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SOUTH CENTRALSOUTH CENTRAL (1)+WESTRWEST (1)&_xNRG146s financial performance m&NRG146s costs results of operat&The Company may incur additiona&NRG146s international investmen&XNRG146s level of indebtedness c"NRG146s level of (1)&DExelon Corporation146s proxy co"zExelon Corporation146s (1)"Exelon Corporation146s (2)'NO TITLE (4)",Exelon Corporation146s (3)&>+Public Utilities Commission of &VRepurchase of equity securities 7Repurchase of equity (1) Repurchase of equity (2) Repurchase of equity (3) Repurchase of equity (4) @Repurchase of equity (5) YaRepurchase of equity (6)!Infrastructure DevelopmentInfrastructure (1)!Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)HCapital Allocation (3)Capital Allocation (4)ʳCapital Allocation (5)Capital Allocation (6)( Capital Allocation (7), Capital Allocation (8)M Capital Allocation (9)yq Capital Allocation (10) Capital Allocation (11) Capital Allocation (12)^ Capital Allocation (13)v
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Capital Allocation (19)Capital Allocation (20)7Capital Allocation (21)\Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)&Results of Operations 151 Regio%n)Results of Operations 151 (1)%%KResults of Operations 151 (2)%lResults of Operations 151 (3)%ČResults of Operations 151 (4)%Results of Operations 151 (5)%Results of Operations 151 (6)%&
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Results of Operations 151 (9)&
Results of Operations 151 (10)&
Results of Operations 151 (11)&
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Cash Flows&Foreign Currency Translation an&TIssuance of Subsidiary146s Stoc Issuance of Sub (1)Issuance of Sub (2)tIssuance of Sub (3)=Red Bluff and ChowchillajRed Bluff and C (1)Red Bluff and C (2).Red Bluff and C (3) EnergyRelated Commodities7EnergyRelated C (1)I/EnergyRelated C (2)NEnergyRelated C (3)?Income Statemen (1)NImpact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2) Impact of Hedge (3)"Impact of Hedge (4)CImpact of Hedge (5)nNO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)7Impact of Hedge (8)ZImpact of Hedge (9)67Impact of Hedge (10)&!YIntangible assets held for sale"{Intangible assets held (1)̫NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)p'NRG Recourse De (3)FNRG Recourse De (4)cNRG Recourse De (5)&IConsolidated Annual Maturities xConsolidated Annual (1) NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)8NRG Defined Benefit (3)rYNRG Defined Benefit (4)yNRG Defined Benefit (5)NRG Defined Benefit (6) NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9) *NRG Defined Benefit (10) 3NNRG Defined Benefit (11) mSTP Defined Benefit PlansSTP Defined Benefit (1) STP Defined Benefit (2)#Retirement of Treasury Stock"wRetirement of Treasury (1) Gladstone&`;Dilutive effect for other equit%gDilutive effect for other (1)%zDilutive effect for other (2)%Dilutive effect for other (3)Balance Sheet (2)
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009NO TITLE Delaware
411724239'
(State or other jurisdiction of
(I.R.S. Employer&incorporation or organization)Identification No.)
211 Carnegie Center
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(Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.zV xTd=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders
Glossary of Terms
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PART I
~
&Item 1Business
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Item 1A
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(Risk Factors Related to NRG Energy, Inc.
~
Item 1B!Unresolved Staff Comments
~
Item 2
Properties
~
Item 3Legal Proceedings
~
Item 43+Submission of Matters to a Vote of Security
~
Holders
PART II
~
Item 5.&Market for Registrant s Common Equity,
~
.&Related Stockholder Matters and Issuer&Purchases of Equity SecuritiesItem 6Selected Financial Data
~
Item 7/'Management s Discussion and Analysis of
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5Financial Condition and Results of OperationsItem 7A0(Quantitative and Qualitative Disclosures
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EXHIBIT INDEX2 2
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2223* EX10.13: AGREEMENT WITH RESPECT TO THE 4STOCK PURCHASE AGREEMENT45, EX10.16: AMENDED AND RESTATED EMPLOYMENT6 AGREEMENT47, EX10.23: AMENDMENT AGREEMENT TO THE NOTE8PURCHASE AGREEMENT39+ EX10.24: AGREEMENT WITH RESPECT TO NOTE:PURCHASE AGREEMENT4;, EX10.26: AMENDMENT AGREEMENT TO THE NOTE<PURCHASE AGREEMENT3=+ EX10.27: AGREEMENT WITH RESPECT TO NOTE>PURCHASE AGREEMENT1?) EX10.31: PREFERRED INTEREST AMENDMENTDlmy3xF{?+nJpR@
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders AB32 2 *Assembly Bill 32 California Global Warming
Solutions Act of 2006ABWR&Advanced Boiling Water Reactor
Acquisition3+February 2, 2006 acquisition of Texas Genco3+LLC, now referred to as the Company s TexasregionAPB#Accounting Principles BoardAPB 180(APB Opinion No. 18, The Equity Method of2*Accounting for Investments in Common StockAPB 231)APB Opinion No. 23, Accounting for IncomeTaxesSpecial AreasARO#Asset Retirement ObligationBaseload capacity3+Electric power generation capacity normally6.expected to serve loads on an aroundtheclock*"basis throughout the calendar yearDl[OC76*WK ]Qym
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Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders
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EAF.&Annual Equivalent Availability Factor,0(which measures the percentage of maximum6.generation available over time as the fraction/'of net maximum generation that could be4,provided over a defined period of time after5all types of outages and deratings, including2*seasonal deratings, are taken into accountEFOR0(Equivalent Forced Outage Rates considers4,the equivalent impact that forced deratings/'have in addition to full forced outagesEITF"Emerging Issues Task Force EITF 023/'EITF Issue No. 023, Issues Involved in0(Accounting for Derivative Contracts Held3+for Trading Purposes and Contracts Involved80in Energy Trading and Risk Management ActivitiesD l[OC7y!6JPW !"#$%&'()*+,./0123456789:;<=>? ! EITF 046!5!EITF Issue No. 046, Accounting for Stripping""/"'Costs Incurred during Production in the###Mining Industry$% EITF 075%8%0EITF No. 075, Determining Whether an Instrument&&7&/(or Embedded Feature) Is Indexed to an Entity s''' Own Stock() EITF 085)6).EITF 085, Issuer s Accounting for Liabilities**1*)Measured at Fair Value with a ThirdParty+++Credit Enhancement, EITF 0866.EITF 086, Equity Method Investment Accounting...Considerations/0
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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FSP FAS 1423///'FSP No. FAS 1423, Determination of the00'0Useful Life of Intangible Asset12
FSP FAS 15732/2'FSP No. FAS 1573, Determining the Fair3323*Value of a Financial Asset When the Market44$4for That Asset Is Not Active56GHG66Greenhouse Gases78Gross Generation848,The total amount of electric energy produced99/9'by generating units and measured at the:::%generating terminal in kWh s or MWh s;< Heat Rate<0<(A measure of thermal efficiency computed==0=(by dividing the total BTU content of the>>5>fuel burned by the resulting kWh s generated.??3?+Heat rates can be expressed as either grossD
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders
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PJM market0(The wholesale and retail electric market1)operated by PJM primarily in all or parts.&of Delaware, the District of Columbia,%Illinois, Maryland, New Jersey, Ohio,Dl[OC7}q$pd#i&y, !"#$%&'()*+,./0123456789:;<=>? 0 (Pennsylvania, Virginia and West Virginia!"PMI"0"(NRG Power Marketing, LLC, a whollyowned##7#/subsidiary of NRG which procures transportation$$9$1and fuel for the Company s generation facilities,%%.%&sells the power from these facilities,&&5&and manages all commodity trading and hedging'''for NRG(() Powder River Basin, or PRB, Coal))%Coal produced in northeastern Wyoming**/*'and southeastern Montana, which has low+++sulfur content,PPA Power Purchase Agreement./PPM//Parts per Million01PSD1/1'Prevention of Significant Deterioration23PUCT3*3"Public Utility Commission of Texas45
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders S P / 'Standard Poor s, a credit rating agency
SARA0(Superfund Amendments and ReauthorizationAct of 1986
SarbanesOxley"Sarbanes Oxley Act of 2002Schkopau/'Kraftwerk Schkopau Betriebsgesellschaft80mbH, an entity in which NRG has a 41.9% interestSCR%Selective Catalytic ReductionSEC%United States Securities and Exchange
