BEP Brookfield Renewable Partners LP

$BEP my understanding is that the broader Brookfield consortium (BEP + institutional partners) owns 51% of Westinghouse (with Cameco owning the remaining 49%). However, BEP’s net economic interest is only about 11%. BEP’s own filings state: “Brookfield Renewable and its institutional partners own a 51% interest in Westinghouse (11% net to Brookfield Renewable). I own both BEP and CCJ and am looking forward to the Westinghouse IPO.

$BEP Investor’s day presentation was quite positive. Arguably more constructive than the modest stock response suggests. Brookfield reiterated 10%+ FFO-per-unit growth and 5–9% distribution growth, $5.1 billion of liquidity, and highlighted corporate simplification, nuclear growth and its funding model as explicit potential rerating catalysts. Most strikingly, management literally wrote: “Our shares do not fully reflect the benefit of Westinghouse to our franchise.” They showed a 90+ reactor AP1000 global pipeline, roughly $98 billion of U.S. government nuclear partnerships, and called nuclear and batteries their fastest-growing businesses. The slight disappointment: there was no mention of “IPO” or “S-1” anywhere in the deck.

$BEP Investor day presentation didn’t move us. BEPC was at $45 until these clowns announced the ‘merger’ of both funds another. Crushed the price and momentum of both. First and last Canadian company for me.

$BEP Brookfield Affiliates are holding an investor day today. This includes BEP/BEPC. The event starts at 1 edt. Hopefully they have good things to say.

$BEP $BEPC Unification vote next week. Hopefully that gives us a bounce. But until Westinghouse S-1 is filed, or earnings gives us some fuel, we may be hostage to interest rates.

$BEP do you guys really think they are crazy complex and opaque because they are geniuses and nobody else has figured it out? Using depreciating assets to finance more depreciating assets is considered big brain I'll never know, to me it looks like a ticking time bomb and greedy investors are now paying the piper here. GL however you play it but this simply looks like a Brookfield scam to me.

To the $BEP bears crying about capex and debt: Look at the chart in this graphic I created. 🧐 Brookfield has a structural advantage no standalone solar or wind pure play can touch. They buy cheap, add value via operational expertise, prove the cash flows, and divest at a premium to institutional buyers.

$BEP they leverage depreciating assets to buy more depreciating assets while issuing shares to stay solvent because they lose money servicing debt and paying dividends. I always viewed this as a max risk low reward company, even with sky high energy prices they can't make it work.