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Two hurdles for the projects could delay NRG’s plans indefinitely, however.
The city is now working to negotiate a 12-month extension with Reliant, a subsidiary of Houston-based NRG Energy.
Summit Power Group’s Texas Clean Energy Project is a planned 400-megawatt, coal gasification power plant on 600 acres in West Texas to produce electricity, trap carbon for enhanced oil recovery, and create urea and sulfuric acid from byproducts to help make fertilizers. The idea is to trap 90 percent of the emitted carbon for a power plant that runs cleaner than its natural gas-fired counterparts.
Crane, who led NRG for 12 years out of bankruptcy and into greater national relevance, is being replaced by Executive Vice President and Chief Operating Officer Mauricio Gutierrez.
NRG, which has seen its stock value fall by 55 percent since the beginning of the year, is in the process of spinning off its solar assets and selling some fossil fuel power plants to reduce its portfolio and improve cash flows.
NRG President and CEO David Crane bemoaned the “unabated selloff in our stock” earlier in November.
NRG, which is in the midst of a “reset” to cut costs and spin off its financially struggling solar and wind businesses, announced $67 million in net income for the quarter, down from $182 million during the same time last year.
Southern Company is seeking to set the global blueprint on making clean-coal projects work.
The “batteries charge up for the electric grid” study contends that ever-decreasing manufacturing costs from Tesla Energy and other companies will make lithium-ion batteries more economical in about three to five years, starting in states with financial incentives like California, Hawaii, New York and other Northeastern markets.
NRG has emphasized its solar growth the last couple of years, but Crane acknowledged Friday that investors have pushed for changes and NRG is six months behind on its solar installation goals.