@SSRRQQ l !" dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ } }$ }U}$ }U}$ }$}$ }U}$ }$}$ } } $$ !%%%%%%%%%% % %%% %%%%%%%%%%%%%%%%%%%NRG ENERGY, INC.10-K 02/23/2010Performance Metrics !"#$ $ Year Ended December 31, 2009 $ Risk Total ! " $ EnergyCapacity Retail ManagementContractThermal Other Operating !"$ RegionRevenuesRevenues Revenues ActivitiesAmortizationRevenuesRevenuesRevenues !"$ (In millions)$Reliant Energy (a)~ ~ ~ bE ~ ~ ~ ~ ~ ZA !"#$ Texas~ &~ ~ ~ ~ r~ . !"#$ Northeast~ ~ ^ ~ V~ r~ !"#$ South Central~ ~ 6 ~ ~ Z~ ~ !"#$West~ ~ ~ ~ ~ Z !"#$ International~ ~ > ~ 6~ B !"#$Thermal~ ~ ~ ~ ~ F~ !"#$"Corporate and Eliminations~ ~ F ~ ~ ^~ !"#$ !"#$ Total~ ^/~ ~ bE ~ ~ 6~ ~ ~ !"#$ !"#$$____________________________1)Created by Morningstar Document Research.D l{og_"']! %0 (http://documentresearch.morningstar.com/H=PF0*8X> @:' $$$ # # l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ } }$ }U} $ }$}$ }$}$ }U}$ }$}$ } } $ !!!!!!!!!! ! !!! !!!!!!!!!!!!!!!!!!!NRG ENERGY, INC.10-K 02/23/2010Performance Metrics $ Year Ended December 31, 2008 Risk Total EnergyCapacity Management ContractThermal Other Operating RegionRevenuesRevenues Activities AmortizationRevenuesRevenuesRevenues (In millions) Texas~ ,~ ~ ~ ~ ~ j~ > Northeast~ ~ ~ ~ V ~ ~ z South Central~ z~ ~ * ~ ^~ ~ West~ ~ ~ ~ International~ ~ Z ~ B~ z Thermal~ 2~ ~ ~ ~ B~ j "Corporate and Eliminations Total~ F~ > ~ ~ Z~ ~ ~ k $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl{ob*] *L{0d=PF0*8X> @# l A dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ } }$ }U} $ }$}$ }$}$ }U}$ }$}$ } } $ !!!!!!!!!! ! !!! !!!!!!!!!!!!!!!!!!!NRG ENERGY, INC.10-K 02/23/2010Performance Metrics $ Year Ended December 31, 2007 Risk Total EnergyCapacity Management ContractThermal Other Operating RegionRevenuesRevenues Activities AmortizationRevenuesRevenuesRevenues (In millions) Texas~ **~ ~ ~ ~ n~ ~ ~ ^3 Northeast~ B~ J ~ n ~ "~ South Central~ R~ v ~ * ~ ^~ J West~ ~ ~ ~ International~ ~ N ~ >~ 2 Thermal~ 6~ ~ ~ B~ ~ "Corporate and Eliminations ~ 6~ 6 Total~ B~ ~ ~ ~ ~ v~ ] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl{ob*] *N{0d=PF0*8X> @# l i dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }m}$ }}$ }} $ } }$} $ }}$ } }$ NRG ENERGY, INC.10-K 02/23/20105-Annual Equivalent Availability Factor, or EAF $ Year Ended December 31, 2009 Annual Net Equivalent Average Net Net Owned Generation Availability Heat RateNet Capacity Region Capacity (MW) (MWh) Factor Btu/kWhFactor(In thousands of MWh) Texas (a)~ 2~ V@ % ~ b333333C@ % Northeast (b)~ m~ LV@ ~ R+@ South Central~ ,~ z ffffffV@ ~ ̌D@West~ !~ U@ % ~ 2ffffff @ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< ymaUYo3lXL@=PF0*8X> @ l ͐ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }m}$ }}$ }} $ } }$} $ }}$ } }$ NRG ENERGY, INC.10-K 02/23/20105-Annual Equivalent Availability Factor, or EAF $ Year Ended December 31, 2008 Annual Net Equivalent Average Net Net Owned Generation Availability Heat RateNet Capacity Region Capacity (MW) (MWh) Factor Btu/kWhFactor(In thousands of MWh) Texas (a)~ ~ f fffffV@ % ~ H@ % Northeast (b)~ p~ 333333V@ ~ ¨fffff3@ South Central~ v,~ 2 YW@ ~ G@West~ J!~ V@ % ~ bffffff$@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< ymaUYo3lXL@=PF0*8X> @ l !@ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1)NO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }7}$ } }$ } } $ } }$ } }$ } }$ } }$}$ ! NRG ENERGY, INC.10-K 02/23/2010&Commercial Operations Overview Annual Average for ~ j ~ n ~ r ~ v ~ z 2010-2014 -%(Dollars in millions unless otherwisestated)( Net Baseload Capacity (MW) (a)~ ~ v ~ ~ ~ ~ /'Forecasted Baseload Capacity (MW) (b)~ p~ fn ~ q ~ q~ o~ bp)!Total Baseload Sales (MW) (c)(h)~ p~ JL ~ v2 ~ ~~ v~ ^85-Percentage Baseload Capacity Sold Forward (d)99%69% 44% 27%11%~ %/'Total Forward Hedged Revenues (e)(f)(g)~ >7~ # ~ b ~ ~ f~ b6.Weighted Average Hedged Price ($ per MWh) (e)~ ~ ~ ~ ~ ~ 1)Weighted Average Hedged Price ($ per MWh)~ ~ ~ ~ ~ ~ *"excluding South Central region (f)/'Average Equivalent Natural Gas Price ($HzG@@ p= ף@ (\@Q@(\@ per MMBtu)/'Average Equivalent Natural Gas Price ($Gz@Q@ Q!@ Qk!@~ Q@1)per MMBtu) excluding South Central region$____________________________1)Created by Morningstar Document Research.Dl|pdN:{gW, Pzd 0 (http://documentresearch.morningstar.com/H=PF0*8X> @Z+ l .u dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewCoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }8 . NRG ENERGY, INC.10-K 02/23/2010NO TITLE (a) 2 *Nameplate capacity net of station services , $reflecting unit retirement schedule.(b)1)Expected generation dispatch output (MWh)2*based on budget forward price curve, which 3 +is then divided by 8,760 hours (8,784 hours7/in 2012) to arrive at MW capacity. The dispatch0(takes into account planned and unplannedoutage assumptions.(c)4,Includes amounts under power sales contracts3+and natural gas hedges. The forward natural2*gas quantities are reflected in equivalent0(MWh based on forward market implied heat6.rate as of December 31, 2009 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.(d)3+Percentage hedged is based on total MW sold0(as power and natural gas converted using4,the method as described in (c) above divided,$by the forecasted baseload capacity.(e).&Represents all North American baseload2*sales, including energy revenue and demandcharges.D lzVm}1X l |*F !"#$%&'()*+,- (f) 3 +The South Central region s weighted average!!2!*hedged prices ranges from $43/MWh $50/MWh.""/"'These prices include demand charges and####an estimated energy charge.$(g)$1$)Include frozen OCI primarily from Merrill%%!%Lynch CSRA sleeve unwind.&(h)&6&.Include the inter-company sales from wholesale''5'-business to Reliant Energy s retail business.((()*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ B`Isg?=PF0*8X> @--,,++ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)TEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U } }$ }$}$ NRG ENERGY, INC.10-K 02/23/2010Coal Percentage of Company s Requirement (a)(b)~ j~ v %~ n~ %~ r~ %~ v~ > %~ z~ B %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6~BfZV =PF0*8X> @2 l , dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)Coal TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }}$ }} $ }}$ NRG ENERGY, INC.10-K 02/23/2010 TEXAS Net Generation ~ f ~ b ~ ^ (In thousands of MWh) Coal ~ ~ ~ " Gas (a)~ Q~ H ~ ~T Nuclear (b)~ Ғ~ ~ Wind~ z~ & Total~ ~ f ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 }s T}q=PF0*8X> @B l .mZc dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXASNO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }m)}$ }0}$ } }$ } } $ } <}$ . NRG ENERGY, INC.10-K 02/23/2010 TEXAS Net Generation Capacity Primary PlantLocation% Owned(MW) (c) Fuel-type"Solid-Fuel Baseload Units: W. A. Parish (a) Thompsons, TX~ ~ & Coal Limestone Jewett, TX~ ~ j Lignite/CoalSouth Texas Project (b)Bay City, TX~ ~ ^ Nuclear !Total Solid-Fuel Baseload~ S Intermittent Units: Elbow CreekHoward County, TX~ ~ WindSherbinoPecos County, TX~ ~ . WindLangfordChristoval, TX~ ~ Z Wind #Total Intermittent Baseload~ f *"Operating Natural Gas-Fired Units: Cedar BayouBaytown, TX~ ~ ^ Natural Gas Cedar Bayou 4Baytown, TX~ ~ Natural Gas T. H. WhartonHouston, TX~ ~ Natural GasDl}60%9b6^3] !"#$%&'()*+,- W. A. Parish (a) Thompsons, TX ~ ~ ^ Natural Gas ! S. R. Bertron!! Deer Park, TX!!~ !!!!~ ! ! !!! Natural Gas!"Greens Bayou""Houston, TX""~ """"~ " " """ Natural Gas"#San Jacinto##LaPorte, TX##~ ####~ # # ### Natural Gas#$$$$$$$$$$ $ $$$ $)%!Total Operating Natural Gas-Fired%%%%%%%%~ % "X% %%% %&&&&&&&&&& & &&& & 'Total Operating Capacity''''''''~ ' 2' ''' '(((((((((( ( ((( ()*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ CiQ=PF0*8X> @R --,,++ l D dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }7 NRG ENERGY, INC.10-K 02/23/2010NO TITLE (a) 2 *W. A. Parish has nine units, four of which . &are baseload coal-fired units and five-%of which are natural gas-fired units.(b).&Generation capacity figure consists of . &the Company s 44.0% undivided interest in the two units at STP.(c)5-Actual 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 individually/'and in the aggregate from time to time.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8zVr%Ka=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2)RMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ } }$ }} $ }}$ NRG ENERGY, INC.10-K 02/23/2010 NORTHEAST Net Generation ~ f ~ b ~ ^ (In thousands of MWh) Coal ~ &| ~ ʳ ~ Oil~ ~ v ~ FGas~ ~ Z ~ Total~ ~ ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4y!*D=PF0*8X> @B l 'g dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }!}$ }}$ } }$ } } $ } ' NRG ENERGY, INC.10-K 02/23/2010RMR Agreements Net Generation Capacity Primary PlantLocation% Owned(MW) (c) Fuel-typeOswego Oswego, NY~ ~ OilArthur KillStaten Island, NY~ ~ Natural Gas MiddletownMiddletown, CT~ ~ OilIndian River (b) 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~ ~ 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 @~ Coal DltiV](u ! " # $ % & Total Northeast Region ~ m !!!!!!!!!! ! !!"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xLp=PF0*8X> @B&&%%$$ l $, dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsRMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }= $ NRG ENERGY, INC.10-K 02/23/2010NO TITLE (a) 3 +In 2003, Somerset entered into an agreement : 2with the Massachusetts Department of Environmental2*Protection, or MADEP, to retire or repower.&100MW Unit 6, the remaining coal-fired ; 3unit at Somerset, by the end of 2009. In connection.&with a repowering proposal approved by0(the MADEP, the date for the shut-down of4,the unit was extended to September 30, 2010.-%Subsequently, NRG requested of ISO-NE91that it be allowed to place Unit 6 on deactivated5-reserve effective January 2, 2010, in advance7/of the required shut-down date. On December 21,+#2009, ISO-NE granted NRG s request.(b)2*Indian River Unit 2 will be retired May 1,4,2010 and Indian River Unit 1 will be retired91May 1, 2011. In addition, NRG and DNREC announced.&a proposed plan, subject to definitive2*documentation, that would shut down Indian*"River Unit 3 by December 31, 2013.(c)5-Actual capacity can vary depending on factors1)including weather conditions, operational%conditions and other factors.D lzV`u);PZ|( !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/<=PF0*8X> @##""!! l *^ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }!}$ }y }$ }0 * NRG ENERGY, INC.10-K 02/23/2010RMR Agreements Sources of Capacity Revenue: Market Capacity,RMR and Tolling#Region, Market and FacilityZoneArrangementsNortheast Region:NEPOOL (ISO-NE): DevonSWCTLFRM/FCMConnecticut Jet PowerSWCTLFRM/FCM MontvilleCT ROSRMR (a) /FCMSomersetSE MASSLFRM/FCM MiddletownCT ROSRMR (a) /FCMNorwalk HarborSWCTRMR (a) /FCMPJM:Indian RiverPJM East DPL SouthViennaPJM East DPL South ConemaughPJM WestPJM MAACKeystonePJM WestPJM MAACNew York (NYISO):DJ lt8i-Zjtr, !"