On Thursday, at its 2021 Investor Day, the integrated power company NRG Inc. updated its strategic priorities to its stakeholders. Thus, the company unpacked current consumer trends supporting its strategy.
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Looking into what the company already achieved
Moreover, NRG underscored the significant opportunity that it sees in providing a better experience to consumers. Thus, the company recalled that it introduced a three-phase program at its last Investor Day in 2018 to stabilize, right-size, and redefine its business.
Then, the company looked to repositioning itself from an Independent Power Producer to a customer-focused, Integrated Power Company. Moreover, since then, NRG doubled the number of customers it serves and optimized its generation fleet to serve its customers better.
Similarly, it built an efficient operating platform and strengthened its balance sheet.
For the future, NRG will leverage the electrification of the economy, digitization, shifting consumer expectations, and demand for cleaner and more resilient energy solutions; particularly, since they all present an essential opportunity for the company.
Accordingly, the company said in a media release it is listening to its customers’ needs to improve their experience. Particularly, “when we piece together what we see and hear in the market, we get a clear sense of what the future of the home and energy could look like — and the role we can play,” NRG added.
Moreover, NRG CEO Mauricio Gutierrez outlined three critical takeaways in which the company will leverage this opportunity. First, the company will capitalize on significant growth opportunities within its customer network. Also, it will increase market share outside of its existing base in fragmented or underserved markets.
Similarly, NRG will seize its consumer portfolio that includes a unique set of brands, products, and services. Lastly, it will look to keep generating significant excess cash, thus allowing it to grow and return substantial capital to shareholders.
Worth noting, the company has an extensive breadth of brands, products, and services. For instance, including power, natural gas, power services, distributed solutions, home services, etc.
Thus, NRG has become a unique consumer services company with a business platform in the last couple of years. Hence, its growth strategy will continue building on these foundations by offering secondary products and services.
NRG on the future – consumer experience at the top
Accordingly, to achieve this vision of the future, NRG’s near-term strategic priorities will include optimizing its core business; particularly focusing on the Direct Energy integration and achieving its synergies targets.
Indeed, NRG highlighted that across all energy sectors, consumers are in the driver’s seat. Thus, while demanding better experiences, sustainable solutions, increased efficiency, and socially conscious companies, the home experience is evolving.
In this sense, the Company wants to be the partner of choice with a more extensive menu of services and products to meet each customer’s needs. Indeed, “over the past five years NRG has been and will continue to be a growth and execution story,” it said.
Therefore, “we now have an advantaged consumer platform ready to capitalize on a significant opportunity,” it continued. Besides, “we have the financial flexibility, discipline, and track record to deliver on this ambitious plan.”
Finally, “we have the right people and the right platform to create significant and sustainable value for both our customers and our shareholders. Thus, we look forward to updating you as we make progress on this exciting new chapter,” concluded the company.