NRG Forms "Business Review" Committee; As Cooperation Agreement with Elliott Management and Bluescape Energy Partners Announced

NRG Energy, Inc. today announced that it has entered into cooperation agreements with affiliates of each of Elliott Management Corporation and Bluescape Energy Partners LLC.

Funds affiliated with Elliott have economic exposure to an aggregate of approximately 6.9% of NRG's common stock and funds affiliated with Bluescape beneficially own an aggregate of 2.5% of NRG's common stock.

Pursuant to the terms of the cooperation agreements, Howard Cosgrove and Edward R. Muller have announced their retirement from the NRG Board of Directors

Lawrence Coben, a director of NRG, was named Chairman of the Board as Cosgrove's successor. C. John Wilder, Bluescape Energy Partners' Executive Chairman, and Barry Smitherman, former Chair of the Public Utility Commission of Texas, have been appointed to the Board.

In addition, NRG has formed a five-person ad hoc committee of the Board -- the Business Review Committee (the "Committee"). The Committee will work closely with NRG's Board, Chief Executive Officer Mauricio Gutierrez, and NRG's management team to comprehensively review and make specific recommendations to the Board in four key areas:

1. Operational and cost excellence initiatives

2. Potential portfolio and/or asset de-consolidations, dispositions and optimization

3. Capital structure and allocation

4. Broader strategic initiatives

The Committee will be chaired by Wilder and will have four other members: Smitherman, Gutierrez, Paul Hobby and Anne Schaumburg. Upon approval by the Board, the charter for the Committee shall authorize the retention of consultants and advisors. The Committee plans to expeditiously conduct its review and make any relevant recommendations to the Board. Subsequently, NRG expects to provide a comprehensive update to the market as promptly as practicable.

Pursuant to the cooperation agreements, Elliott and Bluescape have each agreed to customary standstill, voting, and other provisions. The full cooperation agreement between NRG and Elliott and the full cooperation agreement between NRG and Bluescape will be filed on a Form 8-K with the Securities and Exchange Commission.