David W. Crane

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David W. Crane (born 1959) is an American lawyer, investment banker and business executive in the energy industry.

Early life and education[edit]

David Crane grew up in Lake Forest, Illinois, on the Lake Michigan shore. His father was an aluminum sales executive. At 14 years old he wanted to be a lawyer.[1] Crane graduated from the Woodrow Wilson School of Public and International Affairs at Princeton University with a Bachelor of Arts and from Harvard Law School with a Juris Doctor.[2]

Career[edit]

From 1991 to 1996 Crane worked in various positions at ABB Group Energy Ventures as Vice President for the Asia-Pacific Region.[2]

From January 1999 to February 2000 Crane served as a Senior Vice President in the global power business department of Lehman Brothers called "Global Power Group" where he was responsible for project financing in emerging markets (Latin America and Asia) with a focus on privatization of state-owned utilities as in Thailand and Brazil.[2]

From March 2000 to 2003, Crane worked for International Power PLC and managing the business overall and implementing its strategy. He was Executive Director from 2000 to 2003, Chief Operating Officer from March 2000 to December 2002 and Chief Executive Officer from January 2003 to November 2003.[2]

Crane joined then Minneapolis based NRG Energy in 2003 as executive director which he remained until he left December 2015 rising to President, Chief executive officer from December 2012 to December 2015.[3] During this time he was Director of El Paso Natural Gas from December 2009 to May 2012[2]he also served[when?] and CEO and President at GenOn Energy Americas Generation LLC and GenOn Mid Atlantic LLC, before NRG acquired it in 2012.[2] Crane moved NRG from Minneapolis, where the firm existed as an Xcel subsidiary, to Princeton, NJ.[4] He doubled NRG's generating capacity, quadrupling sales. Shares of the company outperformed S&P 500 and Dow Jones indexes as well as Exelon Corp., NRG’s largest competitor.[4] In December 2015, Crane resigned from his position at NRG, succeeded by Mauricio Gutierrez.[5]

In April 2016 Crane joined sustainability oriented investment firm Pegasus Capital Advisors as its Chief Strategy Officer, as Operating Advisor and Senior Operating Executive.[2] Since 2016 he has been director of Saudi Arabian ACWA Power International, directing the ACWA Holding, Lighting Science Group Corporation and ACWA Guc, the ACWA subsidiary in Turkey.[2]

He served[when?] as a Director of EP Energy LLC.[2] As of February 2017 he remains Chairman of Nuclear Innovation North America, LLC, an NRG subsidiary investing in and developing nuclear power projects in North America such as the Advanced Boiling Water Reactor at the South Texas Nuclear Generating Station[2]

Vision[edit]

Crane has been part of the fossil fuel industry since the beginning of his career. When NRG shifted to green energies, NRG had 3 million customers. With its "shift to green power systems [he hopes this will] keep them." He stated that given "80% of residential solar installations are done on 20-year leases, that means you’re my customer for the next 20 years. You’re not leaving."[6]

Personal life[edit]

Crane lives in Princeton, NJ with his wife Isabella de la Houssaye a corporate lawyer. The couple has five children. He once owned Graffiti, a bar in Hong Kong, has trekked across Costa Rica and rebuilt homes in Haiti with his children.[4]

References[edit]

  1. ^ Kapadia, Reshma (13 November 2013). "Going Off the Grid". Barrons. Retrieved 12 November 2014. 
  2. ^ a b c d e f g h i j "Executive Profile* David W. Crane". Bloomberg Businessweek. Retrieved 12 November 2014. 
  3. ^ "David Crane - Forbes". Forbes. Archived from the original on 12 November 2014. Retrieved 12 November 2014. 
  4. ^ a b c Ferris, David. "ELECTRICITY: NRG's David Crane wants to rule -- and overthrow". E&E Publishing. Retrieved 12 November 2014. 
  5. ^ DIANE CARDWELL (3 December 2015). "David Crane Leaves NRG, Replaced by Mauricio Gutierrez". New York Times. Retrieved 2 October 2016. 
  6. ^ Helman, Christopher (21 July 2014). "David Crane's Green Vision For Carbon-Belching NRG Energy". Forbes. Retrieved 12 November 2014.