Interest rate increases affect debt financing
The current macroeconomic environment reflects expectations of the Federal Reserve (Fed) raising interest rates at least four times in 2022, with several more likely in 2023. The Fed has recently moved to raise its federal funds rate from the zero-lower bound it set at the outset of the global health crisis to quelle significant inflationary pressures which have resulted from ongoing global supply chain impediments and new geopolitical conflict. Higher interest rates are expected to affect energy companies such as Clearway Energy in the form of more expensive debt financing, including for funding new projects and completing acquisitions.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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