NRG Review May Include GenOn and Yieldco Stake Sale, Bulk Cost-Cutting

NRG Review May Include GenOn and Yieldco Stake Sale, Bulk Cost-Cutting

Feb 15, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 2/13/17, SNL Energy reported that “[c]ost cutting and the sale of its NRG Yield Inc. and GenOn Energy Inc. holdings are likely items to be explored in a strategic review undertaken by NRG Energy Inc. and a pair of newly appointed board members representing the interests of Elliott Management Corp. and Bluescape Energy Partners LLC. Less than a month after the Elliott-Bluescape group made its initial appeal to NRG management around restructuring, the group placed former TXU Corp. CEO C. John Wilder and former chair of the Public Utility Commission of Texas Barry Smitherman on the NRG board, ahead of the Feb. 17 deadline, replacing two legacy members, including former chairman Howard Cosgrove and Edward Muller.” The company issued a press release on 2/13/17, announcing that it had “entered into cooperation agreements with affiliates of each of Elliott Management Corporation (such affiliates, “Elliott”) and Bluescape Energy Partners LLC (such affiliates, “Bluescape”). Funds affiliated with Elliott have economic exposure to an aggregate of approximately 6.9% of the Company’s common stock and funds affiliated with Bluescape beneficially own an aggregate of 2.5% of the Company’s common stock.”

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Posted by CompetitiveAssets on February 15th, 2017

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