#$%&'() Oswego Zone C UCAP ROS!Huntley!!Zone A!!UCAP ROS"Dunkirk""Zone A""UCAP ROS#Astoria Gas Turbines##Zone J##UCAP NYC$Arthur Kill$$Zone J$$UCAP NYC%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/_[OC=PF0*8X> @))(('' l = dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1)SOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }}$ }} $ }}$ NRG ENERGY, INC.10-K 02/23/2010 SOUTH CENTRAL Net Generation ~ f ~ b ~ ^ (In thousands of MWh) Coal ~ ~ ~ Gas~ ~ ~ Total~ z~ 2 ~ ʪ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2u&>b=PF0*8X> @B l f dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALWEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }*}$ }}$ } }$ } } $ } NRG ENERGY, INC.10-K 02/23/2010 SOUTH CENTRAL Net Generation Capacity Primary Fuel PlantLocation% Owned(MW) (b) typeBig Cajun II (a) New Roads, LA~ Z~ ^ 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~ ~ n Natural GasSterlingtonSterlington, LA~ ~ Natural Gas Total South Central~ , $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DuluRXT R$bPt=PF0*8X> @B l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1) WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }0}$ }}$ } }$ } U} $ } NRG ENERGY, INC.10-K 02/23/2010WEST Net Generation Capacity Primary PlantLocation% Owned(MW) (a) Fuel-typeEncinaCarlsbad, CA~ ~ Natural Gas El SegundoEl Segundo, CA~ ~ z Natural Gas Long BeachLong Beach, CA~ ~ Natural GasCabrillo II San Diego, CA~ ~ Natural GasSaguaro Henderson, NV~ ~ Natural GasBlythe Solar Blythe, CA~ ~ R Solar Total West Region~ ! $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B_X~[ab)`XRv=PF0*8X> @B l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WESTNO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }!}$ }}$ } NRG ENERGY, INC.10-K 02/23/2010WEST Sources of Capacity !Revenue: Market Capacity, RMR and Tolling#Region, Market and FacilityZoneArrangementsWest Region:California (CAISO):Encina CAISOToll (a)Cabrillo II CAISORA Capacity (b)El Segundo Power CAISORA Capacity (c) Long Beach CAISOToll (d)Blythe CAISOToll (e)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<~*2?x7T=PF0*8X> @" l r dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }8 NRG ENERGY, INC.10-K 02/23/2010NO TITLE (a) ' Toll expires December 31, 2010. (b) 1 )The RMR agreement covering 160 MW expired6.on 12/31/2008 and was replaced by RA contracts1)covering the entire Cabrillo II portfolio 7 /during 2009 (RA contracts for 88 MW run throughNovember 30, 2013).(c)/'El Segundo includes approximately 670MW7/economic call option and 548 MW of RA contracts for 2009.(d)3+NRG has purchased back energy and ancillary2*service value of the toll through July 31,*"2011. Toll expires August 1, 2017.(e),$Blythe reached commercial operations5-on December 18, 2009 and sells all its energyunder a 20-year PPA.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0zVn!Iw)G=PF0*8X> @ l } dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }}$ } } $ }U} $ } NRG ENERGY, INC.10-K 02/23/2010WEST Net Generation Capacity Primary PlantLocation% Owned (MW) Fuel-type Gladstone AustraliaB@ ~ v CoalSchkopauGermany33333D@ ~ B Lignite Total International ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: ~7N9p|=PF0*8X> @J l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2)Smart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }y }$ }0 NRG ENERGY, INC.10-K 02/23/2010THERMAL Sources of Capacity Revenue: Market Capacity,RMR and TollingRegion and FacilityZoneArrangementsThermal: DoverPJM East DPL SouthPaxon CreekPJM WestPJM MAAC$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6{?p4al =PF0*8X> @ l 307l= dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; 3 NRG ENERGY, INC.10-K 02/23/2010Smart Energy 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 environmental5-laws 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 restrictions5-on the amount of capital that can be returned/'to shareholders. The Company has in theD lvRgxl5Kfj !"#$%&'()*+,-./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 economic---return to the Company../$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hi4Rk1%=PF0*8X> @221100 l a dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart Energy!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U } }$ }}$ }U} $ }$}$ }U}$ NRG ENERGY, INC.10-K 02/23/2010Schkopau, Germany Texas Northeast South Central Total (In millions) ~ j~ ~ ~ ~ ~ n ~ ~ ~ ~ r~ ~ ~ ~ ~~ v~ ~ & ~ ~ v~ z~ ~ ~ ~ Total~ ~~ N ~ R ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6:}q&Pz/cWK#=PF0*8X> @ l +/3 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: + NRG ENERGY, INC.10-K 02/23/2010kcNRG#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;5-changes 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 demand-side managementtools and practices;5-development 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> @**))(( l )Z dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; ) NRG ENERGY, INC.10-K 02/23/2010kcNRG#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> @((''&& l &U dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: & NRG ENERGY, INC.10-K 02/23/2010jbThe Company may incur additional costs or delays in the development, construction and operation of 8 0environmental remediation of soil or groundwater at contaminated sites;2*interruptions to dispatch at the Company s facilities;supply interruptions;work stoppages;labor disputes;weather interferences;-%unforeseen engineering, environmental and geological problems;$unanticipated cost overruns;exchange rate risks;performance risks; andDlD8, nbaU"K? !"#$% . &unsuccessful partnering relationships.!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/kdv=PF0*8X> @%%$$## l . dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additionaNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; . NRG ENERGY, INC.10-K 02/23/2010kcNRG#146;s level of indebtedness could adversely affect its ability to raise additional capital to f 1 )increasing NRG s vulnerability to general ) !economic and industry conditions;0(requiring a substantial portion of NRG s 1 )cash flow from operations to be dedicated0(to the payment of principal and interest/'on its indebtedness, therefore reducing1)NRG s ability to pay dividends to holders2*of its preferred or common stock or to use5-its cash flow to fund its operations, capital7/expenditures and future business opportunities;6.limiting NRG s ability to enter into long-term3+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 additionalDE lC7+i]x-AAd !"#$%&'()*+,- / 'financing for working capital including!!2!*collateral postings, capital expenditures,""/"'debt service requirements, acquisitions##4#,and general corporate or other purposes; and$%%4%,limiting NRG s ability to adjust to changing&&9&1market conditions and placing it at a competitive''0'(disadvantage compared to its competitors(((who have less debt.)*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ )gpX=PF0*8X> @--,,++ l "; dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness c!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }8 " NRG ENERGY, INC.10-K 02/23/2010kcNRG#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;5-NRG 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> @!! l 0 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }= NRG ENERGY, INC.10-K 02/23/2010kcVolatile power supply costs and demand for power could adversely affect the financial performance o , $varying supply procurement contracts 4 ,used and the timing of entering into related contracts; / 'subsequent changes in the overall priceof natural gas;/'daily, monthly or seasonal fluctuations3+in the price of natural gas relative to the 12-month forward prices;2*transmission constraints and the Company s3+ability to move power to its customers; and;3changes in market heat rate (i.e., the relationship.&between power and natural gas prices).$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DC7+c5)To sg[3=PF0*8X> @ l 8^S[ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs andCautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; 8 NRG ENERGY, INC.10-K 02/23/2010B:Cautionary Statement Regarding Forward Looking Information , $General economic conditions, changes 7 /in the wholesale power markets and fluctuationsin the cost of fuel;.&Volatile power supply costs and demand for power;1)Hazards customary to the power production0(industry and power generation operations6.such as fuel and electricity price volatility,0(unusual weather conditions, catastrophic6.weather-related 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 ll`TH$Q@Pf;p" !"#$%&'()*+,-./01234567 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 asset-based businesses((6(.in relation to its debt and other obligations;))0)(NRG s ability to enter into contracts to**1*)sell power and procure fuel on acceptable+++terms and prices;,,6,.The liquidity and competitiveness of wholesale--'-markets for energy commodities;..3.+Government regulation, including compliance//0/(with regulatory requirements and changes00901in market rules, rates, tariffs and environmental11/1'laws and increased regulation of carbon2232+dioxide and other greenhouse gas emissions;34$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4}2V fFhyma9=PF0*8X> @776655 l 6W~ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; 6 NRG ENERGY, INC.10-K 02/23/2010B:Cautionary Statement Regarding Forward Looking Information - %Price mitigation strategies and other 2 *market structures employed by ISOs or RTOs91that result in a failure to adequately compensate4,NRG s generation units for all of its costs; 0 (NRG s ability to borrow additional funds4,and access capital markets, as well as NRG s4,substantial indebtedness and the possibility2*that NRG may incur additional indebtednessgoing forward;,$Operating and financial restrictions/'placed on NRG and its subsidiaries that1)are contained in the indentures governing0(NRG s outstanding notes, in NRG s Senior91Credit Facility, and in debt and other agreements2*of certain of NRG subsidiaries and projectaffiliates generally;5-NRG s ability to implement its Repowering NRG/'strategy of developing and building new.&power generation facilities, including-%new nuclear, wind and solar projects;6.NRG s ability to implement its econrg strategy1)of finding ways to meet the challenges of0(climate change, clean air and protectingD& ll`TH$8L|4Pt#E !"#$%&'()*+,-./012345 4 ,our natural resources while taking advantage!!"