Deals
NRG Exploring Fossil-Fuel Plant Sales, Plan Share Buyback
- Company was worst-performing utility in S&P index this year
- Generator facing pressure from investors to lay out a plan
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NRG Energy Inc., the worst-performing member of the S&P 500 Utilities Index this year, said it will form a separate renewable energy unit and consider selling a majority stake in it, addressing investor concerns about the future of the business.
The biggest U.S. independent power producer will place its home and commercial solar and electric-vehicle charging businesses in a unit tentatively called GreenCo, Chief Executive Officer David Crane said Friday during a conference call with investors. The unit will be created on Jan. 1, 2016.