Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2022 Earnings Presentation
41 slides from Brookfield Renewable's earnings presentation, Nov 4, 2022
Slide 1: Three Months Ended September 30, 2022
THREE MONTHS ENDED SEPTEMBER 30, 2022
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of
Slide 3: Q3 2022 Highlights
Q3 2022 Highlights (MILLIONS, EXCEPT AS NOTED) Three months ended 2022 2021 Nine months ended 2022 2021 $243M 15% $3.5B Select Financial Information FUNDS FROM FFO PER UNIT AVAILABLE Revenues $ 1,105 $ 966 $ 3,515 $ 3,005 OPERATIONS INCREASE LIQUIDITY Net income (loss) attributable to Unitholders (1
Slide 4: Q3 2022 Highlights (cont'd)
Q3 2022 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT (continued) • Continued to focus on being the partner of choice to procure power – Signed an agreement to acquire a U.S. renewables developer for $1 billion with the potential to invest an additional $350 million to support the business’
Slide 5: About Brookfield Renewable
About Brookfield Renewable We are a global leader in decarbonization, with integrated operating platforms on five continents with operating, development and power marketing expertise $68 billion 23,600 TOTAL POWER ASSETS MEGAWATTS OF CAPACITY 8,696 power generating facilities ~30 markets in 20 count
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6
Slide 7: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity Revenue by Source of Energy As at September 30, 2022 Systems Facilities (MW) (GWh) (GWh) (proportionate basis)(1) Hydroelectric North America United States(2) 30 136 2,905 11,963 2,543 12% Canada 19 33 1,361 5,178 1,261 15% 49 169 4,2
Slide 8: Distribution Profile
Distribution Profile • We target a long-term distribution growth rate in the range of 5% to 9% annually • Distribution payout is reviewed with the Board of Directors in the first quarter of each year • The next quarterly distribution in the amount of $0.32 per LP unit, is payable on December 30, 202
Slide 9: Generation and Financial Review for the Three Months Ended September 30
Generation and Financial Review for the Three Months Ended September 30 9
Slide 10: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, cogeneration, carbon capture and other), and 5) corporate – with hydroelectric and
Slide 11: Proportionate Results for the Three Months Ended September 30
Proportionate Results for the Three Months Ended September 30 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall perfor
Slide 12: Hydroelectric Operations
Hydroelectric Operations FINANCIAL RESULTS 4,177 GWh $130M FFO of $130 million increased 3% or $4 million to $126 million, excluding the impact of a one-time event in Brazil benefiting the prior year PROPORTIONATE GENERATION FFO • FFO at our North American business was $76 million versus $80 million
Slide 13: Wind Operations
Wind Operations FINANCIAL RESULTS FFO increased 22% or $11 million to $61 million, excluding a gain on 1,249 GWh $61M sale in the prior year PROPORTIONATE GENERATION FFO • FFO at our North American business was $28 million versus $48 The following table presents our proportionate results for the thr
Slide 14: Utility-scale solar, Distributed Energy & Sustainable Solutions, and Corporate
Utility-scale solar, Distributed Energy & Sustainable Solutions, and Corporate The following table presents our proportionate results for our Utility-scale The following table presents Corporate results for the three and nine solar business for the three and nine months ended September 30: months en
Slide 15: Capitalization and Available Liquidity
Capitalization and Available Liquidity CAPITALIZATION AVAILABLE LIQUIDITY A key element of our financing strategy is to raise the majority of We operate with sufficient liquidity to enable us to fund our debt in the form of asset-specific, non-recourse borrowings at growth initiatives, capital expen
Slide 16: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: Balance of (MILLIONS) 2022 2023 2024 2025 2026 Thereafter Total Principal repayments(1) Medium term notes(2) $ — $ — $ — $ 289 $ — $ 1,682 $ 1,971 Non-recourse borrowi
Slide 17: Contract Profile
Contract Profile The following table sets out our contracts over the next five years for generation output in North America, Europe, and other countries in Asia on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expec
Slide 18: Development Profile
Development Profile Expect to deliver approximately $260 million of FFO from our recently commissioned, under construction, construction- ready, and advanced stage development assets The following table summarizes the 2,700 MW of assets that reached commercial operations during the year to date: Cou
Slide 19: Distribution Payout Ratio
Distribution Payout Ratio Our objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund growth. We fund our growth initiatives through a combination of preferred equity and corporate debt issuances, asset sales, and
Slide 20: Proportionate Results for the Nine Months Ended September 30
Proportionate Results for the Nine Months Ended September 30 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall perform
Slide 21: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 21
Slide 22: Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2022
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2022: Attributable to Unitholders Contribution District energy & fr
Slide 23: Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2021
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2021 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2021: Attributable to Unitholders Contribution District energy & fr
Slide 24: Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2022
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2022: Attributable to Unitholders Contribution District energy & from
Slide 25: Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2021
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2021 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2021: Attributable to Unitholders Contribution District energy & from
Slide 26: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2022: Attributable to Unitholders Hydroelectric Wind District
Slide 27: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2021: Attributable to Unitholders Hydroelectric Wind District
Slide 28: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the nine months ended September 30, 2022: Attributable to Unitholders Hydroelectric Wind District U
Slide 29: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the nine months ended September 30, 2021: Attributable to Unitholders Hydroelectric Wind District U
Slide 30: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial metrics presented in this report to the most directly comparable IFRS measures: Three months ended September 30 Nine months ended September 30 UNAUDITED (MILLIONS) 2022 2021 2022 2021 Net income (loss) $ (77) $
Slide 31: Reconciliation of Non-IFRS Measures (cont'd)
Reconciliation of Non-IFRS Measures (cont'd) The following table reconciles the non-IFRS per unit financial metrics to the most directly comparable IFRS measures. Earnings per LP unit is reconciled to FFO per Unit and Normalized FFO per Unit for the three and nine months ended September 30: Three mo
Slide 32: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Contribution Attributable to Utility- District energy from equity- non- As per scale & sustainable accounted controlling IFRS (MILLIONS) Hydro Wind solar solutions Corporate Total investments interests financials As at September 30, 202
Slide 33: Appendix 2 – Additional Information
Appendix 2 – Additional Information 33
Slide 34: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh)(12) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,225 2,359 1,466 1,950 8,000 Canada 1,010 1,210 980 959 4,159 3,235 3,569 2,446 2,909 12,159 Colombia 863 948 924 1,050 3,785 Brazil 1,007 1,020 1,034 1,036 4,097 5
Slide 35: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh)(12) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,402 3,469 2,171 2,921 11,963 Canada 1,235 1,489 1,236 1,218 5,178 4,637 4,958 3,407 4,139 17,141 Colombia 3,584 3,938 3,837 4,358 15,717 Brazil 1,183 1,198 1,214 1,
Slide 36: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 36
Slide 37: Presentation to Stakeholders
Presentation to Stakeholders Actual and Long-term Average Generation For assets acquired, disposed or reaching commercial operation during the period, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. As it relates to Colombia onl
Slide 38: Performance Measurement
Performance Measurement One of our primary business objectives is to generate reliable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through four key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, T
Slide 39: Performance Measurement (cont'd)
Performance Measurement (cont'd) • Cash Available for Distribution – Cash Available for Distribution is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly rel
Slide 40: Endnotes
Endnotes (1) Share of earnings from equity-accounted investments of $12 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries
Slide 41: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 41
Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2022 Earnings Presentation on 6ix