!of business opportunities;""7"/NRG s ability to implement its FOR NRG strategy##4#,of increasing the return on invested capital$$4$,through operational performance improvements%%0%(and a range of initiatives at plants and&&5&-corporate offices to reduce costs or generate''' revenues;((0((NRG s ability to achieve its strategy of))4),regularly returning capital to shareholders;**3*+Reliant Energy s ability to maintain market+++share;,,.,&NRG s ability to successfully evaluate--.-&investments in new business and growth...initiatives; and////'NRG s ability to successfully integrate00+0#and manage any acquired businesses.12$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0r3iVF:.=PF0*8X> @554433 l ElV dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ } }$ } } $ } E NRG ENERGY, INC.10-K 02/23/2010B:Cautionary Statement Regarding Forward Looking Information Net Power Generation Primary % Name and Location of Facility Market % Owned Capacity (MW) Fuel-type Texas Region: &W. A. Parish, Thompsons, Texas ERCOT~ ~ & Coal Limestone, Jewett, Texas ERCOT~ ~ j Lignite/Coal1)South Texas Project, Bay City, Texas (a) ERCOT~ ~ ^ Nuclear#Cedar Bayou, Baytown, Texas ERCOT~ ~ ^ Natural Gas%Cedar Bayou 4, Baytown, Texas ERCOT~ ~ Natural Gas%T. H. Wharton, Houston, Texas ERCOT~ ~ Natural Gas&W. A. Parish, Thompsons, Texas ERCOT~ ~ ^ Natural Gas'S. R. Bertron, Deer Park, Texas ERCOT~ ~ Natural Gas$Greens Bayou, Houston, Texas ERCOT~ ~ Natural Gas#San Jacinto, LaPorte, Texas ERCOT~ ~ Natural Gas3+Elbow Creek Wind Farm, Howard County, Texas ERCOT~ ~ Wind-%Langford Wind Farm, Christoval, Texas ERCOT~ ~ Z Wind/'Sherbino Wind Farm, Pecos County, Texas ERCOT~ ~ . WindNortheast Region: Oswego, New York NYISO~ ~ Oil,$Arthur Kill, Staten Island, New York NYISO~ ~ Natural GasMiddletown, ConnecticutISO-NE~ ~ OilDll`TH%"[%X$PM ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? ) !Indian River, Millsboro, Delaware PJM ~ ~ Coal.!&Astoria Gas Turbines, Queens, New York! !NYISO!!~ !!!!~ ! ! !!Natural Gas"Dunkirk, New York" "NYISO""~ """"~ " J" ""Coal$#Huntley, Tonawanda, New York# #NYISO##~ ####~ # # ##Coal*$"Montville, Uncasville, Connecticut$$ISO-NE$$~ $$$$~ $ $ $$Oil0%(Norwalk Harbor, So. 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B? ??LigniteDl8bG{'EzCI'N5b@ A B C D @A$B____________________________1C)Created by Morningstar Document Research.0D(http://documentresearch.morningstar.com/ P=PF0*8X> @:DDCCBB l !3 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }$4}$ } }$ }U5 ! NRG ENERGY, INC.10-K 02/23/2010B:Cautionary Statement Regarding Forward Looking Information % Ownership% Name and Location of Facility Thermal Energy Purchaser Interest Generating Capacity0(NRG Energy Center Minneapolis, Minnesota2*Approx. 100 steam customers and 50 chilled~ 0(Steam: 1,143 MMBtu/hr. (335 MWt) Chilledwater customers$Water: 40,630 tons (143 MWt)3+NRG Energy Center San Francisco, California#Approx. 170 steam customers~ &Steam: 454 MMBtu/Hr. (133 MWt)2*NRG Energy Center Harrisburg, Pennsylvania1)Approx. 210 steam customers and 3 chilled~ .&Steam: 440 MMBtu/hr. (129 MWt) Chilledwater customers!water: 2,400 tons (8 MWt)2*NRG Energy Center Pittsburgh, Pennsylvania'Approx. 25 steam and 25 chilled~ 4,Steam: 296 MMBtu/hr. (87 MWt) Chilled water:water customers12,920 tons (45 MWt)/'NRG Energy Center San Diego, California*"Approx. 20 chilled water customers~ *"Chilled water: 7,425 tons (26 MWt),$Camas Power Boiler Camas, WashingtonGeorgia-Pacific 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~ 12 MW -- Natural GasPennsylvania$Dover Cogeneration, DelawarePJM~ "103 MW -- Natural Gas/Coal$____________________________1)Created by Morningstar Document Research.D3ll`TH{?_/,i 0 (http://documentresearch.morningstar.com/H=PF0*8X> @2 l A dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }<}$ } }$ } } $ } }$ } }$ } }$ } }$ } }$ } } $ !!!!!!!!!! ! !!! !!!!!!!!!!NRG ENERGY, INC.10-K 02/23/2010e]United States of America v. Louisiana Generating, LLC., U.S.D.C Middle District of Louisiana, Fourth Third Second First Fourth Third Second First Common StockQuarterQuarter Quarter QuarterQuarterQuarterQuarterQuarter Price ~ f ~ f ~ f ~ f ~ b ~ b ~ b ~ b HighGz.=@(\B=@ (\9@ zGa9@ffffff9@E@p= F@{GE@ LowR6@q= ף5@ 0@ zGa.@Hz,@3333336@Gz.C@HzGA@ Closing\(7@q= ף0<@ (\9@ 1@GzT7@8@33333sE@Q~C@ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2I=1%A!PD%=PF0*8X> @Z+ l !ZLL dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v LouiRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }+}$ }y}$ } } $ }y}$ }}$ ! NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities Total Number of Shares Dollar Value of Purchased as Shares that may be Part of Publicly Purchased Under the Total Number of Average Price Announced Plans 2009 Capital ,$For the Year Ended December 31, 2009Shares PurchasedPaid per Share or Programs Allocation Plan First quarter~ ~ NSecond quarter ~ N Third quarter~ ` (\<@ ~ ` ~ ;Fourth quarter~ y8@ ~ y Total for 2009~ rPzG9@ ~ rP ~ $____________________________1)Created by Morningstar Document Research.Dl{ockUFs>Yu 0 (http://documentresearch.morningstar.com/H=PF0*8X> @ l %uw dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }0.}$ }y}$ }} $ }y}$ % NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities (c) Number of Securities (a) Remaining Available Number of Securities(b) for Future Issuance to be Issued Upon!Weighted-Average Exercise ! Under Equity Compensation Exercise ofPrice of Outstanding Plans (Excluding Outstanding Options,Options, Warrants and Securities Reflected Plan CategoryWarrants and RightsRights in Column (a) )-%Equity compensation plans approved by~ R9@ ~ 9security holders.&Equity compensation plans not approvedN/A by security holders Total~ R9@ ~ 9 Dl{ocL<*}jI4 ! " # $ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }}$ }} $ }}$ }}$ } }$ }}$ NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities Dec-2004 Dec-2005 Dec-2006 Dec-2007 Dec-2008 Dec-2009 NRG Energy, Inc.~ QV`@ p= kc@ Gzn@(\-`@(\_`@S P 500~ ףp=:Z@ Q^^@ Q`@(\/T@ףp= Y@ UTY ~ Q]@ {Ga@ {G*e@ ^@ Q`@ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*4h{oc7k_K=PF0*8X> @ l 6 E dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (4)Repurchase of equity (5)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }I;}$ } }$}$ } }$} $ } }$} $ } }$}$ } }$}$ 6 NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities Year Ended December 31, ~ f ~ b ~ ^ ~ Z ~ V ,$(In millions unless otherwise noted)! Statement of income data: Total operating revenues~ ~ k ~ ] ~ FW~ %*"Total operating costs and expenses~ q~ O ~ FO ~ I~ #.&Income from continuing operations, net~ ~ v ~ ~ n~ ,$Income from discontinued operations,~ ~ F ~ :~ Bnet.&Net income attributable to NRG Energy,~ ~ & ~ ~ ~ RInc.Common share data: ( Basic shares outstanding average~ ~ ~ ~ ~ *"Diluted shares outstanding average~ >~ N ~ ~ ~ &Shares outstanding end of year~ ~ ~ ~ ~ Per share data: 2*Income attributable to NRG from continuing @@ Q@ = ףp=?Q?operations basic2*Income attributable to NRG from continuingQ@ffffff@ ffffff? )\(?Q?operations diluted,$Net income attributable to NRG basic @Q@ HzG@ Q@RQ?.&Net income attributable to NRG dilutedQ@Q@ \(\? )\(@RQ?D7l{oc7]K?00IE' !"#$%&'()*+,-./012345 Book value Q=@ :@ ̌3@ 3@ Q&@ !Business metrics:!!!!!!!!! ! !!! !!!!!!!!!!!!"Cash flow from operations"~ " ""~ """ ~ " "" ~ "b""~ """"""#Liquidity position (a)##~ #>###~ #r@## # ~ #n*## #~ #"###~ ######*$"Ratio of earnings to fixed charges$$$)\( @$$$$333333 @$$ $ $Q@$$ $$zG@$$$$Q?$$$$$9%1Ratio of earnings to fixed charges and preference%%%RQ@%%%%Q @%% % %ףp= ?%% %%p= ף@%%%%Q?%%%%%& dividends'Return on equity'''{Gz(@ '%'''3333331@ '%' ' '(\$@ '%' ''33333%@ '%''')\(@ '%''''-(%Ratio of debt to total capitalization(((QE@ (%(((G@ (%( ( ( ףp=K@ (%( ((ףp= L@ (%(((GztF@ (%(((()Balance sheet data:))))))))) ) ))) )))))))))))*Current assets*~ *a**~ *** ~ * 7** ~ *.0**~ *V"*****+Current liabilities++~ +:+++~ +f++ + ~ +#++ +~ ++++~ +6+++++*,"Property, plant and equipment, net,,~ ,,,,~ ,f,, , ~ ,,, ,~ ,j,,,~ ,',,,,,-Total assets--~ -Jm---~ --- - ~ -*--- -~ -/---~ -t-----4.,Long-term debt, including current maturities..~ ....~ ... . ~ .j.. .~ ....~ .b&...../and capital leases!0Total stockholders equity0~ 0Fx00~ 0No00 ~ 0 >V00 ~ 0X00~ 0"0000012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0o\)AYxlD=PF0*8X> @554433000000 0000****** ****"""""" """" l 0 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (5)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ } }$ } } $ } }$ } }$ }U}$ NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities Year Ended December 31, ~ f ~ b ~ ^ ~ Z ~ V (In millions) Energy ~ ^/ ~ F ~ B ~ N1 ~ Capacity~ ~ > ~ ~ ~ Retail revenue~ bE "Risk management activities~ ~ ~ ~ ~ rContract amortization~ 6~ Z ~ ~ ~ &Thermal~ ~ ~ ~ ~ Hedge Reset ~ Other~ ~ ~ v ~ ~ r Total operating revenues~ ~ k ~ ] ~ FW~ % $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0{ocg V =/#=PF0*8X> @ l . dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (6)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }y< NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities , $Factors which affect NRG s business; : 2NRG s earnings and costs in the periods presented;6.Changes in earnings and costs between periods;0(Impact of these factors on NRG s overall financial condition;3+A discussion of new and ongoing initiatives:2that may affect NRG s future results of operations and financial condition;0(Expected future expenditures for capital projects; and6.Expected sources of cash for future operations!and capital expenditures.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8{oc?O|&m=PF0*8X> @ l %IPQ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!Repurchase of equity securitiesRepurchase of equity (1)Repurchase of equity (2)Repurchase of equity (3)Repurchase of equity (4)Repurchase of equity (5)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }6 % NRG ENERGY, INC.10-K 02/23/2010'Repurchase of equity securities 1 )Executive Summary, including introduction 0 (and overview, business strategy, and the2*business environment in which NRG operates.&including how regulation, weather, and * "other factors affect the business;-%Significant events that are important2*to understanding the results of operations and financial condition;/'Results of operations beginning with an3+overview of the Company s results, followed2*by a more detailed review of those resultsby operating segment;-%Financial condition addressing credit,$ratings, liquidity position, sources/'and uses of cash, capital resources and2*requirements, commitments, and off-balancesheet arrangements; and.&Critical accounting policies which are/'most important to both the portrayal of5-the Company s financial condition and results5-of operations, and which require management s-%most difficult, subjective or complex judgment.D l{oc?X1[ Co%8 !