NRG Chair Lawrence Coben Appointed Interim
President and Chief Executive Officer
Board Initiates Search for Permanent CEO
NRG Director Anne Schaumburg Appointed Lead
Independent Director
Four New Independent Directors to Join NRG
Board as Part of Collaboration with Elliott
NRG Reaffirms its Previous Guidance, Capital
Allocation Framework and Growth and Cost Savings Targets
NRG Energy, Inc. (NYSE: NRG) (“NRG” or the “Company”) today
announced that Lawrence Coben, Ph.D., Chair of the NRG Board of
Directors, has been appointed Interim President and Chief Executive
Officer and that Mauricio Gutierrez, NRG’s President and Chief
Executive Officer, has departed the Company and resigned from the
Board. The NRG Board has initiated a search to identify a permanent
CEO and retained a leading search firm to assist with this process.
NRG director Anne Schaumburg has also been appointed Lead
Independent Director.
“Today, NRG is in a position of strength,” Dr. Coben said. “The
Company is generating substantial cash flow, which is supporting a
solid balance sheet, investments in our business and meaningful
capital returns. The integration of Vivint is well underway, and as
a differentiated company at the intersection of energy and smart
home technology, NRG has clear upside value creation
opportunities.”
Dr. Coben continued, “The Board is confident in NRG’s strategic
direction as a consumer energy and services company, and we extend
our appreciation to Mauricio for his contributions in helping to
build NRG’s solid foundation as we prepare for the next generation
of leadership.”
Heather Cox, Chair of the Governance and Nominating Committee of
the NRG Board, said, “Larry’s experience as Chair of NRG’s Board of
Directors, together with his experience as a CEO and as an investor
in many companies in the energy industry, provide a cross-section
of skills that make him well-suited to serve as Interim President
and Chief Executive Officer. We are confident that Larry’s
stewardship, with the support of NRG’s strong executive management
team, will continue to drive the strategy and business forward
while the CEO search is conducted.”
New Independent Director Appointments and Operations/Cost
Structure Review
NRG also announced that, pursuant to a cooperation agreement
with Elliott Investment Management L.P. (“Elliott”), four new
independent directors will be joining the Company’s Board:
- Marwan Fawaz, former executive advisor for Google and its
parent company, Alphabet, and former CEO of Nest and of Motorola
Home;
- Kevin Howell, former Chief Operating Officer of Dynegy Inc. and
former Regional President of NRG Texas;
- Alex Pourbaix, Executive Chair and prior President and Chief
Executive Officer of Cenovus Energy; and
- Marcie Zlotnik, Co-Founder, Chief Operating Officer and Chair
of Texas retail electricity provider, StarTex Power.
These directors were identified as part of NRG’s previously
announced Board refreshment process and in collaboration with
Elliott. With these appointments, NRG’s Board will consist of 13
directors, 12 of whom are independent. Messrs. Howell and Pourbaix
will join the Board’s CEO Search Committee, which will also include
independent NRG directors Lisa Donohue (Chair), Antonio Carrillo
and Heather Cox. It is expected that the size of the Board will be
reduced to 11 members in the second half of 2024.
NRG will also conduct a comprehensive review of its operations
and cost structure to identify additional opportunities to become
more efficient and further enhance capital return to shareholders.
The review will be undertaken with a continued commitment to
reliability in the markets NRG serves and with the support of
external advisors.
Elliott Partner John Pike and Portfolio Manager Bobby Xu said,
“We invested in NRG because we believed that a renewed focus on
best-in-class operations and returns-driven capital allocation
would strengthen NRG and enable it to deliver significant upside
for shareholders. The changes announced today, including the
addition of four new Board members with strong operational
backgrounds, represent a key milestone toward this end. We look
forward to continuing our dialogue with the Company as it works to
execute on this opportunity.”
Dr. Coben added, “Our new directors bring complementary
experience as proven operators in the energy industry and in
leading growing innovative home technology companies with iconic
brands. Their expertise will help ensure we capture the value we
create by offering a smarter, cleaner and more digitally enhanced
energy ecosystem. We welcome them to the Board.”
The cooperation agreement with Elliott contains customary
standstill, voting and other provisions, and will be filed on a
Form 8-K with the Securities and Exchange Commission.
