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NRG Energy, Inc. (NRG)

  • Nov. 11, 2013, 5:30 PM
  • Oct. 31, 2013, 5:45 PM
    • Chevron (CVX) asks a bankruptcy judge to revisit his decision allowing Edison Mission to keep its share of a natural gas joint venture involving the two companies now that Edison has a $2.6B deal to sell its assets to NRG Energy (NRG).
    • The sale to NRG "fundamentally alters" some of the key premises underlying Edison Mission's bid to assume the contract and "debunks" its argument that it didn't intend to transfer their contract to a third party, CVX argues.
    • CVX also says a newly discovered document establishes Edison Mission is the "parent" of two subsidiaries involved in the CVX partnership, a distinction that's key to its argument that Edison Mission's filing for bankruptcy constituted a default under their deal.
    | 1 Comment
  • Oct. 28, 2013, 9:11 AM
    • Goldman is out raising its targets on Calpine (CPN) and NRG Energy (NRG) to $24 (from $22) and $33 (from $30), respectively on the heels of Friday's news that the newest member of the Texas Public Utility Commission would support mandatory reserve margins in order to mitigate potential rolling blackouts in the state.
    • Here's analyst Neil Mehta: "While the PUCT did not take a final vote at its open meeting, two of the three commissioners indicated support for a required reserve margin to address resource adequacy concerns ... raising the potential for implementing a capacity market in ERCOT."
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  • Oct. 25, 2013, 3:34 PM
    • Shares of Calpine (CPN +7.1%) and NRG Energy (NRG +6.6%) are up sharply on the session.
    • The move looks to be attributable to news that the newest member of the Texas Public Utility Commission would support mandatory reserve margins in order to mitigate potential rolling blackouts in the state.
    • "Electricity use in Texas has been growing faster than generation is being built," Reuters notes.
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  • Oct. 23, 2013, 4:59 PM
    • The bondholder group who walked away from an earlier restructuring deal with Edison Mission Energy filed papers today in support of the company's proposed $2.6B sale to NRG Energy (NRG) ahead of the Chicago bankruptcy court's first look at the deal, set for Thursday.
    • According to the bondholders, they are looking for a transaction that is not only superior to other options but also will minimize the disputes among the company and its creditors and preserve potentially lucrative legal claims related to Edison Mission's relationship with parent company Edison International (EIX).
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  • Oct. 18, 2013, 2:51 PM
    • NRG Energy (NRG +7.3%) agrees to acquire bankrupt Edison Mission Energy from Edison International (EIX) for $2.635B.
    • NRG says the deal increases its generation portfolio by nearly 8K MW, providing additional fuel diversity, geographic diversity and opportunities to achieve economies of scale, and significantly expands the pipeline of assets available to drive growth at NRG Yield (NYLD) through future drop-downs with 1,600 MW of long-term, fully-contracted wind and natural gas assets.
    • To fund the deal, NRG files to sell 12.67M common shares.
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  • Oct. 16, 2013, 7:36 AM
    • NRG Energy, Inc. (NRG) declares $0.12/share quarterly dividend, in line with previous.
    • Forward yield 1.74%
    • Payable Nov. 15; for shareholders of record Nov. 1; ex-div Oct. 30.
    | Comment!
  • Sep. 21, 2013, 8:25 AM
    • Both critics and supporters of the new EPA draft regulations on CO2 emissions agree on one thing: This will be the final blow to many proposed coal plants.
    • The truth is, U.S. coal generation already was in decline not because of climate regulations, but because of good ol' free-market capitalism; the boom in natural gas production has dramatically increased supplies, sent prices plummeting and prompted a shift away from coal.
    • Among potential long-term winners: U.S. nat gas drillers such as CHK and XOM, drilling services firms such as HAL and BHI, pipeline companies such as SE and KMI, makers of gas-fired turbines such as GE and SI, power generators such as NRG and CPN if electricity prices rise.
    • Likely losers: Coal appears headed for a decline, and companies with large Appalachian operations such as JRCC and ANR could suffer most as more coal comes from cheaper-to-access deposits in the Illinois Basin and Wyoming; big industrial companies, which have used low U.S. power prices as a competitive advantage, are concerned.
  • Sep. 18, 2013, 11:27 AM
    • The sector may be ready to be a defensive favorite again, writes analyst Michael Lapides, as declines have left utilities trading at 13.5x-14x 2015 EPS estimates, inline or even slightly below the average of the past 5-10 years.
    • It's a tepid endorsement and Lapides and team aren't yet ready to turn bullish on the overall sector, but did raise ConEd (ED +0.1%) to a Buy while removing NRG Energy (NRG -2.4%) from Goldman's Conviction Buy list. After underperforming NRG by 12% YTD, Calpine (CPN -1.9%) now represents Goldman's preferred way to get exposure to the tight Texas power market.
    • Other favorites include NextEra Energy (NEE +1%) and American Water Works (AWK +0.5%).
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  • Sep. 5, 2013, 8:11 AM
    • FuelCell Energy (FCEL) +14.6% premarket after reporting better than expected revenue growth and improved margins in its FQ3 results.
    • Product sales, which comprise ~85% of revenue, more than doubled to $45.4M.
    • Gross margin improved to +8.4% from -9.2%, driven by improved overhead cost absorption from higher production levels and a sales mix that includes power plants along with fuel cell kits.
    • FCEL also announced a marketing agreement with NRG Energy (NRG), adding a new sales channel for the marketing and sales of its power plants.
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  • Aug. 9, 2013, 8:41 AM
    • NRG's Q2 profit plunged 48%, as the power producer blames mild weather during the summer air-conditioning season while expenses jumped and margins narrowed.
    • Cuts its 2013 EBITDA guidance to $2.55B-$2.7B from its prior view of $2.62B-$2.82B, citing a volumetric sales shortfall caused by"unseasonably mild summer weather in Texas.
    • Operating margin slipped to 10.1% from 18.3%; total operating costs and expenses jumped 49% to $2.63B.
    • Completed the acquisition of a cogeneration plan in Texas for $244M; the deal gives NRG more capacity in the Gulf Coast region, where NRG sees significant growth potential.
    | Comment!
  • Aug. 9, 2013, 7:08 AM
    • NRG Energy (NRG): Q2 EPS of $0.39 beats by $0.32.
    • Revenue of $2.93B beats by $0.64B. (PR)
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  • Aug. 9, 2013, 12:05 AM
  • Aug. 8, 2013, 5:30 PM
  • Jul. 19, 2013, 8:35 AM
    NRG Energy, Inc. (NRG) declares $0.12/share quarterly dividend, in line with previous. Forward yield 1.69%. For shareholders of record Aug. 1. Payable Aug. 15. Ex-div July 30. (PR)
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  • Jul. 17, 2013, 2:17 PM
    NRG Yield (NYLD) delivers a strong IPO: after pricing its 19.6M-share offering at $22, shares of the NRG Energy (NRG -0.9%) investment vehicle opened at $26.75 and are currently at $27.29, up 24%. NYLD is promising healthy/reliable dividend payments via profits created by its base of electricity generation/infrastructure assets. (S-1) (IPO preview)
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Company Description
NRG Energy Inc is engaged in ownership & operation of power generation facilities; the trading of energy, capacity & related products; transacting in & trading of fuel & transportation services & the direct sale of energy, services to retail customers.
Sector: Utilities
Country: United States