Q2 2024 Brookfield Renewable Corp and Brookfield Renewable Partners LP Earnings Call Transcript
Key Points
- Brookfield Renewable Corp (BEPC) delivered record funds from operations (FFO) for the second quarter, benefiting from growth and development activities.
- Successfully deployed significant capital into growth opportunities, enhancing market-leading reach and scale.
- Commissioned approximately 1.4 gigawatts of new capacity in the quarter, contributing to a robust development pipeline.
- Acquisition of Neoen adds a large operating and development pipeline in new core renewables markets, enhancing the company's position.
- Strong balance sheet with $4.4 billion of available liquidity, enabling continued investment in attractive opportunities.
- Challenges in the Colombian market due to the end of a strong El Nino season, impacting hydrology and Q2 results.
- Potential regulatory hurdles in Australia related to the Neoen acquisition, requiring measures to achieve approval.
- Decline in average price per megawatt hour for wind and solar portfolio, influenced by regulatory impacts in Spain and lower prices for new assets.
- Uncertainty in the PJM capacity market, with potential for future price volatility despite current high prices.
- Need to balance large-scale acquisitions with ongoing asset sales to maintain a strong funding plan and liquidity.
Good day and thank you for standing by, welcome to the Brookfield Renewables second quarter 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for our second quarter 2024 conference call.
Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unitholders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks and future results may differ materially, for more information you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.
On today's call, we will provide a review of our
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