Reaffirming 2023 and 2024 Guidance, Capital Allocation
Framework, and Growth and Cost Savings Targets
In connection with today’s announcement, NRG is reaffirming its
guidance for 2023 and 2024, as previously announced on November 2,
2023, as well as its previously announced strategic growth plan,
cost savings targets and capital allocation framework, including
its path to investment grade credit metrics, discussed during its
Investor Day on June 22, 2023.
- Guidance: The Company is reaffirming its 2023 and 2024
financial guidance:
Adjusted EBITDA, Cash Provided by
Operating Activities, and FCFbG Guidancea
2023
2024
(In millions)
Guidance
Guidance
Adjusted EBITDA
$3,150 - $3,300
$3,300 - $3,550
Cash Provided by Operating Activities
$1,750 - $1,900
$1,825 - $2,075
FCFbG
$1,725 - $1,875
$1,825 - $2,075
a.
Adjusted EBITDA and FCFbG are non-GAAP financial measures; see
Appendix for GAAP Reconciliation from Net Income to FCFbG. Adjusted
EBITDA excludes fair value adjustments related to derivatives. The
Company is unable to provide guidance for Net Income due to the
impact of such fair value adjustments related to derivatives in a
given year. Cash Provided by Operating Activities does not include
changes in collateral deposits in support of risk management
activities which are primarily associated with fair value
adjustments related to derivatives.
- Capital allocation: As reviewed with its 2023 third
quarter results on November 2, 2023, NRG’s 2024 capital allocation
plan includes $500 million in debt reduction, $825 million in share
repurchases, an 8% increase of the annual common dividend to $1.63
per share consistent with the Company’s 7-9% long-term growth
target, and $342 million in growth and other. The Company is
committed to returning 80% of excess cash to shareholders and
investing 20% in growth initiatives with an expected $6.9 billion
of capital returns to shareholders through share purchases and
dividends through 2027.
- Cost savings: The Company is affirming its cost savings
plan discussed at NRG’s investor day in June earlier this year,
which included a new $150 million cost reduction initiative that is
expected to be completed by 2025, derived from operations and
maintenance efficiencies, sourcing optimization, automation,
service levels, spans of control and other redundancies. These
savings are in addition to $300 million in Direct Energy cost
synergies that are expected to be completed by the end of 2023 and
$100 million in cost synergies related to the Vivint acquisition
that are expected to be completed by 2025.
Advisors
Evercore and Lazard acted as financial advisors to NRG Energy,
and White & Case LLP and Cravath, Swaine & Moore LLP acted
as legal advisors. BofA Securities, Inc. acted as financial advisor
to the NRG Board of Directors, and Potter Anderson & Corroon
LLP acted as legal advisor.
About Lawrence S. Coben, Ph.D.
Dr. Coben has served as Chair of the NRG Board of Directors
since 2017 and has been a member of the Board since 2003.
From 2003 to 2017, he was Chairman and Chief Executive Officer
of various affiliates of Tremisis Energy. Dr. Coben also served on
the Board of Directors of SAESA, a Chilean utility, from 2008 to
2010, the Board of Prisma Energy from 2003 to 2006, and the
advisory board of Morgan Stanley Infrastructure II, L.P. from 2014
to 2016. He currently serves on the Board of Directors of Freshpet,
Inc.
Dr. Coben is also the Executive Director of the ESCALA
Initiative, a leading NGO that provides a Business School and
Capacity Training Program to marginalized women entrepreneurs
around the world.
Dr. Coben received a Bachelor of Arts in economics from Yale
University, a Juris Doctor from Harvard Law School, and a Master of
Arts and Ph.D. in anthropology with a focus in archaeology from the
University of Pennsylvania.
About Anne Schaumburg
Ms. Schaumburg has served as a member of NRG’s Board of
Directors since 2005. From 1984 to 2002, she was a Managing
Director and senior banker in the Global Energy Group at Credit
Suisse First Boston. Ms. Schaumburg also served as Managing
Director in the utilities group at Dean Witter Financial Services
Group and as a member of the public utilities group at First Boston
Corporation.
She currently serves as independent Chair of the Board of
Brookfield Infrastructure Partners and Chair of the Board’s
Compensation Committee of Brookfield Reinsurance Ltd.
Ms. Schaumburg is a graduate of City University of New York.
