(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Document | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Clearway Energy, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ Kevin P. Malcarney | |||||||
Kevin P. Malcarney | ||||||||
General Counsel and Corporate Secretary | ||||||||
Dated: February 22, 2024 |
($ millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Segment | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Conventional | 10 | 40 | 109 | 161 | ||||||||||||||||||||||
Renewables | (124) | (84) | (12) | (58) | ||||||||||||||||||||||
Thermal | — | — | — | 17 | ||||||||||||||||||||||
Corporate | 41 | (10) | (111) | 940 | ||||||||||||||||||||||
Net Income/(Loss) | $ | (73) | $ | (54) | $ | (14) | $ | 1,060 | ||||||||||||||||||
($ millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Segment | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Conventional | 65 | 89 | 301 | 366 | ||||||||||||||||||||||
Renewables | 142 | 127 | 787 | 802 | ||||||||||||||||||||||
Thermal | — | 0 | — | 23 | ||||||||||||||||||||||
Corporate | (6) | (4) | (30) | (31) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 201 | $ | 212 | $ | 1,058 | $ | 1,160 | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
($ millions) | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Cash from Operating Activities | $ | 206 | $ | 180 | $ | 702 | $ | 787 | ||||||||||||||||||
Cash Available for Distribution (CAFD) | $ | 53 | $ | (2) | $ | 342 | $ | 326 | ||||||||||||||||||
(MWh in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||
Conventional Equivalent Availability Factor | 98.0 | % | 91.2 | % | 90.2 | % | 92.2 | % | ||||||||||||||||||
Solar MWh generated/sold | 1,193 | 920 | 5,425 | 4,991 | ||||||||||||||||||||||
Wind MWh generated/sold | 2,152 | 2,312 | 9,414 | 9,343 | ||||||||||||||||||||||
Renewables MWh generated/sold2 | 3,345 | 3,232 | 14,839 | 14,334 | ||||||||||||||||||||||
($ millions) | 12/31/2023 | 12/31/2022 | ||||||||||||
Cash and Cash Equivalents: | ||||||||||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 410 | $ | 536 | ||||||||||
Subsidiaries | 125 | 121 | ||||||||||||
Restricted Cash: | ||||||||||||||
Operating accounts | 176 | 109 | ||||||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 340 | 230 | ||||||||||||
Total Cash | $ | 1,051 | $ | 996 | ||||||||||
Revolving credit facility availability | 454 | 370 | ||||||||||||
Total Liquidity | $ | 1,505 | $ | 1,366 |
Year ended December 31, | |||||||||||||||||
(In millions, except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Total operating revenues | $ | 1,314 | $1,190 | $ | 1,286 | ||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 473 | 435 | 451 | ||||||||||||||
Depreciation, amortization and accretion | 526 | 512 | 509 | ||||||||||||||
Impairment losses | 12 | 16 | 6 | ||||||||||||||
General and administrative | 36 | 40 | 40 | ||||||||||||||
Transaction and integration costs | 4 | 7 | 7 | ||||||||||||||
Development costs | — | 2 | 6 | ||||||||||||||
Total operating costs and expenses | 1,051 | 1,012 | 1,019 | ||||||||||||||
Gain on sale of business | — | 1,292 | — | ||||||||||||||
Operating Income | 263 | 1,470 | 267 | ||||||||||||||
Other Income (Expense) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 12 | 29 | 32 | ||||||||||||||
Other income, net | 52 | 17 | 3 | ||||||||||||||
Loss on debt extinguishment | (6) | (2) | (53) | ||||||||||||||
Interest expense | (337) | (232) | (312) | ||||||||||||||
Total other expense, net | (279) | (188) | (330) | ||||||||||||||
(Loss) Income Before Income Taxes | (16) | 1,282 | (63) | ||||||||||||||
Income tax (benefit) expense | (2) | 222 | 12 | ||||||||||||||
Net (Loss) Income | (14) | 1,060 | (75) | ||||||||||||||
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | (93) | 478 | (126) | ||||||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | 79 | $ | 582 | $ | 51 | |||||||||||
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 | ||||||||||||||
Weighted average number of Class C common shares outstanding - basic and diluted | 82 | 82 | 82 | ||||||||||||||
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | 0.67 | $ | 4.99 | $ | 0.44 | |||||||||||
Dividends Per Class A Common Share | $ | 1.54 | $ | 1.43 | $ | 1.33 | |||||||||||
Dividends Per Class C Common Share | $ | 1.54 | $ | 1.43 | $ | 1.33 |
Year ended December 31, | |||||||||||||||||
(In millions) | 2023 | 2022 | 2021 | ||||||||||||||
