NRG Reports Retail Customer Count, Sales & Revenue Data

August 6, 2021

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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NRG filed a 10-Q for the period ending June 30, 2021 which includes customer and volume data for its retail business

As noted below, NRG's labeling of certain data has changed from its 10-Q for Q1 versus Q2. It's unclear if this represents an actual change in the metric.

NRG's 10-Qs for the periods ending March 31, 2021 and June 30, 2021 contained the following retail (and services) customer data as of the period end:

NRG "Home" 
  Thousands Of Customers (000)
       6/30/20   3/31/21   6/30/21

Texas 
          2,447    3,086    3,027

East 
          1,171    2,042    2,027

West/Services/Other
            ---      553      809

Total Customer Count
          3,618    5,681    5,863

Note that NRG has changed how it describes the term "Home" in reporting customer counts in its 10-Q. In the 10-Q for the period ending March 31, 2021, NRG stated, "Home customer count includes recurring residential and small commercial customers, including municipal aggregations."

However, in the 10-Q for the period ending June 30, 2021, NRG stated, for the June 30, 2021 data, that, "Home customer count includes recurring residential customers and municipal aggregations, as well as recurring Services customers." (this excludes the explicit mention of small business customers). In the 10-Q for the period ending June 30, 2021, NRG stated, for the June 30, 2020 data that, "Home customer count includes recurring residential customers and municipal aggregations." (again no explicit mention of small commercial customers)

For comparison, in the 10-Q for the period ending June 30, 2020, NRG had labeled the relevant retail customer data as "Mass Market customer count." Furthermore, such 10-Q for the period ending June 30, 2020 explicitly defined "Mass Market" to mean "Residential and small commercial customers."

Notably, the retail customer data from the 10-Q for the period ending June 30, 2020 listed the identical customer count (including a total of 3.618 million) for "Mass Market" (which includes small commercial) as the data reported in the year-ago data in the 10-Q for the period ending June 30, 2021, with the year-ago data now labeled "Home" but, as noted above, the "Home" description not explicitly stating that it includes small commercial customers

Because both Q2 2020 and Q2 2021 10-Qs have the same customer count for the period ending June 30, 2020 notwithstanding the change in label and description, it is apparent that the June 30, 2020 "Home" customer count from the 10-Q for the period ending June 30, 2021 includes small commercial customers, notwithstanding the silence of the description to that effect

Whether the term "Home" in the 10-Q for the period ending June 30, 2021 similarly includes small commercial customers with respect to current customer count as of June 30, 2021 is not explicit.

NRG reported Home electricity sales volumes for the quarter ending June 30, 2021 as 14,477 GWh, versus 12,118 GWh a year ago

NRG reported Business electricity sales volumes for the quarter ending June 30, 2021 as 23,017 GWh, versus 4,578 GWh a year ago

NRG reported Home natural gas sales volumes for the quarter ending June 30, 2021 as 25,418 MDth, versus 3,591 MDth a year ago

NRG reported Business natural gas sales volumes for the quarter ending June 30, 2021 as 353,185 MDth; there were no such sales in the year-ago quarter

NRG retail revenue for the quarter ending June 30, 2021 was $4.816 billion, versus $1.832 billion a year ago

For the second quarter 2021 Retail revenue, $1.958 billion was from the Texas segment, $2.366 billion was from the East segment, and $493 million was from the West/Services/Other segment

As previously reported, the significant year-over-year increases in customer count, volumes, and revenue are due to the Direct Energy acquisition, which closed in January 2021

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