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NRG · NRG Energy

50 filings

10-Q

NRG 10-Q Quarterly Reports

NRG Energy - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K163

NRG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Bankruptcy8-K · Dec ’17Dec ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Oct ’25Oct ’25
  1. 2026-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2026

    NRG Energy's second-quarter 2026 results reflect the integration of the LSP Portfolio, acquired January 30, 2026 for a preliminary total consideration of $10.583 billion (24.25 million shares plus $6.4 billion in cash, before $483 million of working capital and other adjustments). Revenue for the three months ended June 30, 2026 was $7.481 billion, up from $6.740 billion a year earlier, and net income was $506 million compared with a net loss of $104 million in the prior-year quarter. For the six months, net income was $631 million versus $646 million. Operating income for the quarter was $976 million, and interest expense rose to $310 million from $148 million, driven by acquisition financing and refinancing. Management attributes the higher capacity revenue and gross margin mainly to the LSP Portfolio and PJM auction prices. Balance sheet and liquidity moved significantly. Total assets rose to $39.940 billion from $29.140 billion at year-end 2025, and long-term debt and finance leases increased to $21.744 billion (plus $1.512 billion current). Cash and cash equivalents fell to $162 million from $4.708 billion, and total liquidity excluding counterparty deposits was about $5.3 billion versus $9.6 billion at December 31, 2025. Cash used in investing activities was $7.709 billion for the six months, mainly acquisition payments. Stockholders' equity increased to $4.855 billion, reflecting the 24.25 million shares issued for the acquisition. The company repurchased $921 million of shares in the six months and declared a quarterly dividend of $0.475 per share. The filing describes the company as serving approximately 8 million residential customers and holding about 25 GW of competitive generation, including about 13 GW from the LSP Portfolio. Management also highlights a PJM 2028/2029 Base Residual Auction that cleared at the $325/MW-day cap, with expected capacity revenue of approximately $811 million from its PJM fleet, and the commercial operation of T.H. Wharton in May 2026. The company reported no material changes to its risk factors and concluded that its disclosure controls were effective.

    Aug 4, 2026
  2. 2026-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2026

    NRG Energy, Inc. reported first-quarter 2026 net income of $125 million, down from $750 million a year earlier, and diluted income per share of $0.52 versus $3.61. Revenue rose to $10.256 billion from $8.585 billion, but operating income fell to $328 million from $1.134 billion, largely because cost of operations rose and interest expense increased to $285 million from $163 million. Results include an income tax benefit of $42 million on pre-tax income of $83 million, with an effective tax rate of (50.6)%. The quarter was dominated by the January 30, 2026 acquisition of the LSP Portfolio from LS Power, which added 18 natural gas-fired and dual fuel facilities totaling approximately 13 GW and the CPower demand response platform. Consideration was 24.25 million NRG shares and $6.4 billion in cash, plus $483 million of working capital and other adjustments, for a total preliminary consideration of $10.583 billion. Total assets grew to $40.053 billion from $29.140 billion, goodwill rose to $8.881 billion, and total debt and finance leases reached about $23.2 billion, with the current portion at $3.375 billion. Cash and cash equivalents fell to $178 million from $4.708 billion, and operating cash flow was negative $169 million, compared with $855 million a year earlier. Subsequent to quarter end, NRG issued $2.1 billion of unsecured notes and $500 million of secured notes on April 28, 2026, entered a $900 million incremental term loan, and launched a tender offer for Lightning's 7.250% notes. The company also repurchased shares during the quarter and into April, and the Board has authorized up to $3.0 billion of additional repurchases through 2028.

    May 6, 2026
  3. 2025-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2025

    NRG Energy, Inc.'s Form 10-Q for the quarter ended September 30, 2025 shows third-quarter revenue of $7.64 billion, up from $7.22 billion a year earlier, and net income of $152 million, compared with a net loss of $767 million in the prior-year quarter. For the nine months, revenue was $22.96 billion and net income was $798 million, versus $482 million a year earlier. Operating income for the quarter was $414 million against an operating loss of $812 million in 2024, a comparison distorted by a $1.2 billion year-over-year swing in mark-to-market results for economic hedging activities. Economic gross margin, a non-GAAP measure the company defines, rose to $2.28 billion from $2.15 billion in the quarter. The balance sheet and capital structure changed significantly. Total debt including current portion stood at $12.0 billion at September 30, 2025, and total liquidity excluding counterparty deposits was about $6.5 billion. Management repurchased $971 million of shares in the first nine months, announced an additional $3.0 billion repurchase authorization on October 16, 2025, and raised the annual common dividend to $1.76 per share, with a further increase to $1.90 planned for 2026. Subsequent to quarter-end, on October 8, 2025, NRG issued $3.65 billion of New Unsecured Notes and $1.25 billion of New Secured Notes to help fund the cash portion of the pending LSP Portfolio acquisition. The pending LSP Portfolio acquisition, valued at 24.25 million NRG shares plus $6.4 billion in cash and assumption of about $3.2 billion of debt, is expected to close in the first quarter of 2026, subject to regulatory approvals including HSR, FERC, DOJ and NYSPSC. NRG would owe a $400 million termination fee in certain circumstances. The filing also discloses a $224 million payment in September 2025 for the CPI Security Systems judgment against Vivint Smart Home and a New York Public Service Commission show-cause order concerning retail supplier compliance.

    Nov 6, 2025
  4. 2025-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2025

    NRG Energy, Inc. reported a net loss of $104 million for the three months ended June 30, 2025, compared with net income of $738 million in the same quarter of 2024. Revenue rose to $6.74 billion from $6.66 billion, but cost of operations increased to $5.63 billion from $4.33 billion, driven by a $282 million mark-to-market loss on economic hedging versus a $791 million gain a year earlier. For the six months ended June 30, 2025, net income was $646 million, down from $1.25 billion, and revenue was $15.33 billion. Selling, general and administrative costs rose $163 million in the quarter due to reserves for legal matters, including the Vivint Smart Home CPI Security Systems judgment that the Fourth Circuit upheld on July 22, 2025. The company's principal pending transaction is the anticipated acquisition of a portfolio of natural gas generation and other assets from LS Power (the LSP Portfolio), which includes 13 GW of natural gas-fired generation and a 6 GW commercial and industrial virtual power plant platform. The consideration is 24.25 million NRG shares plus $6.4 billion in cash, with $3.2 billion of debt assumed, and closing is expected in the first quarter of 2026. NRG also entered into a $4.4 billion bridge facility commitment to help fund the cash portion, and would owe a $400 million termination fee in certain circumstances. Other developments in the period include the April 2025 purchase of six Texas gas plants (738 MW) for $560 million, a $1.0 billion incremental Term Loan B, and the July 2025 redemption of the 2048 Convertible Senior Notes. Liquidity, excluding funds deposited by counterparties, was approximately $5.3 billion at June 30, 2025, versus $5.4 billion at December 31, 2024. Cash and cash equivalents fell to $180 million from $966 million. Through July 31, 2025, the company had repurchased $2.84 billion of stock under its $3.7 billion authorization, with $857 million remaining, and the quarterly dividend was $0.44 per share.

    Aug 6, 2025
  5. 2025-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2025

    NRG Energy, Inc. reported net income of $750 million for the quarter ended March 31, 2025, up from $511 million a year earlier, on revenue of $8.585 billion versus $7.429 billion. Operating income rose to $1.134 billion from $872 million. Net income available for common stockholders was $733 million, or $3.61 per diluted share, compared with $2.31 in the prior-year quarter. Management attributed the gross margin increase of $175 million and economic gross margin increase of $266 million largely to Texas and East segment results, and operations and maintenance expense fell $80 million, including a $100 million final property insurance claim for the W.A. Parish outage. Cash provided by operating activities was $855 million versus $267 million, and total liquidity excluding funds deposited by counterparties was $5.2 billion at March 31, 2025. The most significant post-quarter event is the May 12, 2025 definitive agreement to acquire a portfolio from LS Power that includes 13 GW of natural gas-fired generation and a commercial and industrial virtual power plant platform with 6 GW of capacity. Consideration consists of 24.25 million NRG common shares, $6.4 billion in cash and the assumption of $3.2 billion of debt, with closing targeted for the first quarter of 2026 subject to regulatory approvals. A $400 million termination fee applies in specified circumstances. Investors should weigh this transaction's dilution and leverage against the company's continued capital return activity, which included $320 million of share repurchases in the quarter and a 2025 annual dividend increase to $1.76 per share from $1.63. The filing also notes the closing of the April 10, 2025 acquisition of six Texas natural gas facilities totaling 738 MW for $560 million. Risk disclosures highlight the uncertainty of LS Power deal approvals, pending environmental rule challenges, the Vivint Smart Home CPI verdict on appeal, and continued sensitivity of results to natural gas and power prices.

    May 12, 2025
  6. 2024-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2024

    NRG Energy, Inc. reported a net loss of $767 million for the three months ended September 30, 2024, compared with net income of $343 million in the same quarter of 2023, on revenue of $7.22 billion (versus $7.95 billion). For the nine months, net income was $482 million versus a net loss of $684 million a year earlier, with revenue of $21.31 billion. The third-quarter loss was driven by a $1.6 billion mark-to-market loss in operating costs, primarily from decreases in power prices on open economic hedge positions, while the nine-month results benefited from the prior-year mark-to-market swing. Economic gross margin was $2.15 billion for the quarter, up from $2.04 billion, and $5.93 billion for the nine months versus $5.29 billion. The balance sheet showed cash and cash equivalents of $1.10 billion at September 30, 2024, up from $541 million at December 31, 2023, and total long-term debt and finance leases of $10.42 billion. Total stockholders' equity declined to $2.52 billion from $2.91 billion, reflecting share repurchases, dividends, and the net loss. Operating cash flow for the nine months was $1.35 billion, compared with cash used of $462 million a year earlier. The company sold its Airtron business for net proceeds of $484 million, recording a $208 million gain, and repaid $600 million of 3.750% senior secured first lien notes. Subsequent to quarter-end, NRG issued $1.9 billion of senior unsecured notes and a $450 million incremental term loan B on October 30, 2024, used to refinance Vivint debt and redeem its 6.625% senior notes due 2027. The company also raised its quarterly dividend policy to an annual rate of $1.76 per share beginning in 2025, authorized an additional $1.0 billion of share repurchases in October 2024, and reported $2.0 billion remaining under its $3.7 billion repurchase authorization as of October 31, 2024.