About Marwan Fawaz
Marwan Fawaz brings decades of experience in the
telecommunications technology sector, Smart Home services and
technology, Internet of Things and 5G along with experience in
general technology strategies.
Mr. Fawaz is the former executive advisor for Google and its
parent company, Alphabet, where he provided strategic advisory and
M&A support in the areas of telecom, broadband, home
automation, media and 5G mobile sectors from 2019 to 2022. He held
CEO roles at Nest from 2016 to 2018 and Motorola Home from 2012 to
2013. Under his leadership, Motorola Home was repositioned and
acquired for $2.35 billion by Arris and Nest revenues tripled. He
served as Executive Vice President, Operations and Chief Technology
of Charter Communications from 2006 to 2011 and as Senior Vice
President and Chief Technology Officer of Adelphia Communications
from 2003 to 2006. Earlier in his career, Mr. Fawaz held leadership
positions at MediaOne and other cable and broadband companies.
Mr. Fawaz has served on the Board of CSG Systems International,
Inc. since 2016. He was a director of Synacor, Inc. from 2012 to
2021 through its acquisition by Centre Lane Partners. Mr. Fawaz
holds a Bachelor of Science degree in electrical engineering and a
Master of Science degree in telecommunications, both from
California State University at Long Beach.
About Kevin Howell
Mr. Howell served as Chief Operating Officer of Dynegy Inc.
during its restructuring from 2011 to 2013. In this role he oversaw
Plant Operations, Commercial Operations and Environmental, Health
and Safety. From 2005 to 2010, Mr. Howell served in various
capacities at NRG, including as Regional President, NRG Texas,
where he was responsible for managing NRG’s Texas operations,
comprising more than 2,600 professional employees focused on safe,
reliable and cost-effective energy generation and delivery. Prior
to this, he served as NRG’s Executive Vice President, Commercial
Operations, responsible for the optimization of the company’s asset
portfolio and fuel requirements. Before joining NRG, Mr. Howell
served as President of Dominion Energy Clearinghouse from 2001 to
2005. From 1995 to 2001, Mr. Howell held various positions within
the Duke Energy portfolio, including Senior Vice President of Duke
Energy Trading and Marketing, Senior Vice President of Duke Energy
International and Executive Vice President of Duke Energy
Merchants, where he managed a global trading group dealing in
refined products, LNG and coal.
Mr. Howell currently serves on the Board of TexGen LLC, which
owns a fleet of gas-fired power plants in the ERCOT market, and as
a Board member of Energy Harbor Corp., which owns a fleet of
nuclear power plants and retail power operations. He has previously
served as Chairman of the Board for Atlantic Power Corp., which
owns a diversified fleet of power-generation assets. He served on
the Atlantic Power Board beginning in January of 2015 and was
elected Chairman in June of 2019. His previous board experience
includes Chairman of Illinois Power Generation (a subsidiary of
Dynegy Inc.), Sunnova Energy (a retail solar provider), Nanosolar
(a thin film solar manufacturer), Entrust Energy (a power and
natural gas retailer) and South Texas Nuclear Operating
Company.
About Alex Pourbaix
Mr. Pourbaix has more than 30 years of leadership experience
across the energy industry.
He has served as Executive Chair of the Board of Cenovus Energy
since 2023 and served as President and Chief Executive Officer and
member of the board from 2017 to 2023. As Executive Chair of
Cenovus, Mr. Pourbaix is responsible for providing leadership to
the Board and ensuring ongoing strong governance, while supporting
management’s execution of the company’s strategy. He also leads
Cenovus’s advocacy efforts including industry initiatives,
government relations, ESG engagement and provides ongoing
leadership with the Pathways Alliance. As CEO of Cenovus, he was
instrumental in strengthening Cenovus’s balance sheet, implementing
a disciplined capital allocation framework and reducing costs. He
led the company’s strategic acquisition of Husky Energy, which
closed in January 2021, and also helped co-found the Pathways
Alliance. Prior to joining Cenovus, Mr. Pourbaix spent 27 years
with TC Energy and its affiliates in a broad range of leadership
roles, including Chief Operating Officer, where he was responsible
for the company’s commercial activity and overseeing major energy
infrastructure projects.
Mr. Pourbaix has served on the Board of TSX-listed Canadian
Utilities Limited since 2019. He was a director of Trican Well
Service Ltd. from 2012 to 2019. Mr. Pourbaix earned Bachelor of
Laws and Bachelor of Arts degrees from the University of
Alberta.