CommissionSecurities Act.&The Securities Act of 1933, as amendedSenior Credit Facility/'NRG s senior secured facility, which is<4comprised of a Term Loan Facility and a $1.3 billion1)Synthetic Letter of Credit Facility which5matures on February 1, 2013, and a $1 billion0(Revolving Credit Facility, which matureson February 2, 2011.Drl[OC7i:./#YM0 !"#$%&'()*+,./0123456789:;<=>? !Senior Notes!.!&The Company s $4.7 billion outstanding""9"1unsecured senior notes consisting of $1.2 billion##4#,of 7.25% senior notes due 2014, $2.4 billion$$8$0of 7.375% senior notes due 2016 and $1.1 billion%%'%of 7.375% senior notes due 2017&'SERC'9'1Southeastern Electric Reliability Council/Entergy()SFAS)3)+Statement of Financial Accounting Standards***issued by the FASB+,SFAS 71,/,'SFAS No. 71, Accounting for the Effects&of Certain Types of Regulation./SFAS 106/./&SFAS No. 106, Employers Accounting for0030+Postretirement Benefits Other Than Pensions12SFAS 109212)SFAS No. 109, Accounting for Income Taxes34 SFAS 123R404(SFAS No. 123 (revised 2004), ShareBased555Payment67SFAS 1337/7'SFAS No. 133, Accounting for Derivative888%Instruments and Hedging Activities as999amended:;SFAS 141;+;#SFAS No. 141, Business Combinations<= SFAS 141R=:=2SFAS No. 141 (revised 2007), Business Combinations>?SFAS 142?3?+SFAS No. 142, Goodwill and Other IntangibleDN lIbVh\
jY."[O@ABCDEFGHIJKLMNOPQRSTUVWXY@@@AssetsABSFAS 143B5BSFAS No. 143, Accounting for Asset RetirementCCCObligationsDESFAS 144E3E+SFAS No. 144, Accounting for the ImpairmentFF(F or Disposal of LongLived AssetsGHSFAS 157H,H$SFAS No. 157, Fair Value MeasurementIJSFAS 158J.J&SFAS No. 158, Employers Accounting forKK8K0Defined Benefit Pension and Other PostretirementLL5LPlans an amendment of FASB Statements No. 87,MMM88, 106 and 132(R)NOSFAS 159O9O1SFAS No. 159, The Fair Value Option for FinancialPP2P*Assets and Financial Liabilities includingQQ.Q&an amendment of FASB Statement No. 115RSSFAS 160SS%SFAS No. 160, Noncontrolling InterestTT,T$in Consolidated Financial StatementsUV$W____________________________1X)Created by Morningstar Document Research.0Y(http://documentresearch.morningstar.com/8QqB6?3<O`TH =PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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02/12/2009SKPortions of the Proxy Statement for the 2009 Annual Meeting of Stockholders SFAS 161 1 )SFAS No. 161, Disclosure about Derivative

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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009NO TITLE (a) 4 ,Includes amounts under power sales contracts
3
+and natural gas hedges. The forward natural2*gas quantities are reflected in equivalent0(MWh based on forward market implied heat
6
.rate as of December 31, 2008 and then combined0(with power sales to arrive at equivalent7/MWh hedged which is then divided by 8,760 hours5(8,784 hours in 2012) to arrive at MW hedged.(b)3+Percentage hedged is based on total MW sold0(as power and natural gas converted using4,the method as described in (a) above divided,$by the forecasted baseload capacity.(c).&Represents all North American baseload2*sales, including energy revenue and demandcharge.(d)3+The South Central region s weighted average1)hedged prices ranges from $43/MWh $53/MWh0(due to legacy cooperative load contracts2*entered into at prices significantly below3+current market levels. These prices includeDh lzVf)b~r%N !"#$%& 0 (a fixed capacity charge and an estimated!!!energy charge."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xvjB=PF0*8X>
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009&Fuel Supply and Transportation
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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NRG ENERGY, INC.10K
02/12/2009( Seasonality and Price Volatility
Texas Northeast
South Central
Total
(In millions)
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price VolatilitCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009&Cedar Bayou Generating Station
Net Generation
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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NRG ENERGY, INC.10K
02/12/2009&Cedar Bayou Generating Station
Net
Generation
Capacity
Primary
PlantLocation% Owned(MW) (c)
Fueltype"Solid Fuel Baseload Units:
W. A. Parish (a)
Thompsons, TX~
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Jewett, TX~
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!Total Solid Fuel Baseload~
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Elbow CreekHoward County, TX~
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~
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#Total Intermittent Baseload~
*"Operating Natural GasFired Units:
Cedar BayouBaytown, TX~
~
^
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T. H. WhartonHouston, TX~
~
Natural GasW. A. Parish (a)
Thompsons, TX~
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S. R. Bertron
Deer Park, TX ~
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Natural Gas!Greens Bayou!!Houston, TX!!~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }}$ }:
NRG ENERGY, INC.10K
02/12/2009NO TITLE (a) 2 *W. A. Parish has nine units, four of which
.
&are baseload coalfired units and five%of which are natural gasfired units.
(b)
.
&Generation capacity figure consists of.&the Company s 44.0% undivided interest in the two units at STP.(c)5Actual capacity can vary depending on factors1)including weather conditions, operational/'conditions and other factors. The ERCOT6.requires periodic demonstration of capability,.&and the capacity may vary individually80and in the aggregate from time to time. Excludes1)2,200 MW of mothballed capacity availablefor redevelopment.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DzVrf3I^(=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }}$ }}$ }}
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NRG ENERGY, INC.10K
02/12/2009 NORTHEAST
Net Generation
~
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~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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NRG ENERGY, INC.10K
02/12/2009RMR Agreements
Net
Generation
Capacity
Primary
PlantLocation% Owned(MW)
FueltypeOswego
Oswego, NY~
~
OilArthur KillStaten Island, NY~
~
Natural Gas
MiddletownMiddletown, CT~
~
OilIndian River
Millsboro, DE~
~
CoalAstoria Gas Turbines
Queens, NY~
~
Natural GasHuntley
Tonawanda, NY~
~
CoalDunkirkDunkirk, NY~
~
J
Coal MontvilleUncasville, CT~
~
OilNorwalk HarborSo. Norwalk, CT~
~
R
Oil
DevonMilford, CT~
~
2
Natural GasVienna
Vienna, MD~
~
OilSomerset Power (a)Somerset, MA~
~
Coal#Connecticut Remote TurbinesFour locations in CT~
~
F
Oil/Natural Gas ConemaughNew Florence, PA
@~
CoalKeystoneShelocta, PA
@~
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009
SOUTH CENTRAL
Net Generation
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SOUTH CENTRALWEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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NRG ENERGY, INC.10K
02/12/2009
SOUTH CENTRAL
Net
Generation
Capacity
Primary Fuel
PlantLocation% Owned(MW)
typeBig Cajun II (a)
New Roads, LA~
Z~
J
Coal
Bayou CoveJennings, LA~
~
Natural Gas+#Big Cajun I (Peakers) Units 3 and 4Jarreau, LA~
~
J
Natural Gas!Big Cajun I Units 1 and 2Jarreau, LA~
~
r
Natural Gas/Oil
Rockford IRockford, IL~
~
Natural GasRockford IIRockford, IL~
~
Z
Natural GasSterlingtonSterlington, LA~
~
Natural Gas
Total South Central~
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SOUTH CENTRALSOUTH CENTRAL (1)
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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NRG ENERGY, INC.10K
02/12/2009WEST
Net
Generation
Capacity
Primary
PlantLocation% Owned(MW)
FueltypeEncinaCarlsbad, CA~
~
Natural Gas
El SegundoEl Segundo, CA~
~
z
Natural Gas
Long BeachLong Beach, CA~
~
Natural GasCabrillo II
San Diego, CA~
~
Natural GasSaguaro
Henderson, NV~
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Natural Gas
Total West Region~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009WEST
Net
Generation
Capacity
Primary
PlantLocation% Owned(MW)
Fueltype Gladstone AustraliaB@~
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CoalSchkopauGermany33333D@~
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LigniteMIBRAGGermany~
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }:
+
NRG ENERGY, INC.10K
02/12/2009kcNRG#146;s financial performance may be impacted by changing natural gas prices, significant and unp 7 /changes in generation capacity in the Company s
.