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l n dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Electricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ NRG ENERGY, INC.10-K 02/23/2010Natural Gas Market + #Average Natural Gas Price ($/MMbtu) ~ f ~ b ~ ^ Henry Hub\(\@33333!@ (\@ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T|pu(=PF0*8X> @R l 8 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }m}$ } }$ } }$ } }$ NRG ENERGY, INC.10-K 02/23/2010Electricity Prices + #Average on Peak Power Price ($/MWh) Region ~ f ~ b ~ ^ Texas~ ףp= A@ ~ QU@~ = ףp}N@ NortheastRG@ QV@HzS@ South Central ףp=@@ Q@ q= ףM@ West~ D@ ~ ̌T@~ = ףpP@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,O ||p,%&=PF0*8X> @j l = dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }U5 NRG ENERGY, INC.10-K 02/23/2010Electricity Prices 4 ,seasonal daily and hourly changes in demand; extreme peak demands;#available supply resources;4,transportation and transmission availability 3 +and reliability within and between regions;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*@h|pL4=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }U5 NRG ENERGY, INC.10-K 02/23/2010Electricity Prices / 'location of NRG s generating facilities 4 ,relative to the location of its load-servingopportunities;1)procedures used to maintain the integrity 1 )of the physical electricity system duringextreme conditions; and3+changes in the nature and extent of federaland state regulations.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0@|pL2[! =PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }y< NRG ENERGY, INC.10-K 02/23/2010Electricity Prices weather conditions; market liquidity;2*capability and reliability of the physical$electricity and gas systems; ) !local transportation systems; and:2the nature and extent of electricity deregulation.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,||pLR w=PF0*8X> @ l Z U dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3) Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }> Z NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition / 'Acquisition of Reliant Energy On May 1, 0 (2009, NRG acquired Reliant Energy, which.&consisted of the entire Texas electric2*retail business operation of RRI, for cash 2 *consideration of $360 million, net of cash/'acquired. During the eight months ended/'December 31, 2009, Reliant Energy added7/$4.4 billion in retail revenue and $3.5 billion2*in cost of sales to the Company s results./'In addition, NRG incurred non-recurring+#acquisition-related transaction and3+integration costs which totaled $54 million/'for the eight months ended December 31,~ f6.Lower energy revenue Energy revenues decreased2*$1.5 billion as a result of reduced energy/'prices as well as lower generation. The2*reduced energy prices were caused by lower3+average natural gas prices of approximately3+56%. The reduction in generation was driven<4by weakened demand for power due to the recessionaryeconomy.D lymaU1Pi}2Q+4H !"#$%&'()*+,-./0123456789:;<=>? !!/!'Lower capacity revenue Capacity revenue""5"-decreased $329 million as a result of a lower##2#*portion of baseload contracts in the Texas$$/$'region containing a capacity component.%&&2&*Higher selling, general and administrative''0'(The Company s total selling, general and((0((administrative expense increased in 2009))3)+by $231 million. For the eight months ended**2**December 31, 2009, Reliant Energy selling,++2+*general and administrative expense totaled,,.,&$203 million, including $61 million of--/-'bad debt expense. Also included in 2009..1.)results was the non-recurring cost of the//1/)Exelon s exchange offer and proxy contest000efforts of $31 million.122.2&Liquidity position The Company s total3313)liquidity, excluding collateral received,4404(rose $430 million in 2009. Cash balances5525*grew by $810 million since the end of 20086656-as $2.1 billion of cash provided by operating77/7'activities exceeded cash used including88-8%$734 million of capital expenditures,9939+$644 million in debt payments, $500 million::4:,in treasury share payments, and $427 million;;.;&in business acquisitions offset by the<<8<0proceeds from the sale of MIBRAG of $284 million==2=*and the proceeds from the issuance of debt>>>of $892 million.?D lX e~0Mxl";Vm@ABCDEFGHIJKLMNOPQRSTUVWXY@@0@(Purchase of treasury shares During 2009,AA1A)the Company repurchased 19,305,500 sharesBB4B,of common stock under its capital allocationCC)C!plan for a total of $500 million.DEE/E'Preferred Stock conversion On March 16,FF2F*2009, all of the outstanding shares of theGG6G.Company s 5.75% Preferred Stock were convertedHH2H*into common stock for $447 million. DuringII4I,2009, a total of 265,870 shares of Company sJJ.J&4% Preferred Stock were converted intoKK&Kcommon stock for $257 million.LMM0M(Sale of MIBRAG In 2009, the Company soldNN0N(its 50% ownership interest in MIBRAG, toOO1O)a consortium of Severo esk doly Chomutov,PP5P-a member of the CEZ Group, and J T Group. ForQQ9Q1its share, NRG received proceeds of $284 million,RR/R'net of transaction costs and realized aSS6S.$128 million gain on sale of the equity methodTTTinvestment.UV$W____________________________1X)Created by Morningstar Document Research.0Y(http://documentresearch.morningstar.com/8cg{-=Y o}NB6=PF0*8X> @YYXXWW l N~B N S dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }? 6 .held by NRG to Merrill Lynch, thereby reducing!!8!0Merrill Lynch s actual and contingent collateral""."&supporting Reliant Energy out-of-money##-#%positions. Effective October 5, 2009,$$5$-the Company then executed the CSRA Amendment.%%0%(In connection with this transaction, the&&6&.Company posted $366 million of cash collateral''2'*to Merrill Lynch and other counterparties,((8(0returned $53 million of counterparty collateral,))1))issued $206 million of letters of credit,**0*(and received $45 million of counterparty++.+&collateral. In addition, Merrill Lynch,,2,*returned $250 million of previously posted--.-&cash collateral, and released liens on....&$322 million of unrestricted cash held//0/(by Reliant Energy. Upon execution of the0000(CSRA Amendment, the Company was required1101(to post collateral for any net liability2272/derivatives, and other static margin associated33'3with supply for Reliant Energy.455/5'GenConn LLC related financings In April66:622009, NRG Connecticut Peaking LLC., a wholly-owned7747,subsidiary of NRG, executed an equity bridge88>86loan facility, or EBL, in the amount of $121.5 million9919)from a syndicate of banks. The purpose of::6:.the EBL is to fund the Company s proportionate;;/;'share of the project construction costs<<0<(required to be contributed into GenConn.==5=-Also in April 2009, GenConn secured financing>>3>+for 50% of the Devon and Middletown project??2?*construction costs through a 7-year termDlZv*6Sq%:JSj@ABCDEFGHIJKLM@@5@-loan facility, and also entered into a 5-yearAA1A)revolving working capital loan and letterBB0B(of credit facility. The aggregate creditCC1C)amount secured is $291 million, includingDD/D'$48 million for the revolving facility.EE3E+In August 2009, GenConn began to draw underFF4F,the secured financing to cover costs relatedGG3G+to the Devon project and as of December 31,HH$H2009, has drawn $48 million.IJ$K____________________________1L)Created by Morningstar Document Research.0M(http://documentresearch.morningstar.com/ qb~/PD8=PF0*8X> @MMLLKK l Du $ Y dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }= D NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition 0 (NINA On February 24, 2009, NINA executed 3 +an EPC agreement with TANE to build the STP0(expansion. Concurrent with the execution/'of the EPC agreement, NINA entered into 3 +a $500 million credit facility with Toshiba2*to finance the cost of long-lead materialsfor STP Units 3 and 4..&Cedar Bayou Generating Station In June1)2009, NRG and Optim Energy, LLC, or Optim0(Energy, completed construction and began80commercial operation of a new natural gas-fueled0(combined cycle generating plant at NRG s2*Cedar Bayou Generating Station in Chambers0(County, Texas. NRG and Optim Energy have/'a 50/50 undivided interest basis in the4,520 MW generating plant. NRG is the operator2*of the plant and Optim Energy is acting as4,energy manager for Cedar Bayou unit 4. Cedar3+Bayou unit 4 is providing the Company a net5-capacity of 260 MW given NRG s 50% ownership./'Langford Wind Project In December 2009,D lymaU1Jb(9Kdw& !"#$%&'()*+,-./0123456789:;<=>? : 2NRG completed its Langford project, a wholly-owned!!5!-150 MW wind farm located in Tom Green, Irion,""3"+and Schleicher Counties, Texas. The Company##1#)funded and developed this wind farm which$$/$'consists of 100 General Electric 1.5 MW%%.%&wind turbines. The project is eligible&&8&0for a cash grant from the Department of Treasury'';'3and NRG has filed an application for an $84 million(((grant.)**2**Acquisition and completion of Blythe Solar++2+*On November 20, 2009, NRG acquired through,,-,%its wholly-owned subsidiary NRG Solar--0-(LLC, FSE Blythe 1, LLC, or Blythe Solar,..4.,from First Solar, Inc. On December 18, 2009,//1/)construction was completed and commercial0030+operation began for the 20 MW utility-scale1131+photovoltaic, or PV, solar facility located2272/in Riverside County in southeastern California.3303(The project is eligible for a cash grant44/4'from the Department of Treasury and NRG5535+will file an application for an $18 million666grant.78858-Unsolicited Exelon Proposal On October 19,9919)2008, the Company received an unsolicited::3:+proposal from Exelon Corporation to acquire;;4;,all of the outstanding shares of the Company<<2<*and on November 12, 2008, Exelon announced==;=3a tender offer for all of the Company s outstanding>>$>common stock. NRG s Board of?DBlY r(}SGby*@CCBBAA l JY dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }8}$ } }$ } } $ }U}$ J NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition Year Ended December 31, ~ f~ b Change% , $(In millions except otherwise noted) Operating Revenues Energy revenue~ ^/~ F ~ ~ %Capacity revenue~ ~ > ~ Retail revenue~ bE N/A"Risk management activities~ ~ Contract amortization~ 6~ Z ~ rThermal revenue~ ~ ~ Other revenues~ ~ ~ V Total operating revenues~ ~ k ~ z $Operating Costs and Expenses Cost of sales~ F~ F) ~ "Risk management activities~ N/A Other cost of operations~ ~ ~ N Total cost of operations~ .S~ :8 ~ DNlymaU[7T"(nVdB ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? %!Depreciation and amortization!!~ !!!!~ !& !! ! ~ !j!