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NRG Energy Reports Decline In Retail Mass Market Customer Count, Including In Texas
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NRG reported in a 10-Q its mass market customer count, which is lower than the total as of December 31, 2019
In its 10-Q, NRG reported its retail Mass Market customer count, as of March 31, 2020, as 3,651,000.
That represents a decrease of 27,000 compared to the total of 3,678,000 retail Mass Market customers as of December 31, 2019. As of a year ago (March 31, 2019), NRG's retail Mass Market customer count was 3,325,000
Note that NRG disaggregates the retail Mass Market customer count differently in the current 10-Q versus its 10-K for the period ending December 31, 2019.
As of March 31, 2020, NRG reported its retail Mass Market customer count as follows:
As of December 31, 2019, NRG reported its retail Mass Market customer count as follows:
In terms of Texas Retail mass market customers, NRG reported its total as of March 31, 2020 as 2,439,000, or 11,000 lower than the 2,450,000 Texas Retail mass market customers served as of December 31, 2019.
NRG also reported sales volumes for the Retail segment for the three months ending March 31, 2020
Retail revenue for NRG was $1.661 billion for the quarter ending March 31, 2020, versus $1.589 billion a year ago
For the quarter ending March 31, 2020, Texas Retail revenue was $1.292 billion, and East Retail revenue was $370 million
In reporting its aggregated (retail and wholesale) geographic results, NRG also provided information on certain retail drivers for changes in the regional economic gross margin
Texas economic gross margin increased by $55 million versus the year ago
For Texas, NRG reported that lower costs to serve the retail load contributed a $58 million increase to economic gross margin, versus the year ago, including $43 million driven by a reduction of power and fuel prices due to lower natural gas prices, and $15 million due to a 2% reduction in volumes
For Texas, NRG also said economic gross margin drivers included a $35 million increase in revenue from the acquisition of Stream Energy in August 2019 and higher net rates of $34 million, driven by customer term, product and mix, partially offset by $38 million due to lower volumes of 115,000 MWhs from the unfavorable impact of weather
Other factors partially offsetting these gains in Texas were lower gross margin from net sales of generation to third parties, as the company's Texas generation was fully utilized to serve its retail customers in the 2020 quarter, and lower gross margin due to the sale of emissions in the 2019 quarter
While NRG reported lower economic gross margin for its East segment, it reported the following positive retail drivers in the change in economic gross margin versus the year-ago quarter, which were more than offset by various generation-related declines:
NRG reported that for Q1 2020, selling, general and administrative expenses increased by $15 million to $209 million for the three months ended March 31, 2020, compared to the same period in 2019, primarily due to the acquisition of Stream Energy in August 2019.
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Retail Revenue, Volume Data Disclosed
May 8, 2020
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Reporting by Paul Ring • ring@energychoicematters.com
As of March 31, 2020:
Retail Mass Market customer count
(in thousands)
Region Mass Customer Count
Texas 2,439
East* 1,212
Total 3,651
*Note: Under NRG's new reporting, East
includes all non-Texas retail
As of December 31, 2019:
Retail Mass Market customer count
(in thousands)
Customer count - Electricity
Mass market - Texas^ 2,450
Mass market - All other regions 1,070
Customer count - Natural gas 158
Total 3,678
^Note Includes customers of
non-electric services
NRG Retail Volumes
Three Months Ending March 31, 2020
Mass Market electricity sales volume (GWh)
Texas East Total
7,748 2,548 10,296
C&I electricity sales volume (GWh)
Texas East Total
4,456 389 4,845
Natural gas sales volume (MDth)
Texas East Total
--- 10,509 10,509
NRG East Segment
Selected Economic Gross Margin Drivers
Q1 2020
Factor Increase In Economic
Gross Margin vs
Q1 2019
$ in millions
Higher gross margin due to lower
supply costs coupled with an
increase in load contract volumes $19
Higher gross margin due to increased
volumes from the acquisition of Stream
Energy in August 2019 $12
Higher gross margin due to lower
supply costs driven by lower electricity
and natural gas prices of approximately
$8 per MWh, or $23 million, offset by
lower revenues of approximately
$3 per MWh, or $12 million $11
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