&markets, including the addition of new3+supplies of power from existing competitors1)or new market entrants as a result of the

%development of new generation plants,2*expansion of existing plants or additionaltransmission capacity;.&electric supply disruptions, including3+plant outages and transmission disruptions;5changes in power transmission infrastructure;1)fuel transportation capacity constraints;weather conditions;6.changes in the demand for power or in patterns/'of power usage, including the potential%development of demandside managementtools and practices;5development of new fuels and new technologiesDlC7+^y+L@SGa) !"#$%&'()* $ for the production of power;!""0"(regulations and actions of the ISOs; and#$$8$0federal and state power market and environmental%%#%regulation and legislation.&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/h\=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
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NRG ENERGY, INC.10K
02/12/2009kcNRG#146;s costs, results of operations, financial condition and cash flows could be adversely impac weather conditions;
seasonality;
1
)demand for energy commodities and generaleconomic conditions;91disruption or other constraints or inefficiencies0(of electricity, gas or coal transmissionor transportation;'additional generating capacity;.&availability and levels of storage and"inventory for fuel stocks;0(natural gas, crude oil, refined products#and coal production levels;$changes in market liquidity;/'federal, state and foreign governmental'regulation and legislation; andDlC7+/Jo1%NB !"#$%&'( !!.!&the creditworthiness and liquidity and""2"*willingness of fuel suppliers/transporters##(# to do business with the Company.$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/E\=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }:
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NRG ENERGY, INC.10K
02/12/2009kcThe Company may incur additional costs or delays in the construction and operation of new plants, i  %delays in obtaining necessary permits
and licenses;80environmental remediation of soil or groundwater
at contaminated sites;2*interruptions to dispatch at the Company sfacilities;supply interruptions;work stoppages;labor disputes;weather interferences;%unforeseen engineering, environmental and geological problems;$unanticipated cost overruns; exchange rate risks; andDPlC7+u!^R
UIx !"#$%& !!!performance risks."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/wx~=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }:
NRG ENERGY, INC.10K
02/12/2009jbNRG#146;s international investments are subject to additional risks that its US investments do not + #fluctuations in currency valuation;
"currency inconvertibility;
0
(expropriation and confiscatory taxation;80restrictions on the repatriation of capital; and.&approval requirements and governmental7/policies limiting returns to foreign investors.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4D8, k_]
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmenNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
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NRG ENERGY, INC.10K
02/12/2009kcNRG#146;s level of indebtedness could adversely affect its ability to raise additional capital to f 6 .limiting NRG s ability to enter into longterm
3
+power sales or fuel purchases which requirecredit support;
6
.exposing NRG to the risk of increased interest0(rates because certain of its borrowings,1)including borrowings under its new senior/'secured credit facility are at variablerates of interest;3+limiting NRG s ability to obtain additional/'financing for working capital including2*collateral postings, capital expenditures,/'debt service requirements, acquisitions4,and general corporate or other purposes; and4,limiting NRG s ability to adjust to changing91market conditions and placing it at a competitive0(disadvantage compared to its competitorswho have less debt.$____________________________DlC7+Z'}0T p o# !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness c!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }8
"
NRG ENERGY, INC.10K
02/12/2009kcNRG#146;s level of indebtedness could adversely affect its ability to raise additional capital to f 7 /general economic and capital market conditions;
0(credit availability from banks and otherfinancial institutions;
0(investor confidence in NRG, its partners1)and the regional wholesale power markets;5NRG s financial performance and the financial( performance of its subsidiaries;2*NRG s level of indebtedness and compliance*"with covenants in debt agreements;1)maintenance of acceptable credit ratings;cash flow; and2*provisions of tax and securities laws that#may impact raising capital.$____________________________DlC7+P pdu/#> !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)Exelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
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NRG ENERGY, INC.10K
02/12/2009jbExelon Corporation#146;s proxy contest, board expansion and director nominations could result in a , $General economic conditions, changes
7
/in the wholesale power markets and fluctuationsin the cost of fuel;
1
)Hazards customary to the power production0(industry and power generation operations6.such as fuel and electricity price volatility,0(unusual weather conditions, catastrophic6.weatherrelated or other damage to facilities,3+unscheduled generation outages, maintenance1)or repairs, unanticipated changes to fuel2*supply costs or availability due to higher2*demand, shortages, transportation problems,$or other developments, environmental.&incidents, or electric transmission or/'gas pipeline system constraints and the2*possibility that NRG may not have adequate0(insurance to cover losses as a result of
such hazards;2*The effectiveness of NRG s risk management0(policies and procedures, and the ability0(of NRG s counterparties to satisfy theirD lD8, a)2E\1Z !"#$%&'()*+,./0123456789:;<=>? financial commitments;!"""%Counterparties collateral demands and##/#'other factors affecting NRG s liquidity$$)$!position and financial condition;%&&/&'NRG s ability to operate its businesses''0'(efficiently, manage capital expenditures((0((and costs tightly, and generate earnings))6).and cash flows from its assetbased businesses**6*.in relation to its debt and other obligations;+,,0,(NRG s ability to enter into contracts to1)sell power and procure fuel on acceptable...terms and prices;/0060.The liquidity and competitiveness of wholesale11'1markets for energy commodities;23333+Government regulation, including compliance4404(with regulatory requirements and changes55951in market rules, rates, tariffs and environmental66/6'laws and increased regulation of carbon7737+dioxide and other greenhouse gas emissions;8999%Price mitigation strategies and other::2:*market structures employed by ISOs or RTOs;;9;1that result in a failure to adequately compensate<<4<,NRG s generation units for all of its costs;=>>0>(NRG s ability to borrow additional funds??4?,and access capital markets, as well as NRG sD3
lq&>NBthx,=1E@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]@@4@,substantial indebtedness and the possibilityAA2A*that NRG may incur additional indebtednessBBBgoing forward;CDD,D$Operating and financial restrictionsEE/E'placed on NRG and its subsidiaries thatFF1F)are contained in the indentures governingGG0G(NRG s outstanding notes, in NRG s SeniorHH9H1Credit Facility, and in debt and other agreementsII2I*of certain of NRG subsidiaries and projectJJJaffiliates generally;KLL5LNRG s ability to implement its Repowering NRGMM/M'strategy of developing and building newNN.N&power generation facilities, includingOO,O$new nuclear units and wind projects;PQQ6Q.NRG s ability to implement its econrg strategyRR1R)of finding ways to meet the challenges ofSS0S(climate change, clean air and protectingTT4T,our natural resources while taking advantageUU&Uof business opportunities; andVWW0W(NRG s ability to achieve its strategy ofXX4X,regularly returning capital to shareholders.YZ$[____________________________1\)Created by Morningstar Document Research.0](http://documentresearch.morningstar.com/@P Db0$DUt*7YMq=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/2009jbExelon Corporation#146;s proxy contest, board expansion and director nominations could result in a
Net
Power
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Primary
%
Name and Location of Facility
Market
% Owned
Capacity (MW)
Fueltype
Texas Region:
&W. A. Parish, Thompsons, Texas
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Coal Limestone, Jewett, Texas
ERCOT~
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ERCOT~
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ERCOT~
~
Natural Gas'S. R. Bertron, Deer Park, Texas
ERCOT~
~
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Natural Gas$Greens Bayou, Houston, Texas
ERCOT~
~
Natural Gas#San Jacinto, LaPorte, Texas
ERCOT~
~
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~
.
