Transcript Structure and Financing For Change Princeton, NJ November 6, 2009 Lee Davis Vice President, Development.

Structure and Financing
For Change
Princeton, NJ
November 6, 2009
Lee Davis
Vice President, Development
Safe Harbor Statement
This Presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to
certain risks, uncertainties and assumptions and typically can be identified by the use of words such as
“expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “believe,” “will” and similar terms.
Such forward-looking statements include information relating to no and low carbon development projects.
Although NRG believes that these expectations are reasonable, it can give no assurance that these
expectations will prove to have been correct, and actual results may vary materially. Factors that could cause
actual results to differ materially from those contemplated above include, among others, general economic
conditions, hazards customary in the power industry, weather conditions, competition in wholesale power
markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in
the wholesale power markets, changes in government regulation of markets and of environmental emissions,
the condition of capital markets generally, adverse results in current and future litigation, failure to identify or
successfully implement acquisitions and repowerings, and the inability to implement value enhancing
improvements to plant operations and companywide processes.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The foregoing review of factors that could cause actual results to
differ materially from those contemplated in the forward-looking statements included in this Presentation
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.
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About NRG
Fortune 500– Ranked in top 10% for “Best Investment” (2008)
Platt’s 2007 Recipient of Energy Company and Industry Leader of the Year
Listed: NYSE (NRG)
Market Cap.: ~$6 billion
Employees: ~4,300
Generating Assets: ~23,000 MW, primarily in four domestic regions
NRG: The center of the power industry value chain.
NRG
Fuel
Supply
• Oil, gas, coal
companies
Fuel
Transportation
• Common carriers:
Pipelines, Trains,
Ships
Power
Generation
• Investor and
Government Owned
Utilities
Reliant Energy
Transmission
Distribution
• From Generator • From Distribution
to Distribution
substation
substation to
home or business
Retail
(Customer)
• Residential,
commercial, and
industrial
• Merchant Generator
(NRG, ect.)
NRG Texas:
Wholesale generation
totaling 11,010 MW

5,340 MW baseload
(coal & nuclear)

5,475 MW gas

195 MW wind
New Reliant Energy retail:
Serves nearly 1.7 mm
customers
Complementary
combination
 Mass: 2nd largest in Texas
with ~28% market share –
1.5 mm customers
 C&I: largest in Texas over 35
TWh annual sales
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About NRG
Northeast
Western
Oil
3,715 MW
53%
Gas
2,130MW
100%
Texas
South Central
Nuclear
1,175 MW
11%
Gas
5,475 MW
49%
Gas
1,355 MW
Coal
48%
1,490 MW
52%
Coal
4,165 MW
38%
Wind
195 MW
2%
Includes 115 MW as part of NRG’s Thermal assets. For combined scale, approximately 3,450 MW is
dual-fuel capable. Reflects only domestic generation capacity as of December 31, 2008
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Coal
1,870 MW
27%
Combined Scale1
Coal
7,540 MW
33%
Oil
3,715 MW
16%
Gas
10,495 MW
45%
Wind
195 MW
1%
Nuclear
1,175 MW
5%
Gas
1,435 MW
20%
MW data as of December 31, 2008
Asset scale and diversity of fuel and location
provide value creation opportunities
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NRG’s View on Effective National
Climate Change Legislation
• A moderate initial price for carbon – starting by
2012
• Much higher carbon prices later – 2025 and
beyond
• A transition from partial auction to full auction –
2012 to 2030
• Auction proceeds used to support Research,
Development, Demonstration and Deployment of
low-carbon technology and to cushion impact on
price sensitive customers
These features included in the House’s Waxman - Markey bill (HR 2454)
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NRG’s Low-Carbon Focus
Nuclear
• Nuclear Innovation North America (NINA)
• Partnership dedicated to nuclear development,
including NRG’s South Texas Project site
Solar
• Partnership with eSolar, providing modular,
scalable solar thermal power
• Partnership includes development rights for
multiple projects and power purchase agreements
• Development of additional solar farms outside of
partnership utilizing photovoltaic technology
Biomass
• Co-firing at existing coal assets
• Repowering opportunities for conversion
Wind
• Wind most expansive resource, but land-based is
far from demand
• Current ownership of 195 MW of wind capacity
• An additional 150 MW currently under construction
Carbon Capture
• Post-combustion CO2 capture demonstration
• Partnership at National Carbon Capture Center
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Renewable Development Opportunities
and Challenges
• State and national demand for renewable energy
is at an all-time high
• Government incentives and assistance exist now
• Access to project financing is considerably tight
even for projects with PPAs
• Lender appetite for new technology risk is low
• Most state-level regulatory frameworks remain
incomplete for carbon sequestration
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