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NRG Developing Home Services Concierge, Other Offerings

Reports Capital Allocation For 2022 Small Book Investments

NRG Reducing Its Expected Winter Storm Uri Financial Loss

February 24, 2022

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Copyright 2010-21
Reporting by Paul Ring •

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In announcing fourth quarter and full year earnings today, NRG Energy said that it is developing a home services concierge as part of its customer offerings

The home services concierge capability would be provided by an unnamed partner network

Other customer services under development include security and EV services, with capabilities for both to be provided by a partner network. NRG is also developing a home energy & demand-side management service, with such capability to be provided by NRG

These are part of NRG's previously reported "test & learn" retail investments

NRG is also offering, on a pilot basis, a solar offering for residential customers, with the capability provided by a partner network

The above developing services complement existing services including retail electric and gas supply; HVAC; surge, appliance, plumbing & other protections; and battery storage (Goal Zero)

NRG reported its 2022 capital allocation which includes $50 million for small book investments

For the fourth quarter of 2021, NRG reported Adjusted EBITDA of $433 million, versus $330 million a year ago.

In NRG's Texas segment, fourth quarter 2021 Adjusted EBITDA was $162 million, $69 million lower than fourth quarter of 2020. This decrease is primarily driven by milder weather and increased supply costs including replacement power costs associated with the outage at Limestone Unit 1 power plant, partially offset by the acquisition of Direct Energy.

In the East segment, fourth quarter 2021 Adjusted EBITDA was $228 million, $151 million higher than fourth quarter of 2020. This increase is driven by the acquisition of Direct Energy, partially offset by the previously reported 4.8 GW asset sale in early December 2021.

For the full year, NRG Energy, Inc. reported full year 2021 Adjusted EBITDA of $2.4 billion, up from $2.0 billion a year ago, driven by the Direct Energy acquisition

NRG said that it is reducing its expected Winter Storm Uri financial loss to $380 million, from a previously expected range of $500-$700 million. "This reduction reflects successful mitigations of $708 million, including: customer bad debt mitigation, uplift and default securitizations. The Company expects to receive uplift securitization proceeds in the second quarter of 2022 and continues to pursue additional mitigants including, but not limited to, customer bad debt mitigation, counterparty default recovery, and additional ERCOT default recovery," NRG said

As of December 31, 2021, NRG cash was $0.3 billion, and $2.4 billion was available under the Company’s credit facilities. Total liquidity was $2.7 billion, including restricted cash. Overall liquidity as of December 31, 2021, was approximately $4.4 billion less than December 31, 2020, which included the liquidity procured to close the $3.6 billion Direct Energy acquisition on January 5, 2021. The remaining impact is primarily due to the impact of Winter Storm Uri.

NRG reported full year 2021 retail volumes as follows:

157 TWh Electricity

       59 TWh Home / Residential 
       98 TWh Business / C&I

1,877 MMDth Natural Gas
      172 MMDth Home / Residential 
    1,705 MMDth Business / C&I

NRG is holding an investor call later this morning. This story will be updated as warranted if NRG provides further news during such call. Refresh this page to see any updates

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