WindNortheast Region:
Oswego, New York
NYISO~
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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02/12/2009jbExelon Corporation#146;s proxy contest, board expansion and director nominations could result in a
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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02/12/2009NO TITLE (a) 4 ,For the nature of NRG s interest and various
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(b)6.Units 1 and 2 owned 100.0%, Unit 3 owned 58.0%(c)( Primarily a coal mining facility$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0zVg1%eYM%=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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02/12/2009jbExelon Corporation#146;s proxy contest, board expansion and director nominations could result in a %
Ownership%
Name and Location of Facility
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Interest
Generating Capacity0(NRG Energy Center Minneapolis, Minnesota2*Approx. 100 steam customers and 50 chilled~
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&Steam: 454 MMBtu/Hr. (133 MWt)2*NRG Energy Center Harrisburg, Pennsylvania1)Approx. 210 steam customers and 3 chilled~
.&Steam: 440 MMBtu/hr. (129 MWt) Chilledwater customers!water: 2,400 tons (8 MWt)2*NRG Energy Center Pittsburgh, Pennsylvania7/Approx. 25 steam and 25 chilled water customers~
4,Steam: 296 MMBtu/hr. (87 MWt) Chilled water:12,920 tons (45 MWt)/'NRG Energy Center San Diego, California*"Approx. 20 chilled water customers~
*"Chilled water: 7,425 tons (26 MWt),$Camas Power Boiler Camas, WashingtonGeorgiaPacific Corp.~
%Steam: 200 MMBtu/hr. (59 MWt))!NRG Energy Center Dover, Delaware3+Kraft Foods Inc. and Procter Gamble Company~
%Steam: 190 MMBtu/hr. (56 MWt).&Paxton Creek Cogeneration, Harrisburg,PJM~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of Repurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009'Repurchase of equity securities
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009'Repurchase of equity securities
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009'Repurchase of equity securities , $Factors which affect NRG s business;
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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NRG ENERGY, INC.10K
02/12/2009'Repurchase of equity securities Business strategy;
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentCapital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/2009"Infrastructure Development weather conditions;
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
3
NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 5 Reinvestment in existing assets Opportunities
5
to invest in the existing business, including%maintenance and environmental capital%expenditures that improve operational
9
1performance, ensure compliance with environmental5laws and regulations, and expansion projects.2*Management of debt levels The Company uses1)several metrics to measure the efficiency3+of its capital structure and debt balances,1)including the Company s targeted net debt2*to total capital ratio range of 45% to 60%3+and certain cash flow and interest coverage1)ratios. The Company intends in the normal0(course of business to continue to manage0(its debt levels towards the lower end of1)the range and may, from time to time, pay80down its debt balances for a variety of reasons.7/Return of capital to shareholders The Company s%debt instruments include restrictions5on the amount of capital that can be returned/'to shareholders. The Company has in theD lthDYj^t'=X\ !"#$%&'()*+,./012  %past returned capital to shareholders!!2!*while maintaining compliance with existing""3"+debt agreements and indentures. The Company##.#&expects to regularly return capital to$$0$(shareholders through opportunistic share%%4%,repurchases, while exploring other prospects&&5&to increase its flexibility under restrictive'''debt covenants.())6).Repowering, econrg and new build opportunities**0*(The Company intends to pursue repowering++.+&initiatives that enhance and diversify,,5,its portfolio and provide a targeted economicreturn to the Company../$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hi4Rk1%=PF0*8X>
@221100
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }>
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program / 'Marktomarket gains The Company s risk
5
management activities recognized $414 million/'in marktomarket gains driven by lower/'energy prices due to the downward trend
/
'in natural gas prices during the second2*half 2008. High price volatility in energy%related commodities during 2008 drove.&the extreme volatility reported in NRG6.interim results of operations and consolidated2*balance sheets during the second and third0(quarters of 2008, due to the commodities2*impact on the fair value of our derivative
contracts..&Liquidity Position The Company s total4,liquidity rose $1.4 billion as the declining4,natural gas prices increased funds deposited/'by counterparties by $754 million. Cash/'balances grew by $362 million since the4,end of 2007 as $1.4 billion of cash provided%by operating activities exceeded cash4,used for all phases of the Company s Capital2*Allocation Program, including $899 millionD lthD]y0F~r(=Y !"#$%&'()*+,./0123456789:;<=>?  %of capital expenditures, $185 million!!5!in treasury share payments and a $214 million"""net debt reduction.#$$1$)Higher energy prices Energy revenues rose%%6%.6% as a result of strong operating performance&&5&at the power plants which allowed the Company''2'*to sell generation at higher energy prices((.(&especially in the second quarter 2008.)**2**Higher capacity revenues Capacity revenues++2+*rose $163 million as a result of a greater,,2,*portion of Texas baseload contracts havinga capacity component..//6/.Sale of ITISA On April 28, 2008, NRG completed00:02the sale of its interest in a 156 MW hydroelectric1111)power plant to Brookfield Renewable Power2222*Inc. The Company recognized a $164 million33<34after tax gain on the sale and received $300 million44:42of cash proceeds. See Item 15 Note 3, Discontinued55.5&Operations , Business Acquisition and66.6&Dispositions, for a further discussion7717)of the activities of ITISA that have been88.8&classified as discontinued operations.9::2:*Reduced development costs As of January 1,;;1;)2008, the company began to capitalize the<<7</STP units 3 and 4 costs following the docketing==0=(of the COLA which resulted in decline of>>)>!development costs of $52 million.?D
lf/#3Al`ko%D8J@ABCDEFGHIJKLMNOPQ@@4@,Lower other income Interest income decreasedAA4A,by $25 million as the result of lower marketBB5Binterest rates on cash deposits. In addition,CC1C)the Company recorded an impairment chargeDD0D(of $23 million to restructure distressedEE(E investments in commercial paper.FGG/G'Lower interest expense Interest expenseHH2H*decreased $69 million as the result of theII1I)interest savings on the $531 million debtJJ6J.repayments beginning December 2007 accompaniedKK1K)by a reduction of variable interest ratesLLLon longterm debt.MN$O____________________________1P)Created by Morningstar Document Research.0Q(http://documentresearch.morningstar.com/(T`v2&@k_S+=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }@
2
NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 5 Unsolicited Exelon Proposal On October 19,
1
)2008, the Company received an unsolicited3+proposal from Exelon Corporation to acquire4,all of the outstanding shares of the Company
2
*and on November 12, 2008, Exelon announced;3a tender offer for all of the Company s outstanding0(common stock. On January 7, 2009, Exelon1)extended the tender offer to February 25,3+2009, and indicated that further extensions3+may follow. NRG s Board of Directors, after5carefully reviewing the proposal, unanimously2*concluded that the proposal was not in the.&best interests of the stockholders and%has recommended that NRG stockholders0(not tender their shares. In addition, on4,January 30, 2009 Exelon announced a proposed2*slate of nine nominees for election to the=5NRG Board at the 2009 Annual Meeting of Stockholders,0(together with a proposal to increase the.&number of NRG directors from 12 to 19./'Sherbino Wind Farm On October 22, 2008,0(NRG and its 50/50 joint venture partner,D
lthDWbz+B]j !"#$%&'()*+,./01 2 *BP, announced the completion of its 150 MW!!6!.Sherbino wind farm. Since NRG has a 50 percent""4",ownership, Sherbino will provide the Company## #a net capacity of 75 MW.$%%3%+Elbow Creek Wind Farm On December 29, 2008,&&5&NRG, through Padoma, announced the completion''2'*of its Elbow Creek project, a whollyowned((2(*120 MW wind farm in Howard County near Big))7)/Spring, Texas. The Company funded and developed**3*+this wind farm which consists of 53 Siemens+++%wind turbine generators, each capable,,,,$of generating up to 2.3 MW of power..$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(T`y(9YMA=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o7 /Texas increased $172 million, with $219 million
1
)of this increase driven by higher prices,1)offset by $47 million reduced generation..&The price variance was attributable to
/
'a more favorable mix of merchant versus1)contract sales, as well as a 28% increase.&in merchant prices partially offset by1)a 14% decrease in contract energy prices.:2The 839 thousand MWh or 2% reduction in generation4,was comprised of a 3% reduction from nuclear.&plant generation, a 14% reduction from5gas plant generation, offset by a 1% increase/'in coal plant generation. The reduction0(in gas plant generation was attributable4,to the effects of hurricane Ike in September~
b o%Northeast decreased $40 million, with%$66 million reduced generation offset2*by a $26 million increase driven by higher4,energy prices. The decline due to generation80was driven by a net 6% reduction in the region s2*generation, due to a decrease in oilfiredD lthDVt*7Q9R !"#$%&'()*+,./0123456789:; 0 (generation as a result of higher average!!3!+oil prices as well as decrease in gasfired""0"(generation related to a cooler summer in##/#'2008 compared to 2007. The increase due$$/$'to energy prices reflects an average 6%%%0%(rise in merchant energy prices offset by&&0&(lower contract revenue, driven by higher''4',costs required to service the PJM contracts,((4(,as a result of the increase in market energy)))prices.*+ +o9+1South Central increased $74 million, attributable,,/,'to higher merchant energy revenues. The4,growth in merchant energy revenues reflected../.'577 thousand more merchant MWh sold, as////'a decrease in contract load MWh allowed0030+more sales to the merchant market at higher111prices.23 3o63.West increased $35 million due to the dispatch4464.of the El Segundo plant outside of the tolling5545,agreement in 2008. In 2007, no such dispatch666 occurred.78$9____________________________1:)Created by Morningstar Document Research.0;(http://documentresearch.morningstar.com/<e7K s#>b=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o5 Texas increased $130 million due to a greater
0
(proportion of baseload contracts, which%contain a capacity component.
