MINNEAPOLIS--(BUSINESS WIRE)--Dec. 5, 2003--NRG Energy, Inc. (NRG)
today announced that it has successfully completed its Chapter 11
reorganization and has emerged from bankruptcy. NRG filed its Chapter
11 petition less than seven months earlier, on May 14. The U.S.
Bankruptcy Court for the Southern District of New York confirmed NRG's
Plan of Reorganization on November 24 and all conditions have been met
clearing the way for NRG to emerge from Chapter 11.
Through the reorganization process, the Company eliminated
corporate level debt and other claims totaling more than $6 billion.
NRG emerges with $510 million of corporate debt and approximately $4.4
billion in project level debt. Under the Plan, the Company will issue
100 million shares of common stock in the reorganized company.
Creditors will receive a combination of cash, common stock and $500
million of newly issued corporate notes, which are reflected in the
debt totals stated above. The Company expects to announce timing of
the distribution of the common shares, notes and cash shortly.
"This is a significant day for NRG," said David Crane, newly
appointed NRG President and Chief Executive Officer. "We've
accomplished a complex restructuring in a remarkably short period of
time and are pleased to be the first in the industry to complete a
comprehensive financial restructuring and deleveraging of the debt on
our balance sheet."
Effective upon today's emergence, NRG's new Board of Directors
will be comprised of Crane, seven independent directors and three
members of investment firm MatlinPatterson Global Advisers LLC. The
Board members are:

• David Crane, NRG President and Chief Executive Officer;

• Howard Cosgrove, the non executive Chairman of the NRG Board,
  is the retired Chairman and Chief Executive Officer of
  Conectiv and its predecessor, Delmarva Power and Light. He is
  Chairman of the Board of Trustees at the University of
  Delaware and he also serves on the Board of Henlopen Mutual
  Fund;

• Ramon Betolaza, is a Partner with MatlinPatterson a global
  private equity fund. Betolaza is also a Director of Opus
  Energy and Polymer Group, Inc.;

• John Chlebowski is President and Chief Executive Officer of
  Lakeshore Operating Partners, LLC, a bulk liquid distribution
  firm. He also serves on the Laidlaw International Inc. Board
  of Directors and PRP-GP LLC.;

• Lawrence Coben is Senior Principal of Sunrise Capital
  Partners, a private equity firm and is a Director of Prisma
  Energy;

• Stephen Cropper spent 25 years with The Williams Companies,
  before retiring in 1998 as President and Chief Executive
  Officer of Williams Energy Services. Cropper serves on a
  number of Corporate Boards including Berry Petroleum Company
  and Heritage Propane Partners;

• Mark Patterson is Chairman of MatlinPatterson. Patterson
  previously served as Vice Chairman of Credit Suisse First
  Boston Corporation. He serves as a Director for Oxford
  Automotive and Compass Aerospace as well as Eon Labs Inc.;

• Frank Plimpton, a Partner at MatlinPatterson is also a
  Director of RailWorks Corporation and Oxford Automotive;

• Herbert Tate, Counsel with Wolf & Samson P.C. law firm and
  previously served as President of the New Jersey Board of
  Public Utilities. He is also a Director of IDT Solutions and
  Winstar Telecommunications;

• Walter Young, recently retired from his position as Chairman,
  Chief Executive Officer and President of Champion Enterprises,
  Inc., a producer and seller of manufactured homes;

• Thomas Weidemeyer is Senior Vice President and Chief Operating
  Officer of United Parcel Service, Inc. Weidemeyer also serves
  as a Director for UPS.

NRG noted that its power marketing unit, NRG Power Marketing, Inc.
also emerged from Chapter 11 protection today. NRG expects its NRG
Northeast Generating LLC and South Central Generation Holding LLC
operating subsidiaries to emerge from Chapter 11 subsequent to the
completion of a debt refinancing. As of NRG's emergence, Xcel Energy
no longer owns any portion of the company.
NRG Energy, Inc. owns and operates a diverse portfolio of
power-generating facilities, primarily in the United States. Its
operations include competitive energy production and cogeneration
facilities, thermal energy production and energy resource recovery
facilities.

Certain statements included in this news release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements above include, but are not limited
to, timing of distributions of stock cash and notes in accordance with
the Plan, and completion of a debt financing. Although NRG believes
that its expectations are reasonable, it can give no assurance that
these expectations will prove to have been correct. Factors that could
cause NRG's actual results to differ materially from those
contemplated in the forward-looking statements above include, among
others, the possibility that distributions of cash stock and notes
pursuant to the Plan will be delayed or that the debt refinancing will
be delayed or not be completed.

The foregoing review of factors that could cause NRG's actual
results to differ materially from those contemplated in the
forward-looking statements included in this news release should not be
construed as exhaustive. For more information regarding risks and
uncertainties that may affect NRG's future results, review NRG's
filings with the Securities and Exchange Commission.

CONTACT: NRG Energy, Inc., Minneapolis
Lesa Bader, 612-373-6992