    Nov 8, 2024
  7. 2024-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2024

    NRG Energy, Inc. reported second-quarter 2024 net income of $738 million, compared with $308 million in the second quarter of 2023, on revenue of $6.66 billion versus $6.35 billion. For the six months ended June 30, 2024, net income was $1.25 billion (versus a net loss of $1.03 billion in the prior-year period), and operating income was $2.28 billion. Diluted earnings per share were $3.37 for the quarter and $5.68 for the six months. The quarter included a $202 million loss on debt extinguishment tied to repurchases of Convertible Senior Notes, and the six-month period included a $260 million loss on that item. The company reduced debt and returned capital during the period. It repaid $600 million of 3.750% Senior Secured First Lien Notes due 2024, entered an $875 million Term Loan B facility due 2031, and repurchased $343 million principal of Convertible Senior Notes. Cash on hand fell to $376 million at June 30, 2024, from $541 million at year-end 2023, while total liquidity excluding counterparty-deposited funds was $5.3 billion. Total stockholders' equity rose to $3.62 billion from $2.91 billion, and the quarterly common dividend was $0.4075 per share. The company also agreed on August 3, 2024 to sell its Airtron business for $500 million, with closing expected by the end of 2024. The filing describes ongoing legal, regulatory and environmental exposures, including the CPI Security Systems jury verdict against Vivint Smart Home ($50 million compensatory and $140 million punitive damages), a $45 million patent verdict in the Skybell matter, a New York Public Service Commission notice of apparent violation, and EPA rules finalized in May 2024 that could affect coal and gas generation operations. Management states its legal accruals are adequate and that outcomes could differ materially from recorded amounts.

    Aug 8, 2024
  8. 2024-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2024

    NRG Energy, Inc. reported first-quarter 2024 net income of $511 million on revenue of $7.43 billion, compared with a net loss of $1.34 billion on revenue of $7.72 billion in the prior-year quarter. Operating income was $872 million versus an operating loss of $1.54 billion a year earlier, a swing driven largely by mark-to-market results on economic hedges: a $532 million gain in cost of operations in 2024 versus a $2.04 billion loss in 2023. Economic gross margin, a non-GAAP measure the company defines, rose to $1.80 billion from $1.48 billion, and the filing states that gross margin increased $2.7 billion. Diluted earnings per share were $2.31, compared with a loss of $5.82 per share in the first quarter of 2023. The results include Vivint Smart Home, acquired on March 10, 2023, which contributed $468 million of revenue in the quarter. Balance sheet and liquidity show a company actively reducing debt and returning capital. Total long-term debt including current portion was $10.7 billion at March 31, 2024, and management states it intends to spend approximately $500 million on debt reduction in 2024. Total liquidity excluding counterparty-deposited funds was $4.79 billion. The company completed the $950 million accelerated share repurchase program in March 2024, with $1.5 billion remaining under its $2.7 billion authorization. In the first quarter NRG raised its annual common dividend to $1.63 per share from $1.51. Subsequent to quarter end, NRG entered into a new $875 million Term Loan B facility, used in part to repurchase $343 million of principal of its 2048 Convertible Senior Notes for $603 million in cash, including accrued interest. Standard and Poor's affirmed the company's BB issuer rating and revised the outlook to Positive on March 18, 2024. The filing also discloses significant pending litigation. The most notable items are a $140 million punitive damages and $50 million compensatory damages jury verdict against Vivint Smart Home in the CPI Security Systems case, which the company is appealing, and a $45 million patent verdict in the Skybell case, which the company believes is not legally supported. Management also flagged a New York State Public Service Commission notice alleging non-compliance by eight of NRG's retail energy suppliers, which it states could negatively affect its New York retail business. Management reported that disclosure controls were effective as of March 31, 2024.

    May 7, 2024
  9. 2023-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2023

    NRG Energy, Inc. reported third-quarter 2023 results in this Form 10-Q, with a net income of $343 million for the three months ended September 30, 2023, compared with $67 million a year earlier, and a net loss of $684 million for the nine months, versus net income of $2.316 billion in the prior-year period. Revenue for the quarter was $7.946 billion, down from $8.510 billion, while interest expense rose to $173 million from $105 million. The results reflect the March 10, 2023 acquisition of Vivint Smart Home for $2.6 billion in cash, which added $428 million to economic gross margin in the quarter and increased depreciation and amortization and interest expense. Nine-month results were also affected by a $3.5 billion decrease in gross margin, largely from mark-to-market hedging losses tied to lower natural gas and power prices. Balance sheet and capital allocation changed significantly during the period. Goodwill rose to $5.143 billion from $1.650 billion, and long-term debt and finance leases increased to $10.741 billion from $7.976 billion, with current maturities of $920 million. Total stockholders' equity was $3.518 billion at September 30, 2023. The company issued $650 million of 10.25% Series A Preferred Stock and $740 million of 7.000% Senior Secured First Lien Notes due 2033 to help fund the acquisition. Management plans $900 million of debt reduction during 2023, and after the November 1, 2023 closing of the sale of its 44% STP interest for net proceeds of $1.654 billion, it intends to execute a $950 million accelerated share repurchase program. Subsequent events include the closing of the Gregory sale for $102 million, a quarterly dividend of $0.3775 per share declared October 19, 2023, and an October 23, 2023 jury verdict of $45 million against Vivint Smart Home in a patent case, which the company plans to contest. Investors should note the pending CPI Security Systems verdict of $190 million in total damages against Vivint Smart Home, the STP right-of-first-refusal lawsuit, and the standing of S&P's BB issuer rating following its March 2023 downgrade.

    Nov 2, 2023
  10. 2023-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2023

    NRG Energy, Inc. reported a net loss of $1.03 billion for the six months ended June 30, 2023, compared with net income of $2.25 billion a year earlier, while revenue for the six months was $14.07 billion versus $15.18 billion. For the quarter ended June 30, 2023, net income was $308 million (versus $513 million), and revenue was $6.35 billion (versus $7.28 billion). The results reflect the March 10, 2023 acquisition of Vivint Smart Home, which the company paid for at $12 per share, or $2.6 billion in cash, and which contributed $444 million of quarterly revenue and $403 million to economic gross margin. Vivint's amortization also pushed depreciation and amortization to $315 million for the quarter, up from $157 million. Six-month operating results were hurt by a $1.27 billion pre-tax loss, driven largely by a $3.5 billion decrease in mark-to-market results in the East segment and a $893 million unrealized loss on open economic hedges, per the filing. Balance sheet and liquidity changed substantially. Total assets were $28.99 billion at June 30, 2023, and total liabilities were $25.66 billion. Long-term debt and finance leases rose to $10.74 billion from $7.98 billion, and the company issued $650 million of 10.25% Series A Preferred Stock and $740 million of 7.000% senior secured first lien notes due 2033 to help fund the acquisition. Total liquidity excluding funds deposited by counterparties was approximately $4.5 billion, up from $2.8 billion at December 31, 2022. Operating cash flow was negative $1.03 billion for the six months, compared with positive $3.19 billion a year earlier, mainly due to changes in collateral deposits tied to risk management. Capital allocation and strategic items include a pending sale of its 44% equity interest in the South Texas Project to Constellation Energy Generation for $1.75 billion, expected to close by the end of 2023, and a revised policy to return approximately 80% of cash available for allocation after debt reduction to shareholders. The share repurchase authorization was raised to $2.7 billion through 2025, the annual dividend was increased to $1.51 per share, and the company plans to reduce debt by $900 million during 2023. The filing also discloses ongoing litigation, including a CPI Security Systems jury verdict against Vivint Smart Home of $50 million compensatory and $140 million punitive damages, and a July 2023 lawsuit by CPS and Austin Energy claiming a right of first refusal on the STP sale.

    Aug 8, 2023
  11. 2023-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2023

    NRG Energy, Inc. reported a net loss of $1.335 billion for the three months ended March 31, 2023, compared with net income of $1.736 billion in the same period of 2022. Operating loss was $1.544 billion versus operating income of $2.425 billion a year earlier, driven primarily by a $2.035 billion mark-to-market loss in cost of operations on economic hedges as commodity prices fell. Total revenue was $7.722 billion, down from $7.896 billion. Economic gross margin rose to $1.477 billion from $1.257 billion, a figure the company describes as a non-GAAP measure, and gross margin fell $4.0 billion to a loss of $776 million. The quarter was dominated by the Vivint Smart Home acquisition, which closed March 10, 2023 for $12 per share, or $2.609 billion in cash. NRG funded the deal with $740 million of 7.000% senior secured first lien notes due 2033, $650 million of 10.25% Series A preferred stock, about $900 million drawn from its revolving and receivables facilities, and cash on hand. The acquisition added $3.692 billion of goodwill and $2.500 billion of intangible assets, and total goodwill rose to $5.343 billion. Long-term debt and finance leases increased to $11.332 billion non-current, with current maturities of $971 million, and total stockholders' equity fell to $3.080 billion from $3.828 billion. Liquidity, excluding funds deposited by counterparties, was $3.533 billion at March 31, 2023, up from $2.794 billion at December 31, 2022. Operating cash flow was negative $1.598 billion, mainly reflecting a $3.419 billion change in cash collateral tied to risk management. Standard and Poor's downgraded NRG's issuer credit rating to BB with a Stable outlook on March 1, 2023, while Moody's and Fitch ratings were unchanged. The filing also discloses a CPI Security Systems jury verdict against Vivint for $50 million in compensatory damages and $140 million in punitive damages, which Vivint plans to contest.

    May 4, 2023
  12. 2022-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2022

    NRG Energy, Inc. reported third-quarter 2022 revenue of $8.51 billion, up from $6.61 billion a year earlier, but net income fell to $67 million from $1.618 billion, and operating income dropped to $156 million from $2.319 billion. Diluted income per share was $0.29 versus $6.60. Cost of operations rose to $7.802 billion from $3.692 billion, and the filing states that gross margin decreased $2.1 billion. Economic gross margin decreased $255 million, and the decline in net income largely reflects the prior-year period, which included Winter Storm Uri effects and a $1.8 billion gain in operating costs and expenses from economic hedge positions. For the nine months, net income was $2.316 billion versus $2.614 billion, and cash provided by operating activities was $1.758 billion versus $1.855 billion. The balance sheet expanded considerably. Total assets rose to $32.243 billion from $23.182 billion at December 31, 2021, driven largely by derivative instruments and funds deposited by counterparties of $3.134 billion, up from $845 million. Total stockholders' equity increased to $5.130 billion from $3.600 billion. The filing states total liquidity excluding counterparty deposits of approximately $2.8 billion. The company repurchased $489 million of shares during the nine months at an average price of $40.07, and the board approved an additional $600 million repurchase authorization in October 2022. Operationally, the filing highlights the planned retirement of the Joliet generating facility in May 2023, with impairments of $20 million on PJM generating assets and $130 million on Midwest Generation goodwill. W.A. Parish Unit 8 has been offline since May 2022, with a return to service targeted by the end of the second quarter of 2023. NRG received $689 million of ERCOT Winter Storm Uri uplift securitization proceeds in June 2022, and it agreed to sell land at the Astoria site for initial proceeds of $212 million, with the facility scheduled to retire April 30, 2023.