About Marcie C. Zlotnik
Ms. Zlotnik has more than 20 years of experience in the retail
electricity sector and has built extensive knowledge of the Texas
restructured market. Ms. Zlotnik co-founded and was Chief Operating
Officer and Chair of StarTex Power, a retail electricity provider
in Texas that was acquired by Constellation Energy in 2011. Before
StarTex, Ms. Zlotnik was a member of the Board of Gexa Energy,
another retail electricity provider in Texas that Ms. Zlotnik
co-founded after the ERCOT market opened for retail competition in
2001.
Most recently, Ms. Zlotnik served on the Board of Just Energy,
the largest independent energy retailer in North America (TSXV:JE).
As Chair of its Compensation and Legislative/Regulatory Committees
she marshalled efforts that resulted in the successful passage of
legislation bringing financial stability to the competitive retail
electric market and $150 million to Just Energy. Prior to joining
the JE Board, Marcie served on the boards of Crius Energy from 2018
until its 2019 sale to Vistra Energy, Frontier Utilities and Esco
Advisors. In 2019, Ms. Zlotnik was named Chair of the Business
Advisory Board at the University of Texas, McCombs School of
Business and the McCombs School Dean’s search committee in 2021.
She was the 2018 recipient of the Gulf Coast Power Association
(GCPA) Pat Wood Power Star Award, acknowledging her significant
contributions towards the advancement of competitive energy markets
in Texas. In 2015, Ms. Zlotnik was inducted into the University of
Texas at Austin McCombs School of Business Hall of Fame and was the
inaugural recipient of the GCPA emPOWERment Award.
Ms. Zlotnik is a CPA and earned a Bachelor of Business
Administration in Accounting from the University of Texas at
Austin.
About NRG
NRG Energy is a leading energy and home services company powered
by people and our passion for a smarter, cleaner, and more
connected future. A Fortune 500 company operating in the United
States and Canada, NRG delivers innovative solutions that help
people, organizations, and businesses achieve their goals while
also advocating for competitive energy markets and customer choice.
More information is available at www.nrg.com. Connect with NRG on
Facebook and LinkedIn, and follow us on X (formerly known as
Twitter), @nrgenergy.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are subject to certain risks, uncertainties and
assumptions and typically can be identified by the use of words
such as “expect,” “estimate,” “should,” “anticipate,” “forecast,”
“plan,” “guidance,” “outlook,” “believe” and similar terms.
Although NRG believes that the expectations are reasonable, it can
give no assurance that these expectations will prove to be correct,
and actual results may vary materially.
Although NRG believes that its expectations are reasonable, it
can give no assurance that these expectations will prove to be
correct, and actual results may vary materially. Factors that could
cause actual results to differ materially from those contemplated
herein include, among others, general economic conditions,
including increasing interest rates and rising inflation, hazards
customary in the power industry, weather conditions and extreme
weather events, competition in wholesale power, gas and smart home
markets, the volatility of energy and fuel prices, failure of
customers or counterparties to perform under contracts, changes in
the wholesale power and gas markets, changes in government or
market regulations, the condition of capital markets generally and
NRG’s ability to access capital markets, NRG’s ability to execute
its market operations strategy, risks related to data privacy,
cyberterrorism and inadequate cybersecurity, the loss of data,
unanticipated outages at NRG’s generation facilities, NRG’s ability
to achieve its net debt targets, adverse results in current and
future litigation, complaints, product liability claims and/or
adverse publicity, failure to identify, execute or successfully
implement acquisitions or asset sales, risks of the smart home and
security industry, including risks of and publicity surrounding the
sales, subscriber origination and retention process, the impact of
changes in consumer spending patterns, consumer preferences,
geopolitical tensions, demographic trends, supply chain
disruptions, NRG’s ability to implement value enhancing
improvements to plant operations and companywide processes, NRG’s
ability to achieve or maintain investment grade credit metrics,
NRG’s ability to proceed with projects under development or the
inability to complete the construction of such projects on schedule
or within budget, the inability to maintain or create successful
partnering relationships, NRG’s ability to operate its business
efficiently, NRG’s ability to retain retail customers, the ability
to successfully integrate businesses of acquired companies,
including Direct Energy and Vivint Smart Home, NRG’s ability to
realize anticipated benefits of transactions (including expected
cost savings and other synergies) or the risk that anticipated
benefits may take longer to realize than expected, and NRG’s
ability to execute its capital allocation plan. Achieving
investment grade credit metrics is not an indication of or
guarantee that the Company will receive investment grade credit
ratings. Debt and share repurchases may be made from time to time
subject to market conditions and other factors, including as
permitted by United States securities laws. Furthermore, any common
stock dividend is subject to available capital and market
conditions.
NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The adjusted
EBITDA, cash provided by operating activities and free cash flow
before growth guidance are estimates as of November 20, 2023. These
estimates are based on assumptions NRG believed to be reasonable as
of that date. NRG disclaims any current intention to update such
guidance, except as required by law. The foregoing review of
factors that could cause NRG’s actual results to differ materially
from those contemplated in the forward-looking statements included
in this news release should be considered in connection with
information regarding risks and uncertainties that may affect NRG’s
future results included in NRG’s filings with the SEC at
www.sec.gov.
Appendix
2023 and 2024 Guidance Reconciliations
The following table summarizes the calculation of Adjusted
EBITDA providing reconciliation to Net Income, and the calculation
of FCFbG providing a reconciliation to Cash provided by operating
activities1:
2023
2024
($ in millions)
Guidance
Guidance
Net Income
$
1,900 - 2,050
$
750 - 1,000
Interest expense, net
580
640
Income tax
705
345
Depreciation and amortization
1,190
1,075
ARO expense
20
25
Amortization of customer acquisition
costs
125
215
Stock-based compensation
90
100
Acquisition and divestiture integration
and transaction costs
160
55
Other costs
(1,620
)
95
Adjusted EBITDA
3,150 - 3,300
3,300 - 3,550
Interest payments, net
(530
)
(600
)
Income tax
(60
)
(160
)
Net deferred revenue
185
190
Amortization of customer fulfillment
costs
35
130
Capitalized contract costs
(675
)
(830
)
Working capital / other assets and
liabilities
(355
)
(205
)
Cash provided by operating
activities
1,750 - 1,900
1,825 - 2,075
Acquisition and other costs
152
124
Adjusted cash provided by operating
activities
1,902 - 2,052
1,949 - 2,199
Maintenance capital expenditures, net
(270) - (290
)
(240) - (260
)
Environmental capital expenditures
(5) - (10
)
(20) - (30
)
Net cash for growth initiatives
105
145
Free Cash Flow before Growth
Investments (FCFbG)
$
1,725 - 1,875
$
1,825 - 2,075
1 See the November 2, 2023 earnings press
release for more detail on definitions and drivers.
EBITDA and Adjusted EBITDA are non-GAAP financial measures.
These measurements are not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of
performance. The presentation of Adjusted EBITDA should not be
construed as an inference that NRG’s future results will be
unaffected by unusual or non-recurring items.
EBITDA represents net income before interest expense (including
loss on debt extinguishment), income taxes, depreciation and
amortization, asset retirement obligation expenses, contract
amortization consisting of amortization of power and fuel contracts
and amortization of emission allowances. EBITDA is presented
because NRG considers it an important supplemental measure of its
performance and believes debt-holders frequently use EBITDA to
analyze operating performance and debt service capacity. EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation, or as a substitute for analysis of our operating
results as reported under GAAP. Some of these limitations are:
- EBITDA does not reflect cash expenditures, or future
requirements for capital expenditures, or contractual
commitments;
- EBITDA does not reflect changes in, or cash requirements for,
working capital needs;
- EBITDA does not reflect the significant interest expense, or
the cash requirements necessary to service interest or principal
payments, on debt or cash income tax payments;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and EBITDA does not reflect any cash
requirements for such replacements; and
- Other companies in this industry may calculate EBITDA
differently than NRG does, limiting its usefulness as a comparative
measure.
Because of these limitations, EBITDA should not be considered as
a measure of discretionary cash available to use to invest in the
growth of NRG’s business. NRG compensates for these limitations by
relying primarily on our GAAP results and using EBITDA and Adjusted
EBITDA only supplementally. See the statements of cash flow
included in the financial statements that are a part of this news
release.
