NRG Reports "Record" Retail Results, Customer Count Drops on Attrition in Acquired Book

NRG Energy achieved "record" results in its competitive retail business, the company said this morning in reporting second quarter earnings.

For the three months ended June 30, 2015, NRG's Home Retail segment reported Adjusted EBITDA of $204 million, versus $157 million a year ago, driven primarily by favorable supply costs, partially offset by an increase in operating costs associated with customer growth in Texas. NRG called the quarter's results as, "the strongest second quarter performance ever."

NRG Home's retail customer count stood at 2.766 million as of June 30, 2015, down 18,000 accounts from 2.784 million as of March 31, 2015. NRG said that the customer count performance was in-line with expectations, with Texas additions offset by anticipated attrition from the previously acquired Dominion Retail electric customers

NRG said that when excluding the Dominion Retail customers, NRG Home's recurring customer count grew by 19,000 accounts

On a GAAP basis, NRG Home Retail reported second quarter earnings of $212 million, versus a loss of $50 million a year ago, reflecting mark-to-market adjustments.