    Nov 7, 2022
  13. 2022-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2022

    NRG Energy, Inc. reported second-quarter 2022 net income of $513 million, or $2.16 per share, compared with $1,078 million, or $4.40 per share, in the second quarter of 2021. Revenue rose to $7.28 billion from $5.24 billion, driven by higher retail revenue of $6.95 billion, while cost of operations increased to $5.89 billion. For the six months ended June 30, 2022, net income was $2.25 billion ($9.37 per share) versus $996 million ($4.07 per share) a year earlier, and cash provided by operating activities was $3.19 billion compared with $377 million. The six-month comparison was also affected by Winter Storm Uri in 2021, which drove a $600 million decrease in the provision for credit losses and a $1.2 billion Texas other revenue figure in the prior-year period. Balance sheet activity was significant during the quarter. Total assets increased to $34.34 billion from $23.18 billion at year-end 2021, largely reflecting higher derivative instruments and funds deposited by counterparties of $3.97 billion, which are offset by an equal cash collateral liability. Management reported total liquidity, excluding funds deposited by counterparties, of approximately $3.1 billion. The company received $689 million of Winter Storm Uri uplift securitization proceeds from ERCOT in June 2022, and it repurchased $361 million of common stock during the first half of 2022. Operationally, the company recorded impairment losses of $155 million tied to PJM asset values and the planned retirement of the Joliet generating facility in May 2023. W.A. Parish Unit 8 is offline after steam turbine damage and is targeted to return to service by the end of the second quarter of 2023. The company also raised its annual dividend to $1.40 per share from $1.30 and sold its 49% interest in the Watson natural gas facility for $59 million.

    Aug 4, 2022
  14. 2022-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2022

    NRG Energy, Inc. reported first-quarter 2022 net income of $1.736 billion, or $7.17 per basic and diluted share, compared with a net loss of $82 million, or $(0.33) per share, in the first quarter of 2021. Revenue was $7.896 billion versus $8.091 billion a year earlier. Operating income was $2.425 billion versus an operating loss of $56 million, largely reflecting the absence of the Winter Storm Uri impacts that depressed 2021 results, including a $586 million decrease in the provision for credit losses. Gross margin rose $1.9 billion and economic gross margin rose $317 million, with the mark-to-market gain for economic hedging activities of $2.4 billion in cost of operations driven by higher natural gas and power prices. Cash provided by operating activities was $1.676 billion, and total liquidity excluding funds deposited by counterparties was approximately $2.9 billion at March 31, 2022. The balance sheet reflects significant collateral and hedge activity: funds deposited by counterparties rose to $2.570 billion from $845 million, and derivative assets increased to $9.089 billion current and $3.561 billion non-current. Total stockholders' equity increased to $5.030 billion from $3.600 billion, supported by the net income and the adoption of ASU 2020-06. The company increased its annual dividend to $1.40 per share from $1.30, and repurchased $187 million of shares in the quarter under a $1 billion authorization. The company expects to receive $689 million of Uplift Securitization proceeds from ERCOT in the second quarter of 2022. The filing also flags continuing legal and regulatory exposures, including Winter Storm Uri lawsuits (161 cases against the company as a generator and 27 as a retail electric provider), ongoing Brazos bankruptcy proceedings affecting NRG's ERCOT receivables, and a planned retirement of approximately 1,600 MW of PJM coal assets with a cost-based RMR filing for Indian River Unit 4. The company reported no material adverse COVID-19 impact on results for the period.

    May 6, 2022
  15. 2021-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2021

    NRG Energy, Inc. reported a sharply higher third quarter of 2021, with net income of $1,618 million for the three months ended September 30, 2021, versus $249 million a year earlier, and total operating revenues of $6,609 million versus $2,809 million. For the nine months, net income was $2,614 million versus $683 million, and total operating revenues were $19,943 million versus $7,066 million. The results reflect the January 5, 2021 acquisition of Direct Energy, which contributed revenue of $3,599 million and income before income taxes of $2,010 million in the quarter. The nine-month results were heavily affected by Winter Storm Uri in February 2021, which the filing states reduced loss before income taxes by $1.1 billion, including a $638 million increase in provision for credit losses and total gross margin impact of $(401) million. The balance sheet expanded substantially following the acquisition. Total assets rose to $27,965 million at September 30, 2021 from $14,902 million at December 31, 2020, while total liabilities rose to $23,887 million from $13,222 million. Cash and cash equivalents fell to $259 million from $3,905 million, and total liquidity excluding funds deposited by counterparties was $3.3 billion compared with $7.0 billion at year-end 2020. Long-term debt and finance leases were $7,957 million plus $504 million current. During the period NRG issued $1.1 billion of 3.875% senior notes due 2032 and redeemed $1,355 million of senior notes, with a $57 million loss on debt extinguishment. NRG also agreed to sell approximately 4,850 MW of fossil generation assets to Generation Bridge for $760 million, with closing expected by the end of 2021 subject to approvals including the NYPSC. The company sold its 35% interest in Agua Caliente for $202 million in February 2021, and recorded impairment losses of $306 million for the nine months, mainly related to PJM coal assets. Quarterly dividends were $0.325 per share, and the company stated its 2022 annual dividend will increase 8% to $1.40 per share.

    Nov 4, 2021
  16. 2021-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2021

    NRG Energy, Inc. reported net income of $1,078 million for the three months ended June 30, 2021, compared with $313 million in the same period of 2020, on total operating revenues of $5,243 million versus $2,238 million. Diluted income per share was $4.40 for the quarter, versus $1.27 a year earlier. For the six months, net income was $996 million and diluted income per share was $4.07, compared with $434 million and $1.76. The results reflect the January 5, 2021 acquisition of Direct Energy, which contributed revenue of $2,958 million in the second quarter, and the impact of Winter Storm Uri in February 2021. For the six months, the filing states that Winter Storm Uri's financial impact to loss before income taxes was a loss of $1 billion, including a $606 million increase in the provision for credit losses. The quarter also included $306 million of impairment losses tied to the decline in PJM capacity prices and the planned retirement of a significant portion of the PJM coal fleet by June 2022. Cash and cash equivalents fell to $361 million at June 30, 2021 from $3,905 million at December 31, 2020, largely because of the $3.625 billion Direct Energy purchase price paid in cash. Total liquidity, excluding funds deposited by counterparties, was $3.3 billion, compared with $7.0 billion at year-end 2020. Total assets rose to $21,619 million from $14,902 million, and total stockholders' equity increased to $2,544 million from $1,680 million. Looking ahead, NRG has agreed to sell approximately 4,850 MW of fossil generating assets to Generation Bridge for $760 million, with closing expected by the end of 2021 subject to approvals including FERC and NYPSC. The Company stated that its deleveraging program will now extend to 2023 in light of Winter Storm Uri, and it expects annual synergies from the Direct Energy acquisition of $135 million in 2021, $225 million in 2022 and $300 million in 2023. The Company also disclosed a $403 million counterparty nonperformance exposure from a bilateral financial hedge during Winter Storm Uri, which was fully recorded as a provision for credit losses, and an ERCOT default-related short-pay balance it expects to recover through legislated securitization.

    Aug 5, 2021
  17. 2021-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2021

    NRG Energy, Inc. reported a net loss of $82 million for the three months ended March 31, 2021, compared with net income of $121 million in the same period of 2020, with total operating revenues of $8.09 billion versus $2.02 billion. The results were driven primarily by Winter Storm Uri in February 2021, which the company says had a financial impact of a $967 million loss before income taxes, including a $361 million reduction in gross margin and a $585 million increase in the provision for credit losses. Results also reflect the acquisition of Direct Energy, which closed on January 5, 2021 for an aggregate purchase price of $3.625 billion in cash, adding over 3 million retail customers and contributing $4.16 billion of revenue in the quarter. Balance sheet and liquidity moved sharply. Cash and cash equivalents fell to $501 million from $3.905 billion at December 31, 2020, largely reflecting the Direct Energy payment, and total liquidity excluding funds deposited by counterparties was $3.2 billion versus $7.0 billion at year-end. Total assets rose to $19.24 billion and long-term debt including current portion reached $9.6 billion. Net cash used by operating activities was $917 million, driven by a $1.06 billion increase in accounts receivable tied to the storm. Standard & Poor's placed the BB+ issuer rating on CreditWatch with negative implications following the storm, and the company says its debt reduction program will extend into 2022. NRG also agreed on February 28, 2021 to sell approximately 4,850 MW of fossil generation assets to Generation Bridge for $760 million, with closing expected in the fourth quarter of 2021 subject to regulatory and antitrust approvals. The company closed the sale of its 35% interest in Agua Caliente for $202 million in February 2021, and raised its annual dividend to $1.30 per share from $1.20.

    May 6, 2021
  18. 2020-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2020

    NRG Energy, Inc. reported third-quarter 2020 operating revenues of $2.81 billion, down from $2.996 billion a year earlier, and net income attributable to NRG of $249 million versus $372 million. For the nine months ended September 30, 2020, net income attributable to NRG was $683 million, compared with $1.055 billion in the 2019 period, which included $399 million from discontinued operations. Operating income for the nine months rose to $1.121 billion from $1.081 billion. Diluted EPS was $1.02 for the quarter and $2.77 for the nine months, with the 2019 nine-month figure of $3.94 including discontinued operations. The company's most significant pending event is the agreement, signed July 24, 2020, to acquire Direct Energy from Centrica for $3.625 billion in cash, targeted to close by December 31, 2020. NRG expects to fund it with cash on hand and about $3 billion of new secured and unsecured corporate debt, and to increase its collateral facilities by $3.5 billion. Before the close, NRG amended its revolving credit facility, established a $750 million receivables facility, and entered into $1.6 billion of interest rate hedges. Total liquidity, excluding funds deposited by counterparties, was $3.5 billion at September 30, 2020, up from $2.1 billion at December 31, 2019. Capital returns continued during the period. Dividends were raised to $1.20 annually from $0.12, with a quarterly payment of $0.30 per share, and NRG repurchased $224 million of shares in the nine months. The filing also notes COVID-19 and its uncertain effects, a $29 million impairment tied to the held-for-sale Home Solar business, and an $18 million impairment on the Petra Nova equity investment. Management states COVID-19 has not had a material adverse impact on 2020 results to date.

    Nov 5, 2020
  19. 2020-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2020

    NRG Energy, Inc.'s second-quarter 2020 10-Q reports operating revenues of $2,238 million for the three months ended June 30, 2020, down from $2,465 million a year earlier, while net income attributable to NRG rose to $313 million from $201 million. Operating income increased to $484 million from $320 million. For the six months, net income attributable to NRG was $434 million, compared with $683 million in 2019, which included $401 million of income from discontinued operations. Income from continuing operations rose to $434 million from $283 million. Diluted earnings per share were $1.27 for the quarter, versus $0.75 a year earlier. The filing states that COVID-19 had no material adverse impact on 2020 results for the six months, and NRG reports total available liquidity of $2.2 billion. The most significant event for investors is the July 24, 2020 definitive agreement to acquire Direct Energy, a North American subsidiary of Centrica plc, for $3.6 billion in cash, subject to adjustments. The company expects to fund the purchase with cash on hand, about $2.4 billion of new secured and unsecured corporate debt, and about $750 million of convertible preferred stock or other equity-linked instruments, and to increase collateral facilities by $3.5 billion. The acquisition is targeted to close by December 31, 2020, subject to Centrica shareholder approval and regulatory approvals, and NRG would owe Centrica a $180 million termination fee in certain antitrust-related scenarios. During the six months, NRG repurchased $224 million of shares at an average price of $33.05 per share and paid quarterly dividends of $0.30 per share. Long-term debt stood at $5,810 million at June 30, 2020, and total stockholders' equity was $1,750 million. S&P upgraded NRG's issuer credit rating to BB+ on July 24, 2020.

