Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

NRG Energy opens +19% on plan to cut costs, target up to $4B in asset sales

Published 07/12/2017, 09:44 AM
Updated 07/12/2017, 09:44 AM
© Reuters.  NRG Energy opens +19% on plan to cut costs, target up to $4B in asset sales
  • NRG Energy (NRG +19.3%) opens at its highest level in nearly two years following news of its transformation plan aimed at cutting more than $1B in recurring costs and reducing debt by $13B over three years.
  • NRG says it will target $2.5B-$4B in asset sales, including 6K MW of its power generation and 50%-100% of its interest in NRG Yield (NYLD +0.9%) and the unit renewables business.
  • The findings are the result of a deal reached in February with activist investors Elliott Management and Bluescape Energy Partners to set up a five-member committee to review NRG's business; all stated objectives have transparent and achievable targets, says Elliott portfolio manager Jeff Rosenbaum.
  • Now read: NRG Yield (NYLD) Presents At Deutsche 2017 Clean Tech, Utilities & Power Conference - Slideshow


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.