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NRG Increases Mass Market Customer Count
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NRG Energy reported that its Retail segment recorded "strong" Adjusted EBITDA of $269 million for the third quarter of 2018, $10 million lower than the third quarter of 2017 ($279 million), driven by higher margin enhancement costs.
NRG said that the Q3 2018 Retail earnings overcame, "materially higher supply costs than 3Q17."
Retail segment gross margin was $25 million higher for the third quarter of 2018 at $500 million, versus $475 million a year ago, as a result of margin enhancement initiatives (including both value expansion and customer growth), coupled with increased usage, partially offset by higher supply costs
NRG said that it was, "on track for another year of record earnings in Retail." Retail segment Adjusted EBITDA was $755 million for the nine months ended September 30, 2018, up from $615 million a year ago.
On a net income basis, the Retail segment reported a loss from continuing operations of $127 million for the third quarter of 2018, versus net income of $72 million a year ago, due to mark-to-market impacts.
NRG's Retail mass market recurring customer count was listed as 3.167 million for 3Q18, up from 3.149 million which was listed for 2Q18. As first reported by EnergyChoiceMatters.com, during the third quarter, NRG acquired retail customer books from two Texas REPs, Pioneer Energy and STAT Energy (see story here). Subsequent to the close of the third quarter, NRG is also acquiring the retail customer books and brand assets of Discount Power, Power Express and Volterra from Volterra Energy Holdings LLC (VEH), as exclusively reported by EnergyChoiceMatters.com (see story here).
The Retail mass recurring customer count includes customers that subscribe to one or more recurring services, such as electricity and natural gas, and excludes C&I customers
NRG said that in the third quarter, the Retail segment saw, "[c]ontinued momentum of profitable count growth and volume growth."
NRG Retail delivered volumes were 20.3 TWh for the third quarter of 2018, versus 18.7 TWh a year ago
NRG narrowed full-year 2018 guidance for the Retail segment as producing $925–975 million in Adjusted EBITDA, versus the prior guidance of $900–$1,000 million.
For the year 2019, NRG provided Retail segment guidance as $1,000–$1,100 million in Adjusted EBITDA
NRG reported that C. John Wilder has informed the NRG Board of Directors that he will retire from the Board, effective November 8, 2018. NRG said that Wilder's decision to resign was not as a result of any disagreement with the company or its management. Wilder had joined the Board in February 2017 and served on the company’s Business Review Committee (dissolved in July 2017) and Finance and Risk Management Committee. In connection with Wilder’s resignation, the size of the Board will be reduced from eleven (11) to ten (10) members
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Company Says "Strong" Retail Earnings Recorded Despite Higher Supply Costs In Q3
November 8, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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