NRG Energy has reported second quarter Adjusted EBITDA of $729 million, with $338 million from NRG Business and NRG Renew combined5, $204 million from NRG Home Retail, and $187 million from NRG Yield. Year-to-date adjusted cash flow from operations totaled $678 million. Net loss for the first six months of 2015 was $145 million, or $0.43 per diluted common share compared to a net loss of $147 million, or $0.48 per diluted common share for the first six months of 2014.
Financial Highlights
- $729 million of Adjusted EBITDA in the second quarter and $1,569 million in the first six months of 2015
- $274 million of Free Cash Flow (FCF) before growth investments in the first six months of 2015
- Achieved record second quarter and first six months results at NRG Home Retail with over $200 million and $370 million of Adjusted EBITDA, respectively
- Offered next set of drop down assets to NRG Yield, consisting of wind facilities acquired in the EME transaction representing $35 million of Adjusted EBITDA and $20 million in Cash Available for Distribution (CAFD) on an annual run-rate basis
Business and Operational Highlights
- Completed the 575 MW gas conversion at Big Cajun Unit 2 and environmental compliance controls at various coal units within the fleet
- Announced plans to develop a 20 MW solar energy facility for Cisco’s San Jose headquarters, scheduled to begin commercial operation by the end of 2016
- Financial Guidance and Capital Allocation Update
Reaffirming full year 2015 Guidance:
- Adjusted EBITDA of $3,200-$3,400 million
- FCF before growth investments of $1,100-$1,300 million
- Executed $107 million of share repurchases in second quarter for a total of $186 million repurchased year-to-date with $51 million in remaining authorized capacity and $200 million in expected capacity
