Short answer
Clearway Energy Inc (CWEN) filed its fiscal 2017 10-K annual report with the SEC on Mar 1, 2018. It reported revenue of $1.0B (−1.2% year over year) and net income of −$16M.
- Top risk flagged: Regulatory risk: State public utility commissions regulate certain district-energy rates, with changes potentially affecting negotiated or tariff-based revenue
FY2017 key financial metrics · XBRL
- Revenue
- $1.0B
- −1.2% YoY
- Net income
- −$16M
- −128.1% YoY
- Operating margin
- 28.0%
- +6.7 pp YoY
- EPS (diluted)
- −$0.71
- −407.1% YoY
- ROE
- -0.7%
- −3.2 pp YoY
- Operating cash flow
- $516M
- −7.9% YoY
Source: XBRL data from the Clearway Energy Inc (CWEN) FY2017 10-K on SEC EDGAR. USD.
Clearway Energy Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Business model: diversified renewable and conventional power generation assets with long-term power contracts and thermal infrastructure services
- 2017 expansion: Utah Solar Portfolio, Agua Caliente interest, 38 MW distributed and small utility-scale solar portfolio
- Portfolio strategy: continued NRG asset drop-down model, expanding renewable generation and distributed solar exposure
- Notable scale: 814 net MW wind portfolio remaining interest acquired in August 2017
- Year-specific development: NRG Transformation Plan explored strategic alternatives for the renewables platform and Company stake
Management Discussion & Analysis
- Revenue $1,009M, down $26M YoY from $1,035M, driven by lower renewable generation
- Net loss attributable to NRG Yield $16M vs $73M loss, with $72M tax expense and $44M impairment losses
- Best segment: Conventional, higher revenues; worst segment: Renewables, generation down 7% and economic gross margin down $31M
- Operating cash flow declined $61M; investing outflows $283M, financing outflows $415M, capex $31M
- Dividends increased 16%; 2018 risks included declining merchant power prices, resource variability, and expected NRG Transaction closing in second half 2018
Risk Factors
- Regulatory risk: State public utility commissions regulate certain district-energy rates, with changes potentially affecting negotiated or tariff-based revenue
- Counterparty concentration: Long-term power contracts expose Clearway to approximately $2.7 billion of counterparty credit risk over the next five years
- Merchant-price vulnerability: Declining post-contract power prices drove 2017 impairments of $26 million at Elbow Creek and $5 million at Forward
- Financial leverage: $5.914 billion total debt, including $306 million of current maturities, versus $5.204 billion net property, plant and equipment
- Related-party dependence: NRG provides management services and remains the source of four 2017 Drop Down Asset acquisitions totaling $250 million cash consideration
Generated from the filing text; verify against the original. How to read a 10-K
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