Net (Loss) Income | $ | (14) | $ | 1,060 | $ | (75) | |||||||||||
Other Comprehensive (Loss) Income, net of tax | |||||||||||||||||
Unrealized (loss) gain on derivatives and changes in accumulated OCI/OCL, net of income tax (benefit) expense of $(1), $5 and $(3) | (6) | 28 | 19 | ||||||||||||||
Other comprehensive (loss) income | (6) | 28 | 19 | ||||||||||||||
Comprehensive (Loss) Income | (20) | 1,088 | (56) | ||||||||||||||
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | (97) | 495 | (115) | ||||||||||||||
Comprehensive Income Attributable to Clearway Energy, Inc. | $ | 77 | $ | 593 | $ | 59 |
(In millions, except shares) | December 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 535 | $ | 657 | |||||||
Restricted cash | 516 | 339 | |||||||||
Accounts receivable — trade | 171 | 153 | |||||||||
Inventory | 55 | 47 | |||||||||
Derivative instruments | 41 | 26 | |||||||||
Note receivable — affiliate | 174 | — | |||||||||
Prepayments and other current assets | 68 | 54 | |||||||||
Total current assets | 1,560 | 1,276 | |||||||||
Property, plant and equipment, net | 9,526 | 7,421 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 360 | 364 | |||||||||
Intangible assets for power purchase agreements, net | 2,303 | 2,488 | |||||||||
Other intangible assets, net | 71 | 77 | |||||||||
Derivative instruments | 82 | 63 | |||||||||
Right-of-use assets, net | 597 | 527 | |||||||||
Other non-current assets | 202 | 96 | |||||||||
Total other assets | 3,615 | 3,615 | |||||||||
Total Assets | $ | 14,701 | $ | 12,312 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | 558 | $ | 322 | |||||||
Accounts payable — trade | 130 | 55 | |||||||||
Accounts payable — affiliates | 31 | 22 | |||||||||
Derivative instruments | 51 | 50 | |||||||||
Accrued interest expense | 57 | 54 | |||||||||
Accrued expenses and other current liabilities | 79 | 114 | |||||||||
Total current liabilities | 906 | 617 | |||||||||
Other Liabilities | |||||||||||
Long-term debt | 7,479 | 6,491 | |||||||||
Deferred income taxes | 127 | 119 | |||||||||
Derivative instruments | 281 | 303 | |||||||||
Long-term lease liabilities | 627 | 548 | |||||||||
Other non-current liabilities | 286 | 201 | |||||||||
Total other liabilities | 8,800 | 7,662 | |||||||||
Total Liabilities | 9,706 | 8,279 | |||||||||
Redeemable noncontrolling interest in subsidiaries | 1 | 7 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | — | — | |||||||||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023 and 201,972,813 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,283,460, Class D 42,336,750) at December 31, 2022 | 1 | 1 | |||||||||
Additional paid-in capital | 1,732 | 1,761 | |||||||||
Retained earnings | 361 | 463 | |||||||||
Accumulated other comprehensive income | 7 | 9 | |||||||||
Noncontrolling interest | 2,893 | 1,792 | |||||||||
Total Stockholders’ Equity | 4,994 | 4,026 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 14,701 | $ | 12,312 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash Flows from Operating Activities | (In millions) | ||||||||||||||||
Net (loss) income | $ | (14) | $ | 1,060 | $ | (75) | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | (12) | (29) | (32) | ||||||||||||||
Distributions from unconsolidated affiliates | 30 | 37 | 38 | ||||||||||||||
Depreciation, amortization and accretion | 526 | 512 | 509 | ||||||||||||||
Amortization of financing costs and debt discounts | 13 | 14 | 14 | ||||||||||||||
Amortization of intangibles | 185 | 172 | 146 | ||||||||||||||
Loss on debt extinguishment | 6 | 2 | 53 | ||||||||||||||
Reduction in carrying amount of right-of-use assets | 15 | 14 | 11 | ||||||||||||||
Gain on sale of business | — | (1,292) | — | ||||||||||||||
Impairment losses | 12 | 16 | 6 | ||||||||||||||
Change in deferred income taxes | 13 | 194 | 12 | ||||||||||||||
Changes in derivative instruments and amortization of accumulated OCI/OCL | (2) | 69 | 28 | ||||||||||||||
Cash (used in) provided by changes in other working capital | |||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (32) | 10 | 5 | ||||||||||||||
Changes in other working capital | (38) | 8 | (14) | ||||||||||||||
Net Cash Provided by Operating Activities | 702 | 787 | 701 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Acquisitions, net of cash acquired | — | — | (533) | ||||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | (45) | (71) | (229) | ||||||||||||||
