NRG Energy, Inc.NYSE
Thu, Oct. 20, 3:43 PM
- Dynegy (DYN -3.4%) is downgraded to Sector Perform from Outperform with a $15 price target, cut from $22, at RBC Capital, which believes the company's 2017 and 2018 results will miss expectations amid limited gas price increases and a lack of investment in coal-exposed independent power producers.
- RBC expects poor investor sponsorship for coal-exposed IPPs will persist, likely limited gas price appreciation potentially caps EBITDA upside, and the case for a potential LBO is overdone.
- Separately, electric generators including DYN and NRG Energy (NRG -3.7%) have filed a lawsuit protesting nuclear subsidies approved in August by the New York Public Service Commission, saying a "recent U.S. Supreme Court decision bars states from replacing wholesale prices with state-determined costs."
Wed, Oct. 19, 7:23 AM
Mon, Sep. 26, 2:43 PM
- Westmoreland Coal (WLB -0.6%) says it will close its Jewett mine in Texas, eliminating 250 jobs, after NRG Energy (NRG -1.4%) decided last month to switch to cleaner-burning coal from Wyoming.
- The 31-year-old mine for decades serviced NRG’s Limestone coal plant in Jewett, but NRG is switching from dirtier lignite coal at the mine to low-sulfur coal from Wyoming's Powder River Basin.
- The Jewett mine, one of the largest in Texas, produced ~5.3M short tons/year of coal.
Fri, Sep. 16, 11:23 AM
- The Senate Finance Committee and the House Ways and Means Committee have launched a formal investigation into whether solar energy companies improperly received billions of dollars in tax incentives from the Obama administration.
- The committees sent letters to three companies in the residential solar industry - SolarCity (NASDAQ:SCTY), Sunrun (NASDAQ:RUN) and Sungevity - and four solar utility firms - SunEdison (OTCPK:SUNEQ), Abengoa (NASDAQ:ABGB), NextEra Energy (NYSE:NEE) and NRG Energy (NYSE:NRG).
- At issue is a Treasury Department policy that gives solar firms a 30% investment tax credit on the cost of acquiring a system, but solar energy developers do not always have the income to use the credits or the funds to buy and install solar energy systems, so they routinely enlist big investors and transfer the tax benefits.
Tue, Sep. 13, 8:57 AM
- NRG Energy (NYSE:NRG) has won the auction for bankrupt SunEdison's (OTCPK:SUNEQ) wind and solar projects in Texas and other states with a $144M bid.
- The sale is one of several that SUNE is holding since filing for Chapter 11 bankruptcy protection in April after an unsuccessful debt-backed acquisition drive.
- The bankruptcy judge will hold a hearing to approve the NRG bid on Thursday.
Wed, Aug. 24, 3:54 PM
- Westmoreland Coal (WLB -10%) plunges following news that NRG Energy (NRG -2.8) will terminate its lignite supply agreement at the mine in Jewett, Tex., two years early at year-end 2016, and conduct reclamation work for NRG upon conclusion of the contract.
- NRG says it will instead use “cleaner burning” coal from Wyoming’s Powder River Basin for its Limestone power plant in Jewett, which the company says is an economic decision that also will cut emissions at the plant.
- WLB says the lignite supply contract is a cost plus contract which accounts for ~2% of its 2016 adjusted EBITDA guidance, but the company expects to maintain positive cash flow generation at Jewett during the next several years with the cost plus arrangement continuing through reclamation.
Tue, Aug. 9, 4:54 PM
- SunEdison (OTCPK:SUNEQ) has filed papers in its chapter 11 bankruptcy case outlining plans to sell a number of North American solar- and wind-power projects to NRG Energy (NYSE:NRG) for $144M, subject to higher bids.
- SUNE wants to declare NRG’s renewable energy unit the stalking horse bidder in a sale process that would include a Sept. 6 deadline for bids, Sept. 9 auction and Sept. 15 court hearing to approve the winning bid.
- The value of NRG’s bid could climb to $188M, as it includes the potential for SUNE to collect up to $44M after the sale closes depending upon the achievement of certain milestones related to the projects.
