Clearway Energy (CWEN) Provides Operational Update on El Segundo Energy Center

Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today announced that beginning on August 29th, the El Segundo Energy Center began a forced outage at Units 7 and 8 due to damage of a portion of the tube bundles used to condense steam. After initial repairs, both Unit 7 and 8 returned to service on September 14th. In consultation with the Company’s Operations and Maintenance service provider, the Company plans to replace the remaining tube bundles at Unit 7 and 8. The Company estimates the cash impact related to the forced outage due to lost revenue, O&M, and capital expenditures to be approximately $10-12 million in 2022.

Management will provide an update to 2022 financial guidance and initiate 2023 financial guidance as part of its third quarter 2022 earnings update. The Company is reiterating its target to achieve the upper range of its 5% to 8% annual dividend growth objective through at least 2026.

You May Also Be Interested In