+"#Selling, general and administrative""~ """"~ """ " ~ """+##Acquisition-related transaction and##~ ####### # #N/A#$integration costs%Development costs%%~ %%%%~ %%% % ~ %%&&&&&&&&&& & &&*'"Total operating costs and expenses''~ '&j'''~ 'H'' ' ~ ''(((((((((( ( (()Operating Income))~ )!)))~ )#)) ) ~ ))********** * **+Other Income/(Expense)+++++++++ + ++7,/Equity in earnings of unconsolidated affiliates,,~ ,,,,~ ,,, , ~ ,,3-+Gains on sales of equity method investments--~ ------- - -N/A- .Other (loss)/income, net..~ ....~ .F.. . ~ ../Refinancing expenses//~ /////// / /N/A/0Interest expense00~ 0000~ 000 0 ~ 0&01111111111 1 112Total other expenses22~ 2Z222~ 222 2 ~ 223333333333 3 3304(Income from Continuing Operations before44~ 4444~ 444 4 ~ 445income tax expense6Income tax expense66~ 6b666~ 6&66 6 ~ 6 67777777777 7 77)8!Income from Continuing Operations88~ 8888~ 8v88 8 ~ 88,9$Income from discontinued operations,999999~ 999 9 ~ 9r9!:net of income tax expense;;;;;;;;;; ; ;;< Net Income<~ <<<~ <&<< < ~ <<5=-Less: Net loss attributable to noncontrolling==~ ======= = =N/A=>interest?????????? ? ??DnldLPPD@l$@ A B C D E F G H I .@&Net income attributable to NRG Energy,@~ @@@~ @&@@ @ ~ @@AInc.BBBBBBBBBB B BBCBusiness MetricsCCCCCCCCC C CC5D-Average natural gas price Henry Hub ($/MMbtu)DDD\(\@DDDD33333!@DD D ~ D" D%EF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/QP@ =PF0*8X> @zIIHHGG@@@@<<<< l /l 0 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }*}$ } }$ } } $ } }$ } }$ }U}$ / NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition Year ended December 31, ~ f ~ b Total excluding Consolidated Reliant Energy Reliant Energy Consolidated Change% (In millions)Operating Revenues Energy revenue~ ^/~ ~ ^/ ~ F~ ~ %Capacity revenue~ ~ ~ >~ Retail revenue~ bE~ bE N/A"Risk management activities~ ~ ~ Contract amortization~ 6~ ~ > ~ Z~ Thermal revenue~ ~ ~ ~ Other revenues~ ~ ~ ~ V Total operating revenues~ ~ ZA ~ J ~ k~ $Operating Costs and Expenses Cost of sales~ F~ . ~ ~ F)~ Z"Risk management activities~ ~ ~ N/AOther operating costs~ ~ f ~ b ~ ~ Total cost of operations~ .S~ f, ~ & ~ :8~ DjlymaUYgl/#0}jK0 !"#$%&'()*+,-.% Depreciation and amortization ~ ~ & ~ ~ & ~ +!#Selling, general and administrative!!~ !!!!~ !.!! ! ~ !n!! !~ !!!!~ !&!+"#Acquisition-related transaction and""~ """"""" " ~ """ """"""N/A"#integration costs$Development costs$$~ $$$$$$$ $ ~ $$$ $~ $$$$~ $$%%%%%%%%%% % %%% %%%%%%%*&"Total operating costs and expenses&&~ &&j&&&~ &1&& & ~ &r8&& &~ &H&&&~ &&'''''''''' ' ''' '''''''(Operating Income(~ (!((~ ((( ~ ( (( ~ (#(((~ (> (%)))))))))) ) ))) )))))))*+$,____________________________1-)Created by Morningstar Document Research.0.(http://documentresearch.morningstar.com/"|q\`8 @..--,,(((((( (( l @e( r3 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }= @ NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition 1 )Northeast decreased by $575 million, with 4 ,$295 million of the decrease driven by lower6.energy prices and $334 million of the decrease1)attributable to a reduction in generation 4 ,offset by a $54 million increase from higher-%net contract revenue. Merchant energy3+prices were lower by an average of 40%. The1)lower energy prices reduced the Company s3+net cost incurred to meet obligations under1)load serving contracts in the PJM market./'Generation decreased by 31%, with a 31%6.decrease in coal generation and a 31% decrease2*in oil and gas generation. Weakened demand0(for power combined with lower gas prices3+resulted in reduced merchant energy prices.-%Lower merchant energy prices combined0(with higher costs of production from the2*introduction of RGGI resulted in increased5-hours where the coal plants were uneconomical:2to dispatch. The decline in oil and gas generation0(is attributable to fewer reliability run5-hours at Norwalk plant and higher maintenancework at Arthur Kill.DA lymaU1B\ q$9U j !"#$%&'()*+,-./0123456789:;<=>? !!/!'South Central decreased by $118 million""0"(due to a $80 million decline in contract##2#*revenue, a $2 million decrease in merchant$$2$*energy revenues and a $36 million decrease%%4%,in margin on MWh sold from purchased energy.&&4&,The contract revenue decrease was attributed''6'.to a 10% decrease in sales volumes and a $5.15((1()per MWh lower average realized price. The))3)+decline in contract energy price was driven**;*3by a $16 million decrease in fuel cost pass-through++1+)to the cooperatives reflecting an overall,,8,0decline in natural gas prices. Also contributing--:-2to the decline in contract revenue was $60 million..0.(due to the expiration of a contract with//1/)a regional utility. The expiration of the00/0'contract allowed more energy to be sold1161.into the merchant market, but at lower average2202(prices resulting in a $2 million decline3313)in revenue. Increased use of the region s4424*tolled facility provided additional energy555to the merchant market.67707(Intercompany energy revenue intercompany8848,sales of $349 million by the Company s Texas9909(region to Reliant Energy were eliminated:::in consolidation.;<$=____________________________1>)Created by Morningstar Document Research.0?(http://documentresearch.morningstar.com/D l]q!3;Lc5dXL$=PF0*8X> @??>>== l 0S dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition 0 (Texas decreased by $300 million due to a . &lower proportion of baseload contracts+#which contain a capacity component. 0 (Northeast decreased by $8 million due to+#lower capacity prices in the NYISO..&South Central increased by $36 million/'resulting primarily from a new capacity agreement.2*Intercompany capacity revenue intercompany80capacity revenue of $47 million by the Company s6.Texas region to Reliant Energy were eliminatedin consolidation.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/><0ymaU1TH_8q=PF0*8X> @ l *u ~x dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; * NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition . &South Central cost of energy decreased 1 )$90 million due to a $58 million decrease1)in purchased energy reflecting lower fuel1)costs associated with the region s tolled 0 (facility and lower market energy prices,4,a $15 million decrease in natural gas costs,2*an $11 million decrease in coal costs, and.&an $8 million decrease in transmission1)expense due to transmission line outages.80The decrease in natural gas cost is attributable1)to a 30% decrease in owned gas generation1)and a 54% decrease in natural gas prices.4,The coal cost decreased due to a 6% decrease0(in generation offset by a 1% increase inprice.0(West cost of energy decreased $6 million3+due to a 29% decline in average natural gas1)per MMBtu prices offset by an 8% increase3+in natural gas consumption and a $3 million.&increase in fuel oil expense resulting91from a write-down to market of fuel oil inventory3+no longer used in the production of energy.D lymaU1Md+As$> !"#$%&'() !!0!(Intercompany cost of energy intercompany""3"+purchases of $399 million by Reliant Energy##7#/from the Company s Texas region were eliminated$$$in consolidation.%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/Y=PF0*8X> @))(('' l } dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }0}$ }U}$ } } $ }U}$ }U}$ }$}$ }U} $$ %%%%%%%%%% % %%% %%%%%%%%%%%%%NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition !"#$ $ Year ended December 31, 2009 $ Reliant South ! " $ Energy Texas Northeast CentralWestThermalElimination Total !"$ (In millions) $/'Net gains/(losses) on settled positions~ ~ ~ ~ ~ ~ ~ ~ 2 !"#$%Mark-to-market gains/(losses)~ j~ J ~ b ~ ~ ~ !"#$ !"#$0(Total derivative gains/(losses) included~ ~ & ~ F ~ ~ ~ ~ ~ !"#$*"in revenues and cost of operations !"#$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8ymaUMIzF=PF0*8X> @$$$ # # l . dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }7}$ }$}$ }U} $ } }$ }U}$ }$}$ }$}$ } } $$ .%%%%%%%%%% % %%% %%%%%%%%%%%%%%%%%%%NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition !"#$ $ Year ended December 31, 2009 $ Reliant South ! " $ Energy Texas Northeast CentralWestThermalElimination Total !"$ (In millions) $0(Net gains/(losses) on settled positions,~ ~ * ~ ~ ~ ~ ~ ~ !"#$'or financial income in revenues !"#$*"Mark-to-market results in revenues !"#$4,Reversal of previously recognized unrealized~ ~ " ~ ~ !"#$6.gains on settled positions related to economichedges.&Reversal of gain positions acquired as~ ~ !"#$.&part of the Reliant Energy acquisitionas of May 1, 20094,Reversal of previously recognized unrealized~ ~ z ~ ~ !"#$5-gains on settled positions related to tradingactivity4,Reversal of previously recognized unrealized~ ~ !"#$1)gains due to the termination of positions"related to the CSRA unwind-%Net unrealized gains/(losses) on open~ ~ B ~ ~ ~ ~ ~ !"#$DClymaUMIz!1sR %!%"%#%$%%%&%'%(%)%*%+%,%-%, $positions related to economic hedges/!'Net unrealized losses on open positions!!!!!!~ !!! ! ~ !!! !~ !!!!!!!!!!!!!!!!~ !! !!!"!#!$#"related to trading activity########## # ### ################### #!#"###$'$Subtotal mark-to-market results$$$$$$~ $j$$ $ ~ $V$$ $~ $$$$$$$$~ $$$$~ $$$$~ $z$ $!$"$#$$%%%%%%%%%% % %%% %%%%%%%%%%%%%%%%%%% %!%"%#%$0&(Total derivative gains/(losses) included&~ &&&~ &&& ~ & V&& ~ &&&~ &&&~ &&&~ &&&~ && &!&"&#&$'in revenues(((((((((( ( ((( ((((((((((((((((((( (!("(#($)*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ _=PF0*8X> @--$,,$++$&&&&&& &&&&&&&&&& # # l )w dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }U5}$ }U}$ }$} $ }$}$ }U}$ }}$ }U}$ ) NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition $ Year ended December 31, 2009 Reliant South Energy Texas Northeast CentralElimination Total (In millions) 0(Net gains/(losses) on settled positions,~ ~ ~ ~ ~ .~ "2*or financial expense in cost of operations 4,Mark-to-market results in cost of operations 4,Reversal of previously recognized unrealized~ ~ F ~ .&losses on settled positions related toeconomic hedges.&Reversal of loss positions acquired as~ F ~ F .&part of the Reliant Energy acquisitionas of May 1, 20094,Reversal of previously recognized unrealized~ ~ 2*losses due to the termination of positions"related to the CSRA unwind-%Net unrealized gains/(losses) on open~ ~ & ~ ~ ~ ~ F,$positions related to economic hedges 'Subtotal mark-to-market results~ j~ ~ ~ ~ ~ * DlymaUu-S8c{ !"#$%&'( 0!(Total derivative gains/(losses) included!~ !!!~ !!! ~ ! !! ~ !!!~ !2!!~ !J!!!!!"in cost of operations########## # ### ###############$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/~\;=PF0*8X> @((''&&!!!!!! !!!!!! l < dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }I"}$ } }$ }$}$ NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition Year ended December 31,~ f~ b (In millions) Trading gains/(losses) Realized~ b~ Unrealized~ &~ $Total trading (losses)/gains~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6ymaU[f$z:^=PF0*8X> @b l \ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }> NRG ENERGY, INC.10-K 02/23/20105-Results of Operations and Financial Condition < 4Reliant Energy s selling, general and administrative / 'expense totaled $203 million, including0($61 million of bad debt expense incurred2*during the eight months ended December 31, ~ f80Wage and benefits expense increased $19 million..