Clearway Energy Inc CWEN disclosed the negative impact of lower-than-estimated wind production on second-quarter (Q2) revenues.
The company disclosed that its wind production for its fleet was about 25% below internal median production estimates in the quarter.
The metric includes Alta Wind Complex's wind production of around 20% below expectations, reflecting the lowest quarterly production reading in the company's history.
Consequently, CWEN anticipates an estimated impact of $25 million and $30 million on Q2 2023 revenues.
"Despite the abnormally low wind resource in the second quarter, we continue to have confidence that our long-term outlook remains intact based on historical trends for resource across our asset portfolio," said CEO Christopher Sotos.
Clearway is reiterating its target to achieve the upper range of its 5% to 8% annual dividend growth objective through at least 2026 while maintaining an 80-85% long-term payout ratio.
"We continue to plan to meet this target without needing to issue external equity while adhering to our balance sheet objectives," Sotos added.
In May, the company reported Q1 2023 revenue of $288 million vs. $214 million a year ago.
The company generated wind resources of 2,744 MWh in the quarter.
Price Action: CWEN shares are trading lower by 0.39% at $27.90 premarket on the last check Thursday.
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