Electricity Policy

Wed05242017

Last updateThu, 16 Mar 2017 7pm

ISSN 2331-1223  Twitter

Aggressive investors force NRG Energy director shakeup, board restructuring

NRG

NRG Energy has purged two key executives under pressure from activist investors, MarketWatch has reported. The non-utility generating company reached a deal with New York-based hedge fund Elliott Associates LP and Bluescape Energy Partners LLC of Dallas, which collectively own 9.4% of NRG to replace Chairman Howard Cosgrove and independent director Edward Muller, with Bluescape’s John Wilder and Barry Smitherman, former chairman of the Public Utility Commission of Texas. Bluescape is chaired by Charles John Wilder, former CEO of Texas utility TXU. Current NRG director Lawrence Coben will replace Cosgrove as chairman. Elliott Associates recently said NRG’s stock was “deeply undervalued,” and called for major changes at the company. NRG’s stock jumped 35% in January after Elliott and Bluescape announced they would make a run at the company. This week’s deal includes Elliott and Bluescape agreeing to standstill, voting and other arrangements.  February 17, 2017

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