NRG Energy CEO David Crane Provides Positive Outlook for the Company
Wall Street analysis website TheStreet called David Crane the “Elon Musk of electricity.” He’s certainly a high-profile CEO, with his financially savvy approach to running a utility. Though NRG went bankrupt in 2003, the company has recently been on the rise, with its stocks increasing in value since mid-2012.
According to TheStreet, so far this year, stocks are at $31, or 8 percent for the year-to-date.
NRG will be reporting its earnings for June later this week, and it’s expected to give a positive result. Already, investors are looking to buy shares.
Investors like Crane for his brash style and willingness to take risks, like he did with NRG Yield, making the stock available for sale in order to fund the Alta Wind Facility.
“Utility executives are usually the antithesis of visionaries,” Crane told The Atlantic last November. It would seem Crane aims to be the opposite of that.
Crane is an extremely vocal advocate for green energy. However, one of NRG’s biggest investments is in coal. In a partnership with Japanese company JX Nippon Oil & Gas Exploration, NRG invested $1 billion in the Petra Nova Carbon Capture Project. The project was design as being able to appease both the coal and renewable energy industry, as its goal is to remove 90 percent of emissions from a coal plant. However, the reclaimed gas is to be sold off for fracking purposes.
Still, the company is focusing on green initiatives and is continuing to grow as its stocks rise.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.