Clearway slashes dividend amid fallout from PG&E bankruptcy

Clearway Energy, among the largest owners of US renewables assets, slashed its dividend, lowered its guidance for 2019, and warned investors of more uncertainty ahead – all in response to the bankruptcy of California utility PG&E, a major buyer of Clearway’s power.

PG&E’s recent bankruptcy filing – stemming from its potential liabilities in California wildfires – has roiled the US renewables market, with a number of major operators holding contracts potentially at risk, including NextEra Energy, Berkshire Hathaway Energy, Consolidated Edison, and Pattern Energy.