Acquisition of Capistrano Wind Portfolio, net of cash acquired | — | (223) | — | ||||||||||||||
Capital expenditures | (212) | (112) | (151) | ||||||||||||||
Payment for equipment deposit | (27) | — | — | ||||||||||||||
Payment for equipment deposit and asset purchase from affiliate | (55) | — | (21) | ||||||||||||||
Return of investments from unconsolidated affiliates | 14 | 13 | 47 | ||||||||||||||
Increase in note receivable — affiliate | (174) | — | — | ||||||||||||||
Investments in unconsolidated affiliates | (28) | — | — | ||||||||||||||
Proceeds from sale of business | — | 1,457 | — | ||||||||||||||
Other | 4 | 1 | 22 | ||||||||||||||
Net Cash (Used in) Provided by Investing Activities | (523) | 1,065 | (865) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Contributions from noncontrolling interests, net of distributions | 1,028 | 60 | 967 | ||||||||||||||
Payments of dividends and distributions | (311) | (289) | (268) | ||||||||||||||
Distributions to CEG of escrowed amounts | — | (64) | — | ||||||||||||||
Tax-related distributions | (21) | (8) | — | ||||||||||||||
Buyout of noncontrolling interest and redeemable noncontrolling interest | (13) | — | — | ||||||||||||||
Proceeds from the revolving credit facility | — | 80 | 622 | ||||||||||||||
Payments for the revolving credit facility | — | (325) | (377) | ||||||||||||||
Proceeds from issuance of long-term debt | 563 | 244 | 1,728 | ||||||||||||||
Payments of debt issuance costs | (18) | (4) | (20) | ||||||||||||||
Payments for long-term debt | (1,349) | (1,198) | (2,292) | ||||||||||||||
Other | (3) | (6) | 7 | ||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (124) | (1,510) | 367 | ||||||||||||||
Reclassification of Cash to Assets Held-for-Sale | — | — | (14) | ||||||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 55 | 342 | 189 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 996 | 654 | 465 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 1,051 | $ | 996 | $ | 654 | |||||||||||
Supplemental Disclosures: | |||||||||||||||||
Interest paid, net of amount capitalized | $ | (304) | $ | (317) | $ | (337) | |||||||||||
Income taxes paid | (31) | (9) | — | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Non-cash adjustment for change in tax basis | 4 | (1) | (7) | ||||||||||||||
Non-cash (distributions to), contributions from noncontrolling interests | (7) | (4) | 31 |
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | — | $ | 1 | $ | 1,922 | $ | (84) | $ | (14) | $ | 890 | $ | 2,715 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | 51 | — | (130) | (79) | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCL, net of tax | — | — | — | — | 8 | 11 | 19 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | — | — | — | — | — | 31 | 31 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, net of distributions, cash | — | — | — | — | — | 296 | 296 | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 676 | 676 | ||||||||||||||||||||||||||||||||||
Lighthouse Partnership Yield Protection Agreement Amendment | — | — | 15 | — | — | — | 15 | ||||||||||||||||||||||||||||||||||
Agua Caliente Acquisition | — | — | — | — | — | 273 | 273 | ||||||||||||||||||||||||||||||||||
Transfer of assets under common control | — | — | 94 | — | — | (468) | (374) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 3 | — | — | — | 3 | ||||||||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | — | — | (7) | — | — | — | (7) | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG | — | — | (155) | — | — | (113) | (268) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | — | 1 | 1,872 | (33) | (6) | 1,466 | 3,300 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 582 | — | 467 | 1,049 | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCL, net of tax | — | — | — | — | 11 | 17 | 28 | ||||||||||||||||||||||||||||||||||
Distributions to CEG, net of contributions, non-cash | — | — | — | — | — | (4) | (4) | ||||||||||||||||||||||||||||||||||
Contributions from CEG, net of distributions, cash | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 51 | 51 | ||||||||||||||||||||||||||||||||||
Transfer of assets under common control | — | — | (29) | — | — | (29) | (58) | ||||||||||||||||||||||||||||||||||
Capistrano Wind Portfolio Acquisition | — | — | — | — | 4 | 7 | 11 | ||||||||||||||||||||||||||||||||||
Kawailoa Sale to Clearway Renew | — | — | — | — | — | (69) | (69) | ||||||||||||||||||||||||||||||||||
