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NRG Energy Reports Decline In Retail Mass Market Customer Count, Including In Texas

Retail Revenue, Volume Data Disclosed


May 8, 2020

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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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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 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, NRG reported its retail Mass Market customer count as follows:

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


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

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

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 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


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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