NRG Completes Direct Energy Acquisition Forming Leading Integrated Energy and Home Services Company
01/05/2021 - 10:50 AM
NRG Energy Inc. (NYSE:NRG) completed the acquisition of Direct Energy from Centrica plc effective today, further cementing NRG’s status as the leading, customer-focused integrated energy and services provider. Direct Energy adds over three million customers across North America to NRG’s leading retail portfolio, growing the company’s reach and size.
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“The acquisition of Direct Energy further perfects our integrated model by enhancing the way we serve customers with additional products and services,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “I want to welcome Direct Energy employees into the NRG family as we embark on this exciting new chapter of our evolution.”
NRG now features a larger customer footprint, serving all 50 U.S. states and parts of Canada, with capabilities across residential and small & large business segments. The company’s expanded home service and retail natural gas capabilities provide additional opportunities to serve customers with valuable products and services.
As a result of closing this transaction, NRG’s updated 2021 guidance now reflects the combination of NRG and Direct Energy based on NRG’s previously disclosed guidance and its 2021 expectation for Direct Energy as first provided during its Business Update call on July 24, 2020.
2021 Guidance:
($ IN MILLIONS)
Updated Guidance
Adjusted EBITDA1
$2,400 -$2,600
Free Cash Flow before Growth
$1,440 -$1,640
1 Non-GAAP financial measure; see Appendix Table for GAAP Reconciliation to Net Income that excludes fair value adjustments related to derivatives. The Company is unable to provide guidance for Net Income due to the impact of such fair value adjustments related to derivatives in a given year.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com . Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsigh
NRG Rankings
#2396 Ranked by Stock Gains
NRG Stock Data
Industry
Other Electric Power Generation
Sector
Utilities
Tags
Utilities, Electric Utilities, Hydroelectric Power Generation
Country
US
City
Princeton
About NRG
a fortune 200 company, nrg is at the forefront of changing how people think about and use energy. whether as one of the largest solar power developer in the country, by building the nation’s first privately funded electric vehicle charging infrastructure or by giving customers the latest smart energy solutions to better manage their energy use, nrg is a pioneer in developing cleaner and smarter energy choices for our customers. our diverse power generating facilities have a capacity of more than 50,000 megawatts, capable of supporting nearly 1/3 of the u.s. population. our retail electricity providers serve nearly 3 million recurring retail customers. through our company and our subsidiaries, we serve customers in all 50 states and d.c.
