NRG Strengthens Renewable Portfolio - Analyst Blog
March 06 2013 - 11:50AM
Zacks
NRG Energy Inc.’s (NRG) division NRG Solar
announced the commencement of operation at its 26 megawatt (MW)
Borrego I Solar Generating Station, in northeast of Borrego
Springs, California. The (AC) photovoltaic facility will generate
adequate energy to power around 9,000 homes a year.
Electricity generated at this newly installed unit will be
bought by San Diego Gas & Electric for a period of 25 years.
These units are intended at reducing NRG Energy’s dependence on
fossil fuels that provide clean energy to the
customers.
Apart from Borrego I Solar Generating Station, NRG Energy has eight
projects lined up. These include the Agua Caliente, Avenal, Blythe,
California Solar Valley Ranch and Ivanpah Solar Electric Generating
System in California which are presently in the construction phase.
Alpine Generating station in California, Avra Valley in Arizona and
Roadrunner in Mexico are the company’s completed projects that are
now in service.
The latest solar project will enable the company to reduce carbon
dioxide emissions by about 19,000 tons and is expected to provide
green energy sourced power at cost-competitive prices.
The Borrego I Solar Generating Station project is another important
addition to NRG Energy’s green asset portfolio as it will support
California’s proposed 33% renewable energy target. The company’s
strategic solar programs will help it to maintain its momentum
given the U.S. government’s steps towards promoting clean
electricity in the future.
To meet the environmental legislations, apart from NRG Energy,
other utility providers including ALLETE, Inc.
(ALE), Sempra Energy (SRE) and Northeast
Utilities (NU) also invest substantially to develop and
upgrade their renewable emission-free utility assets.
It is evident from past projects that NRG Energy is also jumping on
this bandwagon. The company continues to convert its existing
generation bases into cost-effective units and is investing $100
million in building comprehensive electric vehicle
infrastructure.
Recently, NRG Energy started operations of its 66 MW Alpine
Generating station in Los Angeles County, California. We believe
these initiatives will subsequently improve the company’s
earnings.
However, fossil fuels remain the most popular among energy
producers owing to their abundance in the U.S. These sources
provide stiff competition to renewable sources.
Princeton, NJ-based NRG Energy together with its subsidiaries
operates as an integrated wholesale power generation and retail
electricity company. The company currently has a Zacks Rank #3
(Hold).
ALLETE INC (ALE): Free Stock Analysis Report
NRG ENERGY INC (NRG): Free Stock Analysis Report
NORTHEAST UTIL (NU): Free Stock Analysis Report
SEMPRA ENERGY (SRE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Allete (NYSE:ALE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Allete (NYSE:ALE)
Historical Stock Chart
From Oct 2023 to Oct 2024