Exhibit 99.1

 

 

NRG Energy, Inc. Reports Full-Year and Fourth Quarter Results;

Reaffirms 2012 Guidance and Plans Dividend

 

Full-Year 2011 Financial Highlights

 

·                  $1,820 million of adjusted EBITDA including $665 million from our retail platforms

·                  $823 million of free cash flow, before growth investments

·                  $197 million of net income and $0.78 per diluted common share

·                  $430 million of common stock, or 20 million shares, repurchased; including an additional $250 million in excess of the 2011 plan that was implemented in the second half of 2011 in anticipation of 2012

·                  $7.1 billion of debt and credit facilities refinanced, further simplifying the capital structure and resulting in $581 million reduction in corporate debt

 

Reaffirming 2012 EBITDA Guidance and Planning Common Stock Dividend

 

·                  Reaffirming $1,825-$2,000 million adjusted EBITDA guidance for 2012, with free cash flow before growth investments at a range of $800-$1,000 million

·                  Expecting to initiate an annual common stock dividend of $0.36 per share (to be paid in four quarterly installments), with the first payment expected in the third quarter of 2012

 

Full-Year 2011 Business Highlights

·                  Retail:

·                  Delivered net customer growth at Reliant while posting exceptional full-year financial results notwithstanding impact of August weather event in Texas

·                  Expanded retail capabilities with distinct value propositions through the geographic expansion of Green Mountain Energy (sustainable energy) and acquisition of Energy Plus Holdings (loyalty/affinity programs)

·                  Collectively, NRG “Retail” now serving 2.1 million customers in 12 states

·                  Conventional Generation:

·                  Advanced repowering program with financial close of non-recourse debt facility to fund construction of the 550 megawatts (MW) El Segundo Repowering Project, now underway with expected commercial operation date in the third quarter of 2013

·                  200 MW GenConn Middletown repowering project became operational in June

·                  Solar Generation:

·                  920 MW of utility scale projects under construction or in operation, each supported by long-term agreements with high credit quality counterparties

·                  Sold a 49% interest in the Agua Caliente solar project to MidAmerican Energy Holdings Company

·                  Acquired distributed solar company, Solar Power Partners, and successfully developed or acquired landmark distributed generation projects at Arizona State University, FedExField (Washington Redskins), MetLife Stadium (New York Football Giants and New York Jets) and Gillette Stadium (New England Patriots)

 

PRINCETON, NJ; February 28, 2012—

NRG Energy, Inc. (NYSE: NRG) today reported 2011 full-year adjusted EBITDA of $1,820 million and free cash flow generation, before growth investments, of $823 million. Retail contributed $665 million of adjusted EBITDA while wholesale adjusted EBITDA was $1,155 million. Full-year cash flow from operations totaled $1,166 million while 2011 net income was $197 million, or $0.78 per diluted common share. The year’s results compare to 2010 net income of $476 million, or $1.84 per diluted common share. Net income in 2011 was impacted by a number of one-time items including a $160 million impairment charge on emission allowances, the $495 million impairment on the Company’s NINA nuclear investment and $175 million in early debt extinguishment, offset by the $633 million favorable resolution of a federal tax audit resulting in the reversal of tax liabilities.

 


The following information was filed by Nrg Energy, Inc. (NRG) on Tuesday, February 28, 2012 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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