NRG reports $6.4 billion loss

• 8 years ago (2016-03-01)
• David Flin

Renewables 757

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NRG has announced that it posted a total loss of $6.36 billion in the fourth quarter of 2015, with more than $5 billion in write-offs stemming from the company’s struggling commodities business. Losses for the year came to $6.44 billion, down from a profit of $132 million in 2014.

Gutierrez is overseeing a comprehensive restructuring plan centred on traditional power generation and retail electricity sales, with the aim to reduce debt, streamline costs, and replenish capital. As part of that plan, NRG announced that it is slashing its dividend by nearly 80 per cent, from 58 cents to 12 cents per share. This will free up to $145 million per year to put towards debt reduction and to allow for greater spending flexibility. NRG has also amended its partnership agreements with NRG Yield to reallocate $50 million of NRG Yield’s previously committed cash equity from the residential solar partnership to the business renewables partnership.