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NRG Expects to Add 25,000-30,000 Home Solar Customers During 2015

March 1, 2015

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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

By the end of 2015, NRG Home Solar expects to have 35,000-40,000 lease customers totaling approximately 245–280 MW, of which 25,000-30,000 are expected to be added during the year 2015, NRG said in reporting earnings.

NRG Home Solar's customer base was 13,000 for 2014, versus 4,300 a year ago. NRG Home Solar ended 2014 with 54 MW deployed.

NRG also reported that early cross selling success between its Home Solar and Home Retail businesses, with about 50% of "eligible" Home Solar customers supplementing their solar production with NRG's retail electricity.

NRG Home Solar reported full Year 2014 Adjusted EBITDA of ($65) million, $60 million lower than 2013 primarily driven by higher expenses to support expansion plans.

Fourth quarter NRG Home Solar Adjusted EBITDA was ($34) million, $32 million lower as a result of higher selling, marketing and administrative expenses to support expansion plans.

For NRG Home Retail, full Year 2014 Adjusted EBITDA was $604 million, $76 million higher than 2013 driven by higher energy margins and higher customer counts. This includes the impact of the acquisition of the retail portfolio from Dominion Resources, which closed on March 31st, and expansion in customer and product growth. This was partially offset by increased operating and marketing costs to support incremental customer count and the Dominion acquisition.

NRG Home Retail fourth quarter Adjusted EBITDA was $165 million, $15 million lower than fourth quarter 2013, primarily driven by lower volume due to milder weather, which was partially offset by gross margin associated with increased customer count.

NRG Home Retail's recurring customer count was 2.8 million in 2014 (including 500,000 customers from Dominion Retail), versus 2.2 million a year ago. The recurring customer count includes customers that subscribe to one or more recurring services, such as electricity and natural gas

On a GAAP basis, NRG Home Retail full year 2014 earnings were $138 million, versus $349 million a year ago. For the fourth quarter of 2014, NRG Home Retail reported a GAAP loss of $99 million, versus earnings of $225 million a year ago. GAAP earnings reflect the impact of mark-to-market gains and losses of economic hedges

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