Clearway Flags Generation Shortfall as Wind Resource Weakens
Wind and solar generation ran about 5% below the volume assumed in the midpoint of Clearway’s full-year outlook.
Clearway Energy Inc. (CWEN), a renewable-power producer, said first-half generation and performance landed at the low end of its previously disclosed range for quarterly cash available for distribution expectations.
The update marked a shift from the first quarter, when Clearway said its fleet remained on track for full-year guidance. The company reaffirmed in May that it expected 2026 cash available for distribution of $470 million to $510 million.
Wind compensable generation rose about 10% sequentially to 3,282 gigawatt-hours in the second quarter, while solar generation increased about 56% to 3,585 gigawatt-hours. Those gains reflected higher seasonal output, though both businesses trailed the generation levels embedded in the annual outlook.
Wind’s performance index improved to 96% from 94% in the first quarter, led by a rebound in California. CAISO wind generation more than doubled to 776 gigawatt-hours, and its performance index recovered to 96% from 73%.
Conditions were weaker elsewhere. Texas wind generation was nearly flat at 1,399 gigawatt-hours, while its performance index fell to 93% from 104%. Wind availability also slipped to 92%, with declines in Texas, the Midwest and the East partly offset by an improvement in CAISO.
The year-to-date generation shortfall was concentrated in wind, where measured resources reached 87% of P-50 expectations in CAISO and 98% in ERCOT. The weaker resource was attributed to a strong El Niño/Southern Oscillation pattern.
Solar availability improved to 99% from 98%, even as its performance index declined to 95% from 99%. Flexible Generation availability climbed to 97% from 89%, leaving wind-resource conditions as the main constraint on Clearway’s first-half performance.