Southern Company, which manages and operates the U.S. Department of Energy’s National Carbon Capture Center, just announced that they will be partnering with NRG Energy on advanced carbon capture technologies to capture carbon dioxide produced by coal-burning plants.
The National Carbon Capture Center is expected to be operational in 2010, and to use its partnerships with energy companies to explore ways of capturing and storing carbon dioxide to keep it out of the atmosphere.
The takeover drama between Exelon Corp and NRG Energy may finally come to a close today, as shareholders from NRG gather to vote on whether to not to elect Exelon’s chosen directors to NRG’s Board.
If the directors are not elected, Exelon will walk, and eventuality that is looking increasingly likely according to Reuters.
Right now, Exelon is offering 0.545 Exelon shares per NRG share. NRG has said it believes the offer is too low, … Read the rest
NRG Energy just announced that its Board of Directors has rejected Exelon’s revised offer for the company. The vote was unanimous and was based on the belief that Exelon is undervaluing NRG, even with its revised offer, with was equivalent to $27 per share. NRG’s Board sent a letter to Exelon calling the revised offer a “step in the right direction” and explaining the specific areas in which the company believes it is being undervalued, … Read the rest
NRG Energy and eSolar just announced that El Paso electric has contracted them to build a solar power plant in Dona Ana county in New Mexico. The plant will be constructed and owned by NRG, and built with eSolar’s solar thermal technology per the agreement the two companies entered in February.
The Dona Ana plant is expected to be up and running by late 2011, and when completed it will produce 92 MW of solar … Read the rest
And another installment in the drama between NRG and Exelon…NRG Energy, struggling to defend itself from a hostile takeover by Exelon, has filed a lawsuit against Exelon. In the suit, NRG claims that Exelon’s offer to NRG shareholders was a "sham" intended to compel NRG to negotiate and that Peco Energy customers could see a dramatic increase in their electric bills in the event of a takeover.
NRG Energy has issued an open letter to its shareholders regarding Exelon’s attempt to force a merger between the two companies. The letter argues that Exelon’s offer is not high enough to be fair to NRG’s stockholders and that NRG’s recent deals with Reliant Retail and eSolar have added value to the company. In the letter, NRG also expressed concern about Exelon’s financial standing, including its relative value, financing plan and managing plan.
NRG Energy released a statement yesterday in response to Exelon’s announcement that shareholders were in favor of combining the two companies. According to the statement, NRG is open to negotiating with Exelon, but only "at a fair exchange rate and on reasonable terms." NRG still feels that Exelon’s offer is unacceptable as is.
From MarketWatch, here’s a brief synopsis of Exelon’s offer:
In October, Exelon proposed to buy all outstanding shares of NRG common stock
According to Exelon, NRG shareholders have positively to its offer to combine the two companies, tendering 125,403,103 shares of NRG’s common stock, over 51% of the outstanding shares. Exelon has extended its offer deadline until June 26th to seek regulatory approval and solicit proxies to serve at the NRG shareholder meeting.
According to John Rowe, Exelon’s Chairman and CEO
“Yesterday’s result delivers another clear and convincing message to NRG’s board and management that a
Toshiba will construct 2 new 1,400 MW nuclear plants in Texas under an agreement with Texas utility companies NRG Energy and CPS Energy. The two new plants are being built as part of the South Texas Project, an expansion of an existing nuclear plant that provides power to NRG and CPS customers.
According to MSN Money, the new plants will be unique because "They will be the first in the U.S. that are advanced boiling … Read the rest
NRG Energy just announced that it purchased the development rights to 500 MW of solar projects that use eSolar’s solar technology. NRG plans to develop these projects and take them to completion. Here’s more from an open letter NRG issued to its shareholders:
While this acquisition does not represent a substantial upfront commitment of NRG capital—less than $10 million—it nonetheless signifies a meaningful step forward in NRG’s efforts to be a leader in solar development