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NRG Energy Increases Guidance Following Completion Of GenOn Transaction

NRG Energy is increasing its guidance for both adjusted EBITDA and Free Cash Flow before Growth investments following the successful close of the GenOn transaction on December 14, 2012. Specifically, NRG is reaffirming 2013 adjusted EBITDA guidance, increasing its 2014 adjusted EBITDA guidance by $70 million and increasing both 2013 and 2014 Free Cash Flow before Growth guidance by $75 million and $55 million, respectively. These increases in guidance are relative to the guidance ranges for the combined company previously provided in connection with the merger announcement in July 2012 and are due to a number of factors, including:
  • Updated outlook on forward commodity prices
  • Review of expenditures for the combined portfolio
  • Impact of reduction in projected environmental capital expenditures previously disclosed

2013 and 2014 Guidance
($ in Millions)    


Adjusted EBITDA 1 $2,535-$2,735 $2,700-$2,900
Wholesale 1,685 - 1,800 1,705 - 1,820
Retail 650 - 725 675 – 750
Solar Projects 2 200 - 210 320 – 330
FCF, before growth investments   $900-$1,100   $900-$1,100

Note: Reconciliation of Adjusted EBITDA are shown in Appendix

1Includes $150 million and $200 million in 2013 and 2014, respectively, of synergies as previously disclosed

2Solar projects include the EBITDA contribution from the projects net of non-controlling interest and excluding development expenses

“Having closed the GenOn transaction ahead of our original expectations, we now have the opportunity to complete our review of the combined company’s business operations and are pleased to announce increased adjusted EBITDA and free cash flow guidance for 2013-2014,” said David Crane, NRG’s President and Chief Executive Officer. “NRG’s personnel are already fully engaged realizing both the synergies of the combination and the potential of our 47,000 megawatts of multi-fuel, multi-regional, across-the-merit-order generation capacity.”

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