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NRG Sees Slowdown in Retail Growth, Reorganizes Leadership of Texas/Northeast Businesses NRG Energy reported that its retail energy businesses were serving 2.210 million customers as of December 31, 2012.
That represents growth of 18,000 customers from the total as of September 30, 2012.
For comparison, the retail growth from June 30, 2012 to September 30, 2012 had been 63,000 customers, and growth had been 30,000 in each of the first two quarters of 2012.
NRG's retail customer count as of December 31, 2011 had been 2.068 million, indicating growth of 142,000 during the year 2012.
Of this 2012 growth, 91,000 customers were in the eastern markets, and 51,000 customers were in the Texas market.
NRG reported that 700,000 retail customers are now using eSense smart energy solutions, and more than 300,000 customers are on home services products
NRG said that its 2013 focus will be on further expanding its smart energy solutions, some of which are currently available in Texas, to all of its markets, including the Northeast. Specifically, it will work to integrate the following products into its current retail line: smart energy products, home services, reliability services, electric vehicles & charging stations, and distributed energy.
NRG has also realigned its retail management to organize its multiple brands under a single leader on a geographic basis. Elizabeth Killinger, of Reliant, will assume all responsibility for NRG Retail in Texas, and Jim Steffes, of Green Mountain, will assume responsibility for all NRG Retail in the Northeast U.S.
For NRG's retail segment, full-year 2012 adjusted EBITDA totaled $656 million; $8 million lower than in 2011. Gross margin was favorable by $124 million driven by the acquisition of Energy Plus which added $112 million, with the remaining difference primarily due to additional load resulting from increased customer count and usage. Offsetting the higher margin realized in 2012 was an increase in operating costs, which was primarily the result of the Energy Plus acquisition and increased marketing and selling expense.
Fourth-quarter adjusted EBITDA for Retail was $152 million; $8 million lower than the fourth quarter 2011. Gross margin was unfavorable by $10 million primarily driven by the impact of lower margin on acquisitions and renewals in both ERCOT and Northeast markets. Partially offsetting lower margins was a decrease in bad debt from improved customer payment behavior compared to the fourth quarter 2011.
Retail's net income was $541 million for the year, versus $369 million a year ago.
Retail's fourth quarter net income was $37 million, versus $19 million a year ago.
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February 27, 2013
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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