NRG Energy (NRG) Partners Google to Meet Clean Energy Goals
NRG Energy (NRG) extends its existing collaboration with Google by adding Nest Renew to support customers in Texas.
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.
Shares of NRG Energy have gained 30.4%, outperforming the industry’s rise of 0.9% in the past year.
One Year Price Performance
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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.
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