    Aug 6, 2020
  20. 2020-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2020

    NRG Energy, Inc.'s first-quarter 2020 Form 10-Q reports operating revenues of $2,019 million, down from $2,165 million in the first quarter of 2019, and net income of $121 million, compared with $482 million a year earlier. The prior-year figure included $388 million of income from discontinued operations, tied to the sales of the South Central Portfolio and Carlsbad. Income from continuing operations rose to $121 million from $94 million, helped by lower interest expense ($98 million versus $114 million) and lower cost of operations ($1,457 million versus $1,651 million). Diluted EPS was $0.49, versus $1.72 a year earlier. Operating income was $244 million, up from $221 million. The company changed its reportable segments to Texas, East and West/Other in the first quarter of 2020. Cash and cash equivalents rose to $759 million from $345 million at year-end 2019, while revolver borrowings increased to $635 million from $83 million. Management said that, as a precaution amid COVID-19 market conditions, it drew on the Revolving Credit Facility to increase cash on hand. Total liquidity, excluding funds deposited by counterparties, was $1,950 million at March 31, 2020, and management stated it has sufficient liquidity to continue operations. Operating cash flow was $208 million, compared with negative $91 million in the prior-year quarter. Total stockholders' equity fell to $1,536 million from $1,658 million. NRG raised its annual dividend to $1.20 per share from $0.12, and it repurchased $177 million of shares during the quarter. The company said it cannot reasonably estimate the full effect of COVID-19 on its results, financial position and liquidity, and it reported no material adverse impact on first-quarter results. It also impaired its Petra Nova equity investment by $18 million, citing lower oil prices.

    May 7, 2020
  21. 2019-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2019

    NRG Energy, Inc. reported third-quarter 2019 operating revenues of $2.996 billion, up from $2.960 billion a year earlier, and operating income of $540 million versus $398 million. Net income attributable to NRG Energy, Inc. was $372 million, compared with a net loss of $72 million in the prior-year quarter, though the swing is largely driven by discontinued operations, which were a loss of $2 million in Q3 2019 versus a $336 million loss in Q3 2018. For the nine months, net income attributable to NRG was $1.055 billion, including $399 million of income from discontinued operations, mainly tied to the February 2019 sale of the South Central Portfolio and the Carlsbad project. Income from continuing operations rose to $657 million for the nine months from $553 million. Q3 results also included a $107 million impairment on investments, primarily related to Petra Nova, and interest expense fell to $99 million from $122 million. Balance sheet and liquidity moved significantly. Cash and cash equivalents declined to $243 million from $563 million at year-end 2018, and total liquidity excluding funds deposited by counterparties was about $1.5 billion versus $2.0 billion. Long-term debt and finance leases fell to $5.798 billion from $6.449 billion, reflecting refinancing actions in May 2019 and the repayment of the 2023 Term Loan Facility. Total stockholders' equity was a deficit of $1.571 billion. The company repurchased 33.2 million shares during the nine months for $1.288 billion, and the Stream Energy retail acquisition closed on August 1, 2019 for $329 million. Management also disclosed that a valuation allowance release of a significant portion of its $3.6 billion domestic deferred tax asset valuation allowance is reasonably possible within the next three months, which would materially increase net income. Operationally, Retail and Generation segment results were shaped by Texas market conditions. Average on-peak ERCOT prices rose sharply in Q3 2019, and average realized Texas power prices increased 26% for the quarter, while East/West prices declined. The company reported approximately 23,000 MW of generation as of September 30, 2019, and announced a 2020 annual dividend increase to $1.20 per share.

    Nov 7, 2019
  22. 2019-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2019

    NRG Energy, Inc. reported second-quarter 2019 operating revenues of $2,465 million, up from $2,461 million a year earlier, and net income attributable to NRG Energy, Inc. of $201 million versus $72 million in the prior-year quarter. Operating income rose to $320 million from $174 million. For the six months, net income attributable to NRG was $683 million, boosted by $401 million of income from discontinued operations, which mainly reflects the sale of the South Central Portfolio to Cleco (closed February 4, 2019) and the Carlsbad project and NRG Yield/Renewables Platform disposals. Income from continuing operations for the six months was $283 million, compared with $265 million in 2018. The balance sheet shows total assets of $9,171 million and total stockholders' equity of negative $1,648 million at June 30, 2019, versus negative $1,234 million at December 31, 2018. Cash and cash equivalents fell to $294 million from $563 million. Long-term debt and capital leases were $5,794 million, down from $6,449 million, after NRG issued $733 million of 5.25% senior notes due 2029, issued $1.1 billion of senior secured first lien notes, and repaid the $1.7 billion 2023 Term Loan Facility. Share repurchases totaled $1,054 million in the first six months, and through August 7, 2019 the company had completed $1.25 billion of repurchases in total. Management highlighted its Transformation Plan, which targets $1,065 million of recurring cost savings and margin enhancement, and noted that a significant portion of the plan was completed in 2018. The filing also discloses a possible release of a significant portion of the domestic valuation allowance on deferred tax assets within the next six months, which would result in a material increase to net income. Regulatory and legal matters include a preliminary FERC finding related to ISO-NE Forward Capacity Auction offers and PG&E's bankruptcy, which creates uncertainty for the Agua Caliente and Ivanpah projects.

    Aug 7, 2019
  23. 2019-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2019

    NRG Energy, Inc. reported first-quarter 2019 net income attributable to NRG of $482 million, compared with $279 million in the first quarter of 2018. The result was driven mainly by $388 million of income from discontinued operations, which reflects the February 2019 sale of the South Central Portfolio and the Carlsbad project's disposal. Income from continuing operations fell to $94 million from $238 million, as operating income declined to $221 million from $361 million. Total operating revenues rose to $2,165 million from $2,065 million, while cost of operations increased to $1,651 million from $1,385 million. The balance sheet shows total assets of $9.53 billion at March 31, 2019, down from $10.63 billion at year-end 2018, reflecting the asset sales. Cash and cash equivalents increased to $859 million from $563 million. Total stockholders' equity was negative $1.54 billion, versus negative $1.23 billion at December 31, 2018, as share repurchases of $749 million in the quarter outpaced earnings. Net cash used by operating activities was $127 million, while investing activities provided $1.20 billion, largely from $1.31 billion of asset sale proceeds. Liquidity, excluding collateral received, was approximately $2.7 billion at March 31, 2019, compared with $2.0 billion at December 31, 2018. Management reported that the company achieved its planned 3.0x net debt to adjusted EBITDA credit ratio as of December 31, 2018, and that it is executing its Transformation Plan, expecting to realize $590 million of cost savings in 2019. The company also disclosed pending regulatory matters, including a FERC preliminary finding related to ISO-NE capacity auction offers, an ongoing South Central investigation at FERC, and the PG&E bankruptcy's effect on the Agua Caliente and Ivanpah projects.

    May 2, 2019
  24. 2018-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2018

    NRG Energy, Inc. reported a net loss attributable to common stockholders of $72 million for the third quarter of 2018, compared with net income of $171 million in the third quarter of 2017, and net income attributable to common stockholders of $280 million for the nine months ended September 30, 2018, versus a net loss of $619 million a year earlier. The results were heavily affected by discontinued operations: the August 31, 2018 sale of NRG Yield, Inc. and its Renewables Platform to Global Infrastructure Partners for $1.348 billion in cash produced a $354 million loss from discontinued operations in the quarter, including a $153 million California property tax indemnification. Continuing operations were stronger, with income from continuing operations rising to $306 million in the quarter from $185 million, and total operating revenues increasing to $3.061 billion from $2.740 billion. The balance sheet and capital structure changed materially. Total assets fell to $11.45 billion from $23.55 billion at December 31, 2017, reflecting the deconsolidation of NRG Yield and the Renewables Platform, Ivanpah and Agua Caliente. Long-term debt and capital leases declined to $6.658 billion from $9.180 billion, and total stockholders' equity moved to a deficit of $936 million from equity of $1.968 billion. The company completed its $1 billion share repurchase program during the period, issued $575 million of 2.75% convertible senior notes due 2048, and reported completing a targeted $640 million debt reduction. Management continues to execute its Transformation Plan, with the South Central business sale expected to close in the fourth quarter of 2018 for $1.0 billion and the Carlsbad sale expected in the first quarter of 2019. Investors should also note the GenOn bankruptcy-related settlement, which included a $125 million net payment to GenOn in July 2018, and the filing of the REMA subsidiaries under Chapter 11 on October 16, 2018. Management states that it expects the Transformation Plan to be fully implemented by the end of 2020, and that its liquidity, excluding collateral received, was approximately $2.8 billion at September 30, 2018.

    Nov 8, 2018
  25. 2018-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2018

    NRG Energy, Inc. reported second-quarter 2018 results in its Form 10-Q filed August 2, 2018. Operating revenues for the three months ended June 30, 2018 were $2.92 billion, up from $2.70 billion a year earlier, and operating income was $334 million versus $339 million. Net income attributable to NRG Energy, Inc. was $72 million, compared with a net loss of $626 million in the prior-year quarter, which included losses from discontinued GenOn operations. For the six months, net income attributable to NRG was $351 million versus a loss of $790 million, and diluted earnings per share were $1.10. The company is executing a Transformation Plan aimed at cost savings, portfolio optimization and debt reduction. Key steps include agreements to sell NRG's interest in NRG Yield, Inc. and its renewables platform for $1.375 billion and the South Central business for $1.0 billion, both expected to close in the second half of 2018. NRG also completed the XOOM Energy acquisition for approximately $219 million in cash on June 1, 2018, issued $575 million of 2.75% convertible senior notes due 2048, and repurchased $500 million of common stock, completing its first $500 million share repurchase program. Total debt and capital leases stood at $15.77 billion at June 30, 2018 (current $952 million plus long-term $14.82 billion), and total liquidity excluding collateral received was approximately $2.5 billion, down from $3.2 billion at year-end 2017. The company also disclosed an August 1, 2018 notice to redeem $486 million of its 6.25% Senior Notes due 2022 and a pending GenOn Settlement that was consummated effective July 16, 2018.

