U.S. markets closed
  • S&P Futures

    0.00 (0.00%)
  • Dow Futures

    -4.00 (-0.01%)
  • Nasdaq Futures

    +3.00 (+0.03%)
  • Russell 2000 Futures

    -1.00 (-0.06%)
  • Crude Oil

    +2.23 (+2.24%)
  • Gold

    +4.10 (+0.23%)
  • Silver

    +0.06 (+0.33%)

    -0.0001 (-0.01%)
  • 10-Yr Bond

    -0.0800 (-2.77%)
  • Vix

    +0.01 (+0.04%)

    +0.0010 (+0.08%)

    -0.1030 (-0.08%)

    -63.33 (-0.31%)
  • CMC Crypto 200

    -0.98 (-0.22%)
  • FTSE 100

    -207.18 (-2.86%)
  • Nikkei 225

    -260.41 (-0.99%)

NRG Energy (NRG) Partners Google to Meet Clean Energy Goals

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

To support its clean-energy goals and a customer-focused strategy, NRG Energy, Inc. NRG with Google’s assistance has added an innovative service for customers in Texas called Nest Renew. The partnership of both companies began in 2012 with a goal to provide tech-enabled energy.

The newly-added service will allow its customers to manage and track their energy usage along with understanding sustainability issues from their homes. It will use Nest thermostats, which will help customers automatically shift their heating and cooling electricity usage to cleaner grids with slashed or zero emission. This new feature will allow energy companies to monitor energy fluctuations and make progress toward a cleaner energy future.

Transition in Energy Space

Per the U.S. Energy Information Administration release, shares of renewables in the U.S. electricity generation mix will increase from 21% in 2020 to 42% in 2050 with wind and solar being the major contributors.

NRG Energy is steadily intensifying its focus on clean generation to lower emissions. In 2019, it announced greenhouse gas reduction goals, per which it aims to achieve a 50% emission cut by 2025 and net-zero emission within 2050 from its 2014 baseline. Its planned sale of 4.8 Gigawatt (GW) fossil assets is on track to be completed in the fourth quarter of 2021. Management also announced the retirement of 1.6 GW or 55% of the company’s PJM coal generation in 2022.

Along with NRG Energy, other electric utilities that aim to become netcarbon neutral by 2050 include Exelon EXC, FirstEnergy FE and Duke Energy DUK.

Price Performance

Shares of NRG Energy have gained 30.4%, outperforming the industry’s rise of 0.9% in the past year.

One Year Price Performance

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank

Currently, the company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Exelon Corporation (EXC) : Free Stock Analysis Report

NRG Energy, Inc. (NRG) : Free Stock Analysis Report

FirstEnergy Corporation (FE) : Free Stock Analysis Report

Duke Energy Corporation (DUK) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research