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*Northeast increased $13 million reflecting/'$31 million higher capacity revenues in:2the PJM and NEPOOL markets offset by a $18 million/'reduction in capacity revenue in NYISO. o/'South Central increased $12 million due0(to a $10 million higher capacity payment/'from the region s cooperative customers7/and an $8 million rise in RPM capacity payments1)from the PJM market. These increases were0(offset by a $6 million reduction related4,to lower contract volume to other customers. o2*West increased $3 million due to a tolling.&arrangement at Long Beach plant offset7/by the reduction of revenue from the El Segundotolling arrangement.DlthDeY
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program
$ Year Ended December 31, 2008
Texas
Northeast
South Central
Thermal
Total
(In millions)0
(Net (losses)/gains on settled positions,
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Marktomarket results
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3+losses/(gains) on settled positions relatedto trading activity.&Net unrealized gains on open positions~
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"related to economic hedges.&Net unrealized gains on open positions~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 7 /Fuel expense Natural gas costs rose $99 million
4
,due to an increase of 28% in average natural91gas prices, offset by a 14% decrease in gasfired5generation. In addition, coal costs increased
5
by $44 million a result of higher coal prices/'and the settlement payment related to a.&coal contract dispute. These increases0(were offset by a decrease of $19 million/'in nuclear fuel expense as amortization%of nuclear fuel inventory established%under Texas Genco purchase accountingended in early 2008.1)Purchased energy Purchased energy expense2*decreased $26 million as a result of lower5forced outage rates at the region s baseloadplants.4,Ancillary service expense Ancillary services0(and other costs increased by $14 million3+as a result of higher ERCOT ISO fees offset/'by reduced purchased ancillary servicescosts.D[ lthDL_~5[
5 !"#$%&'()*+,./ !!,!$Fuel contract amortization Amortized""/"'contract costs decreased by $59 million##9#1due to a $36 million decrease in the amortization$$0$(of water supply contracts which ended in%%.%&2007. In addition, the amortization of&&5&coal contracts decreased by a net $22 million''5'as a result of a reduction in expense related((3(+to inthemoney coal contract amortization.)).)&These contracts were established under**(* Texas Genco purchase accounting.+,$____________________________1.)Created by Morningstar Document Research.0/(http://documentresearch.morningstar.com/$,av%;=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }7
NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 5 Fuel expense Coal costs increased $16 million
6
.resulting from an increase in coal consumption2*and higher fuel transportation surcharges;0(natural gas costs rose by $14 million as
2
*the region s peaker plants ran extensively0(to support transmission system stabilityafter hurricane Gustav.0(Purchased energy Higher purchased energy0(expenses of $16 million reflected higher0(natural gas costs for tolling contracts.2*Transmission costs Increased by $9 million5due to additional pointtopoint transmission/'costs driven by an increase in merchant
energy sales.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DthDSm2&B6L=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o3 +Texas increased $30 million due to a second
2
*planned outage at STP and the acceleration3+of planned outages at the baseload plants.
o9
1Northeast decreased $3 million due to $18 million0(lower operating and maintenance expenses6.resulting from less outage work at the Norwalk0(plants and Indian River plants. This was5offset by a $16 million increase in utilities.&cost. The 2007 utilities cost included4,a benefit of $19 million due to a lower than1)planned settlement of the station serviceagreement with CL P. o.&South Central decreased by $10 million6.due to reduction in major maintenance expense.0(The 2007 expense included more extensive6.outage work that was performed at Big Cajun IIplant. o80West decreased by $4 million due to a $3 million80reduction in lease expenses and an environmental4,liability of $2 million which was recognizedD[ lthDWKWp DT* !"#$% 0 (in 2007 related to the El Segundo plant.!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/mdt=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }8
NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 4 ,Wage and benefit costs increased $19 million
0
(attributable to higher wages and related benefits cost increases.
/
'Consultant cost increased by $3 million3+resulting from $8 million spent on Exelon s7/exchange offer offset by a $5 million reduction.&in information technology consultants.3+Franchise tax The Company s Louisiana state0(franchise tax decreased by approximately0($4 million. Prior year franchise tax was2*assessed based on the Company s total debt/'and equity that increased significantly1)following the acquisition of Texas Genco..&Insurance cost decreased by $4 milliondue to favorable rates.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DjlthDl`s)6PD=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }=
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program ; 3Texas STP units 3 and 4 projects No development
6
.expense was reflected in results of operations5for 2008 as NRG began to capitalize STP units0(3 and 4 development costs incurred after
6
.January 1, 2008, following the NRC s docketing7/of the Company s COLA in late 2007. The Company4,recorded $52 million in development expensesduring 2007.6.Wind projects The Company incurred $21 million2*in costs related to wind development which5is a $4 million decrease from the same periodin 2007.7/Other projects The Company incurred $25 million6.in development costs related to other domestic.&Repowering NRG projects in 2008, which1)decreased $7 million from the same period1)in 2007 as a result of the capitalization1)of costs to develop the El Segundo EnergyCenter in 2008.DlthDJY {Qh !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program
Year Ended
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o3 +Taxable dividends from foreign subsidiaries
1
)due to the provision of deferred taxes in1)2008 on foreign income no longer expected%to be permanently reinvested overseas
2
*offset by decreased dividends from foreign3+operations in the current year, tax expense%increased by approximately $6 millionas compared to 2007. o2*Nondeductible interest on CAGR Settlement/'the Company s $45 million settlement of2*the embedded derivative in its CSF I notes.&and preferred interests resulted in an4,additional income tax expense of $16 million1)in 2008 as compared to the same period in~
^ o:2Change in German tax rate as a result of revaluing3+our deferred tax assets, income tax expense1)benefited by $29 million in 2007, with no#comparable benefit in 2008. o1)Valuation Allowance the Company generatedD& lthDZt+Me@ !"#$%&'()*+,./01234 2 *capital gains in 2008 primarily due to the!!.!&sale of ITISA and derivative contracts""/"'that are eligible for capital treatment##1#)for tax purposes. These gains enabled NRG$$1$)to reduce our valuation allowance against%%0%(capital loss carryforwards. In addition,&&1&)applicable changes to the state and local''6'.effective tax rate are captured in the current((:(2period. This resulted in a decrease of $18 million))1))income tax expense in 2008 as compared to**~
*^+, ,o8,0Change in state effective tax rate the Company5reduced its domestic state and local deferred..4.,income tax rate from 7% to 6% in the current///period.01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/.h7Bnb=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o8 0Texas energy revenues increased by $972 million,
6
.of which $217 million was due to the inclusion2*of twelve months activity in 2007 compared2*to eleven months in 2006. Of the remaining
/
'$755 million increase, $449 million was0(due to the Hedge Reset transaction which2*resulted in higher 2007 average contracted/'prices of approximately $13 per MWh. In/'addition, revenues from 8.8 million MWh1)of generation moved from capacity revenue4,to energy revenue. Prior to the Acquisition,1)PUCT regulations required that Texas sell1)15% of its capacity by auction at reduced/'rates. In March 2006, the PUCT accepted1)NRG s request to no longer participate in/'these auctions and that capacity is now0(being sold in the merchant market. These/'favorable results were partially offset0(by lower sales from the region s natural4,gasfired units due to a cooler summer which5resulted in lower generation of approximately2.7 million MWh.D lthDOj9Ol 9 !"#$%&'()*+,./0123456789:;<=>? o. &Northeast energy revenues increased by!!8!0approximately $138 million, of which $61 million""9"1was due to a 6% increase in generation, primarily##2#*driven by increases at the region s Arthur$$1$)Kill, Oswego and Indian River plants. The%%.%&Arthur Kill plant increased generation&&/&'by 448 thousand MWh due to transmission''4',constraints around New York City, the Oswego((3(+plants generation increased by 127 thousand))7)/MWh due to a colder winter during 2007 compared**7*/to 2006, and the Indian River plants generation++5+increased by 418 thousand MWh due to stronger,,/,'pricing and fewer outages in the second0(half of 2007 compared to the second half...of 2006./0 0o/0'South Central energy revenues increased1121*by approximately $70 million, due to a new22/2'contract which increased contract sales33/3'volume by approximately 1.3 million MWh4454and energy revenues by $69 million. Following555%a contractual fuel adjustment charge,6606(energy revenues increased by $11 million7707(from the region s cooperative customers.8818)This was offset by a $12 million decrease99#9in merchant energy revenue.:; ;o7;/West energy revenues decreased by approximately<<0<($72 million, excluding the first quarter==1=)2007, due to the tolling agreement at the>>5>Encina plant that has resulted in the receipt??3?+of fixed monthly capacity payment in returnDlaq'=Fw+Ga})@ABCDEFGHI@@3@+for the right to schedule and dispatch fromAA/A'the plant. The Encina tolling agreementBB1B)replaced an RMR agreement under which theCC2C*plant was called upon to generate and earnDD*D"energy revenues for such dispatch.EF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/fymE=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/2009"Capital Allocation Program o9 1Texas capacity revenues decreased by $486 million
4
,due to a reduction of capacity auction sales91mandated by the PUCT in prior years as previously
discussed.