    Aug 2, 2018
  26. 2018-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2018

    NRG Energy, Inc. reported first-quarter 2018 operating revenues of $2.42 billion, up from $2.38 billion a year earlier, and net income attributable to NRG Energy, Inc. of $279 million, or $0.87 per diluted share, compared with a net loss of $163 million in the prior-year period. Operating income rose to $406 million from $36 million, driven largely by a $302 million unrealized gain on economic hedges recorded in cost of operations, while cost of operations fell to $1.56 billion from $1.86 billion. Interest expense declined to $167 million from $225 million. Results reflect the deconsolidation of GenOn, which was presented as discontinued operations after its June 14, 2017 Chapter 11 filings. Total liquidity excluding collateral received was approximately $2.8 billion at March 31, 2018, down from $3.2 billion at December 31, 2017. The company is executing its Transformation Plan and, on February 6, 2018, announced agreements to sell its interest in NRG Yield, Inc. and its renewables platform for $1.375 billion and its South Central business for $1.0 billion, both expected to close in the second half of 2018. Other pending transactions include the sale of BETM for $70 million, the sale of Carlsbad for $365 million to NRG Yield, and the acquisition of XOOM Energy for approximately $204 million in cash. In March 2018 the board authorized up to $1 billion of share repurchases, and the company repurchased 3,114,748 shares for approximately $93 million. Long-term debt and capital leases stood at $16.6 billion including current maturities at March 31, 2018, and total stockholders' equity rose to $2.26 billion from $1.97 billion. Operating cash flow was $357 million for the quarter, compared with a use of $67 million a year earlier. The filing also describes ongoing litigation involving GenOn, Midwest Generation asbestos and New Source Review matters, and pending regulatory proceedings in PJM, ISO-NE and New York.

    May 3, 2018
  27. 2017-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2017

    NRG Energy, Inc. reported a third quarter 2017 net income attributable to NRG Energy, Inc. of $171 million, compared with $402 million in the third quarter of 2016, and a net loss attributable to NRG of $619 million for the nine months ended September 30, 2017, versus net income of $213 million a year earlier. The nine-month loss was driven mainly by discontinued operations, where the deconsolidation of GenOn (after its June 14, 2017 Chapter 11 filings) produced a $802 million loss from discontinued operations, net of tax. Total operating revenues were $3.05 billion for the quarter and $8.13 billion for the nine months, both down from the prior year, and cash provided by operating activities was $806 million for the nine months versus $1.74 billion in 2016. Management launched a three-part Transformation Plan on July 12, 2017, targeting $1,065 million of recurring cost savings and margin enhancement, up to $4.0 billion of asset sale net cash proceeds, and a reduction in consolidated debt from approximately $19.5 billion to approximately $6.5 billion by 2020. Liquidity, excluding collateral received, was about $3.4 billion at September 30, 2017, up from $2.4 billion at December 31, 2016. Recent steps include the October 16, 2017 redemption of $630 million of senior notes and a November 1, 2017 sale of a 38 MW solar portfolio to NRG Yield, Inc. for $71 million. The GenOn bankruptcy remains the central uncertainty. The filing describes a Restructuring Support Agreement under which NRG will pay settlement consideration of $261.3 million to GenOn, retain GenOn's pension liability (about $106 million), and provide shared services. The filing states that there is no assurance the plan will be approved or implemented, and that NRG expects significant asset impairments in the fourth quarter of 2017 due to lower long-term merchant power price views.

    Nov 2, 2017
  28. 2017-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2017

    NRG Energy, Inc. reported a net loss of $642 million for the second quarter of 2017 (versus a net loss of $276 million in the second quarter of 2016) and a six-month net loss of $845 million. The results are dominated by the deconsolidation of GenOn Energy, Inc. and its subsidiaries following their June 14, 2017 Chapter 11 filings. GenOn is now reported as a discontinued operation, producing a $741 million quarterly loss from discontinued operations that includes a $208 million pre-tax loss on deconsolidation, $289 million of settlement consideration and services credit, and a $119 million pension liability assumption. Excluding discontinued operations, income from continuing operations for the quarter was $99 million, compared with a loss of $163 million a year earlier. Operating revenues rose to $2.70 billion from $2.25 billion, driven largely by mark-to-market gains on economic hedges. NRG also announced its three-year Transformation Plan on July 12, 2017. The plan targets $1,065 million of recurring cost savings and margin enhancement, $2.5 to $4.0 billion of asset sale net cash proceeds, and a reduction in consolidated debt from approximately $19.5 billion to approximately $6.5 billion. Total liquidity, excluding collateral received, was $2.72 billion at June 30, 2017, and total long-term debt and capital leases stood at $17.13 billion including current maturities. Total assets fell to $25.21 billion from $30.68 billion at year-end 2016, reflecting the GenOn deconsolidation. Investors should weigh the continuing-operations improvement against the significant uncertainty around the GenOn bankruptcy, which depends on Bankruptcy Court approval of a plan under a Restructuring Support Agreement. The filing also discloses pending litigation, including a Noteholders' lawsuit tied to the Services Agreement, and regulatory matters affecting the PJM, New York and Illinois markets.

    Aug 3, 2017
  29. 2017-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2017

    NRG Energy, Inc. reported a first-quarter 2017 net loss attributable to NRG Energy, Inc. of $163 million, or $(0.52) per share, compared with net income of $82 million, or $0.24 per share, in the first quarter of 2016. Total operating revenues were $2,759 million versus $3,229 million a year earlier, and operating income fell to $47 million from $476 million. The company cited lower average realized prices in Texas, lower East region capacity prices, and weak wind and solar output at NRG Yield as drivers of lower gross margin. Interest expense declined to $269 million from $284 million, and the effective tax rate was 1.9%, compared with 30.9% a year earlier. Liquidity and balance sheet pressures are the central investor issues. Total liquidity, excluding collateral received, was approximately $3.3 billion at March 31, 2017, down from $3.6 billion at December 31, 2016. Cash and cash equivalents fell to $1,513 million from $1,973 million, and net cash used by operating activities was $68 million, compared with $554 million provided in the prior-year quarter. Total long-term debt and capital leases stood at $17,672 million non-current plus $1,688 million current. Total stockholders' equity declined to $4,013 million from $4,446 million. The most significant risk disclosed is at GenOn Energy, Inc., a subsidiary whose auditors' going-concern doubt is described in the filing. GenOn has $691 million of senior notes maturing June 15, 2017, and the filing states that it is not expected to have sufficient liquidity to repay them absent a settlement, refinancing, asset sales or a possible Chapter 11 filing. NRG states it has no obligation to provide financial support to GenOn beyond its secured intercompany revolving credit agreement, under which $214 million was available at March 31, 2017, and notes that any resolution may have a material impact on NRG's results and financial position.

    May 2, 2017
  30. 2016-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2016

    NRG Energy, Inc. reported third-quarter 2016 net income attributable to NRG Energy, Inc. of $402 million, or $1.27 per diluted share, compared with $66 million, or $0.18 per diluted share, in the third quarter of 2015. Operating revenues fell to $3.95 billion from $4.43 billion, and operating income rose to $755 million from $379 million, largely due to a $266 million gain on sale of assets (primarily the Aurora generating station and Potrero real property) and lower impairment losses. For the nine months, net income attributable to NRG was $213 million, versus a loss of $68 million in the prior-year period, and revenues were $9.82 billion versus $11.66 billion. The balance sheet shows cash and cash equivalents of $2.44 billion at September 30, 2016, up from $1.52 billion at December 31, 2015, and total liquidity excluding collateral of approximately $4.3 billion. Long-term debt and capital leases totaled $18.0 billion non-current plus $1.2 billion current. The company issued $1.0 billion of 7.25% senior notes due 2026 and $1.25 billion of 6.625% senior notes due 2027, repurchased $2.6 billion of senior notes in the open market, refinanced its senior credit facility into the $1.9 billion 2016 Term Loan Facility and $2.5 billion revolver, and repurchased its 2.822% preferred stock for $226 million. Common dividends were reduced to $0.03 per quarter. The filing highlights material risk at GenOn Energy, Inc., which has $703 million of senior notes due June 15, 2017 and states there is no assurance GenOn will continue as a going concern; the filing notes GenOn's possible Chapter 11 filing could have a material impact on NRG. Other items include ongoing litigation, a $1.2 billion-scale environmental and regulatory exposure described in the notes, and a 2016 capital allocation program focused on debt reduction and growth investments.

    Nov 4, 2016
  31. 2016-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2016

    NRG Energy, Inc. reported a net loss attributable to NRG Energy, Inc. of $271 million for the three months ended June 30, 2016, compared with a net loss of $14 million in the prior-year quarter, and a net loss attributable to NRG Energy, Inc. of $189 million for the six months ended June 30, 2016. Operating revenues were $2,638 million for the quarter, down from $3,400 million, and $5,867 million for the six months, down from $7,229 million. Results were weighed down by $115 million of impairment losses in the quarter, an $83 million loss on the sale of a majority interest in EVgo, and an $80 million loss on debt extinguishment, while the company's Retail Mass segment gross margin rose $262 million on mark-to-market effects. Cash and cash equivalents were $1,389 million at June 30, 2016, and total liquidity excluding collateral received was approximately $3.1 billion. The balance sheet reflects total debt of $19.3 billion in carrying amount and a major refinancing program. NRG repurchased $1.3 billion of senior notes during the first half, issued $1.0 billion of 7.25% senior notes due 2026 in May, replaced its Senior Credit Facility with a $1.9 billion term loan and $2.5 billion revolver on June 30, 2016, and issued $1.25 billion of 6.625% senior notes due 2027 on August 2, 2016. NRG also repurchased its 2.822% preferred stock for $226 million, recognizing a $78 million gain on redemption. The company's 2016 Capital Allocation Program prioritizes debt reduction and a reduced common dividend of $0.12 per share annualized. The filing highlights significant risk at GenOn Energy, Inc., NRG's subsidiary. GenOn has $707 million of senior unsecured notes due June 15, 2017 classified as current, is not expected to have sufficient liquidity to repay them, and the filing states there is no assurance GenOn will continue as a going concern. GenOn is considering options including creditor negotiations, refinancing, asset sales, and a possible Chapter 11 filing, and the Company states any resolution may have a material impact on its financial position. Asset sales, including Aurora and Rockford in July 2016, provided additional proceeds.

