The US company NRG Energy is to sell its stake in the Czech power plant Energeticke Centrum Kladno. Development of the $400 million project represents the biggest US investment in the Czech Republic. The sale is part of NRG's strategy to regain its financial security in the USA where the failure of Enron has led investors to be wary of many energy companies. The company is disposing of its foreign assets after reporting first quarter net losses of $26.5 million, blamed on a mild winter in the USA, low power prices and accounting changes. NRG shares have lost around two-thirds of their value in a year.
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