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Clearway Energy turns to profit in 2018

Image by: Green Energy Markets (www.greenmarkets.com.au).

February 28 (Renewables Now) - US renewable and conventional generation company Clearway Energy Inc (NYSE:NYLD) has reduced its net loss in the fourth quarter of 2018 just slightly but still returned to a full-year net profit.

The company, previously known as NRG Yield Inc, today reported a net profit of USD 54 million (EUR 47.4m) for 2018 versus a loss of USD 24 million a year earlier. President and CEO Christopher Sotos commented that Clearway has met its financial expectations despite weak renewable energy conditions in the final quarter of the year.

The table below presents the company’s financial results for the fourth quarter (Q4) and full year 2018.

Figures in USD million, except generation Q4 2018 Q4 2017 2018 2017
Adjusted EBITDA 200 205 983 935
-- from Renewables 110 113 634 589
Net profit (loss) (91) (97) 54 (24)
-- from Renewables (45) (49) 86 8
Cash from operating activities 102 144 498 517
Cash available for distribution (CAFD) 41 60 291 269
Renewables generation sold (MWh) 1,472 1,490 7,197 6,844
Thermal generation sold (MWh) 479 484 2,090 1,961

Clearway noted that in Q4 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were lower than in the same period of 2017 primarily because of outages at the Conventional segment and weaker renewable energy conditions, whilst for the full year the result were better mainly due to new growth investments and higher wind production.

Renewable power production was significantly below median expectations and 1% lower than in Q4 2017 primarily due to weak wind conditions.

The company reiterated that it expects to record cash available for distribution (CAFD) of USD 270 million in 2019, assuming that all CAFD related to projects impacted by the bankruptcy of one of its largest customers -- Californian utility PG&E -- is realised throughout the year. As the company announced earlier this month, it owns or has invested in 1,200 net MW of electric generation projects that have long-term supply or capacity contracts with the bankrupt utility.

As of February 27, 2019, PG&E had not indicated if it might take any actions regarding its existing power purchase agreements (PPAs) with Clearway.

(USD 1.0 = EUR 0.878)

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