Honda Joins Vehicle-to-Grid Technology Demonstration Project in Partnership with University of Delaware and NRG Energy
Dec 5 13
Honda has joined a demonstration project for experimental vehicle-to-grid (V2G) technology aimed at providing a potentially valuable energy storage resource to the nation's electrical grid while providing for more cost-effective ownership of plug-in electric vehicles. The Honda technology builds off of the research conducted by the University of Delaware and now supported by NRG Energy, Inc. NRG and the University of Delaware, through their eV2g joint venture, came online early in 2013 with the revenue-generating vehicle-to-grid project, demonstrating the controls, regulatory requirements, and market participation rules for selling energy storage from vehicles into the PJM Interconnection Regulation Market. Honda is supplying an Accord Plug-In Hybrid with added V2G capabilities to the University's Science, Technology and Advanced Research (STAR) Campus to jointly investigate the potential of this technology to benefit the electrical grid, vehicle owners and society. Using smart grid technology, the V2G system is able to monitor the status of the grid to determine whether the grid requires additional power sources that can respond rapidly, or the grid requires power demands that can absorb transitional power supply. Such a system has the potential to reduce or eliminate the fluctuation of the grid, which can occur more frequently when renewable energy sources are introduced to the grid. Electric vehicle owners potentially benefit from supporting a more stable power grid, which can lead to reduced utility costs for the vehicle owner. The Honda Accord Plug-In Hybrid demonstration vehicle is equipped with a bi-directional on-board charger, which allows the vehicle propulsion battery to both charge from and discharge to the electrical grid. With an additional communication device, the vehicle receives signals from a grid operator via a charging station, and controls charge and discharge in accordance with the signals. When electric power is requested by the grid, the vehicle will discharge power from its battery. When the grid power supply exceeds demand, the vehicle proactively charges its battery.
NRG Energy, Inc. Announces Resignation of Kathleen A. McGinty from the Board of Directors
Nov 13 13
On November 12, 2013, Ms. Kathleen A. McGinty informed the Board of Directors of NRG Energy, Inc. of her intention to resign from the Board of Directors effective November 12, 2013 to pursue her candidacy as Governor of the Commonwealth of Pennsylvania. Her decision to resign was not as a result of any disagreement with the company or its management. Ms. McGinty has served on the Board of Directors since October 2008.
NRG Energy, Inc. Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revises Earnings Guidance for the Fiscal Year 2013 and 2014
Nov 12 13
NRG Energy, Inc. announced consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total operating revenues of $3,490 million against $2,331 million a year ago. Operating income was $535 million against $86 million a year ago. Income before income taxes was $306 million against loss before income taxes of $105 million a year ago. Net income was $143 million against $8 million a year ago. Net income attributable company was $124 million against net loss attributable company of $1 million a year ago. Earnings per diluted share were $0.37 against loss per diluted share of $0.01 a year ago. Net cash provided by operating activities was $901 million against $473 million a year ago. Adjusted cash flow from operating activities was $844 million against $479 million a year ago. Maintenance CapEx, net was $52 million against $49 million a year ago. Adjusted EBITDA was $1,000 million against $678 million a year ago.
For the nine months, the company reported total operating revenues of $8,500 million against $6,359 million a year ago. Operating income was $571 million against $313 million a year ago. Loss before income taxes was $94 million against $185 million a year ago. Net loss was $47 million against net income of $61 million a year ago. Net loss attributable company was $74 million against net income attributable company of $43 million a year ago. Loss per diluted share was $0.25 against earnings per diluted share of $0.16 a year ago. Net cash provided by operating activities was $823 million against $1,058 million a year ago. Capital expenditures was $1,581 million against $2,474 million a year ago. Adjusted cash flow from operating activities was $1,175 million against $780 million a year ago. Maintenance CapEx, net was $222 million against $151 million a year ago. Adjusted EBITDA was $1,967 million against $1,549 million a year ago.
The company has narrowed the range of its adjusted EBITDA and FCF before growth investments guidance for 2013, while revising downward for 2014. This reduction in 2014 is primarily due to the decline in forward curves across all of its core Wholesale regions over the past few months as a result of the lack of scarcity pricing during the summer of 2013. For the year 2013, the company now expects adjusted EBITDA from $2,550 million -$2,700 million to $2,550 million-$2,600 million, adjusted cash flow from operations of $1,590 million to $1,640 million, Interest payments of $945 million, maintenance capital expenditures net of $320 million and free cash flow before growth investments of $1,125 million to $1,175 million.
For the year 2014, the company now expects adjusted EBITDA from $2,850 million -$3,050 million to $2,700 million -$2,900 million, adjusted cash flow from operations of $1,605 million to $1,805 million, Interest payments of $950 million, maintenance capital expenditures net of $335 million to $355 million and free cash flow before growth investments of $950 million to $1,150 million.