o%Northeast capacity revenues increased2*by $81 million of which $39 million of the4,increase was from the region s NEPOOL assets1)and $36 million was from the region s PJM0(assets. The NEPOOL assets benefited from3+the new LFRM market and transition capacity5market, both introduced in the fourth quarter802006. Capacity revenues increased by $24 million1)from the LFRM market and $18 million from/'transition capacity payments, which was4,offset by a $3 million reduction in capacity3+payments due to the expiration of the Devon3+plant s RMR agreement on December 31, 2006.4,On June 1, 2007, the new RPM capacity market3+became effective in PJM increasing capacity4,revenues by $36 million as compared to 2006. o1)South Central capacity revenues increasedD lthDIw'?Mcu% !"#$%&'()*+, 7 /by approximately $22 million. Of this increase,!!3!+$15 million was due to higher billing rates""2"*as a result of the region s market setting##9#1new summer peaks hit in 2006 and 2007, $6 million$$2$*was due to higher contractual transmission%%5%passthough costs to the region s cooperative&&4&,customers and $3 million was due to improved''2'*market conditions at the region s Rockford(((
plants. In)*$+____________________________1,)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/ q^m~PD8=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o0 (Sale of emission allowances net sales of
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4SO 2 emission allowances decreased by approximately/'$33 million. In 2006, we sold emissions4,in lieu of generation due to an unseasonably
/
'warm first quarter. Since that time the2*average market price for SO 2 allowancesdecreased by 28%. o2*Physical gas sales decreased by $7 million0(due to the lower sales of excess naturalgas. o%Ancillary revenues Ancillary services6.revenue increased by approximately $27 million7/due to a change in strategy to actively provide.&ancillary services in the Texas region0(which increased revenues by $33 million.1)This was partially offset by a $4 million.&reduction in ancillary services in the3+Northeast region due to higher transmission0(costs following transmission constraints"in the New York City area.D& lthDTk6*g[l"? !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/<=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program
$ Year Ended December 31, 2007
South
Texas Northeast
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Total
(In millions)
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }y<
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 0 (Fuel expense and purchased power expense
6
.Natural gas expense decreased by $170 million,/'which excludes January 2007 natural gas1)expense of $27 million. This decrease was
:
2due to a reduction of 2.7 million MWh in gasfired/'generation as a result of cooler summer.&weather, coupled with greater economic.&purchases from the ERCOT and increased6.baseload generation. Despite higher coalfired2*generation at the region s W.A. Parish and5Limestone plants, the region s coal expenses,80excluding January 2007, decreased by $13 million3+due to a 9% reduction in average contractedcoal prices.,$Fuel contract amortization decreased/'by approximately $43 million, excluding.&January 2007, due to declining forward.&fuel price curves below the contracted'prices used at the Acquisition.5Purchased ancillary service expense increased5by approximately $34 million due to favorableD lthD[m#9E v, !"#$%&' 0 (market prices in purchasing this service!!/!'in the market compared to providing the""(" service from internal resources.#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/$i%
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }:
NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 3 +Purchased energy increased by approximately
5
$69 million due to increased market purchases,$following increased cooperative load,$requirements and planned maintenance
.
&at the region s Big Cajun II facility.%Coal costs increased by approximately5$17 million, of which $11 million was related6.to a 9% increase in coal prices and $7 million0(due to higher coal transportation costs.5Transmission costs increased by approximately2*$16 million of which $6 million was due to0(contractual increases related to network,$transmission service. Pointtopoint80transmission costs also increased by $10 million)!reflecting more offsystem sales.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BgXthD\u$z)Gn=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o %Texas other operating costs increased
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'by $75 million, after excluding January4,2007 expense of $39 million, other operating80costs increased by $36 million. This $36 million
1
)increase was due to $25 million in higher80O M expense as a result of increased maintenance0(associated with planned outages and fuel0(handling at the W.A. Parish facility and3+$10 million in higher property tax expenses.&following an increased valuation afterthe Acquisition. o1)Northeast other operating costs increased0(by $18 million due to increased staffing+#costs and higher maintenance costs. o5South Central other operating costs increased1)by approximately $28 million, $19 million1)of which was due to increased maintenance5expense primarily related to planned outages.7/Additionally, the region disposed of $4 million1)in assets in conjunction with the outage.D] lthD_j9_m  !"#$%&' o0 (Acquisition of WCP these results include!!1!)$15 million of WCP expenses that were not""2"*included in the Company s results in 2006.#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/1f=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 0 (Texas and WCP acquisitions the inclusion
2
*of Texas results for twelve months in 20071)compared to eleven months in 2006 and the/'consolidation of WCP for the last three
0
(quarters of 2006 resulted in an increase$of approximately $9 million.3+Wage and benefit costs due to the expansion0(of the Company, including Repowering NRG/'initiatives, wages and related benefits0(costs resulted in a $28 million increase4,in G A. Additionally, information technology1)and other office services to support this*"expansion increased by $8 million.3+Franchise tax the Company s Louisiana state0(franchise tax increased by approximately1)$6 million. This increase was because the0(state s franchise tax was assessed based3+on the Company s total debt and equity that4,rose significantly following the acquisitionof Texas Genco.D9 lthD]z+HeY
q% !"#$%&'()*+ . &Nonrecurring expenses during 2006 for!!6!.the year ended December 31, 2006, G A included""2"*nonrecurring fees of $20 million of which##2#*$6 million were related to the unsolicited$$.$&takeover attempt by Mirant Corporation%%1%)and $14 million associated with the Texas&&&integration efforts.'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/d~1=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program 0 (Texas on September 24, 2007, NRG filed a
2
*COLA with the NRC to build and operate two1)new nuclear units at the STP site. During/'the period, NRG incurred $91 million in
.
&development costs related to STP units2*3 and 4 project in 2007. These development91costs were reduced by a $39 million reimbursement1)related to a partnership agreement signed'during the fourth quarter 2007./'Wind projects approximately $13 million5in development costs related to wind projectsprimarily in Texas..&Other project approximately $4 million<4in development costs related to other Repowering NRG$projects in the West region.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BMXthD]z%>`=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/2009"Capital Allocation Program Year Ended December 31,
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/2009"Capital Allocation Program o4 ,Change in German tax rate due to a reduction
7
/in the German statutory and resulting effective.&tax rate, income tax expense benefited/'by $29 million for the yearended 2007.
o3+Taxable dividends from foreign subsidiaries0(in January 2007, the Company transferred2*the proceeds from the sale of its Flinders3+assets to the US creating additional income1)tax expense of approximately $25 million. o0(Lower tax rates in foreign jurisdictions7/lower income tax rates at the Company s foreign/'locations resulted in additional income0(tax expense during 2007 compared to 2006of $8 million. o0(Nondeductible interest interest expense3+from the stock buybacks from Phase I of the0(Company s Capital Allocation Program was/'nondeductible for income tax purposes,;3thus increasing income tax expense by approximately$7 million.DA lthDVcym 6\ !"#$%&'()*+,./0123456789: ! !o4!,Change in state effective tax rate the state"""%effective tax rate remained unchanged##1#)for 2007. This resulted in a net decrease$$.$&in income tax expense of approximately%%4%,$5 million as compared to 2006, after taking&&.&&into account the movement in valuation''3'+allowance as a result of the change in rate(((from 2005 to 2006.)* *o/*'Subpart F taxable income a dividend was++1+)declared and paid in 2007 by NRGenerating,,6,.International B.V. As result of this dividend,1)there was no Subpart F income compared to..3.+2006. This resulted in a decrease to income//1/)tax expense of approximately $11 million.01 1o.1&Disputed claims reserve During 2007 as22:22compared to 2006, the Company made no distribution33.3&from its disputed claims reserve, this4454increased income tax expense by approximately555$28 million.67$8____________________________19)Created by Morningstar Document Research.0:(http://documentresearch.morningstar.com/:yZ
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25) Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/200980Results of Operations #151; Regional Discussions
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 1 )Energy revenues increased by $172 million
0
(due to higher merchant energy revenue as1)a result of higher power prices and sales/'volumes offset by lower contract energy
revenue.2*Capacity revenue increased by $130 million0(due to a greater proportion of baseload5contracts which contain a capacity component..&Risk management activities an increase91of $351 million was primarily due to $479 million.&in greater unrealized derivative gains2*offset by $128 million in greater realized1)losses on settled financial transactions.4,These changes reflect a reduction in forward5power and gas prices at the close of the year ended December 31, 2008.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlvj^R.Hw+/JmaU=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }7
NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 2 *Capacity revenue increased by $130 million
0
(due to a greater proportion of baseload5contracts which contain a capacity component.
/
'Other revenues increased by $50 million6.related to a $23 million increase in ancillary/'services revenue in 2008, a $22 million.&increase of allocations for trading of0(emission allowances and carbon financial.&instruments, and increased activity in3+trading natural gas and coal of $4 million./'Contract amortization revenue increased6.by $36 million due to the volume of contracted5energy being positively affected by a greater1)spread between contract prices and market/'prices used in the Texas Genco purchaseaccounting.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlvj^R.C7Oo w&_SG=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }7
NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 2 *Natural gas costs increased by $99 million
6
.due to a 28% rise in average gas prices offset2*by a 14% decrease in gasfired generation.
