OTHER INFORMATION

PART II — OTHER INFORMATION 56

— LEGAL PROCEEDINGS

ITEM 1 — LEGAL PROCEEDINGS 56

— RISK FACTORS

ITEM 1A — RISK FACTORS 56

— UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 56

— DEFAULTS UPON SENIOR SECURITIES

ITEM 3 — DEFAULTS UPON SENIOR SECURITIES 56

— MINE SAFETY DISCLOSURES

ITEM 4 — MINE SAFETY DISCLOSURES 56

— OTHER INFORMATION

ITEM 5 — OTHER INFORMATION 56

— EXHIBITS

ITEM 6 — EXHIBITS 58

SIGNATURES

SIGNATURES 59 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q of Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as well as the following: The Company's ability to maintain and grow its quarterly dividend; Potential risks related to the Company's relationships with CEG and its owners; The Company's ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties; The Company's ability to acquire assets from CEG; The Company's ability to borrow additional funds and access capital markets, as well as the Company's substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward; Changes in law, including judicial decisions; Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unschedule

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three months ended September 30, Nine months ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Operating Revenues Total operating revenues $ 486 $ 371 $ 1,115 $ 1,065 Operating Costs and Expenses Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 135 134 378 360 Depreciation, amortization and accretion 164 133 471 389 General and administrative 9 9 29 28 Transaction and integration costs — 1 4 3 Total operating costs and expenses 308 277 882 780 Operating Income 178 94 233 285 Other Income (Expense) Equity in earnings of unconsolidated affiliates 13 11 33 11 Other income, net 8 15 36 32 Loss on debt extinguishment — — ( 3 ) — Interest expense ( 139 ) ( 48 ) ( 284 ) ( 202 ) Total other expense, net ( 118 ) ( 22 ) ( 218 ) ( 159 ) Income Before Income Taxes 60 72 15 126 Income tax expense 33 57 30 67 Net Income (Loss) 27 15 ( 15 ) 59 Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests ( 9 ) 11 ( 100 ) 17 Net Income Attributable to Clearway Energy, Inc. $ 36 $ 4 $ 85 $ 42 Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders Weighted average number of Class A common shares outstanding - basic and diluted 35 35 35 35 Weighted average number of Class C common shares outstanding - basic and diluted 83 82 83 82 Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted $ 0.31 $ 0.03 $ 0.72 $ 0.36 Dividends Per Class A Common Share $ 0.4171 $ 0.3891 $ 1.2306 $ 1.1454 Dividends Per Class C Common Share $ 0.4171 $ 0.3891 $ 1.2306 $ 1.1454 See accompanying notes to consolidated financial statements. 6 CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three months ended September 30, Nine months ended Sept

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 — Nature of Business Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company. CEG is a leading developer of renewable energy infrastructure in the U.S. On October 1, 2024, BlackRock acquired 100 % of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG. BlackRock is a publicly-traded global investment management firm. The Company is one of the largest renewable energy owners in the U.S. with approximately 6,500 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company's approximately 9,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company's revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the consolidated financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distri

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