FERC approval clears path for NRG Energy to turn "range anxiety" into
"range confidence" for electric vehicle drivers
PRINCETON, N.J.--(BUSINESS WIRE)--Nov. 5, 2012--
NRG Energy (NYSE: NRG), through its eVgo subsidiary, has been cleared to
provide Californians with the nation’s most comprehensive electric
vehicle (EV) charging network including fast chargers that allow drivers
to add 50 miles of range in 15 minutes at premier retail environments.
With today’s Federal Energy Regulatory Commission (FERC) approval of the
agreement between the California Public Utilities Commission and NRG,
eVgo can now begin work on a network that will raise the bar on
convenience for EV drivers.
eVgo Freedom Station sites will begin showing up at California retail locations in early 2013 allowing drivers to add 50 miles of range in 15 minutes. (Photo: Business Wire)
As part of its agreement with the Commission, NRG is investing
approximately $100 million over the next four years in the eVgo
California charging network, generating in the process more than 1,500
jobs and a total economic benefit of more than $185 million from
employment and procurement of goods and services.
“This approval enables one of the most visionary "public-private
partnerships" ever conceived to move forward; enabling NRG to begin
bringing the benefits of a comprehensive EV fast charging network to the
largest population centers in California,” said David Crane, President
and CEO of NRG Energy. “This network will open the door for more
California drivers to enjoy the enormous benefits of EV ownership.”
The fee-based eVgo charging network will consist of at least 200
publicly available fast-charging stations conveniently located at
premier retail locations in the San Francisco Bay area, the San Joaquin
Valley, the Los Angeles Basin and San Diego County.
As part of the agreement, NRG will also facilitate EV ownership for
Californians who live in apartment buildings and other multi-unit
housing complexes and for Californians hoping to commute to work in an
electric vehicle through its "make ready" commitment. eVgo will install
the wiring (make readies) for at least 10,000 individual charging
stations located at offices, multifamily communities, schools and
hospitals.
To help ensure electric vehicle charging is available to Californians of
all income levels, NRG will install at least 20 percent of the fast
charging stations in low income areas and ensure that mixed-income
housing locations are identified, evaluated, and pursued for the
individual charging station make readies.
As part of the commitment to California, NRG will spend $5 million in
collaboration with researchers and stakeholders on technology
demonstration projects that will test new charging and related
technologies and invest $4 million, in consultation with The Greenlining
Institute, the California Plug-In Electric Vehicle Collaborative and
other key stakeholders, to support low income car-sharing, workforce
training, and related opportunity programs.
“With gasoline having just set new record highs, FERC’s decision today
couldn’t be more timely or important for California drivers,” said Terry
O’Day, Director of Business Development for eVgo in California. “Now
that we can start building eVgo fast-charging stations in California, EV
drivers should expect range confidence from the first Freedom Station
sites in early 2013 and many more to follow.”
Follow our progress online at eVgoNetwork.com
and on your favorite social networks! Join the conversation on twitter: #evgoCA
In addition to the investment NRG will be making in EV infrastructure to
benefit Californians, NRG will contribute $20 million to the California
Public Utility Commission for rate payer relief.
“We commend California and the California Public Utility Commission for
their forward-looking views on the benefits of Zero Emission Vehicles
like EVs and then turning their views into action to actually encourage
greater EV ownership,” added Crane. “Together, we are creating an
outstanding environment for making EVs an extremely viable, sustainable
and fun way to drive in the State.”
The agreement resolves outstanding litigation arising out of a long-term
electricity contract entered into over a decade ago by a subsidiary of
Dynegy, Inc., then a co-owner with NRG of a portfolio of power
generating plants in California. NRG inherited responsibility for
resolving this matter in 2006 when the Company acquired Dynegy's 50%
interest in the assets.
About NRG
NRG is at the forefront of changing how people think about and use
energy. A Fortune 500 company based in Princeton, NJ, NRG is a pioneer
in developing cleaner and smarter energy choices for our customers:
whether as one of the largest solar power developers in the country, or
by building the first privately funded electric vehicle charging
infrastructure or by giving customers the latest smart energy solutions
to better manage their energy use. Our diverse power generating
facilities can support more than 20 million homes and our retail
electricity providers—Reliant, Green Mountain Energy Company and Energy
Plus—serve more than two million customers. More information is
available at www.nrgenergy.com.
Connect with NRG
Energy on Facebook and follow us on Twitter @nrgenergy.
About eVgo
eVgo is creating the nation’s first privately funded, comprehensive
electric vehicle ecosystem. The eVgo(SM) network gives EV
owners new freedom and range confidence via home charging and
fast-charging stations conveniently located at major retailers,
employers and along highways across eVgo cities. eVgo allows EV owners
to avoid paying large up-front costs for a home charger and provides
unlimited use remote charging—all for one low monthly fee. To find out
more, or to join the eVgo network, visit www.eVgoNetwork.com.
Connect with eVgo
on Facebook and follow us on Twitter @evgonetwork.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions and include
NRG’s expectations regarding the Company’s agreement with the California
Public Utilities Commission and electric vehicle infrastructure and
forward-looking statements typically can be identified by the use of
words such as “will,” “expect,” “believe,” and similar terms. Although
NRG believes that its expectations are reasonable, it can give no
assurance that these expectations will prove to have been correct, and
actual results may vary materially. Factors that could cause actual
results to differ materially from those contemplated above include,
among others, general economic conditions, hazards customary in the
power industry, competition in wholesale power markets, the volatility
of energy and fuel prices, failure of customers to perform under
contracts, changes in the wholesale power markets, changes in government
regulation of markets and of environmental emissions, and our ability to
achieve the expected benefits and timing of our electric vehicle
projects. NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing review of factors that could
cause NRG’s actual results to differ materially from those contemplated
in the forward-looking statements included in this news release should
be considered in connection with information regarding risks and
uncertainties that may affect NRG’s future results included in NRG’s
filings with the Securities and Exchange Commission at www.sec.gov.
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Source: NRG Energy
NRG Energy
Media:
David Knox, 713-537-2130
Carly
Kade, 281-674-0044
Lori Neuman, 609-524-4525
or
Investors:
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Plotkin, 609-524-4526
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Lori
Stagliano, 609-524-4528