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Flash: NRG Reports Customer Growth
NRG experienced continued customer growth in 2013, it said in reporting earnings today.
Though an exact customer count was not explicitly provided in an earnings presentation, NRG said that it grew its retail customer count by about 65,000 during 2013.
As of December 31, 2012, NRG had been serving 2.210 million retail customers. Net growth of about 65,000 accounts would bring NRG's year-end 2013 retail customer count to 2.275 million.
For reference, NRG's customer count as of September 30, 2013 was 2.259 million. This would mean NRG increased customer count by about 16,000 from September 30, 2013 to December 31, 2013 -- an improvement from the weaker growth of only 5,000 customers experienced from June 30, 2013 to September 30, 2013.
In a presentation, NRG listed as a priority for the year, "Commercial integration of EME [Edison Mission Energy] assets and execution for integrated wholesale/retail platform."
In a presentation, NRG listed 2014 Goals and Objectives
as including:
"Expand Retail Business
• Transform the retail business by offering NRG’s full suite of products and services both in the home and at work
• Retain balanced customer count and margin strategy in core retail markets
• Add residential solar to retail product offering"
Full-Year 2013 Adjusted EBITDA for the Retail segment was $614 million; $42 million lower than the $656 million recorded in 2012.
"Declining C&I sales and margin together with unseasonably mild weather in the second quarter were the primary drivers for lower Adjusted EBITDA. This was partially offset by higher volumes in the fourth quarter from colder than normal weather, continued growth in customer count and improved operating efficiencies," NRG said.
"Fourth quarter Adjusted EBITDA was $191 million; $39 million higher than the fourth quarter 2012. Favorable weather in November and December contributed to higher Adjusted EBITDA. Retail also experienced continued customer growth and improved operating costs," NRG said.
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February 28, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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