&Consultant costs increased $12 million3+consisting of a rise in non-recurring costs4,related to Exelon s exchange offer and proxy0(contest efforts of $23 million offset by/'a decrease in other consulting costs of$11 million.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<'ymaU1Bnby-r=PF0*8X> @ l * dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }2}$ }U}$}$ }U}$} $ * NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses Year Ended December 31,~ f~ b (In millions #except as otherwise stated)0(Income from continuing operations before~ ~ income taxes Tax at 35%~ " ~ +#State taxes, net of federal benefit~ ^~ * Foreign operations~ .~ Subpart F taxable income~ Valuation allowance~ ~ $Expiration of capital losses~ 2*Reversal of valuation allowance on expired~ capital losses*"Change in state effective tax rate~ ~ .&Foreign dividends and foreign earnings~ ~ Non-deductible interest~ *~ 2 FIN 48 interest~ &~ " Production tax credits~ Dlznt8\aI@%kJ ! " # $ % & ' ( ) Other ~ J !!!!!!!!!! ! !!"Income tax expense"~ "b""~ "&"" " ""########## # ##!$Effective income tax rate$$$E@ $%$$$333333D@ $%$ $ $$%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/]'=PF0*8X> @j ))((''"""" l "o dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: " NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 1 )Valuation Allowance The Company generated / 'capital losses in 2009 primarily due to2*the derivative contracts that are eligible/'for capital treatment for tax purposes. 5 -The valuation allowance is recorded primarily0(against capital loss carryforwards. This/'resulted in an increase of $127 million&in income tax expense in 2009.2*Tax Expense Reduction The Company recorded0(a lower federal and state tax expense of2*$35 million primarily due to lower pre-tax earnings.80Change in state effective tax rate The Company-%decreased its estimated effective tax/'rate to 3% due to increased operational6.activities within the state of Texas resulting/'from the acquisition of Reliant Energy.5-This resulted in a tax benefit of $5 million.$____________________________DlznJd|1In%= !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!! l E! dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }8}$ } }$ } } $ }}$ E NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses Year Ended December 31, ~ b~ ^ Change % (In millions except otherwise noted) Operating Revenues Energy revenue~ F~ B ~ %Capacity revenue~ >~ ~ :"Risk management activities~ ~ N/AContract amortization~ Z~ ~ >Thermal revenue~ ~ ~ Other revenues~ ~ v ~ f Total operating revenues~ k~ ] ~ > $Operating Costs and Expenses Cost of operations~ :8~ 4 ~ %Depreciation and amortization~ & ~ J ~ "General and administrative~ ~ ~ Development costs~ ~ ~ * DlzntPl}6_YQ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? * "Total operating costs and expenses ~ H ~ zE ~ !!!!!!!!!! ! !!"Gain on sale of assets""""""~ "F"" " ~ "r"########## # ##$Operating Income$$~ $#$$$~ $b$$ $ ~ $$%%%%%%%%%% % %%&Other Income/(Expense)&&&&&&&&& & &&7'/Equity in earnings of unconsolidated affiliates''~ ''''~ ''' ' ~ '&'3(+Gains on sales of equity method investments((((((~ ((( ( ~ (r()Other income, net))~ )F)))~ ))) ) ~ ))*Refinancing expenses******~ *v** * ~ *r*+Interest expense++~ ++++~ + ++ + ~ ++,,,,,,,,,, , ,,-Total other expenses--~ ----~ -6-- - ~ --.......... . ..0/(Income from Continuing Operations before//~ ////~ /// / ~ /f/0income tax expense1Income tax expense11~ 1&111~ 111 1 ~ 1f12222222222 2 22)3!Income from Continuing Operations33~ 3v333~ 333 3 ~ 3f3,4$Income from discontinued operations,44~ 4444~ 4F44 4 4N/A4!5net of income tax expense6666666666 6 667 Net Income77~ 7&777~ 777 7 ~ 7758-Less: Net loss attributable to noncontrolling888888888 8 889interest:::::::::: : ::.;&Net income attributable to NRG Energy,;~ ;&;;~ ;;; ; ~ ;;<Inc.========== = ==>Business Metrics>>>>>>>>> > >>5?-Average natural gas price Henry Hub ($/MMbtu)???33333!@????(\@?? ? ~ ?r ?%D]l @rDDCCBB;;;; l @ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; @ NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 7 /Texas increased $172 million, with $430 million 1 )of this increase driven by higher prices,0(offset by $42 million reduced generation1)and a $216 million decrease on net margin 4 ,on MWh sold from market purchases. The price5-variance was attributable to a more favorable.&mix of merchant versus contract sales,4,as well as a 28% increase in merchant prices6.partially offset by a 14% decrease in contract1)energy prices. The 839 thousand MWh or 2%-%reduction in generation was comprised80of a 3% reduction from nuclear plant generation,2*a 14% reduction from gas plant generation,91offset by a 1% increase in coal plant generation.1)The reduction in gas plant generation was0(attributable to the effects of hurricaneIke in September 2008.-%Northeast decreased $40 million, with5-$66 million reduced generation, a $38 million0(decrease from lower net contract revenue/'offset by a $64 million increase driven0(by higher energy prices. The decline dueD lznJ^p&7L^$~2 !"#$%&'()*+,-./0123456789:;<=>? 6 .to generation was driven by a net 6% reduction!!5!-in the region s generation, due to a decrease""5"-in oil-fired generation as a result of higher##1#)average oil prices as well as decrease in$$0$(gas-fired generation related to a cooler%%5%-summer in 2008 compared to 2007. The increase&&0&(due to energy prices reflects an average''0'(6% rise in merchant energy prices offset((3(+by 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.,--9-1South Central increased $74 million, attributable..2.*to a $41 million increase caused by higher//0/(energy prices and a $33 million increase00800on net margin on MWh sold from market purchases.11.1&The growth in merchant energy revenues2202(reflected 577 thousand more merchant MWh3303(sold, as a decrease in contract load MWh4414)allowed more sales to the merchant market555at higher prices.67767.West increased $35 million due to the dispatch8868.of the El Segundo plant outside of the tolling9949,agreement in 2008. In 2007, no such dispatch::: occurred.;<$=____________________________1>)Created by Morningstar Document Research.0?(http://documentresearch.morningstar.com/D l]s";pdu!?_ xP=PF0*8X> @??>>== l #<> dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }y< # NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 5 -Texas increased $130 million due to a greater 0 (proportion of base-load contracts, which%contain a capacity component. 2 *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./'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.2*West increased $3 million due to a tolling.&arrangement at Long Beach plant offset7/by the reduction of revenue from the El Segundotolling arrangement.DlznJl`q&8LX !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!! l 0_d dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; 0 NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 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 gas-fired5-generation. In addition, coal costs increased 1 )by $44 million as a result of higher coal1)prices and the settlement payment related3+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 lower5-forced outage rates at the region s base-loadplants.4,Ancillary service expense Ancillary services0(and other costs increased by $14 million3+as a result of higher ERCOT ISO fees offset/'by reduced purchased ancillary servicescosts.DX lznJRg8^8 !"#$%&'()*+,-./ !!,!$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 in-the-money 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> @//..-- l ; dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }7 NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 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 million5-due to additional point-to-point transmission/'costs driven by an increase in merchant energy sales.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@DznJY s8,H @ l " dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; " NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 9 1Northeast decreased $3 million due to $18 million 3 +in lower operating and maintenance expenses6.resulting from less outage work at the Norwalk5-plants and Indian River plants. This decrease 9 1was offset 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..&South Central decreased by $10 million6.due to reduction in major maintenance expense.0(The 2007 expense included more extensive1)outage work that was performed at the BigCajun II plant.80West decreased by $4 million due to a $3 million80reduction in lease expenses and an environmental4,liability of $2 million which was recognized0(in 2007 related to the El Segundo plant.$____________________________DlznJTd9Ng !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!! l +s dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }7}$ }U}$ }U} $ }U}$ }}$ }U}$ + NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses $ Year ended December 31, 2008 South (In millions) Texas Northeast Central Thermal Total (In millions) 0(Net (losses)/gains on settled positions,~ ~ ~ ~ ~ V'or financial income in revenues Mark-to-market results 4,Reversal of previously recognized unrealized~ ~ ~ j6.gains on settled positions related to economichedges4,Reversal of previously recognized unrealized~ ~ ~ ~ 3+losses/(gains) on settled positions relatedto trading activity.&Net unrealized gains on open positions~ B~ ~ ~ "related to economic hedges.&Net unrealized gains on open positions~ ~ 6 ~ ~ ~#related to trading activity 'Subtotal mark-to-market results~ v~ J ~ j ~ ~ 6 DlznB w:.si29 !"#$%&'()* Total derivative gain ~ ~ V ~ * ~ ~ !!!!!!!!!! ! !!! !!!!!!!!!!!2"*Total derivative gain included in revenues""~ """"~ "V"" " ~ "*"" "~ """"~ """""".#&Total derivative gain included in cost#~ ###~ ### ~ # ## ~ ###~ ######$ of operations%%%%%%%%%% % %%% %%%%%%%%%%%&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/eE,=PF0*8X> @**))((###### #### l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }$}$ }$}$ NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses Year ended December 31,~ b~ ^ (In millions) Trading gains Realized~ ~ 2 Unrealized~ ~ J Total trading gains~ ~ z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8znt8s:Y}=PF0*8X> @b l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }8 NRG ENERGY, INC.10-K 02/23/2010Refinancing Expenses 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/DdlznJrfy/# @ l #tB C dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Refinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }y< # NRG ENERGY, INC.10-K 02/23/2010Development Costs : 2Texas STP Units 3 and 4 projects No development 6 .expense was reflected in results of operations5-for 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 which5-is 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.Dl}qMTc7[ r% !