After Texas Cold Snap, NRG Energy Sees $750 Million Loss
Posted on 03/18/2021
NRG Energy, Inc. took back an earlier full-year profit forecast and said it expects a US$ 750 million loss due to the Texas cold snap that froze the state. “Based on the new information available to us today, we are unable to provide financial guidance due to the unprecedented and unpredictable market outcomes resulting from winter storm Uri,” Chief Executive Officer Mauricio Gutierrez said Wednesday in a statement.
NRG Energy operates power plants and provides retail services to homes and businesses in Texas. News of the proft revision sent shares falling, nearly 15% in one day. NRG Energy’s credit rating outlook could be impacted.
NRG Energy was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000.