Tax-related distributions | — | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1 | (1) | — | — | — | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (82) | (85) | — | (122) | (289) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | — | 1 | 1,761 | 463 | 9 | 1,792 | 4,026 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 79 | — | (110) | (31) | ||||||||||||||||||||||||||||||||||
Unrealized loss on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (2) | (4) | (6) | ||||||||||||||||||||||||||||||||||
Distributions to CEG, net of contributions, cash | — | — | — | — | — | (78) | (78) | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 1,123 | 1,123 | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, non-cash | — | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||||
Tax-related distributions | — | — | — | — | — | (21) | (21) | ||||||||||||||||||||||||||||||||||
Transfer of assets under common control | — | — | (62) | — | — | 348 | 286 | ||||||||||||||||||||||||||||||||||
Buyout of noncontrolling interest | — | — | 16 | — | — | (26) | (10) | ||||||||||||||||||||||||||||||||||
Buyout of redeemable noncontrolling interest | — | — | 10 | — | — | 7 | 17 | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 3 | (1) | — | — | 2 | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | — | (180) | — | (131) | (311) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | $ | — | $ | — | $ | 1 | $ | 1,732 | $ | 361 | $ | 7 | $ | 2,893 | $ | 4,994 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 10 | $ | (124) | $ | — | $ | 41 | $ | (73) | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Benefit | — | (2) | — | (67) | (69) | |||||||||||||||||||||||||||
Interest Expense, net | 7 | 90 | — | 18 | 115 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 31 | 106 | — | — | 137 | |||||||||||||||||||||||||||
Contract Amortization | 5 | 41 | — | — | 46 | |||||||||||||||||||||||||||
Impairment Losses | — | 12 | — | — | 12 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 6 | — | — | 6 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | 6 | — | — | — | 6 | |||||||||||||||||||||||||||
Transaction and Integration Costs | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Other non-recurring | 2 | 3 | — | — | 5 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 4 | 10 | — | — | 14 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 65 | $ | 142 | $ | — | $ | (6) | $ | 201 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 40 | $ | (84) | $ | — | $ | (10) | $ | (54) | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax (Benefit)/Expense | — | 2 | — | (17) | (15) | |||||||||||||||||||||||||||
Interest Expense, net | 10 | 51 | — | 20 | 81 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 32 | 101 | — | — | 133 | |||||||||||||||||||||||||||
Contract Amortization | 6 | 44 | — | — | 50 | |||||||||||||||||||||||||||
Impairment Losses and Impairment on Equity Investment | — | 16 | — | — | 16 | |||||||||||||||||||||||||||
Mark to Market (MtM) Gains on economic hedges | — | (13) | — | — | (13) | |||||||||||||||||||||||||||
Transaction and Integration Costs | — | — | — | 2 | 2 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 1 | 10 | — | — | 11 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 89 | $ | 127 | $ | — | $ | (4) | $ | 212 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 109 | $ | (12) | $ | — | $ | (111) | $ | (14) | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Benefit | — | (2) | — | — | (2) | |||||||||||||||||||||||||||
Interest Expense, net | 31 | 181 | — | 73 | 285 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 129 | 397 | — | — | 526 | |||||||||||||||||||||||||||
Contract Amortization | 21 | 166 | — | — | 187 | |||||||||||||||||||||||||||
Impairment Losses | — | 12 | — | — | 12 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 6 | — | — | 6 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses/(Gains) on economic hedges | 3 | (24) | — | — | (21) | |||||||||||||||||||||||||||
Transaction and Integration Costs | — | — | — | 4 | 4 | |||||||||||||||||||||||||||
Other Non-recurring Items | (5) | 8 | — | — | 3 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 13 | 55 | — | — | 68 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 4 | 4 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 301 | $ | 787 | $ | — | $ | (30) | $ | 1,058 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 161 | $ | (58) | $ | 17 | $ | 940 | $ | 1,060 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | 2 | — | 220 | 222 | |||||||||||||||||||||||||||