/
'Coal costs increased by $44 million due0(to higher coal prices and the settlement#of a coal contract dispute.3+Ancillary services increased by $14 million6.due to a $16 million rise in ancillary service%costs purchased through ERCOT, offset3+by a $2 million decrease in other purchased!ancillary services costs.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:vj^R.@4^Rh=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions  %Amortized contract costs decreased by
1
)$59 million due to a $36 million decrease5in the amortization of water supply contracts:2which ended in 2007. In addition, the amortization
8
0of coal contracts decreased by a net $22 million5as a result of a reduction in expense related3+to inthemoney coal contract amortization..&These contracts were established under( Texas Genco purchase accounting.5Nuclear fuel expense decreased by $19 million1)as amortization of nuclear fuel inventory.&established under Texas Genco purchase'accounting ended in early 2008.0(Purchased power decreased by $26 million80due to lower forced outage rates at the region sbaseload plants.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlvj^R.GLoc{8,XL@=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/200980Results of Operations #151; Regional Discussions
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions  %Contract Amortization the Hedge Reset
3
+transaction decreased contract amortization0(by approximately $498 million, excluding
January 2007.
4,Gasfired Generation lower natural gasfired/'generation of approximately 2.7 million3+MWh, for the comparable eleven month period6.in 2007, was a result of cooler summer weather1)coupled with increased economic purchases1)of energy and ancillary services from the1)ERCOT. Lower sales revenue for the eleven2*months was offset by natural lower natural4,gas fuel costs of $170 million and cash flow$economic hedge improvements.2*Development Costs increased by $44 million3+in 2007 compared to 2006 largely due to the0(development of STP nuclear units 3 and 41)project, including $2 million of expenses1)in January 2007. The $44 million increase3+also includes $39 million in reimbursements.&from a partnership agreement signed inD lvj^R.J
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 1 )Energy revenues energy revenues increased
2
*by $972 million, of which $217 million was6.due to the inclusion of twelve months activity2*in 2007 compared to eleven months in 2006.
/
'Of the remaining $755 million increase,;3$449 million was due to the Hedge Reset transaction80which resulted in higher 2007 average contracted/'prices of approximately $13 per MWh. In/'addition, revenues from 8.8 million MWh1)of generation moved from capacity revenue4,to energy revenue. Prior to the Acquisition,0(PUCT regulations required that NRG Texas6.sell 15% of its capacity by auction at reduced/'rates. In March 2006, the PUCT accepted1)NRG s request to no longer participate in/'these auctions and that capacity is now0(being sold in the merchant market. These/'favorable results were partially offset3+by lower sales from natural gasfired units0(due to a cooler summer which resulted in%lower natural gasfired generation of&approximately 2.7 million MWh.D
lvj^R.AQg~,Ic !"#$%&'()*+,./0123456789:;<=>? 2 *Other revenues the region s other revenues!!/!'decreased by $27 million for the eleven""1")months of 2007 compared to 2006. This was##2#*due to a decrease in intercompany emission$$8$0allowance sales of $40 million and a $19 million%%8%0decrease in physical gas sales. This $59 million&&5&decrease was offset by a $33 million increase''5'in ancillary services revenue due to a change((6(.in strategy to more actively provide ancillary))%)services in the Texas region.*++5+Capacity revenues capacity revenues decreased,,.,&by $517 million, excluding $31 million/'incurred in January 2007. This decrease..4.,was due to the reduction of capacity auction//1/)sales mandated by the PUCT in prior years000as described above.12242,Contract amortization revenues from contract3353amortization excluding January 2007 decreased4464.by $405 million primarily due to the writeoff55/5'of outofmarket power contracts during6646,the fourth quarter 2006 related to the Hedge777Reset transaction.89939+Risk management activities The Texas region::5:recorded a total of $33 million in derivative;;4;,losses for the year ended December 31, 2007,<<3<+compared to a $30 million loss for the year==3=+ended December 31, 2006. The Texas region s>>9>12007 derivative loss was comprised of $66 million??0?(of marktomarket losses and $33 millionDblgx$0H`)*YM]@ABCDEFGHIJKLMNOPQRSTUV@@/@'in settled gains, or financial revenue.AA4A,Of the $66 million of marktomarket losses,BB.B&$83 million represents the reversal ofCC2C*marktomarket gains previously recognizedDD2D*on economic hedges and $1 million from theEE3E+reversal of marktomarket gains previouslyFF/F'recognized on trading activity. Both ofGG4G,these losses ultimately settled as financialHH2H*revenues during 2007. The $19 million gainII3I+from economic hedge positions was comprisedJJ1J)of an $8 million increase in the value ofKK1K)forward sales of electricity and fuel dueLL1L)to favorable power and natural gas pricesMM4M,and a $11 million gain from hedge accountingNNN%ineffectiveness. This ineffectivenessOO6O.was primarily related to gas swaps and collarsPP2P*due to a change in the correlation betweenQQ%Qnatural gas and power prices.RS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2e0G^x&W=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }I;
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 2 *Fuel expense natural gas expense decreased
.
&by $170 million, excluding the January6.2007 expense of $27 million, due to a decrease/'of 2.7 million MWh in natural gasfired
/
'generation as a result of cooler summer.&weather, coupled with greater economic2*purchases of energy and ancillary services91from the ERCOT and increased baseload generation..&Coal expenses, excluding January 2007,6.decreased by $13 million due to a 9% reduction2*in average contracted coal prices in 2007,80despite a 1.1 million MWh increase in coalfired2*generation at the region s W.A. Parish andLimestone plants.%Purchased ancillary service increased/'by approximately $34 million due to the%favorable market prices in purchasing80this service in the market compared to providing3+the service from internal resources causing6.an associated decrease in natural gas expense.,$Fuel contract amortization decreasedD lvj^R.Ddw%5`t" !"#$%&'() / 'by approximately $43 million, excluding!!.!&January 2007, due to declining forward""."&fuel price curves below the contracted##.#&prices used at acquisition in February$$~
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 0 (Development costs on September 24, 2007,
2
*NRG filed a COLA with the NRC. The Company1)incurred $91 million in development costs3+related to STP nuclear unit 3 and 4 project
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(in 2007, including $2 million in January.&2007, compared to development costs of80$14 million in 2006. Of the $91 million incurred5this year, $39 million was reimbursed through5a partnership agreement in the fourth quarter6.2007. Fossil development costs were $6 millionin 2007.3+Plant O M expense increased by $25 million,0(excluding January 2007, due to increased3+maintenance associated with planned outages3+and fuel handling at W.A. Parish, increased1)maintenance related to higher utilization2*in 2006 of the region s natural gas fleet,'and retirement of older assets.:2Corporate allocations were higher by approximately$16 million.DS lvj^R.GblG\i !"#$%& 7 /Property tax expense increased by approximately!!5!$10 million related to the Texas acquisition."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/x\PD=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/200980Results of Operations #151; Regional Discussions
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions o6 .PJM capacity revenues increased by $20 million
3
+reflecting recognition of a year of revenue/'from the RPM capacity market (effective2*on June 1, 2007) in 2008 compared to seven
months in 2007. o6.NEPOOL capacity revenues increased $11 million.&due to increased revenue recognized on.&the Norwalk RMR contract (effective on0(June 19, 2007) in 2008 compared to sevenmonths in 2007. o80NYISO capacity revenues decreased by $18 million3+due to unfavorable market prices. The lower6.capacity market prices are a result of NYISO s/'reductions in Installed Reserve Margins3+and ICAP incity mitigation rules effective/'March 2008. These decreases were offset,$by higher capacity contract revenue.$____________________________1)Created by Morningstar Document Research.Dlvj^R.AaNBLg 0 (http://documentresearch.morningstar.com/H=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
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02/12/200980Results of Operations #151; Regional Discussions
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$ }6region s power plants as a result of new environmentalregulation..&Offset by higher operating revenues of2*approximately $62 million due to increased%generation, favorable pricing and the3+favorable impact from new capacity markets.0(This was partially offset by lower gains2*in the region s risk management activitiesD, lvj^R.A
w,PY*= !"#$%& . &and lower sales of emission allowances!!0!(due to a 28% reduction in market prices."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xj^R*=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions o3 +NEPOOL The region s NEPOOL assets benefited
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'from the new LFRM market and transition6.capacity market, both of which were introduced5in the fourth quarter 2006. Capacity revenues
5
increased by $24 million from the LFRM market0(and $18 million from transition capacity%payments, which were partially offset7/by a $3 million reduction due to the expiration2*of an RMR agreement for the region s Devon6.plant on December 31, 2006 and by RMR payments3+from the region s Norwalk plant which began"in the third quarter 2007. o1)PJM On June 1, 2007, the new RPM capacity1)market became effective in PJM increasing7/capacity revenues by approximately $36 million. o4,NYISO New York Rest of State capacity prices3+increased by 75% as load requirement growth/'increased demand for capacity. This was5coupled with the impact from the new capacity0(markets in NEPOOL which reduced exported4,supply into the New York market that furtherD lvj^R.AS
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions : 2Plant O M spending of $15 million due to increased
5
plant staffing costs of $7 million, increased5maintenance costs of $6 million and increased6.environmental remediation costs of $2 million.
