Clearway Energy, Inc. (NYSE:CWEN) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET

Company Participants

Akil Marsh - IR
Sarah Rubenstein - EVP & CFO
Craig Cornelius - President & CEO of Clearway Energy Group

Conference Call Participants

Mark Jarvi - CIBC
Noah Kaye - Oppenheimer
Justin Clare - Roth Capital Partners
Alexis Kania - Marathon Capital

Operator

Hello, and welcome to the Clearway Energy, Inc. Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. It is now my pleasure to introduce Director of Investor Relations, Akil Marsh.

Akil Marsh

Good morning. Thank you for taking time to join Clearway Energy, Inc.'s second quarter call. With me this morning are Craig Cornelius, the company's President and CEO; and Sarah Rubenstein, the company's CFO.

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 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. With that, I'll hand it over to Craig.

Craig Cornelius

Thanks, Akil. Turning to Page four. We're pleased to report to you today the solid second quarter results that we delivered for Clearway Energy, Inc. during this year's second quarter and to also provide further definition to the building blocks we intend to use as we prudently grow the company in future years.

Our financial results for the quarter demonstrated a strong year-over-year improvement in operational performance due to high equipment availability in our conventional segment and a return to more normalized generation in our Renewable segment. The strong start to the first half of this year reflects the focused execution and financial discipline of our organization and has allowed us to reaffirm our 2024 guidance of $395 million.

Meanwhile, our action is establishing future building blocks for the future growth of Clearway Energy, Inc. reflect the harvesting of development investments that have been sold over many years with the intention of providing future investment opportunities that will be complementary to our existing fleet and delivered in a way that allows our growth to be planned with deliberate financial prudence over time.