Houston power company NRG Energy's shares rose to a the next two years high of $21.09, after it announced it will divest between $2.35bn and $4bn of assets, including most, if not all, of its national wind and solar power projects, as well as conventional power plants, in a cost-cutting exercise some have described as "baffling". NRG CEO Mauricio Gutierrez told analysts the measures would save $6.3bn in cash, and the firm would be "able to thrive under any market structure". NRG's decision represents a rare reversal of strategy at a time when other utilities across the US are embracing renewables.
Houston power company NRG Energy's shares rose to a two-year high of $21.09, after it announced it will divest between $2.35bn and $4bn of assets, including most, if not all, of its national wind and solar power projects, as well as conventional power plants, in a cost-cutting exercise some have described as "baffling". NRG CEO Mauricio Gutierrez told analysts the measures would save $6.3bn in cash, and the firm would be "able to thrive under any market structure". NRG's decision represents a rare reversal of strategy at a time when other utilities across the US are embracing renewables.