UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 30, 2006
NRG Energy, Inc.

(Exact Name of Registrant as Specified in Its Charter)
Delaware

(State or Other Jurisdiction of Incorporation)
 	 	 	
001-15891	 	41-1724239	
 	
(Commission File Number)	 	(IRS Employer Identification No.)	

211 Carnegie Center	 	Princeton, NJ 08540	
 	
(Address of Principal Executive Offices)	 	(Zip Code)	
609-524-4500

(Registrant’s Telephone Number, Including Area Code)
Not Applicable

(Former Name or Former Address, if Changed Since Last Report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 	o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	 	
 	o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	 	
 	o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	 	
 	o	 	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
Item 7.01 Regulation FD Disclosure
Robert Flexon, Executive Vice President and Chief Financial Officer of NRG Energy, Inc., will present at the Calyon Utilities & Energy Merchant Conference on Thursday, November 30 at 9:15 a.m. Certain of the slides to be presented at the conference by Mr. Flexon are being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Certain of the slides in Exhibit 99.1 contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include, but are not limited to statements regarding the expected timing of the closing of the acquisition, and can be identified by the use of words such as “will,” “would,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe,” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at  www.sec.gov.
The information contained in this Item 7.01 is not filed for purposes of the Securities Exchange Act of 1934, as amended, and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent NRG specifically incorporates the information by reference. By including this Item 7.01 disclosure in the filing of this Current Report on Form 8-K and furnishing this information, we make no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits

 	Exhibit No.	 	 	Document	 	
 	99.1	 	 	Slides, dated November 30, 2006	 	
 	
2

 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 	 	 	 	 	
 	NRG Energy, Inc.

(Registrant)
 	 	
 	By:  	/s/ TIMOTHY W.J. O’BRIEN  	 	
 	 	Timothy W. J. O’Brien 	 	
 	 	Vice President and General Counsel 	 	
 	
Dated: November 30, 2006
3

 

FORNRG: Executing and Delivering FORNRG driving improved availability through capacity recovery and reduced EFOR Target NRG Classic Operations Target NRG Corporate Target NRG Texas $35 $81 $162 $200 $122 FORNRG EBITDA ($mm) EFOR at Coal Plants 2006 Goal - Ind. Avg: 6.1% 2008 Goal - 1st Quartile: 3.7% Extracting Value Plant 2006 2005 % Improvement Huntley 5.3% 11.7% 55% Dunkirk 7.9% 9.4% 16% Indian River 6.2% 9.2% 33% BC II 3.3% 7.3% 55% Classic NRG YTD EFOR* Plant 2006 2005 % Improvement Parish 2.2% 3.3% 33% Limestone 1.4% 1.4% - STP 0.0% 1.1% nm NRG Texas YTD EFOR* *NRG Texas EFOR does not include de-rate hours in EFOR calculation *YTD through October 2006	

 

Commercial Ops: Locking in the Medium Term Hedging Baseload Power 5% 1% 2% 5% 8% 91% 77% 68% 56% 58% 9% 22% 2007 2008 2009 2010 2011 2012 Q3 Hedged Energy New Hedges Open Energy Hedged Fuel 1. Energy position as of 11/22/06; 2006 reflects balance of year revenues and ancillary services. 2. Includes Northeast, South Central and Texas portfolios within the U.S portfolio and excludes Thermal and International. 3. Includes financial gas swaps (reflected in equivalent MWh by taking the volume in MMBtu's and divided by the forward market heat rate in ERCOT). 4. Hedge percentages are subject to change due to market volatility and commodity prices which drive changes in expected generation. 5. Hedged fuel represents weighted average of coal and uranium. Extracting Locking in 2010 - 2012 with flexibility to do more Value as market opportunity permits 2	

 

Commercial Ops: Locking in the Medium Term Extracting Locking in 2010 - 2012 with flexibility to do more Value as market opportunity permits 2 Locking in Dark Spread 12/28/2005 3/3/2006 12.00 11/27/2006 10.00 Henry Hub 8.00 $/mmbtu 6.00 4.00 PRB Forward Prices 2.00 12/28/2005 3/3/2006 11/27/2006 - 2006 2007 2008 2009 2010 2011	

 

Commercial Ops: Locking in the Medium Term Extracting Locking in 2010 - 2012 with flexibility to do more Value as market opportunity permits 2 - 50 100 150 200 250 300 350 (S)(e)(p)(-) (0)5 (O)(c) 73% (t)(-) Total Hedges (0)5 (N)(o v)(-) Marginable Hedges (0)5 (D)(e)(c)(-) (0)5 (J) 69% (a)(n) (-)(0)6 (F)(e)(b)(-) (0)6 (M)(a)(r)(-) (0)6 93% (A)(p)(r)(-) (0)6 (M)(a y)(-) (0)6 Margin Outstanding (J)(u n)(-) (0)6 89% (J)(u)(l)(-) Potentially Marginable Hedges (0)6 Margin Efficiency (A)(u g)(-) (0)6 (S)(e)(p)(-) (0)6 81% (O)(c)(t)(-) (0)6 74% (N)(o v)(-) Non-Marginable Hedges (0)6 63% $- $100 $200 $300 $400 $500 $600 $700	

 

Commercial Ops: Hedge Profile Sensitivities Reduce NRG’s gross margin exposure to changes in gas price Gas Price Sensitivity Gross margin change ($mm) from $1/mmBtu $ 5 0 0 gas price change $ 4 0 0 432 $ 3 0 0 $ 2 0 0 238 $38 175 $ 10 0 125 56 $ 0 (51) (117) ( $ 10 0 ) (153) (216) (227) ( $ 2 0 0 ) ( $ 3 0 0 ) Pre-Hedge Reset: Rising Gas Prices Pre-Hedge Reset: Falling Gas Prices (432) ( $ 4 0 0 ) Post-Hedge Reset: Rising Gas Prices Post-Hedge Reset: Falling Gas Prices ( $ 5 0 0 ) 2007 2008 2009 2010 2011 2012 Note: Based on current market prices of gas and power and due to the asymmetric payout nature of some of the instruments used for hedging, the losses from a $1/mmBtu downward move in gas for years 2007 to 2011 will be lower relative to an upward move. Mitigating gas risk while preserving Extracting Value long term heat rate upside 3	

 

And preserve heat rate upside. Heat Rate Sensitivity Gross margin change ($mm) from 1 mmBtu/Mwh expansion in market heat rate $500 $400 $300 $200 $100 $0 2007 2008 2009 2010 2011 2012	

 

Financial: Enhancing Liquidity Oct. 31, June 30, Dec. 31, $ in millions 2006 2006 2005 Unrestricted Cash $ 1,478 $ 957 $ 506 Restricted Cash 71 58 64 Total Cash $ 1,549 $ 1,015 $ 570 LC Capacity $ 1,000 $ 1,000 $ 350 Current use 842 884 312 Availability $ 158 $ 116 $ 38 Revolver Capacity $ 1,000 $ 1,000 $ 150 Non Trade LCs issued 159 154 - Availability $ 841 $ 846 $ 150 Total Liquidity $ 2,548 $ 1,977 $ 758 Note: June and December balances are not restated for discontinued operations Exlcudes impact of November 2006 hedge reset transaction Return Excess Free cash flow continues to drive liquidity Capital to all time highs 7