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!! l (k !o dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }2}$ }U}$}$ }U}$} $ ( NRG ENERGY, INC.10-K 02/23/2010Refinancing Expense Year Ended December 31,~ b~ ^ (In millions #except as otherwise stated)0(Income from continuing operations before~ ~ income taxes Tax at 35%~ ~ +#State taxes, net of federal benefit~ *~ Foreign operations~ ~ Subpart F taxable income~ Valuation allowance~ ~ *"Change in state effective tax rate~ 2*Change in local German effective tax rates~ .&Foreign dividends and foreign earnings~ ~ j Non-deductible interest~ 2~ * FIN 48 interest~ " Other~ DWl{ou9]V>5Zh ! " # $ % & ' Income tax expense ~ & ~ !!!!!!!!!! ! !!!"Effective income tax rate"""333333D@ "%"""333333D@ "%" " ""#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/Bf=PF0*8X> @j ''&&%% l 2 і dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing Expense Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }y< 2 NRG ENERGY, INC.10-K 02/23/2010Refinancing Expense 3 +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..&Non-deductible interest resulted in an3+additional income tax expense of $2 million1)in 2008 as compared to the same period in~ ^:2Change in German tax rate as a result of revaluing1)the Company s deferred tax assets, income/'tax expense benefited by $29 million in1)2007, with no comparable benefit in 2008.1)Valuation Allowance The Company generated2*capital gains in 2008 primarily due to the.&sale of ITISA and derivative contracts/'that are eligible for capital treatmentD l{oKb|3V 4C !"#$%&'()*+,-./01 1 )for tax purposes. These gains enabled NRG!!3!+to reduce the Company s valuation allowance""."&against capital loss carryforwards. In##1#)addition, applicable changes to the state$$1$)and local effective tax rate are captured%%/%'in the current period. This resulted in&&4&,a decrease of $18 million income tax expense''$'in 2008 as compared to 2007.())8)0Change in state effective tax rate The Company**5*-reduced its domestic state and local deferred++4+,income tax rate from 7% to 6% in the current,,,period.-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(Td5Eyma9=PF0*8X> @1100// l 6 t dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11)NO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }U5}$ } }$ 6 NRG ENERGY, INC.10-K 02/23/2010&Selected Income Statement Data Period Ended December 31, 2009 (a) (In millions exceptotherwise noted)Operating Revenues Mass revenues~ (*"Commercial and industrial revenues~ "Supply management revenues~ Contract amortization~ Total operating revenues~ ZA$Operating Costs and Expenses1)Cost of energy (including risk management~ *activities) Other operating expenses~ %Depreciation and amortization~ &Operating Income~ D2 l|pd(h0}/8S}' !"#$%&'()*+,-./012345 4!,Electricity sales volume-GWh (in thousands):!!!!"Mass""~ ""%#Commercial and Industrial (b)##~ #F#$Business Metrics$$$$/%'Weighted average retail customers count%%%%)&!(in thousands, metered locations)'Mass''~ 'z'%(Commercial and Industrial (b)((~ ((-)%Retail customers count (in thousands,))))*metered locations)+Mass++~ ++%,Commercial and Industrial (b),,~ , ,*-"Cooling Degree Days, or CDDs (c)--~ -r.-.CDD s 30-year average..~ .f*.*/"Heating Degree Days, or HDDs (c)//~ / /0HDD s 30-year average00~ 0 012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0\sF*v=PF0*8X> @R 554433 l !e dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataYear to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }}$ }mB ! NRG ENERGY, INC.10-K 02/23/2010NO TITLE (a) 3 +For the period May 1, 2009, to December 31, ~ f(b)/'Includes customers of the Texas General1)Land Office for whom the Company provides services.(c)?7National Oceanic and Atmospheric Administration-Climate0(Prediction Center - A CDD represents the3+number of degrees that the mean temperature0(for a particular day is above 65 degrees4,Fahrenheit in each region. An HDD represents7/the number of degrees that the mean temperature0(for a particular day is below 65 degrees0(Fahrenheit in each region. The CDDs/HDDs5-for a period of time are calculated by adding5-the CDDs/HDDs for each day during the period.0(The CDDs/HDDs amounts are representative3+of the Coast and North Central Zones within0(the ERCOT market in which Reliant Energy!serves its customer base.$____________________________1)Created by Morningstar Document Research.D% lzVCl.EY 0 (http://documentresearch.morningstar.com/H=PF0*8X> @ l # dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }0.}$ } }$ # NRG ENERGY, INC.10-K 02/23/2010Year to date results Period Ended December 31, 2009( Reliant Energy Operating Income: Mass revenues~ (*"Commercial and industrial revenues~ "Supply management revenues~ !Total retail revenues (a)~ bE!Retail cost of sales (a)~ .7!Total retail gross margin~ 6.&Unrealized gains on energy derivatives~ j"Contract amortization, net~ Other operating expenses~ r%Depreciation and amortization~ Operating Income~ DF lzn2)2cygR !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @:""!! l *4"; dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }U}$} $ * NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ f~ b Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ &~ , ~ % Capacity revenue~ ~ ~ "Risk management activities~ ~ ~ Contract amortization~ ~ ~ Other revenues~ r~ j ~ Total operating revenues~ .~ > ~ $Operating Costs and Expenses Cost of energy~ ~ b ~ %Depreciation and amortization~ b~ ~ Other operating expenses~ ~ ~ * ~ Operating Income~ " ~ V ~ : MWh sold (in thousands)~ n~ ~ $MWh generated (in thousands)~ ~ f ~ Business Metrics Dlj^RFzP.e2Rcy. !"#$%&'()3 +Average on-peak market power prices ($/MWh) ףp= A@ QU@ ~ )!!Cooling Degree Days, or CDDs (a)!!~ !-!!!~ !~*!! ! ~ !!! !!!&"CDD s 30-year rolling average""~ "^)"""~ "^)"" " """ """)#!Heating Degree Days, or HDDs (a)##~ ####~ ### # ~ # #%# ###&$HDD s 30-year rolling average$$~ $6$$$~ $^$$ $ $$$ $$$%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/! 2>PD8=PF0*8X> @z))(('' l *9fk dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }}$ * NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ b~ ^ Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ ,~ ** ~ %Capacity revenue~ ~ ~ "Risk management activities~ ~ ~ N/AContract amortization~ ~ n ~ BOther revenues~ j~ ~ Total operating revenues~ >~ ^3 ~ Z$Operating Costs and Expenses Cost of energy~ b~ v ~ %Depreciation and amortization~ ~ V ~ Other operating expenses~ * ~ r ~ Operating Income~ V~ & ~ * MWh sold (in thousands)~ ~ ~ $MWh generated (in thousands)~ f~ ~ Business Metrics Dlj^RFL(D_Y2xB ! " # $ % & ' ( ) 3 +Average on-peak market power prices ($/MWh) QU@ = ףp}N@ ~ )!!Cooling Degree Days, or CDDs (a)!!~ !~*!!!~ !N*!! ! !!&"CDD s 30-year rolling average""~ "^)"""~ "^)"" " "")#!Heating Degree Days, or HDDs (a)##~ ####~ #v## # ~ ##&$HDD s 30-year rolling average$$~ $^$$$~ $6$$ $ ~ $ $%%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/1C@4(=PF0*8X> @z))(('' l '# dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: ' NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions / 'Energy prices increased by $430 million . &as the average realized merchant price1)was higher in 2008 due to the combination/'of higher gas prices and unusually high 3 +pricing events. The average realized energy80price increased by 18%, driven by a 44% increase3+in merchant prices offset by a 16% decreasein contract prices./'Generation decreased by 2% resulting in3+a $42 million decline in sales volume. This6.decrease in generation was due to a 3% decline1)in nuclear generation at STP, as a result6.of additional plant outages, and a 14% decline/'in overall gas plant generation for the/'year ended December 2008. Hurricane Ike0(in September 2008 caused major damage to0(the Houston area transmission grid which2*reduced significantly the demand for power3+causing a decrease in gas-fired generation.3+These declines were offset by a 1% increase#in coal generation in 2008.D lj^RF"@Ru&5Sj !"#$%& 0 (Margin on MWh sold from market purchases!!"!decreased by $216 million."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xvj^6=PF0*8X> @&&%%$$ l ) t dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }U}$} $ ) NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ f~ b Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ ~ ~ * % Capacity revenue~ ^~ ~ ~ "Risk management activities~ V~ V N/A Other revenues~ r~ ~ Total operating revenues~ ~ z ~ $Operating Costs and Expenses Cost of energy~ V~ ~ 6 %Depreciation and amortization~ ~ ~ " Other operating expenses~ >~ " ~ Operating Income~ ^~ ~ MWh sold (in thousands)~ ~ ~ $MWh generated (in thousands)~ ~ ~ Business Metrics 3+Average on-peak market power prices ($/MWh)RG@QV@ ~ : D#lj^RFzP.e8I_& !"#$%&'() !Cooling Degree Days, or CDDs (a) ~ n ~ ~ &!CDD s 30-year rolling average!!~ !f!!!~ !f!! ! !!! !!!)"!Heating Degree Days, or HDDs (a)""~ ":b"""~ "^"" " ~ """ """&#HDD s 30-year rolling average##~ #a###~ #Zb## # ~ # #%# ###$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/" ,;/#=PF0*8X> @z((''&& l * dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }I; * NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions / 'Energy prices decreased by $295 million 5 -reflecting an average 40% decline in merchantenergy prices. 0 (Generation decreased by $334 million due80to a 31% decrease in generation in 2009 compared1)to 2008, driven by a 31% decrease in coal0(generation and a 31% decrease in oil and0(gas generation. Coal generation declined4,24%, or 1,471,726 MWhs, in western New York;0(39%, or 1,503,975 MWhs, at Indian River;1)and 80%, or 476,537 MWh, at Somerset. The0(decline in generation at these plants is/'due to a combination of weakened demand1)for power, low gas prices and higher cost.&of production from the introduction of/'RGGI resulting in increased hours where.&the units were uneconomic to dispatch.0(The decline in oil and gas generation is-%attributable to fewer reliability run91hours at the Norwalk plant and higher maintenance.&work at the Arthur Kill plant in 2009.D lj^RF"TH[s'Ca- !"#$%&'() 0 (Margin on MWh sold from market purchases!!0!(increased by $54 million driven by lower""1")net costs incurred in meeting obligations##/#'under load serving contracts in the PJM$$$market.