Clearway Energy Reports 'Abnormally Low Wind Resource,' Expects $30M Revenue Hit
Portfolio Pulse from Lekha Gupta
Clearway Energy Inc (CWEN) reported that its wind production for Q2 was about 25% below internal median production estimates, including Alta Wind Complex's wind production being around 20% below expectations. This is expected to impact Q2 2023 revenues by $25 million to $30 million. Despite this, the company maintains its long-term outlook and plans to achieve its 5% to 8% annual dividend growth objective through at least 2026.
July 13, 2023 | 2:22 pm
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NEGATIVE IMPACT
Clearway Energy's lower-than-expected wind production is expected to negatively impact its Q2 2023 revenues by $25 million to $30 million. However, the company maintains its long-term outlook and dividend growth objective.
The news directly pertains to Clearway Energy and its Q2 performance. The lower-than-expected wind production is a negative factor that could impact the company's revenues and potentially its stock price in the short term. However, the company's reiteration of its long-term outlook and dividend growth objective may mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100