NRG Energy Innovates Renewable Plans For Texas Customers
Zacks Investment Research | Jun 12, 2018 11:00PM ET
NRG Energy Inc (NYSE:NRG) and Cypress Creek Renewables will jointly develop a 25 megawatt (MW) solar project in Texas. Per the agreement, Cypress Creek Renewables will develop and operate the project. The clean energy produced from the project will allow NRG Energy to cater to the demand of its commercial and industrial customers.
Details of the Innovative Plan
Electricity is traditionally distributed to customers through grids. NRG Energy, under the new innovative plan, will provide dedicated and locally-sourced electricity from renewable resource to meet the demand of customers in Texas.
Cypress Creek will own and operate the solar energy facilities and supply the electricity customers, per the power purchase agreements.
NRG Energy’s financial strength and expertise will aid the swift development of the project and provide renewable energy solutions for commercial and industrial customers.
Importance of Renewables
Fossil fuel, primarily coal, was used to produce a major volume of electricity, leading to increasing emission levels. In the past few years, renewables have witnessed significant growth, courtesy of higher emphasis on emission reduction. In addition, declining costs of solar and wind technologies as well as federal tax credits have resulted in increasing usage of renewables in the total generation mix. Per the recent reports of U.S. Energy Information Administration, usage of renewables will increase 3.8% in 2018 and will rise 3% in 2019.
Price Performance
Shares of NRG Energy have surged 103.5% against the Original post
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