NRG Energy Acquires Corpus Christi, Texas Cogeneration Plant

  NRG Energy Acquires Corpus Christi, Texas Cogeneration Plant

    – Baseload power in one of the fastest growing states in the nation –

                 – Adds to NRG’s growing cogeneration fleet –

Business Wire

PRINCETON, N.J. & HOUSTON -- August 7, 2013

NRG Energy, Inc. (NYSE: NRG), has closed on the acquisition of the Gregory
cogeneration plant in Corpus Christi, Texas. The cogeneration plant is
equivalent to an approximately 560 megawatt (MW) Combined Cycle Gas Turbine
plant with generation capacity of approximately 400 nominal MW and steam
capacity of more than a million pounds per hour (160 MW of electricity
equivalent). NRG is paying approximately $244 million in cash for the plant,
exclusive of adjustments relating to working capital. Counting both electrical
generation and steam production, this cost equates to approximately $436 per
kilowatt.

“The configuration of the Gregory plant being both cogeneration and combined
cycle presents us with tremendous cost-effective capability and flexibility
going into a summer where demand is expected to be high and reserves low,”
said John Ragan, president of NRG’s Gulf Coast region. “This additional
capacity in a zone where NRG sees significant growth potential will be
exceptionally important to our growing Gulf Coast retail and wholesale
operations.”

The Gregory cogeneration plant provides steam, processed water and a small
percentage of its electrical generation to the Corpus Christi Sherwin Alumina
plant. The majority of the baseload generation is available for sale in ERCOT.
This adds greater NRG capacity in ERCOT’s south zone, where the company
currently serves significant retail load and looks to continue to expand its
customer base in this growing part of the state. The Gregory cogeneration unit
came online in 2000. The current operator, DPS Gregory, will continue to
operate the plant until a transition to NRG operations is completed.

The plant was acquired from a consortium of affiliates of Atlantic Power
Corporation, John Hancock Life Insurance Company (U.S.A.), and Rockland
Capital, LLC.

About NRG

NRG is at the forefront of changing how people think about and use energy. We
deliver cleaner and smarter energy choices for our customers, backed by the
nation’s largest independent power generation portfolio of fossil fuel,
nuclear, solar and wind facilities. A Fortune 500 company, NRG is challenging
the U.S. energy industry by becoming one of the largest developers of solar
power, building the first comprehensive electric vehicle ecosystem, and
providing customers with the most advanced smart energy solutions to better
manage their energy use. In addition to 47,000 megawatts of generation
capacity, enough to supply nearly 40 million homes, our retail electricity
providers – Reliant, Green Mountain Energy and Energy Plus – serve more than
two million customers. More information is available at www.nrgenergy.com.
Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.

NRG Safe Harbor Disclosure

This news release 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. Such forward-looking statements are subject to certain
risks, uncertainties and assumptions and include NRG’s expectations regarding
the Gregory cogeneration plant and forward-looking statements typically can be
identified by the use of words such as “will,” “expect,” “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. 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,
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, and changes in government regulation of markets and
of environmental emissions,. 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 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.

Contact:

NRG
Media:
Dave Knox, 713-537-2130
or
Dave Gaier, 609-524-4529
or
Investors:
Chad Plotkin, 609-524-4526