Exhibit 99.1

 

 

NRG Energy, Inc. Reports Record 2015 Adjusted EBITDA Results,

Reaffirms 2016 Financial Guidance, Announces

Retirement of $691 Million of Debt, and Realigns Dividend

 

2015 Results and Financial Highlights

 

·                  Record Adjusted EBITDA(1) of $3,340 million, including best ever results from NRG Home Retail since 2009 acquisition — a validation of NRG’s leading integrated competitive power platform

·                  $1,127 million of Free Cash Flow (FCF) before growth investments

·                  Over $1.3 billion of capital returned to stakeholders

·            $691 million of debt retired(2); approximately $54 million in annual interest savings

·            $628 million returned to shareholders in 2015

·                  $786 million of NRG Yield dropdown proceeds in 2015

·                  $5.1 billion and $3.0 billion non-cash one-time charges for impairments and income tax valuation allowance expense, respectively, primarily driven by the extended low commodity price cycle for the Texas wholesale generation

 

Operational and Strategic Update

 

·                  Allocating $925 million of additional 2016 capital to incremental NRG-level debt reduction

·                  GreenCo strategic process: Reintegrating NRG Renew into the NRG platform; expect resolution for NRG Home Solar and EVgo in the second quarter 2016

·                  Asset sales completed or pending represent 877 MWs and $138 million of $500 million 2016 asset sales target

·                  Reducing annual dividend to $0.12 per share to enhance flexibility on capital allocation, reallocating approximately $145 million annually

 

2016 Financial Guidance

 

·                  2016 Guidance is reaffirmed, and now includes GreenCo’s NRG Renew

·                  Adjusted EBITDA of $3,000-$3,200 million

·                  FCF before growth investments of $1,000-$1,200 million

 

PRINCETON, NJ February 29, 2016 — NRG Energy, Inc. (NYSE: NRG) today reported record full-year Adjusted EBITDA of $3,340 million. Adjusted cash flow from operations totaled $1,945 million for 2015. Net loss for the twelve months of 2015 was $6,436 million, including non-cash charges of $3,306 million(3) and $3,039 million for asset impairments net of taxes and income tax valuation allowance expense, respectively.  These non-cash charges were primarily driven by the low commodity cycle and its impact on the Texas wholesale business. This resulted in a $19.46 loss per diluted common share in 2015 compared to net income of $132 million, or $0.23 per diluted common share in 2014.  Excluding the impact of the impairments and tax valuation allowance, the Company’s net loss would have been $91 million or $0.34 loss per diluted common share for the twelve months of 2015.

 

“Amid a continued weak commodity price environment, NRG’s integrated competitive power platform once again delivered strong financial results, demonstrating that we have the right portfolio and the right platform to succeed,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “Today we are reintegrating our successful business renewables solutions back into NRG as an important part of our diversified platform. With the further

 


The following information was filed by Nrg Energy, Inc. (NRG) on Monday, February 29, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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