    Aug 9, 2016
  32. 2016-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2016

    NRG Energy, Inc. reported first-quarter 2016 net income attributable to NRG Energy, Inc. of $82 million, compared with a net loss of $120 million in the first quarter of 2015. Total operating revenues were $3,229 million, down from $3,829 million, a decline the filing shows as (16)%. Energy revenue fell (31)% and retail revenue fell (18)%. Operating income rose to $476 million from $76 million, driven mainly by a $313 million increase in net mark-to-market results for economic hedging activities and lower operating costs, partly offset by a $146 million impairment loss on investments, primarily a $140 million other-than-temporary impairment on the company's 50% interest in Petra Nova Parish Holdings. Diluted earnings were $0.24 per share versus a $(0.37) loss a year earlier. The filing describes economic gross margin of $1,713 million versus $1,790 million, with the Generation/Business decrease of $168 million driven largely by the East region, where a 41% decrease in generation reflected milder winter weather and planned outages. The balance sheet and liquidity show a company focused on deleveraging. Total liquidity, excluding collateral received, was approximately $3.4 billion at March 31, 2016, up from $3.3 billion at December 31, 2015. Cash and cash equivalents were $1,659 million. Total assets were $32,680 million and total liabilities were $26,972 million. Long-term debt and capital leases were $18,677 million, plus $465 million current. During the quarter NRG repurchased $203 million of senior notes for $192 million, recording an $11 million gain on debt extinguishment. The company announced a reduction in its common stock dividend to $0.12 per share on an annualized basis and plans to allocate approximately 78% of 2016 capital available for allocation to debt and preferred stock repurchases through 2017. The filing also flags risks. GenOn, a non-recourse subsidiary, is described as having a Moody's rating of Caa2 following a downgrade, and GenOn Mid-Atlantic and REMA did not satisfy restricted payment tests, so they could not distribute cash as of March 31, 2016. The filing states that GenOn may be unable to refinance notes maturing in 2017 and 2018 on satisfactory terms. Other items include a $146 million impairment, the Cottonwood generating station damaged by flooding with return to service expected in the third quarter of 2016, and a pending Midwest Generation capacity sale for net proceeds of $253 million.

    May 5, 2016
  33. 2015-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2015

    NRG Energy, Inc. reported a third-quarter 2015 net income attributable to NRG of $66 million, compared with $168 million in the third quarter of 2014, and a net loss attributable to NRG of $68 million for the nine months ended September 30, 2015, versus $15 million of income a year earlier. Total operating revenues were $4.43 billion for the quarter (versus $4.57 billion) and $11.65 billion for the nine months (essentially flat). The decline in quarterly results was driven primarily by impairment losses of $263 million, including $106 million for the Huntley units and $116 million for Dunkirk, plus a $36 million goodwill impairment related to Goal Zero. Economic gross margin rose $172 million in the quarter, led by NRG Home Retail, NRG Yield, and NRG Business, but was more than offset by higher impairments, a $193 million increase in impairment losses, and a $90 million increase in general and administrative, selling and marketing, and development expenses. The company's liquidity, excluding collateral received, was $4.2 billion at September 30, 2015, and cash and cash equivalents totaled $2.27 billion. Total long-term debt and capital leases, including current maturities, was $20.06 billion. NRG announced a GreenCo reorganization effective January 1, 2016, planned annual cost savings of $150 million plus an additional $100 million operations and maintenance reduction, and a comprehensive plan to deploy an additional $1.6 billion over the remainder of 2015 and 2016 to reduce debt and repurchase shares. Under the 2015 Capital Allocation Program, the company repurchased 25.8 million shares for $481 million through early November 2015. The quarterly dividend was declared at $0.145 per share. Investors should also note several contingent items the filing discloses, including a $13.5 billion Price-Anderson liability limit, the company's expectation that Ivanpah units 1 and 3 will not meet guaranteed energy production for the initial performance measurement period, and an October 2015 court judgment in favor of LaGen of approximately $27 million against Illinois Union Insurance Company. GenOn Mid-Atlantic and REMA did not satisfy restricted payments tests, and Standard & Poor's lowered GenOn's ratings to CCC+.

    Nov 4, 2015
  34. 2015-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2015

    NRG Energy, Inc. reported a net loss attributable to NRG Energy, Inc. of $14 million for the three months ended June 30, 2015, compared with a net loss of $97 million in the prior-year quarter, and a net loss attributable to NRG Energy, Inc. of $134 million for the six months ended June 30, 2015, versus $153 million a year earlier. Total operating revenues were $3.40 billion for the quarter (versus $3.62 billion) and $7.22 billion for the six months (versus $7.11 billion). Operating income rose to $232 million in the quarter from $89 million, driven by higher gross margin in NRG Home Retail and NRG Yield, partially offset by higher operating costs. Interest expense was $263 million for the quarter and $564 million for the six months. Cash and cash equivalents were $2.15 billion at June 30, 2015, and total liquidity excluding collateral received was approximately $4.0 billion. The company's total debt, including current maturities, was $20.3 billion at June 30, 2015. Notable financing activity in the quarter included NRG Yield, Inc.'s issuance of 28,198,000 Class C shares for $600 million in net proceeds and $287.5 million of 3.25% convertible senior notes due 2020, which NRG Yield used to help repay the Alta Wind X and XI project debt. NRG repurchased 9,150,751 shares for $230 million under its 2015 Capital Allocation Program through June 30, 2015, and declared a quarterly dividend of $0.145 per share. The filing also describes ongoing regulatory and legal matters, including the Supreme Court's pending review of demand response jurisdiction, PJM capacity market changes, and a Montgomery County station power tax dispute of $22 million. The company also disclosed that GenOn Mid-Atlantic and REMA did not satisfy restricted payment tests as of June 30, 2015, and that Ivanpah units may not meet guaranteed energy production amounts for the initial performance measurement period.

    Aug 4, 2015
  35. 2015-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2015

    NRG Energy, Inc. reported a first-quarter 2015 net loss attributable to NRG Energy, Inc. of $120 million, compared with a net loss of $56 million in the first quarter of 2014. Operating revenues rose to $3.83 billion from $3.49 billion, and operating income fell to $76 million from $180 million. Interest expense increased to $301 million from $255 million, and the company recorded an income tax benefit of $73 million. Loss per share was $0.37 versus $0.18 a year earlier. The filing attributes the gross margin gains to the EME and Alta Wind acquisitions and to NRG Home Retail, and notes lower-than-normal wind resource availability in the quarter. Liquidity, excluding collateral received, was approximately $4.0 billion at March 31, 2015, including $2.16 billion of cash and cash equivalents. Total assets were $40.33 billion and long-term debt and capital leases totaled $20.05 billion noncurrent, plus $465 million current. During the quarter, NRG sold Walnut Creek, the Tapestry projects and Laredo Ridge to NRG Yield, Inc. for $489 million in cash plus $737 million of assumed project debt. The company repurchased 3,146,484 shares for approximately $79 million and paid a $0.145 quarterly dividend per common share. The filing also discusses pending regulatory and legal matters, including the Supreme Court's April 21, 2015 affirmance in the GenOn natural gas litigation, a Montgomery County station power tax claim of $22 million that is being disputed, and environmental capital expenditures of approximately $614 million estimated for 2015 through 2019. Net counterparty credit exposure was $763 million after collateral.

    May 8, 2015
  36. 2014-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2014

    NRG Energy, Inc. reported third-quarter 2014 total operating revenues of $4.57 billion, up from $3.49 billion a year earlier, and net income attributable to NRG Energy, Inc. of $168 million, compared with $119 million. For the nine months ended September 30, 2014, revenues were $11.68 billion and net income attributable to NRG was $15 million, compared with a loss of $89 million in the prior-year period. Results were shaped by the acquisition of Energy Plus-related and EME assets: EME was acquired on April 1, 2014 for an aggregate purchase price of $3.5 billion, and EME contributed $703 million in operating revenues and $58 million in net income attributable to NRG since acquisition. Other significant transactions included the Alta Wind Assets acquisition by NRG Yield, Inc. for $923 million (completed August 12, 2014), the Dominion competitive retail electricity business acquisition, and the deconsolidation of a 50% sale of Petra Nova Parish Holdings LLC. Balance sheet and liquidity: total assets were $40.07 billion at September 30, 2014, versus $33.90 billion at December 31, 2013, and long-term debt and capital leases (non-current) rose to $19.92 billion from $15.77 billion. Cash and cash equivalents were $1.95 billion, and total liquidity excluding collateral received was approximately $3.6 billion. Long-term debt including current portion totaled $20.76 billion, and the company cited $6.4 billion of outstanding senior notes. Cash flow from operating activities was $1.11 billion for the nine months, versus $823 million in the prior year, while investing outflows were $2.96 billion, including $2.83 billion for acquisitions. The filing also flags several items for investors: a $60 million impairment on the Osceola natural gas facility and a $10 million impairment on certain solar panels in the third quarter; a court decision vacating FERC's demand response rule; GenOn Mid-Atlantic and REMA not satisfying their restricted payments tests as of September 30, 2014; and a Standard & Poor's downgrade of GenOn-related issuers to B- from B on October 20, 2014. Quarterly common dividends were $0.14 per share.

    Nov 5, 2014
  37. 2014-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2014

    NRG Energy, Inc. reported a net loss attributable to NRG Energy, Inc. of $97 million for the three months ended June 30, 2014, compared with net income of $124 million a year earlier, and a net loss of $153 million for the six months ended June 30, 2014, versus a net loss of $208 million in the prior-year period. Operating revenues rose to $3.621 billion for the quarter from $2.929 billion, and to $7.107 billion for the six months from $5.010 billion. The increase was driven largely by the April 1, 2014 acquisition of substantially all assets of Edison Mission Energy (EME), which the filing describes as contributing $311 million in operating revenues and $14 million in net losses attributable to NRG since acquisition. Interest expense rose to $274 million for the quarter from $206 million, and the Company recorded loss on debt extinguishment of $40 million for the quarter. Total assets grew to $37.629 billion at June 30, 2014, from $33.902 billion at December 31, 2013, while long-term debt and capital leases increased to $18.165 billion from $15.767 billion, reflecting the issuance of $1.1 billion of 6.25% senior notes due 2022, $1.0 billion of 6.25% senior notes due 2024, and $700 million of corporate debt used partly for the EME acquisition. Cash and cash equivalents declined to $1.481 billion from $2.254 billion, and total liquidity excluding collateral received was approximately $3.0 billion compared with $3.7 billion at year-end 2013. Operating cash flow for the six months was $370 million, compared with a use of $78 million a year earlier. Subsequent events disclosed include the July 3, 2014 sale of 50% of Petra Nova Parish Holdings LLC to JX Nippon, the pending acquisition of the Alta Wind Assets for $870 million plus assumption of $1.6 billion of non-recourse project debt, expected to close in the third quarter of 2014, and the August 5, 2014 issuance of $500 million of 5.375% senior notes by NRG Yield Operating LLC to fund that acquisition. The Company also declared a quarterly dividend of $0.14 per common share payable August 15, 2014.

