|NRG ENERGY, INC. filed this Form 10-K on 03/01/2018|
Common Stock Dividends
The following table lists the dividends paid during 2017:
On January 19, 2018, NRG declared a quarterly dividend on the Company's common stock of $0.03 per share, or $0.12 per share on an annualized basis, payable on February 15, 2018, to stockholders of record as of February 1, 2018. The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
The Company’s board of directors has authorized the repurchase of up to $1 billion of the Company's common stock, with the first $500 million program to begin in the first quarter of 2018. Following completion of the initial program, and as NRG progresses towards the closing of the announced asset sales, the Company expects to execute the remaining $500 million of the $1 billion share repurchase program.
Carlsbad —The Company is currently overseeing construction of the Carlsbad project, which when completed will consist of approximately 527 MWs of net generation capacity. On February 6, 2018, the Company entered into an agreement with NRG Yield, Inc. to sell the Carlsbad project pursuant to the ROFO Agreement. The transaction is expected to close during the fourth quarter of 2018.
Canal 3 — The Company is currently overseeing construction of the Canal 3 project, a dual-fueled peaking facility, which when completed will consist of approximately 333 MWs of net generating capacity. In January 2018, Final Notice To Proceed was issued, and construction commenced with an anticipated COD by summer 2019. Under a cooperation agreement with GenOn, GenOn has the right to purchase the project from NRG until March 31, 2018.
Puente Power Project — On October 5, 2017, the California Energy Commission, or CEC, the agency responsible for permitting the Puente Power Project, issued a statement on behalf of the committee of two Commissioners overseeing the permitting process stating their intention to issue a proposed decision that would deny a permit for the Puente Power Project. On October 16, 2017, NRG filed a motion to suspend the permitting proceeding for at least six months, which was granted on November 3, 2017. During the six month suspension period, which could be extended, NRG will evaluate the progress of a procurement process initiated by SCE to replace the Puente Power Project.