Houston’s NRG Energy reported steep losses for the full year Thursday as the company continues to sell its assets and braces itself for poor returns from the South Texas Project, a nuclear plant jointly owned by NRG.
The company’s full year loss was $2.34 billion, as compared to a loss of $891 million in 2016.. The loss was driven by an accounting charge of $1.2 billion related to the South Texas Project and a poor outlook for the nuclear plant’s commodity prices.
Last year, following a shareholder takeover of NRG’s board, the company announced a $4 billion sale of its assets and began laying off employees around the country. NRG has completed 90 percent of those sales, said CEO Mauricio Gutierrez on Thursday.
NRG also announced a $1 billion share buyback program, and plans to cut the capacity of its generation business by 60 percent this year and put a greater focus on its retail electricity business.
NRG also plans to sell its renewable business NRG Yield and other renewable businesses.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
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