    Aug 7, 2014
  38. 2014-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2014

    NRG Energy, Inc. reported a first-quarter 2014 net loss attributable to NRG Energy, Inc. of $56 million, compared with a net loss of $332 million in the first quarter of 2013. Total operating revenues rose to $3.486 billion from $2.081 billion, and operating income was $180 million versus an operating loss of $266 million a year earlier. Loss available for common stockholders was $58 million, or $0.18 per share, compared with $1.03 per share a year earlier. Results were driven mainly by a $393 million increase in Conventional Generation gross margin, with the East region contributing $336 million, partly offset by higher interest expense and a $41 million loss on debt extinguishment. The quarter was dominated by transformative acquisitions and financing. NRG acquired Dominion's retail electric business on March 31, 2014 for approximately $195 million in cash, and acquired substantially all of the assets of Edison Mission Energy on April 1, 2014 for an aggregate purchase price of $3.4 billion. The EME acquisition covers a portfolio of approximately 8,000 MW, and NRG issued 12,671,977 common shares and $700 million of corporate debt to fund it, while also assuming about $1.2 billion of non-recourse debt. Cash and cash equivalents rose to $3.187 billion at March 31, 2014 from $2.254 billion at year-end 2013, and total liquidity excluding collateral received was $4.699 billion. Long-term debt and capital leases totaled $16.803 billion non-current, with total debt including current maturities at $17.488 billion. Subsequent to quarter-end, NRG issued $1.0 billion of 6.25% senior notes due 2024, declared a quarterly dividend of $0.14 per share (up from $0.12), and agreed to sell three facilities to NRG Yield, Inc. for total cash consideration of $349 million plus assumed project-level debt. The filing also highlights ongoing regulatory and environmental uncertainty, including EPA greenhouse gas rules, PJM and ISO-NE capacity market changes, and the GenOn-related litigation and credit rating actions.

    May 6, 2014
  39. 2013-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2013

    NRG Energy, Inc. reported third-quarter 2013 results in its Form 10-Q filed November 12, 2013. Operating revenues rose to $3.49 billion for the three months ended September 30, 2013, from $2.33 billion a year earlier, and operating income increased to $535 million from $86 million. Net income attributable to NRG Energy, Inc. was $124 million, compared with a loss of $1 million in the prior-year quarter. The results reflect the GenOn acquisition completed December 14, 2012, along with growth in the NRG Yield and Alternative Energy segments. For the nine months, the company posted a net loss attributable to NRG of $74 million, compared with net income of $43 million a year earlier, and a pre-tax loss of $94 million. The company's balance sheet and liquidity remained substantial. Total liquidity, excluding collateral received, was approximately $3.7 billion at September 30, 2013, and total assets were $34.86 billion. Long-term debt and capital leases totaled $15.8 billion (non-current), with a current portion of $911 million. NRG completed the initial public offering of NRG Yield, Inc. in July 2013, netting $468 million, and acquired Gregory Power Partners for about $245 million in cash in August 2013. The filing's most significant forward-looking item is the pending acquisition of substantially all assets of Edison Mission Energy for an aggregate purchase price of $2.6 billion, consisting of 12,671,977 NRG common shares (valued at $350 million) and the balance in cash, with approximately $1.5 billion of non-recourse debt to be assumed. The company expects to close the transaction by the first quarter of 2014, subject to bankruptcy court approval and regulatory approvals.

    Nov 12, 2013
  40. 2013-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2013

    NRG Energy, Inc. reported a net loss attributable to NRG Energy, Inc. of $198 million for the six months ended June 30, 2013, compared with net income of $44 million in the prior-year period, although the company posted net income attributable to NRG of $130 million for the quarter, down from $251 million a year earlier. Operating revenues rose to $2.93 billion for the quarter and $5.01 billion for the six months, driven largely by the December 2012 acquisition of GenOn, which contributed substantially higher conventional generation gross margin and operations and maintenance expense. Pre-tax results were weighed down by a $36 million operating income for the six months, $436 million of total other expense (including $402 million of interest expense), and $69 million of acquisition-related transaction and integration costs. Cash flow from operations was negative $78 million for the six months, versus $585 million a year earlier, and total liquidity excluding collateral received was $2.8 billion at June 30, 2013, down from $3.4 billion at December 31, 2012. Capital allocation and growth activity were significant during the period. NRG repurchased 972,292 shares for about $25 million under its 2013 Capital Allocation Program, with the remaining $175 million planned for completion by the end of 2013, and it raised the annual common dividend by 33% to $0.48 per share, paying $0.12 in the second quarter. Total long-term debt and capital leases stood at $16.6 billion at June 30, 2013. The company also announced the July 2013 initial public offering of NRG Yield, Inc., which generated net proceeds of approximately $468 million, and disclosed the August 2013 acquisition of the Gregory cogeneration plant for approximately $244 million. Management described the company as continuing to integrate the GenOn merger and noted that its disclosure controls were effective as of June 30, 2013.

    Aug 9, 2013
  41. 2013-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2013

    NRG Energy, Inc. reported a first-quarter 2013 net loss attributable to NRG Energy, Inc. of $328 million, compared with a net loss of $207 million in the first quarter of 2012. Operating revenues rose to $2.081 billion from $1.862 billion, while operating costs and expenses increased to $2.340 billion from $2.032 billion, producing an operating loss of $259 million. The results reflect the December 14, 2012 acquisition of GenOn Energy, Inc., which added $346 million of gross margin in the East region and contributed $219 million of operations and maintenance expense, along with higher depreciation, interest expense and a $32 million of acquisition-related transaction and integration costs. Total liabilities were $24.9 billion against total assets of $35.4 billion at March 31, 2013. Liquidity, excluding collateral received, was approximately $3.1 billion at March 31, 2013, down from $3.4 billion at December 31, 2012. Cash and cash equivalents fell to $1.707 billion from $2.087 billion, and net cash used by operating activities was $124 million. Capital expenditures were $813 million, including $245 million for solar projects and $93 million for repowering projects. Long-term debt including current portion was $16.457 billion, and the company repurchased $226 million of senior notes at premiums, recording a $28 million loss on debt extinguishment. Capital allocation remains a focus. NRG announced a 33% increase in its annual common dividend to $0.48 per share, declared a quarterly dividend of $0.12 per share, and repurchased 972,292 shares for about $25 million under a $200 million 2013 Capital Allocation Program, with the remaining $175 million planned for completion by the end of 2013. The company also reported solar capacity of 500 MW in commercial operation and disclosed a settlement in principle of a New Source Review matter at the Portland facility.

    May 7, 2013
  42. 2012-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2012

    NRG Energy, Inc. reported a pre-tax loss of $105 million for the three months ended September 30, 2012, compared with a pre-tax loss of $135 million a year earlier, and net income of $8 million versus a net loss of $55 million. Net loss attributable to NRG was $1 million for the quarter, against $43 million of net income attributable to NRG for the nine months ended September 30, 2012, down from $306 million in the prior-year period. Operating revenues were $2.33 billion for the quarter, down from $2.67 billion, while operating income rose to $86 million from $43 million. Results were affected by a $300 million decrease in net mark-to-market results from economic hedging activities and a $160 million impairment charge on emission allowances recorded in the prior-year quarter. Retail gross margin rose $87 million and Conventional Generation gross margin rose $164 million in the quarter, and the Alternative Energy gross margin increased to $55 million. The balance sheet shows total assets of $27.22 billion and long-term debt and capital leases of $10.97 billion at September 30, 2012. Cash and cash equivalents were $1.61 billion, and total liquidity excluding collateral received was approximately $2.98 billion. During the quarter NRG issued $990 million of 6.625% Senior Notes due 2023 and redeemed $820 million of 2017 Senior Notes through a tender offer, with the remaining $270 million called in October 2012. The company also paid its first quarterly common dividend of $0.09 per share in August 2012 and declared another in October 2012. Capital expenditures for the nine months were $2.47 billion in cash terms, driven largely by solar projects. The pending acquisition of GenOn Energy, Inc. under a July 20, 2012 merger agreement is the dominant corporate event. NRG expects to issue about 94 million shares, or 29% of common shares outstanding after closing, and expects the transaction to close by the first quarter of 2013. Hart-Scott-Rodino early termination was granted and the PUCT approved the merger, while stockholder votes are set for November 9, 2012, and FERC, NYPSC and other approvals remain outstanding.

    Nov 2, 2012
  43. 2012-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2012

    NRG Energy, Inc. reported second-quarter 2012 operating revenues of $2,166 million, down from $2,278 million a year earlier, and net income attributable to NRG of $251 million, compared with $621 million in the prior-year quarter. The prior-year period included an $115 million loss on debt extinguishment and an $11 million impairment charge, while the current-quarter tax benefit of $13 million reflects the Agua Caliente investment tax credit, versus a $630 million tax benefit in 2011 tied to the federal tax audit resolution. For the six months, NRG reported net income attributable to the company of $44 million, versus $361 million in 2011. Retail gross margin rose $52 million in the quarter, driven largely by the Energy Plus acquisition, and Conventional Generation gross margin rose $36 million, while total operating costs and SG&A increased. Balance sheet and liquidity: cash and cash equivalents were $1,149 million at June 30, 2012, and total liquidity excluding collateral received was approximately $2.4 billion. Long-term debt and capital leases rose to $10,485 million (noncurrent), and capital expenditures for the six months were $1,593 million, largely for solar projects. Net cash provided by operating activities was $585 million for the six months. Notably, capital expenditures accrued but unpaid totaled $844 million at June 30, 2012, primarily for solar projects under construction. The most significant pending event is the July 20, 2012 agreement to acquire GenOn Energy, Inc., to be paid in NRG common stock at 0.1216 shares per GenOn share, with closing expected by the first quarter of 2013. The combined company is described as having approximately 47,000 MW of capacity. The merger is subject to shareholder and regulatory approvals, and GenOn-related class action suits have been filed against NRG.

    Aug 8, 2012
  44. 2012-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2012

    NRG Energy, Inc. reported a first-quarter 2012 net loss of $206 million, compared with a net loss of $260 million in the first quarter of 2011. Operating revenues were $1.862 billion versus $1.995 billion, and the company recorded an operating loss of $170 million, against operating income of $314 million a year earlier. The swing was driven mainly by a $298 million decrease in net mark-to-market results for economic hedging, a $72 million decline in Conventional Generation gross margin, and a $78 million increase in selling, general and administrative expenses. The prior-year period included a $481 million impairment on the NINA investment, which did not recur, and an income tax benefit of $120 million in the current quarter. Balance sheet and liquidity changed meaningfully during the quarter. Total assets rose to $28.530 billion from $26.715 billion, and long-term debt and capital leases increased to $10.150 billion. Cash and cash equivalents fell to $1.014 billion from $1.105 billion, and net cash used by operating activities was $76 million, while capital expenditures of $639 million were largely for solar projects under construction. Management reported total liquidity, excluding collateral received, of $2.372 billion. Key developments include the sale of a 49% interest in the Agua Caliente solar project to MidAmerican, the March 2012 agreement in principle to settle the California Department of Water Resources matter, and the planned initiation of an annual common stock dividend of $0.36 per share, with the first payment expected in the third quarter of 2012.

