NRG Energy Inc (NYSE: NRG) is having an overwhelmingly strong day in the market today, and for good reason. The company announced plans to sell a massive amount of assets, causing excitement among investors and prompting our friends at Trade Ideas to alert us to the gains. Currently (11:07), NRG is trading at $19.29 per share after a gain of $2.99 per share or 18.34% thus far today.
NRG Gains On Plans To Sell Assets
NRG Energy has had a rough time as of late. Unfortunately, the Northeast electric utility company has been hemorrhaging money. However, with plans to sell assets, investors are excited about the stock today. The company announced early this morning that it plans on raising up to $4 billion through the sale of assets. This comes amid an attempt to reduce debt by $13 billion, cut costs, and ultimately turn a profit on their operations. NRG said in a statement that it intends on selling its entire renewable energy business, known as NRG Yield.
NRG is one of the largest energy companies in the Northeast. The company is responsible for the production of energy as well as sales and deliveries to New York, Chicago, Houston, Washington, D.C., and other large markets. The company produces about 45,900 megawatts of energy generating capacity throughout 30 United States states as well as Canada. However, the company has also lost around $7 billion over the past couple of years, making this asset sale incredibly attractive.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NRG. In particular, we're interested in following the asset sale to see if the company does end up with the $4 billion it is hoping for. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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