NRG Yield: When Will This Yield Bubble Burst?
EnerTuition • 22 Comments
EnerTuition • 22 Comments
NRG Yield - Low Risk, High Growth Power Producer
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.
Thu, May 5, 6:59 AM
Thu, May 5, 6:55 AM
Wed, May 4, 5:30 PM
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Mon, Feb. 29, 6:45 AM
Sun, Feb. 28, 5:30 PM
Wed, Feb. 17, 7:37 AM
Nov. 19, 2015, 6:57 PM
- NRG Energy (NYSE:NRG) makes a small management shakeup on the same day its stock value closed below $12/share for the first time since 2004.
- NRG names Gaetan Frotte as its new senior VP and treasurer, after serving as senior VP of finance and strategy with NRG Yield (NYSE:NYLD), replacing Gary Garcia, who left for undisclosed reasons in June; Chad Plotkin, VP of investor relations, will fill in for Frotte at NYLD.
- Despite announcing plans to cut costs, sell assets and spin off some of its renewable business, NRG has been unable to stem the decline in its stock value, which has dropped from a high of $37 in June 2014 to close today at $11.93.
Nov. 4, 2015, 6:57 AM
- NRG Yield (NYSE:NYLD): Q3 EPS of $0.18 misses by $0.08.
- Revenue of $209M (+13.6% Y/Y) misses by $24.37M.
Nov. 3, 2015, 5:30 PM
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Sep. 18, 2015, 5:57 PM
- NRG Yield (NYSE:NYLD) CEO David Crane today attempted to reassure investors that the provider of wind power and other alternative energy can rapidly increase dividends despite unexpected challenges in boosting revenue.
- NYLD "can be put on a growth trajectory of 15% annualized dividend growth through 2018 without... having to rely on the equity capital markets. Our planning is based on the presumption that the market for yieldco equity issuances will effectively be closed for an extended period," says Crane, who is also CEO of NRG Energy (NYSE:NRG), which owns 55% of NYLD.
- NYLD says it could beat its own guidance on dividend growth if winds pick up; for now, it expects its quarterly dividend payment to increase to $0.25/share by Q4 2016.
- Shares of NYLD and other yieldcos have tumbled in recent months amid concerns that the combination of operational problems and rising asset acquisition costs threaten dividends.
- Earlier: NRG Yield to buy NRG wind assets for $210M
Sep. 18, 2015, 11:18 AM
- NRG Energy (NRG -3.6%) unveils several moves to reduce debt, buy back shares and raise cash through an asset sale, as it faces pressure over its expensive clean energy businesses.
- In an investor presentation, NRG says it plans to spend $1.3B on reducing debt and buying back shares through 2016, including $250M in share repurchases this year, and plans to cut $150M in costs starting next year.
- NRG says it will form a “GreenCo” consisting of its money-losing home solar business, its renewable assets and its electric vehicle charging business; it plans to limit its financial commitment to GreenCo to $125M starting Jan. 1, hoping the business will be self-sufficient.
- Separately, NRG will drop down a 75% stake in its portfolio of wind farms to its NRG Yield (NYLD +2.4%) affiliate company for $210M.
- NRG has been the worst performing member of the S&P 500 Utilities Index this year, -31.3% YTD, as its corporate structure has grown complex and its balance sheet bloated while its green businesses have been expensive.
Sep. 18, 2015, 8:42 AM
- NRG Yield (NYSE:NYLD) agrees to acquire 75% of a portfolio of wind assets from NRG Energy (NYSE:NRG), consisting primarily of assets acquired by NRG from Edison Mission Energy in 2014, for $210M in cash plus $145M in assumed project debt and ~$97M in tax equity.
- The wind assets represent 814 MW of total operating capacity, which NYLD expects to deliver ~$41M of adjusted EBITDA and $21M of cash available for distribution on a run-rate basis.
- NYLD also reaffirms Q3 and FY 2015 guidance, and says it continues to have the ability to deliver a target 15% dividend/share growth through 2018.
Aug. 4, 2015, 2:27 PM
- NRG Energy (NRG -10.5%) and NRG Yield (NYLD -13.7%) are sharply lower after reporting disappointing Q2 results (I, II), with earnings and revenues well below expectations; NYLD also lowered forward guidance, citing low wind production and fewer residential solar leases.
- NYLD cut guidance for 2015 adjusted EBITDA to $660M from $690M and 2015 cash available for distribution to $160M from $195M, while also making the "surprising assertion" that it does not expect the change to have any effect on its current dividend or long-term dividend growth.
- NYLD says it is targeting a $0.25/share quarterly dividend by Q4 2016, a 19% increase over the current rate and a 67% increase since its first post-IPO dividend in Q4 2013.
Aug. 4, 2015, 6:45 AM
- NRG Yield (NYSE:NYLD): Q2 EPS of $0.15 misses by $0.05.
- Revenue of $217M (+25.4% Y/Y) misses by $14.73M.
Jun. 18, 2015, 3:28 PM
- NRG Yield (NYLD -1.6%) has agreed to acquire a 25% interest in the massive new Desert Sunlight Solar Farm in southern California from GE for $285M plus $287M in project debt.
- NYLD says the acquisition provides a total ownership of 137.5 MW of operating solar capacity, and it expects the deal to increase the annual run-rate EBITDA by ~$45M and cash available for distribution by ~$22M by 2016.
- The deal puts NRG in a partnership with NextEra Energy (NEE +1.5%) and Japan’s Sumitomo, who are respective 50% and 25% owners of Desert Sunlight.
NRG Yield, Inc. operates as a dividend growth-oriented company, which owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the United States. It is formed to serve as the primary vehicle, through which NRG Energy, Inc. will own,... More
Industry: Electric Utilities
Country: United States
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