Princeton, NJ-based NRG Energy Inc. and Houston-based GenOn Energy Inc. said Friday that their respective shareholders have approved a proposed merger that has implications for the nation’s mix of natural gas- and coal-fired generation plants (see Daily GPI, Aug. 10). When completed, the NRG-GenOn combination would create the nation’s largest competitive electric generator with nearly 47,000 MW of capacity, spanning gas, coal, solar, nuclear and wind facilities. The merger still needs approvals from the Federal Energy Regulatory Commission and the New York Public Service Commission, among others. “An overwhelming shareholder vote” for the combination reflects the fact that the merger is a “win-win for everyone,” according to NRG CEO David Crane. GenOn CEO Edward Muller pointed to “substantial cost savings and efficiency benefits” from the merger.
Princeton
Articles from Princeton
Coal-to-Gas Switch to Reverse With Gas Price Rise
Seeing a rally in natural gas prices that could push them up to the $3.50 to the low $4 area in the next two to three years, Princeton, NJ-based NRG Energy Inc. senior executives speculated Wednesday that there may be the beginning of a reversal of the ongoing coal-to-gas switch for power generation, particularly in the Texas market in which NRG is the second biggest generator.
NRG Strategy Sees Growth Despite Low Gas Prices
Princeton, NJ-based NRG Energy Inc.’s strategy for future growth includes natural gas-fired generation regardless of what happens with the continuing low wholesale gas prices, CEO David Crane told a quarterly earnings conference call last Thursday. Crane characterized NRG’s three-pronged focus on gas-fired power, solar and retail energy sales as being able to thrive in a low- or high-priced gas market.
Financial Players Hyping Prices for Gas-Fired Plants
One of the nation’s largest independent power generators and an avowed advocate of more natural gas-fired generation in the Northeast, Princeton, NJ-based NRG Energy Inc., will not buy any additional gas- or coal-fired facilities in the current over-heated market, according to CEO David Crane.
Financial Players Hyping Prices for Gas-Fired Plants
One of the nation’s largest independent power generators and an avowed advocate of more natural gas-fired generation in the Northeast, Princeton, NJ-based NRG Energy Inc., will not buy any additional gas- or coal-fired facilities in the current over-heated market, according to CEO David Crane.
Gas + California Renewables = NRG Strategy, CEO Says
While it recently beefed up its California holdings by acquiring several natural gas-fired generation plants, Princeton, NJ-based NRG Energy Inc.’s long-term strategic plan in the West is centered on robust renewable development that will increase the value of baseload gas-fired power as a balancing agent, CEO David Crane said at the recent Bank of America Merrill Lynch Investment Conference in San Francisco.
NRG Keeps Eye on Gas for California Renewables, CEO Says
While it recently beefed up its California holdings by acquiring several natural gas-fired generation plants, Princeton, NJ-based NRG Energy Inc.’s long-term strategic plan in the West is centered on robust renewable development that will increase the value of baseload gas-fired power as a balancing agent, CEO David Crane said as part of his remarks earlier in September at the Bank of America/Merrill Lynch Investment Conference in San Francisco.
NRG, Exelon Battle for Hearts, Minds and Shareholders
With its board recommending that shareholders reject the unsolicited Exelon Corp. offer and proposed expansion of its board, Princeton, NJ-based NRG Energy Inc. has mailed proxy materials to shareholders for its July 21 annual meeting. Exelon, based in Chicago, responded less than a day later with a proxy mailing of its own.
Calpine Rejects Marriage Proposal; NRG Undaunted
San Jose, CA-based Calpine Corp. Friday spurned the $11 billion marriage proposal from Princeton, NJ-based NRG Energy Inc., but the eastern independent power plant operator indicated it would not give up trying to link up with its western-based equivalent. Calpine said NRG’s offer is “inadequate and materially undervalues” its asset portfolio of late-model natural gas-fired plants and the nation’s largest geothermal power fleet.
NRG ‘Bullish’ on Natural Gas Prices, CEO Says
With active hedging to manage its 23,000 MW fleet of independent electric generation plants, Princeton, NJ-based NRG Energy Inc. views this summer and long-term with a “fundamentally bullish” attitude toward natural gas prices, CEO David Crane said last Thursday during a conference call with financial analysts.