Interest Expense, net | 39 | 83 | 6 | 90 | 218 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 131 | 381 | — | — | 512 | |||||||||||||||||||||||||||
Contract Amortization | 24 | 151 | — | — | 175 | |||||||||||||||||||||||||||
Impairment Losses and Impairment on Equity Investment | — | 16 | — | — | 16 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 182 | — | — | 182 | |||||||||||||||||||||||||||
Transaction and Integration Costs | — | — | — | 7 | 7 | |||||||||||||||||||||||||||
Other Non-recurring Items3 | 1 | 1 | — | (1,291) | (1,289) | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 10 | 42 | — | — | 52 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 3 | 3 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 366 | $ | 802 | $ | 23 | $ | (31) | $ | 1,160 | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
($ in millions) | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||
Adjusted EBITDA | $ | 201 | $ | 212 | $ | 1,058 | $ | 1,160 | |||||||||||||||
Cash interest paid | (67) | (63) | (304) | (317) | |||||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (9) | (14) | (32) | 10 | |||||||||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 3 | 1 | 8 | 5 | |||||||||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (13) | (11) | (77) | (80) | |||||||||||||||||||
Distributions from unconsolidated affiliates | 13 | 12 | 30 | 37 | |||||||||||||||||||
Changes in working capital and other | 78 | 43 | 19 | (28) | |||||||||||||||||||
Cash from Operating Activities | 206 | 180 | 702 | 787 | |||||||||||||||||||
Changes in working capital and other | (78) | (43) | (19) | 28 | |||||||||||||||||||
Development expenses4 | — | — | — | 2 | |||||||||||||||||||
Return of investment from unconsolidated affiliates | — | 1 | 14 | 13 | |||||||||||||||||||
Net contributions (to)/from non-controlling interest5 | (4) | (18) | (32) | (50) | |||||||||||||||||||
Maintenance capital expenditures | — | (9) | (22) | (25) | |||||||||||||||||||
Principal amortization of indebtedness6 | (72) | (113) | (302) | (434) | |||||||||||||||||||
Cash Available for Distribution before Adjustments | $ | 52 | $ | (2) | $ | 341 | $ | 321 | |||||||||||||||
2023 Impact of drop down from timing of construction debt service; 2022 Net Impact of Capistrano from timing of project debt service | 1 | — | 1 | 5 | |||||||||||||||||||
Cash Available for Distribution7 | $ | 53 | $ | (2) | $ | 342 | $ | 326 | |||||||||||||||
Twelve Months Ended | |||||
($ in millions) | 12/31/23 | ||||
Sources: | |||||
Contributions from noncontrolling interests, net of distributions | 1,028 | ||||
Net Cash Provided by Operating Activities | 702 | ||||
Proceeds from issuance of long-term debt | 563 | ||||
Return of investments from unconsolidated affiliates | 14 | ||||
Uses: | |||||
Payments for long-term debt | (1,349) | ||||
Payments of dividends and distributions | (311) | ||||
Capital expenditures | (212) | ||||
Increase in note receivable — affiliate | (174) | ||||
Payment for equipment deposit and asset purchase from affiliate | (55) | ||||
Acquisition of Drop Down Assets, net of cash acquired | (45) | ||||
Payment for equipment deposit | (27) | ||||
Other net cash outflows | (79) | ||||
Change in total cash, cash equivalents, and restricted cash | $ | 55 | |||
($ in millions) | 2024 Full Year Guidance | ||||
Net Income | 90 | ||||
Income Tax Expense | 20 | ||||
Interest Expense, net | 330 | ||||
Depreciation, Amortization, and ARO Expense | 680 | ||||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 50 | ||||
Non-Cash Equity Compensation | 5 | ||||
Adjusted EBITDA | 1,175 | ||||
Cash interest paid | (310) | ||||
Changes in prepaid and accrued liabilities for tolling agreements | (5) | ||||
Adjustments to reflect sale-type leases and payments for lease expenses | 10 | ||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (85) | ||||
Cash distributions from unconsolidated affiliates8 | 45 | ||||
Cash from Operating Activities | 830 | ||||
Net distributions to non-controlling interest9 | (100) | ||||
Maintenance capital expenditures | (40) | ||||
Principal amortization of indebtedness10 | (295) | ||||
Cash Available for Distribution | 395 | ||||
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