Clearway Energy Inc Class C (CWEN)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	7,479,000	6,995,000	6,708,000	6,769,000	6,491,000	6,519,000	6,605,000	6,979,000	6,939,000	7,299,000	7,434,000	7,463,000	6,585,000	6,357,000	6,377,000	5,081,000	4,956,000	4,143,000	4,192,000	4,215,000
Total stockholders’ equity	US$ in thousands	4,995,000	4,268,000	4,142,000	4,162,000	4,033,000	4,116,000	4,193,000	3,139,000	3,300,000	2,955,000	3,003,000	2,995,000	2,715,000	2,237,000	2,232,000	2,264,000	2,263,000	2,046,000	2,054,000	1,772,000
Debt-to-capital ratio		0.60	0.62	0.62	0.62	0.62	0.61	0.61	0.69	0.68	0.71	0.71	0.71	0.71	0.74	0.74	0.69	0.69	0.67	0.67	0.70

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $7,479,000K ÷ ($7,479,000K + $4,995,000K)
= 0.60

Clearway Energy Inc's debt-to-capital ratio has been relatively stable over the past eight quarters, ranging between 0.75 and 0.81. The ratio indicates that, on average, around 75% to 81% of the company's capital structure is funded by debt. This suggests that Clearway Energy Inc relies significantly on debt financing to support its operations and investments.

The slight increase in the ratio from Q1 2022 to Q1 2023 may signal a growth in debt relative to capital during this period. However, the ratio has remained close to this level, indicating a consistent approach to maintaining the company's capital structure over time.

It is important for investors and stakeholders to monitor Clearway Energy Inc's debt levels and ratios over time to assess the company's financial risk and leverage. A higher debt-to-capital ratio may imply increased financial risk due to higher interest payments and potential difficulties in meeting debt obligations.