NRG Energy’s Home Retail Booms, Reaffirming FY2015 Guidance

published: 2015-08-05 17:55 | editor: | category: News

NRG Energy has reported second quarter Adjusted EBITDA of $729 million, with $338 million from NRG Business and NRG Renew combined5, $204 million from NRG Home Retail, and $187 million from NRG Yield. Year-to-date adjusted cash flow from operations totaled $678 million. Net loss for the first six months of 2015 was $145 million, or $0.43 per diluted common share compared to a net loss of $147 million, or $0.48 per diluted common share for the first six months of 2014.

Financial Highlights

  • $729 million of Adjusted EBITDA in the second quarter and $1,569 million in the first six months of 2015
  • $274 million of Free Cash Flow (FCF) before growth investments in the first six months of 2015
  • Achieved record second quarter and first six months results at NRG Home Retail with over $200 million and $370 million of Adjusted EBITDA, respectively
  • Offered next set of drop down assets to NRG Yield, consisting of wind facilities acquired in the EME transaction representing $35 million of Adjusted EBITDA and $20 million in Cash Available for Distribution (CAFD) on an annual run-rate basis

Business and Operational Highlights

  • Completed the 575 MW gas conversion at Big Cajun Unit 2 and environmental compliance controls at various coal units within the fleet
  • Announced plans to develop a 20 MW solar energy facility for Cisco’s San Jose headquarters, scheduled to begin commercial operation by the end of 2016
  • Financial Guidance and Capital Allocation Update

Reaffirming full year 2015 Guidance:

  • Adjusted EBITDA of $3,200-$3,400 million
  • FCF before growth investments of $1,100-$1,300 million
  • Executed $107 million of share repurchases in second quarter for a total of $186 million repurchased year-to-date with $51 million in remaining authorized capacity and $200 million in expected capacity

Click to read the full report.

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