Benzinga | Dec 6, 2021 09:48AM EST

NRG Energy Announces $1B Buyback Program

Following the closing of the asset sale and as part of NRG's Capital Allocation Program, the NRG Board of Directors has authorized $1 billion for share repurchases, effective immediately. The program is expected to begin in 2021 and will continue throughout 2022.

"Closing this transaction further advances our strategic priorities of decarbonizing our portfolio while aligning our business with the evolving needs of our customers," said Mauricio Gutierrez, President and Chief Executive Officer, NRG. "We remain focused on advancing the strategic priorities we outlined during our June 2021 Investor Day, including executing on our free cash flow per share growth roadmap and maintaining a strong balance sheet to create significant value for our stakeholders."

Under the share repurchase authorization, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing and amount of any shares of NRG's common stock that are repurchased under the share repurchase authorization will be determined by NRG's management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the company's ability to maintain satisfactory credit ratings. The share repurchase authorization does not obligate NRG to acquire any particular amount of common stock, and may be modified, suspended or discontinued at any time or from time to time at NRG's discretion.