Clearway Energy, Inc. (NYSE:CWEN) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET
Company Participants
Chris Sotos - President and Chief Executive Officer
Craig Cornelius - President and Chief Executive Officer, Clearway Energy Group
Conference Call Participants
Noah Kaye - Oppenheimer & Co.
Julien Dumoulin-Smith - Bank of America
Angie Storozynski - Seaport Research Partners
William Grippin - UBS
Operator
Good day, and thank you for standing by. Welcome to the Clearway Energy, Inc. Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Chris Sotos, President and CEO of Clearway Energy, Inc. Please go ahead.
Chris Sotos
Thank you and good morning. Let me first thank you for taking the time to join Clearway Energy Inc.'s fourth quarter call. Joining me this morning is Akil Marsh, Director of Investor Relations; 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 3. The company generated full-year CAFD of $326 million, short of its full-year guidance of $350 million, predominantly due to weak fourth quarter [wind resource] [ph] and December's winter storms. Our CAFD generation in 2022 was below expectations. Clearway executed well to increase its long-term pro forma CAFD through the closing of the thermal transaction, and a commitment of nearly 350 million in new investments.
In addition, with the contracting of El Segundo's capacity through 2026, we have reduced the volatility in the natural gas fleet and Clearway is currently ahead of schedule in terms of repairs of the facility. Last week, Clearway announced it increased the dividend by 2% to $0.3745 per share or $1.498 on annualized basis, keeping us on target to achieve the upper range of our dividend growth objectives for 2023.