NRG Reports 'Sustained' Retail Margins in Q1

NRG Energy said this morning that its retail business recorded "sustained" portfolio margins during the first quarter of 2014.

NRG listed retail portfolio margins as $21.45/MWh for the first quarter of 2014, versus $21.95/MWh in the year-ago quarter.

NRG listed retail customer count as of the end of the first quarter of 2014 as just shy of 2.30 million. This represents incremental growth since December 31, 2013, and compares to about 2.23 million as of March 31, 2013.

NRG's retail customer count increased to almost 3 million after the close of the first quarter with the closing of the acquisition of Dominion Retail's electric book.

Of the electric customers acquired from Dominion Retail, NRG said that the book, "provides additional customers to enable NRG's long-term expansion into the American home."

First quarter 2014 NRG retail volumes were 13.2 TWh (7.5 TWh mass market, 5.7 TWh C&I).

For the first quarter of 2014, NRG's Retail segment recorded Adjusted EBITDA of $108 million; $5 million higher than in first quarter 2013, driven by improved operating efficiencies and focus on sustained mass margin which were offset by lower C&I volumes, unfavorable intra-month supply costs, and increased bad debt expense resulting from higher revenues.