Tue, Aug. 9, 6:27 AM
Mon, Aug. 8, 5:30 PM
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Tue, Jul. 26, 3:58 PM
- Calpine (CPN +0.4%) is upgraded to Buy from Hold with a $20 price target, raised from $18, at Deutsche Bank, citing CPN's strong presence in the Texas energy market and its likelihood to benefit from market tightening.
- After lagging peers NRG Energy (NRG -0.1%) and Dynegy (DYN +1.3%) by ~20% YTD, Deutsche Bank sees an attractive entry point for CPN, calling it a power company with a "best-in-class fleet and regional diversification."
- The firm says CPN's balance sheet has improved, EBITDA is projected to grow ~15% organically within two years, free cash flow yield is ~20%, and management's tone has shifted increasingly into offense mode.
Wed, Jul. 13, 8:02 AM
Thu, Jun. 9, 12:29 PM
- NRG Energy (NRG -7.5%) is downgraded to Sell from Buy with a $16 price target at UBS, which says the stock's risk and reward "skews negatively" following the near doubling off January lows.
- "NRG and peers have rallied as part of a bullish gas thesis, but we think the market is overlooking the $285M decrease in PJM capacity revenue and the potential for continued weakness in PJM, which represents 33% of capacity,” UBS writes.
- Despite NRG’s strong performance YTD, 2019 ATC power prices are roughly flat in its core markets and the recent PJM capacity auction came in solidly below expectations, and UBS notes that PJM deterioration is particularly negative for NRG as it looks to negotiate with creditors of its GenOn subsidiary.
Tue, May 24, 5:58 PM
- NRG Energy (NYSE:NRG), Dynegy (NYSE:DYN) and FirstEnergy (NYSE:FE) are lower AH by -3%, -1.5% and -0.3% respectively following the results of PJM Interconnection's latest auction.
- PJM says its "second auction with stringent pay-for-performance standards attracted a significant amount of new resources at competitive prices to the PJM footprint," as it procured ~167.3K MW in the auction to ensure electricity capacity for the June 2019-May 2020 delivery year; the clearing price was $100/MW-day for the majority of the 13-state PJM region vs. the $164.77 rate set during last year's auction.
- Prices were lower than some analysts had expected and lower than last year's auction results due to market fundamentals of changes in supply and demand, PJM says.
Fri, May 20, 10:17 AM
- A small fire shut down a generating tower at NRG Energy's (NRG +0.8%) Ivanpah Solar Electric Generating System in California, leaving the facility operating at only a third of its capacity.
- The plant works by using mirrors to focus sunlight on boilers at the top of three 459-ft. towers, creating steam that drive turbines to produce electricity, but fire officials say some misaligned mirrors instead focused sunbeams on a different level of Unit 3, causing electrical cables to catch fire.
- Ivanpah is the world’s largest solar power plant and can produce enough power for 140K California homes, but a second tower is shut down for maintenance, leaving only one running; the potential impact on California's electricity supply is not yet clear.
Fri, May 6, 12:21 PM
- NRG Energy (NRG +3.5%) is higher for a second straight day after reporting stronger than expected Q1 earnings and revealing plans to trim involvement in two of its alternative energy ventures as it seeks to cut costs and streamline operations.
- NRG says it will sell a majority stake in its EVgo electric vehicle charging business, and its home solar division will sell the future customer agreements it originates to two partners, Sunrun (NASDAQ:RUN) and Spruce, once the systems are up and running.
- The approach will allow the residential solar business to break even by next year, NRG CEO Mauricio Gutierrez said in yesterday's earnings conference call.
- The CEO said the home solar unit will for now focus on three markets where it is already active - New York, New Jersey and Massachusetts - but will look to offer rooftop arrays to the residential customers it serves in Texas when the economics are more viable.
- Now read NRG Energy is a unique company offering both a high yield and growth
Thu, May 5, 9:14 AM
- NRG Yield (NYSE:NYLD) appoints Christopher Sotos as its new President and CEO, replacing interim President and CEO Mauricio Gutierrez.
- Sotos previously served as Head of Strategy and Mergers & Acquisitions at NRG Energy (NYSE:NRG); he joined NRG in 2004.
- NYLD also announced Q1 earnings that came in below analyst estimates, increased its quarterly stock dividend to $0.23/share, and reiterated its target of a $0.25/share dividend ($1.00 annualized) by Q4.