29 Feb '16, 9pm

NRG Reports $6.4B Loss, Reintegrates Large-Scale Renewables Business

NRG Energy is folding its large-scale renewables business back into the NRG platform, as it continues to sell off its residential solar and electric-vehicle charging businesses. “We are focused on bringing the GreenCo process to a closure that maximizes value for our shareholders,” said Mauricio Gutierrez, NRG's recently-named CEO, in a fourth-quarter earnings call on Monday. The announcement comes as NRG posted a total loss of $6.36 billion in the fourth quarter, with more than $5 billion in writeoffs stemming from the company’s struggling commodities business. Losses for the year totaled $6.44 billion, down from a total of $132 million in profits in 2014. Moving Renew back into NRG from the GreenCo platform that was formed last year underscores its strategic role in the company’s diversified platform, said Gutierrez. Reintegrating the company’s commercial-scale renewable...

Full article: http://www.greentechmedia.com/articles/read/nrg-reports-6...

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