Clearway Energy, Inc. (NYSE:CWEN) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET
Company Participants
Chris Sotos - President and Chief Executive Officer
Sarah Rubenstein - Executive Vice President and Chief Financial Officer
Conference Call Participants
Julien Dumoulin-Smith - Bank of America
Mark Jarvi - CIBC
Angie Storozynski - Seaport Research Partners
Noah Kaye - Oppenheimer
Operator
Good day and thank you for standing by. Welcome to the Clearway Energy, Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your host today Chris Sotos, President and CEO.
Chris Sotos
Good morning. Let me first thank you for taking the time to join Clearway Energy Inc.'s second quarter call. Joining me this morning is Akil Marsh, Director of Investor Relations; and Sarah Rubenstein, CFO; and Craig Cornelius, President and CEO of Clearway Energy Group, our sponsor. Craig will be available for the Q&A portion of our presentation.
Before we begin, I 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 will 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 four. Clearway had a soft first half of the year as weather and renewable resource conditions deviate substantially from historical averages across most geographies. For the second quarter, Clearway generated $137 million of CAFD with the lowest quarterly wind production in the company's history.
As we look ahead to the balance of the year, we are updating and reducing our full year guidance to a range of $330 to $360 million, which accounts for our first half results and reflects a range of potential outcomes in renewable resources and weather impacts on load.
All results have stabilized in July and are materially on plan for the month, we are cautious given the weak renewable resource and relatively mild weather in California through June. Nonetheless, enabled by our prudent financial management, Clearway is announcing an increase in its dividend of 2% to $0.3891 per share in the third quarter of 2023 or $1.5564 on annualized basis keeping on target to achieve the upper range of our dividend growth objectives for 2023.