Adjusted EBITDA is presented as a further supplemental measure
of operating performance. As NRG defines it, Adjusted EBITDA
represents EBITDA excluding the impact of stock-based compensation,
amortization of customer acquisition costs (primarily amortized
commissions), impairment losses, deactivation costs, gains or
losses on sales, dispositions or retirements of assets, any
mark-to-market gains or losses from forward position of economic
hedges, adjustments to exclude the Adjusted EBITDA related to the
non-controlling interest, gains or losses on the repurchase,
modification or extinguishment of debt, the impact of restructuring
and any extraordinary, unusual or non-recurring items, plus
adjustments to reflect the Adjusted EBITDA from our unconsolidated
investments. The reader is encouraged to evaluate each adjustment
and the reasons NRG considers it appropriate for supplemental
analysis. As an analytical tool, Adjusted EBITDA is subject to all
of the limitations applicable to EBITDA. In addition, in evaluating
Adjusted EBITDA, the reader should be aware that in the future NRG
may incur expenses similar to the adjustments in this news
release.
Management believes Adjusted EBITDA is useful to investors and
other users of NRG's financial statements in evaluating its
operating performance because it provides an additional tool to
compare business performance across companies and across periods
and adjusts for items that we do not consider indicative of NRG’s
future operating performance. This measure is widely used by
debt-holders to analyze operating performance and debt service
capacity and by equity investors to measure our operating
performance without regard to items such as interest expense,
taxes, depreciation and amortization, which can vary substantially
from company to company depending upon accounting methods and book
value of assets, capital structure and the method by which assets
were acquired. Management uses Adjusted EBITDA as a measure of
operating performance to assist in comparing performance from
period to period on a consistent basis and to readily view
operating trends, as a measure for planning and forecasting overall
expectations, and for evaluating actual results against such
expectations, and in communications with NRG's Board of Directors,
shareholders, creditors, analysts and investors concerning its
financial performance.
Adjusted Cash provided by operating activities is a non-GAAP
measure NRG provides to show cash provided/(used) by operating
activities with the reclassification of net payments of derivative
contracts acquired in business combinations from financing to
operating cash flow, as well as the add back of merger,
integration, related restructuring costs, changes in the nuclear
decommissioning trust liability, and the impact of extraordinary,
unusual or non-recurring items. The Company provides the reader
with this alternative view of Cash provided/(used) by operating
activities because the cash settlement of these derivative
contracts materially impact operating revenues and cost of sales,
while GAAP requires NRG to treat them as if there was a financing
activity associated with the contracts as of the acquisition dates.
The Company adds back merger, integration related restructuring
costs as they are one time and unique in nature and do not reflect
ongoing Cash Flows from Operating Activities and they are fully
disclosed to investors. The company excludes changes in the nuclear
decommissioning trust liability as these amounts are offset by
changes in the decommissioning fund shown in Cash Flows from
Investing Activities.
Free Cash Flow before Growth Investments is Adjusted Cash
provided by operating activities less maintenance and environmental
capital expenditures, net of funding and insurance recoveries
related to property, plant and equipment, dividends from preferred
instruments treated as debt by ratings agencies, and distributions
to non-controlling interests and is used by NRG predominantly as a
forecasting tool to estimate cash available for debt reduction and
other capital allocation alternatives. The reader is encouraged to
evaluate each of these adjustments and the reasons NRG considers
them appropriate for supplemental analysis. Because we have
mandatory debt service requirements (and other non-discretionary
expenditures) investors should not rely on Free Cash Flow before
Growth Investments as a measure of cash available for discretionary
expenditures.
Free Cash Flow before Growth Investments is utilized by
Management in making decisions regarding the allocation of capital.
Free Cash Flow before Growth Investments is presented because the
Company believes it is a useful tool for assessing the financial
performance in the current period. In addition, NRG’s peers
evaluate cash available for allocation in a similar manner and
accordingly, it is a meaningful indicator for investors to
benchmark NRG's performance against its peers. Free Cash Flow
before Growth Investments is a performance measure and is not
intended to represent Net Income/(Loss), Cash provided/(used) by
operating activities (the most directly comparable U.S. GAAP
measure), or liquidity and is not necessarily comparable to
similarly titled measures reported by other companies.
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Investors: Brendan Mulhern Investor.relations@nrg.com
609.524.4767
Media: Chevalier Gray Chevalier.gray@nrg.com
832.331.8126
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