/'Property tax increased by approximately2*$3 million due to a favorable tax decision4,in 2006 related to NYC assets of $10 million0(partially offset by a tax law change the1)same year that resulted in a reduction of0(property tax receivable of $5 million in3+2006 and a $2 million reduction in property0(taxes at the New England plants in 2007.3+Regional G A expenditures Regional staffing6.and benefits increased by $3 million primarily:2related to the region s Repowering NRG development5efforts while corporate allocations increasedby $5 million.$____________________________1)Created by Morningstar Document Research.D lvj^R.6?V
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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02/12/200980Results of Operations #151; Regional Discussions
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 1 )Purchased energy increased by $16 million
0
(reflecting a 21% increase in the average7/cost per MWh of purchased energy which reflects5higher gas costs associated with the region s

%tolling agreements. This increase was1)offset by an 8% decrease in purchased MWh1)as increased plant availability and lower.&contract load requirements reduced theneed to purchase power./'Coal costs increased by $16 million due7/to a $2 per ton increase in fuel transportation.&surcharges combined with a 1% increase0(in coal generation. These increases were4,offset by a $3 million decrease in allocatedrail car lease fees.4,Natural gas costs increased $14 million. The2*region s Bayou Cove and Big Cajun I peaker6.plants ran extensively to support transmission/'system stability after hurricane Gustavin September 2008.DH lvj^R.B[}2Iez !"#$%&'( 2 *Transmission costs increased by $9 million!!5!due to additional pointtopoint transmission""/"'costs driven by an increase in merchant###
energy sales.$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/xa=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
Sale of ITISAU }$4}$ }U}$ }U}
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions
Year Ended
December 31,
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 3 +Purchased energy increased by approximately
.
&$69 million as planned and maintenance1)outage hours at the region s Big Cajun II4,facility increased by 1,209 hours, primarily
3
+due to the planned turbine/generator outage2*at the Big Cajun II Unit 3 facility in the1)fourth quarter 2007. These increases were1)offset by a drop of $2.53/MWh in realizedpurchased power prices.%Coal costs increased by approximately7/$17 million, of which approximately $11 million3+was due to a 9% increase in coal prices and4,$7 million due to higher coal transportationcosts.5Transmission costs increased by approximately0($16 million. Network transmission costs,0(which are passedthrough to the region s6.cooperative customers, increased by $6 million4,due to load growth and increased utilization:2of the Entergy transmission system. Pointtopoint0(transmission costs to support offsystemD lvj^R.H[z1? l ~ !"#$% ' sales increased by $10 million.!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/dd}=PF0*8X>
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
Balance SheetBalance Sheet (1)Shareholders Equity
Cash Flows!Foreign Currency Translation an!Issuance of Subsidiary146s StocIssuance of Sub (1)Issuance of Sub (2)Issuance of Sub (3)Red Bluff and ChowchillaRed Bluff and C (1)Red Bluff and C (2)Red Bluff and C (3)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)EnergyRelated C (3)Income Statemen (1)Impact of Hedge ResetImpact of Hedge (1)Impact of Hedge (2)Impact of Hedge (3)Impact of Hedge (4)Impact of Hedge (5)NO TITLE (7)Impact of Hedge (6)Impact of Hedge (7)Impact of Hedge (8)Impact of Hedge (9)Impact of Hedge (10)!Intangible assets held for saleIntangible assets held (1)NO TITLE (8)NRG Recourse DebtNRG Recourse De (1)NRG Recourse De (2)NRG Recourse De (3)NRG Recourse De (4)NRG Recourse De (5)!Consolidated Annual Maturities Consolidated Annual (1)NRG Defined Benefit PlansNRG Defined Benefit (1)NRG Defined Benefit (2)NRG Defined Benefit (3)NRG Defined Benefit (4)NRG Defined Benefit (5)NRG Defined Benefit (6)NRG Defined Benefit (7)NRG Defined Benefit (8)NRG Defined Benefit (9)NRG Defined Benefit (10)NRG Defined Benefit (11)STP Defined Benefit PlansSTP Defined Benefit (1)STP Defined Benefit (2)Retirement of Treasury StockRetirement of Treasury (1) Gladstone!Dilutive effect for other equit Dilutive effect for other (1) Dilutive effect for other (2) Dilutive effect for other (3)Balance Sheet (2)Balance Sheet (3) Dilutive effect for other (4) Dilutive effect for other (5) Dilutive effect for other (6) Dilutive effect for other (7) Dilutive effect for other (8) Dilutive effect for other (9)
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NO TITLENO TITLE (1)!Portions of the Proxy StatementPortions of the Proxy (1)Portions of the Proxy (2)Portions of the Proxy (3)Portions of the Proxy (4)Portions of the Proxy (5)Portions of the Proxy (6)Portions of the Proxy (7)!Favorable cost dynamics for bas!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (2) Fuel Supply and Transportation!Seasonality and Price Volatilit Cedar Bayou Generating StationCedar Bayou Generating (1)NO TITLE (3) NORTHEASTRMR Agreements
SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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NRG ENERGY, INC.10K
02/12/200980Results of Operations #151; Regional Discussions 0 (Energy revenues increased by $35 million
2
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80Other operating expense decreased by $10 million?7as a result of a $5 million reduction in Repowering NRG2*expenses due to the capitalization of cost0(for the El Segundo Energy Center project3+in 2008. In addition there was a $3 million/'reduction in lease expenses in 2008 and5the recognition of a $2 million environmental3+liability for the El Segundo plant in 2007..&Other revenues increased by $6 million0(due to higher allocations for trading of$emission allowances in 2008.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXvj^R.J?Vk_}qI=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (24)!Results of Operations 151 (25)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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02/12/200980Results of Operations #151; Regional Discussions 2 *Energy revenues decreased by approximately
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'the receipt of a fixed monthly capacity3+payment in return for the right to schedule/'and dispatch from the plant. The Encina4,tolling agreement replaced the RMR agreement0(under which the plant was called upon to,$generate revenues for such dispatch..&O M expense increased by approximately/'$6 million, excluding the first quarter1)2007, primarily due to increases in labor.&costs, major maintenance and auxiliarypower.5Development expenses increased by $4 million,%reflecting Repowering NRG initiatives4,at the region s El Segundo and Encina sites.2*Other revenues decreased ancillary service1)revenue of $3 million at the Encina plantDP lvj^R.D^w/#Ap' !"#$%&'( 6 .due to the new tolling agreement that consigns!!5!ancillary service revenue to the counterparty""0"(in exchange for a fixed monthly capacity###payment.$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/x]=PF0*8X>
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SOUTH CENTRALSOUTH CENTRAL (1)WEST
WEST (1)!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s international investmen!NRG146s level of indebtedness cNRG146s level of (1)!Exelon Corporation146s proxy coExelon Corporation146s (1)Exelon Corporation146s (2)NO TITLE (4)Exelon Corporation146s (3)!Public Utilities Commission of !Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Infrastructure DevelopmentInfrastructure (1)Capital Allocation ProgramCapital Allocation (1)Capital Allocation (2)Capital Allocation (3)Capital Allocation (4)Capital Allocation (5)Capital Allocation (6)Capital Allocation (7)Capital Allocation (8)Capital Allocation (9)Capital Allocation (10)Capital Allocation (11)Capital Allocation (12)Capital Allocation (13)Capital Allocation (14)Capital Allocation (15)Capital Allocation (16)Capital Allocation (17)Capital Allocation (18)Capital Allocation (19)Capital Allocation (20)Capital Allocation (21)Capital Allocation (22)Capital Allocation (23)Capital Allocation (24)Capital Allocation (25)!Results of Operations 151 Regio Results of Operations 151 (1) Results of Operations 151 (2) Results of Operations 151 (3) Results of Operations 151 (4) Results of Operations 151 (5) Results of Operations 151 (6) Results of Operations 151 (7) Results of Operations 151 (8) Results of Operations 151 (9)!Results of Operations 151 (10)!Results of Operations 151 (11)!Results of Operations 151 (12)!Results of Operations 151 (13)!Results of Operations 151 (14)!Results of Operations 151 (15)!Results of Operations 151 (16)!Results of Operations 151 (17)!Results of Operations 151 (18)!Results of Operations 151 (19)!Results of Operations 151 (20)!Results of Operations 151 (21)!Results of Operations 151 (22)!Results of Operations 151 (23)!Results of Operations 151 (24)!Results of Operations 151 (26)NO TITLE (5)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Investing Acti!Net Cash Used By Financing Acti!Variable interest in Equity invNO TITLE (6)Variable interest in (1)Variable interest in (2)Variable interest in (3)Variable interest in (4)Variable interest in (5)Variable interest in (6)Income approachMarket approachMarket approach (1)Market approach (2)Market approach (3)Market approach (4)Market approach (5)Market approach (6)!Remediation of Material Weaknes!Inherent Limitations over InterSummary CompensationBeneficial OwnershipIncome Statement
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