Why NRG Energy Stock Tanked 15% in Morning Trading Today

Shares of U.S. utility NRG Energy (NYSE: NRG) fell as much as 15% in early trading on March 17. There was little question about what led to the decline: It was a 6 a.m. EDT news release outlining the financial impact of winter storm Uri.

NRG Energy has notable operations in Texas, which was hit hard by Uri. It knocked out power across vast swatches of the state, resulted in wild gyrations in local power markets, and caused massive disruption in the energy sector. It is not surprising that NRG was hurt. That said, earlier in the month, NRG Energy suggested that the impact wouldn't be material enough to alter its outlook. That clearly hasn't played out as expected.

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Source Fool.com