%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/he=PF0*8X> @))(('' l .Tf dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }> . NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions / 'Property taxes increased by $14 million 8 0due to lower Empire Zone tax benefits recognized4,in 2009 at the Oswego plant due to the plant0(receiving notice of decertification from 0 (the Empire Zone program in 2009 from the1)State of New York which decision is underappeal by the Company.5-Write-down of assets increased by $12 million6.for the year ended December 31, 2009, compared2*to the same period in 2008. The write-down2*was due to the cancellation and subsequent0(write off of construction costs incurred1)through year end 2009 on the Indian River.&Unit 3 air pollution control equipment3+project. NRG and DNREC announced a proposed2*plan, subject to definitive documentation,3+that would shut down Unit 3 by December 31,0(2013, and relieve NRG of the requirement3+to install this back-end control equipment.<4Unit 4 is not affected by this plan and construction.&on similar equipment continues with an2*expected in-service date of year-end 2011.D lj^RF"3Ne}0I_ !"#$%&'()*+,- !!4!,General and administrative expense increased""6".by $2 million due to higher labor and employee###benefit costs.$%%1%)Development costs increased by $2 million&&.&&due to increased repowering efforts at''/''the Astoria plant and a biomass project(((at the Montville plant.)*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ R }2=PF0*8X> @--,,++ l )Z?D dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }$}$} $ ) NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ b~ ^ Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ ~ B ~ % Capacity revenue~ ~~ J ~ "Risk management activities~ V~ n ~ ^ Other revenues~ ~ " ~ Total operating revenues~ z~ ~ $Operating Costs and Expenses Cost of energy~ ~ ~ " %Depreciation and amortization~ ~ ~ Other operating expenses~ "~ R ~ Operating Income~ ~ * ~ MWh sold (in thousands)~ ~ N ~ $MWh generated (in thousands)~ ~ N ~ Business Metrics 3+Average on-peak market power prices ($/MWh)QV@HzS@ ~ R D"lj^RFzP.e9J`' !"#$%&'() !Cooling Degree Days, or CDDs (a) ~ ~ ~ &!CDD s 30-year rolling average!!~ !f!!!~ !f!! ! !!! !!!)"!Heating Degree Days, or HDDs (a)""~ "^"""~ "^"" " """ """&#HDD s 30-year rolling average##~ #Zb###~ #a## # ~ # #%# ###$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/ .=1%=PF0*8X> @z((''&& l "Rf+g dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }8 " NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions 5 -PJM capacity revenue 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 2007.5-NEPOOL capacity revenue increased $11 million.&due to increased revenue recognized on.&the Norwalk RMR contract (effective on0(June 19, 2007) in 2008 compared to sevenmonths in 2007.7/NYISO capacity revenue decreased by $18 million3+due to unfavorable market prices. The lower6.capacity market prices are a result of NYISO s/'reductions in Installed Reserve Margins1)and installed capacity in-city mitigation3+rules effective March 2008. These decreases/'were offset by higher capacity contractrevenue.$____________________________Dlj^RF"7YyF:F_ !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!! l "H! dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (9)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$ }: " NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions . &Energy prices increased by $64 million 4 ,due to an average 6% rise in merchant energyprices. / 'Generation decreased by $66 million due80to a net 6% decrease in generation. The decrease0(in generation represented a 55% decrease2*in oil-fired generation as these oil-fired4,plants were not dispatched due to 41% higher.&average oil prices. In addition, there2*was a 12% decrease in gas-fired generation6.related to a cooler summer in 2008 as compared1)to 2007. Coal generation was flat in 2008compared to 2007.0(Margin on MWh sold from market purchases1)decreased by $38 million driven by higher3+net costs incurred to service PJM contracts4,as a result of the increase in market energyprices.$____________________________Dlj^RF"]Qf~0\Ph !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!! l *a dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8)!Results of Operations for (10)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }U}$} $ * NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ f~ b Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ ~ z ~ % Capacity revenue~ 6~ ~ > "Risk management activities~ ~ * N/A Contract amortization~ Z~ ^ ~ Other revenues~ ~ ~ : Total operating revenues~ ~ ~ $Operating Costs and Expenses Cost of energy~ >~ R ~ %Depreciation and amortization~ ~ Other operating expenses~ ~ ~ Operating Income~ ~ ~ MWh sold (in thousands)~ ½~ ~ ~ $MWh generated (in thousands)~ z~ 2 ~ Business Metrics Dlj^RFzP.e1Qdz/ !"#$%&'()3 +Average on-peak market power prices ($/MWh) ףp=@@ Q@ ~ . )!!Cooling Degree Days, or CDDs (a)!!~ !6!!!~ !J!! ! ~ !!! !!!&"CDD s 30-year rolling average""~ "2"""~ "."" " """ """)#!Heating Degree Days, or HDDs (a)##~ #7###~ #b9## # ~ ### ###&$HDD s 30-year rolling average$$~ $R8$$$~ $8$$ $ ~ $ $%$ $$$%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/# 2?NB6=PF0*8X> @z))(('' l * dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Refinancing Exp (7)Refinancing Exp (8)Refinancing Exp (9)Refinancing Exp (10)Development CostsRefinancing ExpenseRefinancing Exp (11) Selected Income Statement DataNO TITLE (5)Year to date results!Results of Operations for Whole Results of Operations for (1) Results of Operations for (2) Results of Operations for (3) Results of Operations for (4) Results of Operations for (5) Results of Operations for (6) Results of Operations for (7) Results of Operations for (8) Results of Operations for (9)!Results of Operations for (11)!Results of Operations for (12)Liquidity PositionLiquidity Posit (1)!Merrill Lynch Credit Sleeve FacNO TITLE (6)Debt Service ObligationsDebt Service Ob (1)Loans to affiliatesCash Flow Discussion!Net Cash Used By Financing ActiLetter of Credit FacilitiesNO TITLE (7)Letter of Credit (1)Letter of Credit (2)Letter of Credit (3)Letter of Credit (4)!Evaluation of Assets for ImpairEvaluation of Assets for (1)Accrued Unbilled RevenuesAccrued Unbilled (1)Accrued Unbilled (2)Accrued Unbilled (3)Accrued Unbilled (4)Accrued Unbilled (5)Accrued Unbilled (6)! Inherent Limitations over IntSummary CompensationBeneficial Ownership Inherent Limitations (1) Inherent Limitations (2)Income Statement Balance SheetShareholders EquityShareholders Eq (1) Cash Flows Gross Receipts and Sales Taxes!Acquisition method of accountinAcquisition method of (1) Measurement period adjustmentsMeasurement period (1)Measurement period (2)!Supplemental ProForma InformatiFSE Blythe 1 LLCRed Bluff and ChowchillaRed Bluff and C (1)!Fair Value Accounting under ASC!Recurring Fair Value MeasuremenRecurring Fair Value (1)!Derivative fair value measuremeDerivative fair value (1)EnergyRelated CommoditiesEnergyRelated C (1)EnergyRelated C (2)!Volumetric Underlying DerivativVolumetric Underlying (1)!Impact of Derivative InstrumentImpact of Derivative (1)Impact of Derivative (2)!Credit Risk Related Contingent Credit Risk Related (1)Credit Risk Related (2)Income Statemen (1)Credit Risk Related (3)!Discontinued Normal Purchase anDiscontinued Normal (1)Discontinued Normal (2)Discontinued Normal (3)NO TITLE (8)Discontinued Normal (4)Discontinued Normal (5)Discontinued Normal (6)Discontinued Normal (7)Discontinued Normal (8)Discontinued Normal (9)!Intangible assets held for saleIntangible assets held (1)NO TITLE (9)Intangible assets held (2)Intangible assets held (3)Intangible assets held (4)Intangible assets held (5)Intangible assets held (6)Intangible assets held (7)Intangible assets held (8)Adoption of FSP APB 141!Consolidated Annual Maturities Consolidated Annual (1)Consolidated Annual (2)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)NRG Defined Benefit (12)STP Defined Benefit PlansSTP Defined Benefit (1)U }$4}$ }U}$ }U} $ }$}$} $ * NRG ENERGY, INC.10-K 02/23/2010D<Results of Operations for Wholesale Power Generation Regions Year Ended December 31, ~ b~ ^ Change % , $(In millions except otherwise noted) Operating Revenues Energy revenue~ z~ R ~ J % Capacity revenue~ ~ v ~ "Risk management activities~ *~ * Contract amortization~ ^~ ^ Other revenues~ N/A Total operating revenues~ ~ J ~ 6 $Operating Costs and Expenses Cost of energy~ R~ r ~ : %Depreciation and amortization~ ~ ~ Other operating expenses~ ~ ~ Operating Income~ ~ ~ . MWh sold (in thousands)~ ~~ $MWh generated (in thousands)~ 2~ ʪ ~ Business Metrics Dlj^RFzP.e 7Wh~5 !"#$%&'()3 +Average on-peak market power prices ($/MWh) Q@ q= ףM@ ~ N )!!Cooling Degree Days, or CDDs (a)!!~ !J!!!~ !!! ! ~ !!! !!!&"CDD s 30-year rolling average""~ "."""~ "."" " """ """)#!Heating Degree Days, or HDDs (a)##~ #b9###~ #2## # ~ #6## ###&$HDD s 30-year rolling average$$~ $8$$$~ $R8$$ $ ~ $ $%$ $$$%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/# 2?NB6=PF0*8X> @z))(('' l )O#( dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/?? NO TITLE!are incorporated by reference iare incorporated by (1)are incorporated by (2)are incorporated by (3)are incorporated by (4)are incorporated by (5)are incorporated by (6)Performance MetricsPerformance Met (1)Performance Met (2)!Annual Equivalent Availability Annual Equivalent (1) Commercial Operations OverviewNO TITLE (1)CoalTEXAS TEXAS (1)NO TITLE (2) NORTHEASTRMR AgreementsNO TITLE (3)RMR Agreements (1) SOUTH CENTRALSOUTH CENTRAL (1)WEST WEST (1)NO TITLE (4) WEST (2) THERMALSmart EnergySchkopau Germany!NRG146s financial performance m!NRG146s costs results of operat!The Company may incur additiona!NRG146s level of indebtedness cNRG146s level of (1)!Volatile power supply costs and!Cautionary Statement Regarding Cautionary Statement (1)Cautionary Statement (2)Cautionary Statement (3)!United States of America v Loui!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)Natural Gas MarketElectricity PricesElectricity Pri (1)Electricity Pri (2)Electricity Pri (3)!Results of Operations and Finan Results of Operations and (1) Results of Operations and (2) Results of Operations and (3) Results of Operations and (4) Results of Operations and (5) Results of Operations and (6) Results of Operations and (7) Results of Operations and (8) Results of Operations and (9)!Results of Operations and (10)!Results of Operations and (11)!Results of Operations and (12)Refinancing ExpensesRefinancing Exp (1)Refinancing Exp (2)Refinancing Exp (3)Refinancing Exp (4)Refinancing Exp (5)Refinancing Exp (6)Ref