    May 3, 2012
  45. 2011-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2011

    NRG Energy, Inc. reported a net loss attributable to the company of $55 million for the third quarter of 2011, compared with net income of $223 million in the third quarter of 2010, with operating income falling to $43 million from $454 million. The decline primarily reflects a $322 million decrease in gross margin (including $146 million attributed to the August 2011 heat wave in Texas), a $160 million impairment charge on Acid Rain Program SO2 emission allowances, and a $32 million loss on debt extinguishment. For the nine months ended September 30, 2011, NRG reported net income of $306 million, aided by a $633 million tax benefit from the resolution of the federal tax audit, but offset by a $495 million impairment charge on its investment in Nuclear Innovation North America LLC (NINA), following the March 2011 Japan nuclear incident and NRG's withdrawal from financial participation in the South Texas Project Units 3 and 4 development. The balance sheet shows total assets of $24.76 billion and cash and cash equivalents of $1.13 billion at September 30, 2011, down from $2.95 billion at December 31, 2010. Long-term debt and capital leases rose to $9.21 billion, reflecting the issuance of $1.2 billion of 7.625% 2018 Senior Notes, $800 million of 7.625% 2019 Senior Notes and $1.2 billion of 7.875% 2021 Senior Notes, and the refinancing of the Senior Credit Facility into a $1.6 billion term loan and $2.3 billion revolving credit facility. Management reported total liquidity, excluding collateral received, of $1.9 billion, compared with $4.3 billion at year-end 2010, and the company acquired Energy Plus for $193 million in cash on September 30, 2011, along with stakes in three solar projects. Share repurchases under the 2011 Capital Allocation Plan are targeted at $430 million for 2011, with $52 million remaining to be completed by year-end. For investors, the filing shows a significant shift toward renewable and retail growth, with substantial construction-stage financing from U.S. DOE-guaranteed loans for the Ivanpah, Agua Caliente and CVSR solar projects, alongside meaningful earnings pressure in the Texas and Northeast wholesale regions and in Reliant Energy's retail gross margin. The filing also discloses the pending CDWR refund case, the Louisiana Generating Clean Air Act lawsuit, and several other contingencies that management says could be material.

    Nov 3, 2011
  46. 2011-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2011

    NRG Energy, Inc. reported a pre-tax loss of $9 million for the three months ended June 30, 2011, compared with income of $327 million a year earlier, but net income attributable to NRG rose to $621 million from $211 million. The improvement was driven by a $630 million income tax benefit, which includes a $612 million benefit from the resolution of the federal tax audit. Operating income fell to $269 million from $444 million, with generation gross margin down $167 million on a segment basis, mainly in the Texas and Northeast regions, and a $115 million loss on extinguishment of the 2016 Senior Notes was also recorded. For the six months ended June 30, 2011, the company recorded a $492 million impairment charge on its investment in Nuclear Innovation North America LLC (NINA), following the March 2011 Japan earthquake and the resulting nuclear incident. NRG deconsolidated NINA as of March 31, 2011, and withdrew from further financial participation in developing the South Texas Project Units 3 and 4. Six-month net income attributable to NRG was $361 million, versus $269 million a year earlier. Cash and cash equivalents fell to $1.94 billion from $2.95 billion at December 31, 2010, and net cash provided by operating activities was $309 million versus $605 million, while capital expenditures rose to $839 million from $330 million, largely for solar projects. The company refinanced substantial debt during the period, issuing $1.2 billion of 7.625% senior notes due 2018, $800 million of 7.625% notes due 2019, and $1.2 billion of 7.875% notes due 2021, and on July 1, 2011 replaced its Senior Credit Facility with a $2.3 billion revolving credit facility and a $1.6 billion term loan. Management also announced on August 4, 2011 an additional $250 million of share repurchases, bringing 2011 targeted repurchases to $430 million, and the company's CFO, Christian S. Schade, notified NRG of his resignation effective early September 2011.

    Aug 4, 2011
  47. 2011-Q1

    NRG Energy Quarterly Report for Q1 Ended Mar 31, 2011

    NRG Energy, Inc. reported a first-quarter 2011 net loss attributable to NRG Energy, Inc. of $260 million, compared with net income of $58 million in the first quarter of 2010. The result was driven mainly by a $481 million impairment charge on the company's investment in Nuclear Innovation North America LLC (NINA), which NRG deconsolidated as of March 31, 2011, after concluding it had ceased to have a controlling financial interest. NRG also recorded a $28 million loss on extinguishment of its 2014 Senior Notes. Operating revenues fell to $1,995 million from $2,215 million, while operating income rose to $314 million from $258 million, helped by a $147 million net mark-to-market gain versus a $38 million net loss a year earlier. Net loss per diluted share was $1.06, versus $0.22 in the prior-year quarter. NRG's liquidity, excluding collateral received, was approximately $4.0 billion at March 31, 2011, down from $4.3 billion at December 31, 2010. Cash and cash equivalents declined to $2.71 billion from $2.95 billion. During the quarter the company issued $1.2 billion of 7.625% Senior Notes due 2018 and used the proceeds, together with cash, to redeem most of its 2014 Senior Notes. It also completed a $130 million accelerated share repurchase under its 2011 Capital Allocation Plan, which the filing says is expected to total $180 million. Management said NRG is planning to refinance $7.0 billion of credit facilities and senior notes to simplify its capital structure. The filing also describes growth initiatives, including a 50.1% stake in the 392 MW Ivanpah Solar project acquired on April 5, 2011, and ongoing Repowering NRG solar and gas development. NRG withdrew from further financial participation in NINA's STP 3 & 4 development, and it expects one-time costs of no more than $20 million related to that withdrawal. Total debt-related balances, including long-term debt and capital leases, were $8.8 billion at March 31, 2011.

    May 5, 2011
  48. 2010-Q3

    NRG Energy Quarterly Report for Q3 Ended Sep 30, 2010

    NRG Energy, Inc. reported operating revenues of $2,685 million for the three months ended September 30, 2010, down from $2,916 million a year earlier, and $7,033 million for the nine months, up from $6,811 million. Diluted earnings per share were $0.87 for the quarter (versus $1.02) and $1.90 for the nine months (versus $3.29). Income tax rates were 28.5% for the quarter (versus 37.4%) and 35.6% for the nine months (versus 40.3%). The company cited lower Reliant Energy retail gross margin, with Mass margins down 17% for the quarter, and lower energy and capacity revenues in Texas and the Northeast. Cash and cash equivalents rose to $3,447 million from $2,304 million at December 31, 2009, mainly from the August 2010 issuance of $1.1 billion of 8.25% Senior Notes due 2020, with net proceeds of $1.086 billion. Liquidity excluding collateral received was about $4.8 billion ($4,755 million), compared with $3,794 million at year-end 2009. NRG has committed substantial cash to acquisitions it expects to close around year-end 2010 or in November 2010. These include the Dynegy plants (3,884 MW for $1.36 billion), Cottonwood (1,279 MW for $525 million), and Green Mountain Energy ($350 million). The company expects to use $2.2 billion of cash on hand for these deals. It completed its $180 million 2010 share repurchase program, including an accelerated share repurchase settled October 22, 2010. The filing states that NRG's 2011 pre-tax income is expected to be lower than 2010 due to lower energy hedge prices. The filing also discloses material contingencies. These include potential refunds under the California Department of Water Resources contract, a U.S. Department of Justice Clean Air Act lawsuit against Louisiana Generating (Big Cajun II), and a Texas Supreme Court proceeding on excess mitigation credits. Nuclear development at STP Units 3 and 4 depends on a U.S. DOE loan guarantee that has not been received, and NRG had made equity contributions of $315 million into NINA through September 30, 2010. The filing notes that a further decline in long-term natural gas prices could lead to a non-cash goodwill impairment of up to $1.7 billion.

    Nov 4, 2010
  49. 2010-Q2-A

    NRG Energy Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    NRG Energy, Inc. filed this amendment on August 13, 2010, to furnish Exhibit 101, the XBRL-formatted interactive data for its Form 10-Q for the quarter ended June 30, 2010. The Exhibit 101 data covers the condensed consolidated statements of operations for the periods ended June 30, 2010 and 2009, the condensed consolidated balance sheets at June 30, 2010 and December 31, 2009, the condensed consolidated statements of cash flows for the same periods as operations, and the notes to the condensed consolidated financial statements. The filing states that no other changes were made to the Form 10-Q, and that the amendment speaks as of the original filing date. The Item 6 exhibit list identifies the material agreements tied to the quarter. These include a Third Amended and Restated Credit Agreement and two Letter of Credit and Reimbursement Agreements, all dated June 30, 2010, and a series of supplemental indentures dated April 16, 2010 and June 23, 2010 with Law Debenture Trust Company of New York. Also listed are an Investment and Option Agreement and a Parent Company Agreement, both dated May 10, 2010, involving Nuclear Innovation North America LLC and TEPCO entities. Portions of these two nuclear-related agreements are redacted under a confidential treatment request. The exhibit list also includes a 2010 Chief Financial Officer compensation table and a 2009 Executive Change-in-Control and General Severance Plan, both incorporated by reference to earlier Form 8-K filings. The filing is signed by Christian S. Schade, Chief Financial Officer, and is limited in scope: its purpose is the XBRL data furnishing, and the filing states that the interactive data files are deemed not filed for purposes of Sections 11, 12 and 18 of the relevant securities laws.

    Aug 13, 2010
  50. 2010-Q2

    NRG Energy Quarterly Report for Q2 Ended Jun 30, 2010

    NRG Energy, Inc. reported its second-quarter 2010 results in this Form 10-Q. For the three months ended June 30, 2010, total operating revenues were $2,133 million versus $2,237 million in 2009, and net income attributable to NRG Energy, Inc. was a loss of $347 million in the consolidated statements, with basic EPS of $0.82 versus $1.68 a year earlier. For the six months ended June 30, 2010, operating revenues were $4,348 million (up from $3,895 million), and the net loss attributable to NRG was $548 million, with basic EPS of $1.04 versus $2.49. Income tax expense and a 40.4% effective tax rate for the six months were noted, along with the Reliant Energy retail business's contribution and reduced Texas capacity revenue. Liquidity, excluding collateral received, was approximately $3.5 billion at June 30, 2010, down from $3.8 billion at December 31, 2009, with cash and cash equivalents of $2,168 million. On June 30, 2010, NRG completed an amendment and extension of its Senior Credit Facility, extending about $1.0 billion of the $2.0 billion Term Loan Facility to August 31, 2015, reducing the Revolving Credit Facility to $875 million, and converting the synthetic letter of credit facility into a $1.3 billion funded letter of credit facility. The company repurchased $50 million of common stock in the quarter under its 2010 Capital Allocation Plan, with $180 million planned for the full year. The filing also highlights a significant contingent exposure: the 44% interest in the STP Units 3 and 4 nuclear project, where an impairment could result in a permanent write-down of $498 million of construction-in-progress if NRG and its partners withdraw support, pending a U.S. DOE loan guarantee. Other disclosed matters include the California Department of Water Resources FERC refund case, the Louisiana Generating Clean Air Act lawsuit, and the Dunkirk construction litigation.

    Aug 2, 2010