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Clearway Energy, Inc. (CWEN) CEO Chris Sotos on Q1 2020 Results - Earnings Call Transcript

May 07, 2020 10:14 PM ETClearway Energy, Inc. (CWEN), CWEN.A
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Clearway Energy, Inc. (NYSE:CWEN) Q1 2020 Earnings Conference Call May 7, 2020 8:00 AM ET

Company Participants

Chris Sotos – President and Chief Executive Officer

Chad Plotkin – Chief Financial Officer

Craig Cornelius – President and Chief Executive Officer, Clearway Energy Group

Conference Call Participants

Julien Dumoulin-Smith – Bank of America

Colin Rusch – Oppenheimer

David Fishman – Goldman Sachs

Durgesh Chopra – Evercore ISI

Chris Sotos

Good morning. Let me first thank you for taking the time to join Clearway Energy’s First Quarter Earnings Call. Joining me this morning is Chad Plotkin, our Chief Financial Officer; as well as Craig Cornelius, President and CEO of Clearway Energy Group. Craig will be available for the Q&A portion of our presentation.

Before we begin, I’d like to quickly note that today’s discussion will contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. Please review the safe harbor in today’s presentation as well as the risk factors in our SEC filings. In addition, we refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today’s presentation.

Turning to Page 4. For the first quarter of 2020, we achieved CAFD of $8 million, in line with our internal expectations and full year guidance. The PG&E contracts continue to perform as PG&E works through their bankruptcy process, and we’re looking forward to their emergence. As we await the resolution of the PG&E process, we are holding our quarterly dividend flat with last quarter at $0.21 per share.

Regarding COVID-19, I first want to take a moment to thank all of our employees within the Clearway team for their hard work and focus during this

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